Podcast Summary
Maximize earnings from unused assets: Consider becoming an Airbnb host to monetize unused space or prioritize financial stability over extravagant ring spending by building an emergency fund and exploring cost-effective options like gemstones or alternative diamond shapes.
Making the most of what you already have can be a lucrative side hustle, such as becoming an Airbnb host. This not only helps monetize an unused space but also makes it easier for people new to side hustles to get started. Meanwhile, when it comes to engagement rings, it's essential to prioritize financial stability over extravagant spending. Instead of following the traditional advice of spending six months' salary, consider building an emergency fund first. Additionally, there are alternative, cost-effective options, like choosing a gemstone instead of a diamond or opting for a less expensive diamond shape. Morgan and Jack, the executive producer's engagement story, serves as a testament to these money-saving strategies. They managed to secure a beautiful 7k ring for half the price by being resourceful and strategic. So, remember, making smart financial decisions can lead to significant savings without compromising on quality or happiness.
Factors Influencing Diamond Cost: Shape and 4Cs: Shape (popular round being most expensive) and 4Cs (Carat, Color, Clarity, Cut) impact diamond cost. Prioritize personal preferences, focusing on balance between quality and affordability within 4Cs.
When it comes to buying a diamond, the cost can be influenced by various factors, including the shape and the 4Cs (Carat, Color, Clarity, and Cut). The most popular shape, round, is the most expensive due to high demand and the difficulty in cutting. Alternatively, pear or marquise shapes can maximize carat weight, making them appear larger and more affordable. The 4Cs are essential diamond qualities, but their evaluation metrics are not consistent. For instance, carat refers to the diamond's size, while color indicates its clarity level, from colorless to noticeably colored. Cut determines the diamond's sparkle, with five grades ranging from excellent to poor. Clarity classifies the presence of blemishes or inclusions, with grades ranging from flawless to included. When shopping for a diamond, be prepared for salespeople to sell you on the high end of the spectrum for clarity and cut, even though the difference between high and mid-end may not be noticeable to the naked eye. Instead, focus on personal preferences, such as shape and carat, and aim for a balance between quality and affordability within the 4Cs.
Buying Engagement Rings: Focus on G-H Color, VS1-VS2 Clarity, and Very Good Cut for Significant Savings: Focusing on G-H color, VS1-VS2 clarity, and very good cut diamonds can lead to substantial savings without any noticeable difference in appearance. Consider lab-grown diamonds for ethical and cost-effective alternatives, but be aware of potential depreciation.
When it comes to buying an engagement ring, focusing on diamonds with a G or H color, VS1 or VS2 clarity, and very good cut can result in significant savings without any noticeable difference in appearance. These characteristics represent the sweet spot on the quality scale where two boxes are checked, making them less expensive than similar diamonds with the highest ratings. Moreover, lab-grown diamonds offer an ethical and cost-effective alternative to mined diamonds, with prices ranging from 50% to 70% less. However, it's essential to keep in mind that lab-grown diamonds may depreciate over time. Ultimately, the most impactful action in securing a more affordable engagement ring is to educate yourself about the diamond industry and its practices, as well as utilizing the unique serial number engraved on each diamond to compare and contrast options online.
Shopping for engagement rings online saves money through competition: Online shopping for engagement rings allows consumers to compare prices and find significant savings due to industry competition.
Online shopping for engagement rings offers significant cost savings due to the industry's virtual inventory system. With multiple websites accessing the same inventory, consumers can compare prices and find the best deal. For instance, a person might find the exact same diamond on two different websites but with a substantial price difference. After purchasing the diamond, the setting is added to create the ring. The process is similar to wanting a specific purple dress that is sold by multiple retailers for different prices. The internet creates competition among these sites, making it an enjoyable and cost-effective experience for consumers. Online diamond retailers like Rare Carat and Brilliance have lower overhead costs, allowing them to pass on savings to customers. While it's essential to see the ring in person, the potential financial benefits are worth considering. Shopping online for an engagement ring can lead to substantial savings without sacrificing quality.
Explore LinkedIn jobs for top candidates or host on Airbnb for extra income: LinkedIn jobs help businesses find qualified candidates quickly, while Airbnb allows you to monetize your space and travel expenses
LinkedIn jobs offer a unique advantage in hiring top-notch candidates who may not be actively searching for new opportunities. With over 1 billion professionals on the platform, 86% of small businesses find a qualified candidate within 24 hours. On the other hand, hosting on Airbnb is an excellent side hustle that allows you to monetize your existing assets. By sharing your space with travelers, you can offset the cost of your own travels or even earn additional income. Both LinkedIn jobs and Airbnb offer valuable opportunities that can help you make the most of your resources. So, whether you're looking to expand your team or earn extra income, consider exploring these platforms. Remember, it's important to invest in yourself, and these resources can be a great start.
