Bootstrapping to profitability before fundraising

What engagement rings are actually worth investing in through 2026? And is lab-grown worth it? Ring Concierge founder Nicole Wegman - who built a $100M+ jewelry brand with diamonds - joins Maggie to break down the trends shaping engagement rings right now, the lab-grown vs natural diamond debate, and why “engagement season” creates so much pressure. She also shares the real founder story behind Ring Concierge: starting with $2,000, bootstrapping to $100M+ in sales, and what it takes to scale from scrappy entrepreneur to CEO without losing the aesthetic, the community, or yourself. We also talk about the unspoken side of success - how money and reputation can change the people around you - and why Nicole built a nine-figure business without outside investment by designing around what women actually want: clarity, taste, trust, and a brand that feels like you. ⸻ Timestamps

00:00:00 Intro 00:01:50 Why Engagement Season Feels So Intense 00:02:43 The Social Media Ring Pressure Nobody Admits 00:04:30 Taylor Swift, Selena Gomez & The New Ring Trends 00:06:12 Designer vs CEO: What Nicole Calls Herself 00:07:30 The Most Expensive Rings I’ve Ever Sold 00:08:14 The Ring Styles That Hold Their Value 00:08:34 Lab-Grown vs “Real” Diamonds: The Truth 00:11:36 The Real Average Cost of an Engagement Ring 00:12:28 How De Beers Shaped “Real” Diamonds 00:13:48 Engagement Rings Are Status Symbols (Let’s Be Honest) 00:14:31 How To Tell Your Partner You Want A Different Ring 00:15:46 Starting Ring Concierge In The Diamond District 00:17:05 Entering A High-Cost Industry Without Big Money 00:18:11 How Nicole Turned $2,000 Into $100M+ 00:19:18 Building 1M Followers On A Luxury Brand Account 00:21:09 Why I Didn’t Build A Personal Brand Until Now 00:23:00 Personal Brand: Honest, Unfiltered, And A Working Mum 00:24:17 How To Stay “Luxury” While Showing Real Life 00:25:18 Why You Should Test New Opportunities 00:26:30 Who Ring Concierge Is Really For (And Why It Works) 00:27:24 Beehiiv Ad Read 00:28:46 Influencer ROI: How We Choose Who To Work With 00:31:07 Why I Shared $100M Revenue (And What It Changed) 00:33:46 Bootstrapping & Why I Didn’t Raise Money 00:35:06 The Sacrifices No One Talks About (Including Kids) 00:35:59 The Real Advice: Hard Work, Luck, And Timing 00:37:06 Two Entrepreneurs, One Marriage: How We Make It Work 00:39:05 People Treated Me Differently After $100M Went Public 00:41:42 Taking Investment: Why Webster Capital Made Sense 00:43:15 When Men Started Treating Me Differently 00:45:00 I Don’t Have A Board… And That Might Be A Mistake 00:45:59 The Book That Made Me Start With $2,000 00:46:31 The Scaling Books I Recommend Now 00:48:40 The $500K Mistake I’ll Never Repeat 00:51:08 The Jessica Alba Lesson: Your Team Must Evolve 00:52:41 What I Look For In Every Hire: Grit, Pivot, No Ego 00:54:56 Rapid Fire Questions

Sponsored by: Beehiiv - Use code HSR30 for 30% off Link: https://www.beehiiv.com/hsr?utm_campaign=hsr-2026-Partnership&utm_medium=podcast&utm_source=hsr&utm_term=2025-12-31 ⸻ Hot Smart Rich: Join 250,000+ angels and subscribe to the Hot Smart Rich newsletter: https://hotsmartrich.com/subscribe Hot Smart Rich Money Mindset: https://shorturl.at/pJWLc Merch: https://hotsmartrich.shop/ YouTube: https://shorturl.at/IXXFZ Instagram: https://www.instagram.com/hotsmartrich/ Tiktok: https://www.tiktok.com/@hotsmartrich

Maggie Sellers Reum: Instagram: https://www.instagram.com/maggiesellersreum/ Tiktok: https://www.tiktok.com/@maggiesellersreum LinkedIn: https://www.linkedin.com/in/sellersmaggie/ Locker: https://www.wantlocker.com/users/maggiesellers ShopMy: https://shopmy.us/maggiesellers Amazon Storefront: https://www.amazon.com/shop/maggiesellers ⸻ Follow Nicole Wegman: Instagram: https://www.instagram.com/itsnicolewegman Ring Concierge: https://ringconcierge.com

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