The speaker has ended a relationship and is enjoying her independence, while her former partner seems upset to see someone else interested in her. The repeated chorus turns the breakup into a confident public statement: if he truly valued her, he should have made a clear commitment. The mood is playful and celebratory, but it also carries a trace of hurt from the years she says she spent crying.
A “ring” stands for marriage or a serious promise, rather than simply a piece of jewelry. “You had your turn” suggests that the former partner had an opportunity to value the relationship and has now lost it. Being “gone like a ghost” means she will disappear from his life completely, not that anything supernatural is happening.
The lyrics present commitment as something the speaker deserves, while also stressing that she needs no permission and can choose what to do. Her confident tone may be a way of reclaiming control after disappointment. The song does not explain exactly what went wrong between the couple, or whether she genuinely wants marriage above all else; the ring may be a pointed challenge to someone who wanted her affection without making a lasting commitment.