APPENDIX III Resources
ACKNOWLEDGMENTS
First and foremost, I thank my husband, who, when asked if he wanted a copy of the book replied, “Why do I need one? I have already read each chapter twenty times with pen in hand!” Thanks to Mom and Dad and special thanks to all who supported my ideas, gave willingly of their time and endured my questions in order to bring this book together. Among them were: Jeffrey Zwerdling, Esquire and Brett Zwerdling, Esquire, with the Law Offices of Zwerdling & Oppleman, P.C., Robert Harper with the Virginia Cooperative Extension Service, Greg B. Farmer, President and Chief Executive Officer of Colonial Farm Credit, ACA, Thomas Newton, DVM, Denise Gorondy, DVM, Ernest M. Swartz, MSW, Junior Johnson, Bet Poarch, Joel Groover, Albert Myers,Thom Trout, Nicole McCabe, Esquire, and Mike Roane, CPA, Jeff Love, CPA, Greg Forman, CPA and Elizabeth Amos, CPA with Mitchell, Wiggins & Company, LLP, Certified Public Accountants and Consultants. Lastly, I appreciate the staff at Trafalgar Square. Caroline Robbin’s additions and organizational contributions were most helpful, and Rebecca Schmidt’s patience, hard work, and sense of humor made the process enjoyable.
CHAPTER ONE
Open Your Heart… and Your Wallet
THE PERSONAL MEANING OF HORSE OWNERSHIP
Deciding to purchase a horse ranks up there with getting married or buying a house—it can be just as expensive as either of those undertakings. I have had horses since I was fourteen, and as a financial analyst, I now realize that if I had saved and invested all the money I have spent on horses over the years, I could be rich! However, the wealth of satisfaction and enjoyment gained from having horses in my life far outweighs the time value of money♦.
Due to the time and financial commitment it demands, horse ownership is not a hobby, it is a lifestyle; it doesn’t matter whether you own your own farm or board your horse at a stable. A horse acts as an “identifier” or image enhancer: as a horse owner, you consider yourself a horseman or horsewoman. The horse activities you engage in and the clothes you wear—from the ropers, jeans, and cowboy hat to the field boots, riding helmet, and hunt coat—help you to define the view you have of yourself. The mud on your shoes, the horsehair on your coat, and the green slime on your sleeve complement your style.
SO YOU KNOW…
♦ The time value of money is one of the fundamental concepts in financial management. The saying, “A dollar today is worth more than a dollar tomorrow” is true because you can invest and earn interest on your dollar today. The earlier you start, the more your funds will grow.
Horses and the activities associated with them have a very significant social aspect for the people involved, as well. Shows, clinics, riding clubs, and rodeos, to name a few, allow you to share a common interest with others and can make you feel as if you are accepted by, and belong to a group of people. Children can reap great benefits from being involved with a 4-H club, taking instruction, joining a riding team, and developing friends at their riding stable. They can learn teamwork, cooperation, and responsibility, not to mention how to care for and manage their horse. Such skills translate well into other areas of their lives.
Though all pets can have similar positive effects on their owners, it is important to understand that having a horse is not like having a dog. A dog will forgive you regardless of the treatment he receives. For example, you can unintentionally hurt your dog’s feelings when you leave for work each day. I have a terrier that pouts on weekday mornings, but every evening when I return, I get this tail-wagging, toy-bone-holding, exuberant “she’s home” dance. Obviously, the dog forgot that he was upset that morning.
However, in my experience, this is not the case with horses. I distinctly remember one night when I reached for the horse “cookie jar” in the barn, only to realize (to my horror) that I had not filled it and did not have any back-up treats. Since all eyes had seen me pick up the jar, I was in trouble. The next morning at feeding time, I was met with indifference from some and even downright disgust from one horse (the same horse that throws a fit when I pay attention to another and when he thinks he is going to be left out of an activity). This illustrates how horses have the capability of holding grudges. Emotional and physical experiences affect them for longer periods of time because of their capacity for memory, emotion, and self-preservation. Horses don’t automatically trust you, and every horse has his own distinct personality and quirks.
A horse’s ability to interact and bond with humans comes from accepting a person, not just as a part of the herd, but the leader of it. You have to earn a horse’s respect; it cannot be achieved through coercion or trickery. Once you gain your horse’s trust through consistency and fairness, your relationship can develop. When you have a horse that is excited to see you walk in the barn and enjoys being ridden, then you know you have succeeded in being a good horseman, which can bring immense satisfaction and feelings of accomplishment.
Of course, the trade-off for these good feelings is the amount of money you spend attaining them. You not only need to know how to make the horse-ownership lifestyle enjoyable, but feasible, as well. Whether you are a devoted parent fulfilling a horse-crazy child’s dream, or an adult purchasing your very first horse, this chapter is designed to give you some insight as to how much horse you can afford. Quite often, people only consider the purchase price of the horse and maybe the cost of boarding at a local stable. I feel a better approach is to have some idea of all the costs involved with maintaining a horse in order to then determine how much can be budgeted toward the purchase price.
The recurring costs associated with horse ownership can be managed within your budget as long as you are aware of what they are, and plan and account for them. In the following pages, you’ll find I’ve listed seven areas of horse-related expenditure to give you some idea of where your money will go. In addition, I walk you through the process of actually purchasing a horse. My hope is that by arming you with this information at the outset, you will be better prepared to tackle specific monetary issues I discuss later in this book.
SEVEN AREAS OF EXPENDITURE
1. Stabling Arrangements
For those who own, or plan to own a farm, I discuss the potential costs of keeping your horse at home in great detail in chapter 3, and developing a horse property in chapter 5. If not, chances are you will be boarding out your newest family member. You will need to compare potential boarding stables before purchasing a horse. Find local stables by talking with riding instructors, veterinarians, and managers of local tack shops. Regional horse magazines and newsletters often have listings of stables in your area. As of the time of writing, boarding fees range from $200 to $900 a month, depending on your location (some parts of the United States are much more expensive than others in all the topics I discuss in this book) and what the facility includes in that price. Keep in mind that some services incur extra charges. To learn more about choosing a boarding stable, see page
