Money and Equestrianism: The Personal Experience of an American Amateur Horsewoman

Photo: Noellefloyd.com.

Money can be awkward to talk about at times, but we all know how much it means when it comes to equestrian sports. We all need to manage our careers, finances, and regulate how much we spend on horses, so why not talk about it? We present to your attention a new column by Noelle Floyd on how career and money affect our equestrian life. In this series of articles, amateur riders talk about their equestrian costs and the place horses play in their lives.

Name: Julia.

Age 38 years.

Location: Philadelphia.

Number of horses: private owner of 1 horse.

Marital status: divorced, no children.

Profession: nurse in emergency room.

Salary: $ 85 000.

Monthly expenses for horses: I spend $2000 per month on a horse, and I use a separate account for that. I usually pay for all horse related expenses from my trust fund and the rest of my current living expenses from my salary. I have no student loan debt and no children, so I can spend whatever money I have on horses. I try to be responsible with my spending, so I save 15% of my income for my retirement and don’t look too posh.

Do you hide any horse-related expenses from your spouse/partner/family?

No.

Have you ever felt guilty about the amount of money you spend on horses and equestrian training?

Yes, I don’t like that I spend more than I earn. However, I am quite responsible with spending from the trust fund and leave a large part of it for my retirement or for contingencies.

Usually I don’t show much (4 times a year), mostly in class A. My horse is not young anymore and I don’t want to stress him too much. So for me, tournaments are more fun. Moreover, competition greatly increases costs. Since my horse moved a year ago, I’ve been keeping track of the amount of money I spend on equestrian activities – maintenance, veterinary care, shoeing, feed for the horse, or vitamins for me – and the amount was $ 36 per year. That’s more than I have left over from my salary after deducting running expenses, so I’m using some of the money from my trust fund. The amount of expenses may seem quite large, but horseback riding has a good effect on my psychological state and brings me a lot of joy. I am very grateful to my parents that I can afford this hobby.

It is important for me that my parents do not mind what I spend the money they gave me. I would not want to disrespect the work that they have done to earn this money.

What place do horses occupy in your life now?

I am a private owner of one horse that is an hour away from my house. I ride 4 times a week and do hunter show jumping several times a year.

I purchased this horse 3 years ago for $50,000. I paid half the amount and the other half was added to me by my parents. I don’t know if my half of the payment can be considered my funds, since it was money transferred to me earlier by my parents. At that time, I was making $80 a year.

How does horseback riding affect your career development?

I have been a nurse for 12 years. This profession attracts me with a convenient work schedule. I work 12 hour shifts so I have 4 days a week for riding. I work every third weekend, but I can easily swap with a shift if I need a specific weekend to compete. Before working as a nurse, I worked in the office until I decided on my future specialty. We have salary indexation and various bonuses for work experience, but the main part of my duties and work schedule remain unchanged. I work 3 days a week for 12 hours, so I don’t have the opportunity to ride on weekdays.

My job/career/salary does not give me a sense of financial independence, it is provided to me by the funds transferred to me by my parents. When I turned 35, 1/3 of my trust fund became available to me.

How do other costs affect your financial situation, and how much do you have left for horses?

I got divorced a year ago and this, fortunately, did not greatly affect my financial situation. The divorce was quick and easy compared to situations other people go through. We did not have joint property and children, so it was not difficult. Hiring lawyers is a waste of money, so we drafted the contract ourselves and only spent $300 on the divorce process. By the time we decided to get a divorce, my husband was earning a lot more than me, but I had more investments than him. We settled everything perfectly and did not claim each other’s funds. Thanks to my parents’ generosity, I have always felt financially stable. I think that I would be much more worried if I did not have this support.

During the last two years of my marriage, my husband made good money and paid the rent for our apartment from his salary. During these two years, I was able to pay all the horse expenses myself from my salary. A few months after we parted, I moved my horse to another stable, where the rent is almost twice as much as at the previous base. He stands in a small private stable. Wait and tournaments I spend 2000$ a month. This includes full service and excellent conditions for horses. My horse is taken out and cleaned every day and is in training. The work of the horse on the days I am away and my training with the instructor is included in the cost of the stay. Not too bad compared to other bases.

I feel that my stable is responsible in terms of providing good conditions for my horse and I never worry about him when I’m away. I would like to reduce the cost of staying, but, as practice shows, you always get what you pay for.

Do you feel any restrictions in equestrian sports due to lack of material resources?

I would like to buy a horse for higher routes. In fact, I don’t know how much is reasonable when it comes to spending on horses when you don’t earn much. I do not like to get into savings, I am nervous if I have to spend even a very small part of them. I try to responsibly treat the funds that my parents kindly left me. No one can really tell you if it’s okay to spend $100 on a horse from X-accumulated funds and an $000 salary.

What are your principles in spending money?

Do not buy anything that you can not pay for immediately – do not get into debt and loans. I always ask myself the question “do I really need this?”

Source: Noellefloyd.com