Horse Economics. Catherine E O'Brien

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 62.

       2. Necessary Routine Care

      There are three main areas of routine horse care that you will have to take into account, whether your horse is stabled at home or boarded out.

       Hoof Care

      A blacksmith or farrier must trim, or trim and shoe your horse’s hooves every five to eight weeks. (During periods of rain and good pasture growth, five to six weeks is normal in some areas of the United States; in the winter months when hoof growth slows, every six to eight weeks can be adequate, depending on the horse.) Each foot needs to be trimmed properly, removing excess toe and balancing the hoof. Shoes need to provide ample support and be left wide enough to accommodate hoof growth and expansion until the next appointment with the farrier.

      The cost of a trim ranges from $20 to $30, trim and two front shoes from $50 to $75, and trim and four shoes from $75 to $150 (larger horses may cost more). If your horse needs extra hoof care and special shoes or procedures performed, expect to pay more.

      This is the one area of care I never skimp. The old saying, “No hoof, no horse” is one that is very true.

       Veterinary Care

Typically, a riding horse will require two visits a year from a veterinarian for routine medical care, which includes vaccinations for rabies, tetanus, Potomac Horse Fever, West Nile Virus, rhinopneumonitis, equine influenza, strangles (Streptococcus), and Eastern and Western encephalomyelitis. Depending on where you live, your veterinarian may recommend additional vaccinations, such as Venezuelan encephalomyelitis. Some of these shots are given once a year, and others are repeated in six months to ensure immunity. The veterinarian may also draw blood to perform a Coggins test for Equine Infectious Anemia^♦.

      A horse’s teeth should be checked once a year. Floating, which is the filing and shaping of the teeth by a veterinarian or qualified equine dental practitioner, takes off sharp points that may occur from aging and the horse’s grinding and chewing food. Sharp points can make the horse uncomfortable, interfere with the function of the bit, and hinder proper digestion.

      Combined, the annual visit and follow-up for vaccination boosters, tooth floating, and Coggins test can cost between $200