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Extreme Veteran
Posts: 333
 
Location: Alabama | When you enter your child in a barrel race and they win checks where does the money go? (Young ones )
Big checks.
Thought about opening a savings account and putting the money in there.
Do you keep a percentage? Go towards other entries ? Vets ,injecting Chiro farrowr ?
She's won a little here ams there and she kept it all but nothing big.
She's just now really runnning and entering 3 - runs.
I want her to know the value of money and try to teach her to save. She's only 9 but it's never to early lol. |
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  Neat Freak
Posts: 11216
 
Location: Wonderful Wyoming | Lilpad05 - 2015-04-12 12:02 PM When you enter your child in a barrel race and they win checks where does the money go? (Young ones ) Big checks. Thought about opening a savings account and putting the money in there. Do you keep a percentage? Go towards other entries ? Vets ,injecting Chiro farrowr ? She's won a little here ams there and she kept it all but nothing big. She's just now really runnning and entering 3 - runs. I want her to know the value of money and try to teach her to save. She's only 9 but it's never to early lol.
We gave each of our boys a heifer when they were born, each calf gets sold and that money goes into a savings for them, same with any money given to them by family or money won (so far just small amounts at gymkhanas). My boys are almost 3 and 7. Once they are old enough to work and earn their money, they will also start to pay for some of their horse activities. We'll still cover any vet/feed/farrier bills. If they decide they don't want to be a part of the ranch or help out, we'll sell their cow and that will be a done deal. We believe in tuff love, but also want to give them a good start if they are willing to earn it. I think horses do so much for a kid, I am all for paying for entries now and they can keep the earnings, even if they amount to quite a bit while they are young. When they understand money more, they can do entries out of their own money. |
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Addicted to Baseball
Location: Where the stars at night are big and bright, TX | Mine don't barrel race but they show livestock. The money they get in their wins and sales goes into an investment account for them to use for college and/or a home someday. As long as I can afford to pay what they need to show, I do it...as they get older I'll have them direct some of their money towards savings, spendings, maintenance. For now I want to get their investment accounts built up. |
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Rad Dork
Posts: 5218
Location: Oklahoma | I never made any considerable amounts running barrels, so I got to keep all that money. My parents paid the entries, vet bills, feed and farrier, but I was on my own for tack and equipment.
I showed calves for nine years and any penny that came from that was put into a savings account. I could take $200-$300 out for things like vacations, but everything else went towards rent (if I didn't work enough on the weekends to cover it) meals, books and the works in college. I was fortunate enough to not have to work a job during the week when I was in school because the money was set aside. |
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 Thick and Wavy
Posts: 6102
Location: Nebraska | my parents kept all my money and I kept all the prizes. I never had a savings account or anything. Any money I had, I got from work. |
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 Fact Checker
Posts: 16575
Location: Displaced Iowegian | From a very early age, my boys competed in Jr. rodeos, jackpots and then high school rodeos. We fed the horses, took care of the vet care and paid the hauling since I ran barrels at most of the jackpots. Their father (and then themselves) were farriers. They paid their own entries and kept the winnings. We bought the first set of roping calves but they kept the profits when sold to re-invest in more cattle. They pretty much were able to pay their own way up and down the road to open rodeos, jackpots, and HS rodeos by high school age.
Edited by NJJ 2015-04-12 4:16 PM
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 Dancing in my Mind
Posts: 3062
Location: Eastern OH but my heart is in WV | My daughter has not won any "large" amounts yet, but she usually wins enough to buy dinner on the way home and the rest goes towards the next races entry fees or some other "horse" investment. After the first show last year, I don't think I had to pay out very much more for her to enter the rest of the summer. |
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Expert
Posts: 1586
Location: west of East Texas | I paid all expenses and they kept all winnings at the beginning. When they decided to go to NBHA Youth World I said "Yes, but we'll split the cost." They paid 1/2 the fees and gas. I paid the other 1/2 and ALL the other stuff. When the youngest one turned 10, I changed the set up for the normal races. I pay all the expenses for the horses, the fees, and the gas to get there. If they win something, I get 1/2 until the fees are paid back and then they can keep the rest. And that's the fees for the whole day or weekend, not just the one run they placed on. As she gets older, I'll probably shift more over to her just so she learns more about the finances of all this. |
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Location: In my own little world | We started out to pay our son's roping fees when he was little and just beginning. But when he started winning money he paid us back the fees and banked the remainder. When he started to travel he then had enough to pay his own fees and when he won he also would give us money to help pay for fuel. He was always very generous with offering and we never asked. He said I took the time to haul him all over so he could help pay for travel expenses. We set him up with his own checking account when he was 10 or 11. |
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Expert
Posts: 1477
Location: In the land of peanuts and cotton | My dad always paid for everything and I kept the winnings but I had to pay the next shows entry's. When I turned 18 he started splitting entries with me and I paid for half of the feed bill. Now I still pay half the feed bill. I pay my own vet bills unles it's something major and truly don't have the money. Then I pay what I have and he pays the rest but I have to pay him back. I pay all my entries and stalls. He loves to go to barrel races so he made a deal with me as long as I'll continue to let him go he will continue to pay for diesel and for hook ups if we need one. He got that idea from a friend of mines parents. That's what they did when she got older. She's been married about 3yrs now and their deal still stands.
I saw someone mention they gave there kids a heifer. Daddy gave me one when I was 9. I was told I could do what ever I wanted with her. I choose to keep her and breed her to our bull. I sold her calf and bought another heifer. Repeat process for 13yrs and I now have my own tiny heard of cows. I've sold a couple but still have my first heifer. It taught me to be patient and wait for money. I could have sold her and had money in my hand then but I chose to wait and now everything is profet because I quit buying heifers after prices started getting high. Now I sell the babies and rebred what I already have. I started with something small and turned it into something big. |
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 Sock eating dog owner
Posts: 4557
Location: Where the pavement ends and the West begins Utah | My daughter kept her winnings. I told her to use it for the next entry. She said she wanted to keep it. I said OK make sure you win and you will be able to keep. She went quite a ways with what she had. Bless her heart. |
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 Expert
Posts: 1857
| I pay they keep, no matter how much they win... only rule is that half goes to their savings |
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 Expert
Posts: 1898
| My mom paid for everything when I was growing up and my sister and I kept every penny we ever won. Mom never asked for a single dime. So, that is what I am doing with my daughter. We will pay the feed, travel costs, vet, entries etc and she will keep the money. We did set up a savings account for her. Since she is only 3 and has no concept of the dollar we felt like this is the best option at the time. She gets a couple dollars to spend on toys or stuff for her horse and the rest gets put away that way when she does understand money to a certain extent, she will have a little savings.
She was so excited when she won her first check. She had just turned 3 and won 3rd at our local rodeo, a whooping $17 dollars. I asked her what she wanted to do with the money and she said buy hay for her Bill. So I took her to the hay barn so she could "buy" a bale for her pony. I wrote the check out of my account and her $17 went in her's. |
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 Elite Veteran
Posts: 696
| my girls are still babies (16 months old) so i haven't crossed that bridge yet. the idea i have is i would like to have a savings account for each of them. at first i will pay everything (feed, fuel, entry fees, etc). once they start winning any cash will go into their account to help pay for future entry fees. they keep all prizes that aren't cash. i will have two girls barrel racing (that is if they get the love for horses and rodeo like me and their dad have) plus me barrel racing and their dad team roping. they are going to have to help pay their way with winnings. now of course that's not to say i won't help them with fees if they start running low. if they are having a spell of bad luck i'm not going to make them sit out just becuase they haven't been winning. i was raised that it isn't all about winning and i want to pass that on to them so that will not be a factor in our house.
when i was growing up, my parents paid for absolutely everything and always let me keep all my winnings. granted, i never won much more than my entry fees back becuase i just wasn't that competitive. we didn't have the money to go buy a 1d horse and didn't have the money to haul every single weekend. my parents did what they could for me and i loved every minute of it no matter where i got to go run. the most i won at once growing up was probably around $300. once i got into my later teenage years i started paying them back the entry fees out of any winnings. looking back now that i am an adult, i wish i had given them every penny that i won becuase they honestly deserved and needed it all but of course you don't see that when you are a kid. that is one of the many lessons i hope my girls learn without me having to push for it. i want them to know that life isn't all about money, it's about enjoying it and working hard to succeed while learning the value of money too. |
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Porta Potty Pants
Posts: 2600
| When growing up … we got to keep a small portion of our winnings (mad money) and the prizes, the rest went back into the family pot - paid for feed, vet bills, farrier, entry fees, gas, memberships, etc … sometimes it went to buy groceries or household bills and if it was a big winning - for a dinner out. There were several of us kids, so if one of us was experiencing a dry spell, everyone still got to go. If I had a kid that rodeoed, I'd follow that same example … taught me that it costs to play so I was respectful of it. |
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 Expert
Posts: 1482
Location: on my horse | My mama paid all my entries and hauled me and bought me my first actual barrel saddle when I was 9. she told me after that it was on me if I wanted a different saddle and through other things like allowance and chores and mowing the neighbor's lawn I had a little savings so I started paying for some of our entries and from that point on started saving for and buying all of my own tack and equipment. When I got my first job at 14 I started paying for more of my entries and other things like shoeing appointments when I could afford it and feed. When I started really barrel racing competitively I paid for all my own fees fuel tack feed board when I moved to college, everything.
Now I'm at a really low point with my health (have a couple chronic illnesses that are out of control) and am actually living at home again. My goal this year is to pay all of my mama's entry fees this year as well as my own so she knows I learned well.
I think everybody's situations are different, if you can afford to help your child out and are teaching her/him financial values anyway then I think it works out if they keep the money or if you keep some of it. If your kiddo is young help them understand that they have a somewhat significant amount of money and help them understand what wise spending is.
That's what my mama did for me more than anything was teach me how to spend wisely and save and be frugal. |
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 Elite Veteran
Posts: 617
Location: London Ontario | My parents paid for everything up until I was working, then I paid when I could and they helped me out when I needed it. I will make sure my kids have the means to make it up and down the road and be somewhat competitive if they can handle it. With that being said, if they win anything, they can keep the prizes(sell if they have duplicates), they will keep 1/2 after fees are paid, and the rest will go into investments. What they do with that 1/2 they keep is their decision. I bought my first truck when I was of age, they will be expected to too. However my parents helped with a down payment on some land when we needed it, I hope to help my kids too with that. |
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 Elite Veteran
Posts: 999
Location: Sunny So Cal | My mom opened a savings account for me when I was younger and put the winnings in there as well as my birthday and christmas money. When I was old enough to get a job is when I started paying for things. By the time I was 18, if I wanted to compete I had to pay for it. But my mom slowly introduced me into paying for my own competitions. From about 16-18 I paid for half of the show and she paid the other half. Then began introducing me to what feed cost and maintenance on the horses. Now I pay for all. Growing up sucks! lol I am grateful that my mom was very honest and upfront about the cost of horses when I got older. And always told me how much she spent each month on them and how I better get a good job to pay for them. |
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 Expert
Posts: 3782
Location: Gainesville, TX | We had our own accounts and our own jobs. We paid our entry fees in high school. We also paid our younger brother's day care so we didn't have to babysit and could practice. My parents had bought our show animals for us when we were younger and we got to keep a good bit of the sales from them. We rodeoed with an association that handled vehicles, gas, food, and horse expenses. I graduated with a bit of money in the bank. Sadly, I wasn't too smart with it my first year of college. :( But I've learned a bit better since then. My parents at least gave me some foundation in handling my own bills. |
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 Veteran
Posts: 214
| cyount2009 - 2015-04-13 10:33 AM
My mom paid for everything when I was growing up and my sister and I kept every penny we ever won. Mom never asked for a single dime. So, that is what I am doing with my daughter. We will pay the feed, travel costs, vet, entries etc and she will keep the money. We did set up a savings account for her. Since she is only 3 and has no concept of the dollar we felt like this is the best option at the time. She gets a couple dollars to spend on toys or stuff for her horse and the rest gets put away that way when she does understand money to a certain extent, she will have a little savings.
She was so excited when she won her first check. She had just turned 3 and won 3rd at our local rodeo, a whooping $17 dollars. I asked her what she wanted to do with the money and she said buy hay for her Bill. So I took her to the hay barn so she could "buy" a bale for her pony. I wrote the check out of my account and her $17 went in her's.
My dad did the exact same for my sister and I; my husband and I plan on doing this with our daughter when she gets older as well... we will pay all fees and bills and she gets to keep all her winnings. My dad's motto has always been we can be spoiled until we act spoiled.... then things would be different. We never had to go down the different road :)
My thought is if our daughter remains grateful, humble, respectful and courteous then she has earned her fees and bills to be paid. She will be out in the expensive adult world in the blink of an eye so if we can fund her expensive habit until then I am all for it! |
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