|
|
 Extreme Veteran
Posts: 456
 
Location: SW MO | How did you go about buying your first "high dollar" horse? I have been looking at my goals lately and I realized that 5 years ago when I made the goal of having an ammy level rodeo horse, I was closer to achieving that then instead of where I am now. I have one horse of my own, and I am running a friend's gelding to help me get back on my game since I have not entered more than 3 jackpots since January 2016.
Anyway, I am in my last year of my bachelors degree and I have been looking at my financials to see how much money I would need to put back in order to make my goal of hitting ammy rodeos next summer.
How did you girls go about something like this? Any similar success stories? I would love to hear them. |
|
| |
|
 Take a Picture
Posts: 12842
  
| My suggestion is to get out of school, save your money until you have enough to buy what you want. You may have to postpone your plans a little but it will be worth it. My biggest suggestion is don't get in a hurry and buy the first thing you see. Take your time and find something you can ride and that fits you. I look at the ads everyday just to be looking. Every once in awhile there are some really good buys. |
|
| |
|
 Born not Made
Posts: 2937
Location: North Dakota | Mzbradford - 2017-08-11 1:14 PM How did you go about buying your first "high dollar" horse? I have been looking at my goals lately and I realized that 5 years ago when I made the goal of having an ammy level rodeo horse, I was closer to achieving that then instead of where I am now. I have one horse of my own, and I am running a friend's gelding to help me get back on my game since I have not entered more than 3 jackpots since January 2016. Anyway, I am in my last year of my bachelors degree and I have been looking at my financials to see how much money I would need to put back in order to make my goal of hitting ammy rodeos next summer. How did you girls go about something like this? Any similar success stories? I would love to hear them.
Do you have a job lined up yet? If not, I'd probably wait on the horse. Yeah, it will take you longer to accomplish your goals but you also don't want to find yourself in a sticky financial situation.
You can sure start looking so you know what is out there and what it's going to cost you, but I'd get the other aspects of your life lined up first before the horse. (1) job (2) retirement plan (3) savings .... etc Personally, I think two the best "assets" you can get for yourself at a good accountant and a good financial planner!
|
|
| |
|
Extreme Veteran
Posts: 456
Location: SW MO | r_beau - 2017-08-11 2:17 PM
Mzbradford - 2017-08-11 1:14 PM How did you go about buying your first "high dollar" horse? I have been looking at my goals lately and I realized that 5 years ago when I made the goal of having an ammy level rodeo horse, I was closer to achieving that then instead of where I am now. I have one horse of my own, and I am running a friend's gelding to help me get back on my game since I have not entered more than 3 jackpots since January 2016. Anyway, I am in my last year of my bachelors degree and I have been looking at my financials to see how much money I would need to put back in order to make my goal of hitting ammy rodeos next summer. How did you girls go about something like this? Any similar success stories? I would love to hear them.
Do you have a job lined up yet? If not, I'd probably wait on the horse. Yeah, it will take you longer to accomplish your goals but you also don't want to find yourself in a sticky financial situation.
You can sure start looking so you know what is out there and what it's going to cost you, but I'd get the other aspects of your life lined up first before the horse. (1) job (2) retirement plan (3) savings   .... etc Personally, I think two the best "assets" you can get for yourself at a good accountant and a good financial planner!Â
Keep the advice coming- I love it! I am actually working full time now. The rest of my degree is online, so I am going to keep working full time from now on. I have a lot in savings and have been contributing to a Roth IRA for two years now.
Edited by Mzbradford 2017-08-11 2:38 PM
|
|
| |
|
Extreme Veteran
Posts: 456
Location: SW MO | streakysox - 2017-08-11 2:04 PM
My suggestion is to get out of school, save your money until you have enough to buy what you want. You may have to postpone your plans a little but it will be worth it. My biggest suggestion is don't get in a hurry and buy the first thing you see. Take your time and find something you can ride and that fits you. I look at the ads everyday just to be looking. Every once in awhile there are some really good buys.
I would really like to buy from a reputable professional honestly. I haven't had a lot of good luck so far  |
|
| |
|
 Queen Bee Cat Owner
Posts: 3629
Location: Way up North | I have never done it but from the ones I have seen do it, I would suggest picking a well respected trainer in your area to shop with. That doesn't mean you necessarily buy from them but they my have something or they will know of something. A lot of the really nice horses are never publicly adertised so you really need an "in". Even check out races and watch the horses you like, something might catch your eye you can inquire about. The futurities in your state are nice to find something up and coming that's may'be not at their full potential and might not be as spendy to purchase.
As far as the money aspect, I know a few that hve gotten personal loans using their vehicle, trailer, etc. as collateral as not many banks are really fans of financing an animal that is hard to keep alive and sound. Many have said they felt it was a good investment, they got a horse capable of winning and making the monthly payment right now instead of trying to save up and impatiently waiting. Several have gone on to sell those horses for profit and self-financed the next horse. I don't think I could ever do it but I might feel differently if I made more at my job or had rodeo goals. I would say make sure you have a well padded savings account for vet bills, special supplements, etc. because horses like that always cost to keep winning. |
|
| |
|
Member
Posts: 16
| AllAroundRider - 2017-08-11 4:16 PM
I have never done it but from the ones I have seen do it, I would suggest picking a well respected trainer in your area to shop with. That doesn't mean you necessarily buy from them but they my have something or they will know of something. A lot of the really nice horses are never publicly adertised so you really need an "in". Even check out races and watch the horses you like, something might catch your eye you can inquire about. The futurities in your state are nice to find something up and coming that's may'be not at their full potential and might not be as spendy to purchase.
As far as the money aspect, I know a few that hve gotten personal loans using their vehicle, trailer, etc. as collateral as not many banks are really fans of financing an animal that is hard to keep alive and sound. Many have said they felt it was a good investment, they got a horse capable of winning and making the monthly payment right now instead of trying to save up and impatiently waiting. Several have gone on to sell those horses for  profit and self-financed the next horse. I don't think I could ever do it but I might feel differently if I made more at my job or had rodeo goals. I would say make sure you have a well padded savings account for vet bills, special supplements, etc. because horses like that always cost to keep winning.
THIS!!
I agree 100% lots of really nice horses are not publicly advertised. If you want to buy from a reputable professional, find a trainer in your area that you trust and let them know what you're looking for. Lots of trainers talk amongst themselves and may know of something for sale that hasnt been listed. If you see something you like, ask about it. I followed a horse I liked for 3 years and would always joke with them about if they wanted to sell to let me know. Low and behold, I own him now, and he was only privately offered to me.
|
|
| |
|
Extreme Veteran
Posts: 456
Location: SW MO | kortnimarquette - 2017-08-14 11:25 AM
AllAroundRider - 2017-08-11 4:16 PM
I have never done it but from the ones I have seen do it, I would suggest picking a well respected trainer in your area to shop with. That doesn't mean you necessarily buy from them but they my have something or they will know of something. A lot of the really nice horses are never publicly adertised so you really need an "in". Even check out races and watch the horses you like, something might catch your eye you can inquire about. The futurities in your state are nice to find something up and coming that's may'be not at their full potential and might not be as spendy to purchase.
As far as the money aspect, I know a few that hve gotten personal loans using their vehicle, trailer, etc. as collateral as not many banks are really fans of financing an animal that is hard to keep alive and sound. Many have said they felt it was a good investment, they got a horse capable of winning and making the monthly payment right now instead of trying to save up and impatiently waiting. Several have gone on to sell those horses for  profit and self-financed the next horse. I don't think I could ever do it but I might feel differently if I made more at my job or had rodeo goals. I would say make sure you have a well padded savings account for vet bills, special supplements, etc. because horses like that always cost to keep winning.
THIS!!
I agree 100% lots of really nice horses are not publicly advertised. If you want to buy from a reputable professional, find a trainer in your area that you trust and let them know what you're looking for. Lots of trainers talk amongst themselves and may know of something for sale that hasnt been listed. If you see something you like, ask about it. I followed a horse I liked for 3 years and would always joke with them about if they wanted to sell to let me know. Low and behold, I own him now, and he was only privately offered to me.
Thank you! I have never considered financing or taking out a loan. I am a cash buyer that is for sure, I may be young but I don't want to get into a jam because of a vet bill or whatever else. I will be talking to some trainers once I get my budget squared away. Right now I am trying to save as much as I can. |
|
| |
|
Expert
Posts: 4766
Location: Bandera, TX | You've had excellent advice and I agree don't finance your new horse! I've not trained for years other than my own but I get asked all the time to come along and see if the horse is a fit. I keep a journal of horses as people are always looking.
The other people to ask are producers. I have them tell me of horses they know are for sale at races. Get with your equine vets and dentists too. |
|
| |
Folks on-line