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 A Somebody to Everybody
Posts: 41354
   
Location: Under The Big Sky Of Texas | CrossDRanch - 2016-02-25 2:58 PM If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
I know you would  | |
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 Strong Willed Woman
Posts: 6577
Location: Prosser, WA | 1DSoon - 2016-02-25 11:00 AM
Anyone that wouldn't borrow money to buy a horse for their kid, must not love their kid very much.
Â
 Maybe Bernie Sanders will give us all a 1D horse. Yeah! LOL | |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | ND3canAddict - 2016-02-25 11:41 AM
I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.Â
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHAÂ
Kudos to you 
If only more parents would raise kids so responsibly, our society wouldn't be in the shape it's in today. . . | |
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Extreme Veteran
Posts: 597
| CrossDRanch - 2016-02-25 1:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
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My Heart Be Happy
Posts: 9159
Location: Arkansas | CrossDRanch - 2016-02-25 2:58 PM
If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
Hugs and prayers | |
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 Expert
Posts: 1302
Location: California | I was in a similar boat as a child. I was on the older or blown up horse that we didn't spend much money on. I had the ugliest and oldest truck and trailer there too. I could sometimes place here or there in one event or two in the high school junior division rodeos. My freshman year of high school we started looking for a step up after my blown up barrel horse was proving dangerous and I was borrowing horses inbetween. I ended up getting a $12500 horse that was 5 and unfinished BUT I spent $7000 of my own money that I earned raising steers and lambs in 4-H since 4th grade. My parents paid the other $5500. That was the most they ever spent helping me buy a horse. I continued to raise 4-H animals and bought my next horse and then sold those to buy new ones ect. Looking back I wouldn't change a thing. I had to ride some tough horses and learned a lot about how to ride. I also got the chance to ride many different horses as I borrowed and practiced which taught me so many things. I learned to appreciate the good ones and also got to take pride in making a horse that I ended up finishing in the top ten at the national level. | |
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Extreme Veteran
Posts: 591
| To answer your question, most banks will not give loans on horses. Unless, like the previous posters said, you have a really good relationship with your banker. Also getting personal loans carry a high interest rate and you probably couldn't get the amount needed to get a horse that will win anyway. Now you are left refinancing or taking out a loan against your home which would have the best interest rates and you could get a high amount.
Loans (aka - DEBT) = STRESS!!! People forget that barrel racing and rodeo is a HOBBY for the vast majority of us.
The only people it "pays the bills" for are people who already have the money and it doesn't matter if they win or not. Just like getting to the NFR, getting to the HS Finals is easier for people with $$$$ to spend. There is a lot of life and barrel racing left after high school rodeo. It's not worth getting into debt over. Taking out a loan on something that can die on you is a gigantic risk. In the long run, if you can't pay cash outright for it, it's not needed. Probably wanted, but there are lots of "wants". Is it worth putting yourself into a long term loan (aka long term debt) to win a high school rodeo? | |
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Extreme Veteran
Posts: 509
| As a mother of two grow. Children my advice is buy what you can afford to lose, don't get wrapped up in win win win, teach your kids how to train, work hard and value money i didn't do the high school rodeo it was to expensive. I have kids who appreciate success are humble can work hard and can accept failure children learn from what your doing they watch everything getting loans for things you can't afford is t a good example. IMHO | |
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Veteran
Posts: 286
| Amen to paying cash...I think it's the only way to get ahead in the long run....plus, less stress!
When I was young my parents spent their cash on a good horse for me and then skimped on the truck and trailer (pos) until they could afford better. And by afford, I mean they saved the money to purchase a rig out right.
I agree with that philosophy and I think it has taught me a lot. Today, the only loan I have is my mortgage. My truck, my trailer, my horses, are all paid for...no payments...no interest. So awesome.
It's easy to get carried away and want what other people have...don't get caught up in it....remember what's important. | |
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 Shelter Dog Lover
Posts: 10277
| CrossDRanch - 2016-02-25 2:58 PM If you can pay it off, take out a loan if you want. People do it all the time for their hobbies from boats to 4-wheelers. Most do it with LQ horse trailers when they could pay cash for a stock trailer. If you cant pay it off easily, then don't. Just go have fun and make all the memories you can make. I would sell everything I own.....hell, I would give it away if I could still take my son rodeoing.
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  Witty Enough
Posts: 2954
Location: CTX | I understand you want the best for your kids, but I agree with the people that say don't get into debt for a hobby. What happens if 2 months down the road your horse gets hurt so bad it has to be put down, of you have to rehab it for months on end. Really not that hard to imagine, just read the posts on here about horses getting hurt. Is it really worth it to get into debt for this? I don't think so. But that's just me.
Yes we all WANT nice things.... Heck I have a list mile long, and some of it we actually NEED, but for now we don't have the cash to get it. So we save up, and when we have enough we buy.
Growing up I had everything I needed. If I wanted extra I had to work for it. Where I come from it is still frowned upon to get into debt for non-essentials. And like it or not, but HS rodeo is non-essential.
We already live in a world crawling with masses of entitled people. Not saying your girl is like that, but unfortunately a lot of kids are being treated like that, and therefor believe it, thus act like it.
Get her a horse for an amount that you can afford to lose. Will it win her the 1D? Maybe not, and maybe she will surprise you.
Just MHO. | |
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 Undercover Amish Mafia Member
Posts: 9992
Location: Kansas | Have you considered maybe just leasing a horse? I'm sure someone would be more than happy to lease a horse, especially if the horse isn't being ridden. | |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | cranky B4 10am - 2016-02-26 7:17 AM I understand you want the best for your kids, but I agree with the people that say don't get into debt for a hobby. What happens if 2 months down the road your horse gets hurt so bad it has to be put down, of you have to rehab it for months on end. Really not that hard to imagine, just read the posts on here about horses getting hurt. Is it really worth it to get into debt for this? I don't think so. But that's just me.
Yes we all WANT nice things.... Heck I have a list mile long, and some of it we actually NEED, but for now we don't have the cash to get it. So we save up, and when we have enough we buy.
Growing up I had everything I needed. If I wanted extra I had to work for it. Where I come from it is still frowned upon to get into debt for non-essentials. And like it or not, but HS rodeo is non-essential.
We already live in a world crawling with masses of entitled people. Not saying your girl is like that, but unfortunately a lot of kids are being treated like that, and therefor believe it, thus act like it.
Get her a horse for an amount that you can afford to lose. Will it win her the 1D? Maybe not, and maybe she will surprise you.
Just MHO.
Very good advice here | |
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Worlds Greatest Laugh
Location: North Dakota | My own experience, I have coached 2 high school rodeo girls to success on horses that were under $15,000. One was about 8-10 years ago and the other just recent. What does success mean...they won a few races in the barrels or poles and qualified for Nationals. These horses could be competitive with proper education of both the horse and rider. So often, parents spend BIG money but fail to follow through with the coaching it takes to help make these kids successful. While it takes a good quality horse, they are out there. Maybe its a 3D horse that is priced that way but you can see more potential. It takes a horse with heart and a kid with the same and someone to help find their potential. | |
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Worlds Greatest Laugh
Location: North Dakota | ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA
Your daughter is talented. She's a tough barrel racer. I love that kid. | |
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 Straight Shooter
Posts: 5725
Location: SW North Dakota | Runnincat - 2016-02-26 10:38 AM ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA Your daughter is talented. She's a tough barrel racer. I love that kid.
Thank you! She's a spitfire. She'll be spending the summer doing and internship with Shelly E, so you'll probably get to see more of her in your neck of the woods. Moms sometimes have a hard time coaching their daughters, so Shelly is stepping in to help her understand the importance of horsemanship and slow work.
I was going to give her Matt for HS, but I really like him for myself. PR and I talked about it, and decided we'd save our pennies for the next couple of years and have our large network of trusted barrel racing friends help us find the right horse when the time comes.
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Straight Shooter
Posts: 5725
Location: SW North Dakota | Chandler's Mom - 2016-02-25 9:09 PM ND3canAddict - 2016-02-25 11:41 AM I'm in the same situation as the OP. My daughter is running all 6 events at the JH rodeos. I'll only allow her to haul 2 horses. In our area, there are a lot of families with oil money (or old money), and a lots of CRAZY nice (expensive) horses at the JH level. And those girls can ride 'em. Ell is running barrels and poles on a mare that we raised. The stud lives 25 miles away and the dam is still on our place. She came into the finals last year sitting 10th in barrels and 8th in poles. She works hard and WANTS to win, badly. She's too young to appreciate that she's competitive on a home-raised horse. I see how hard she works and how well she rides and I want her to win, too. The truth of the matter is that I just can't afford to mount her that way right now. I'm saving money, because I do intend to find her a tougher horse for HS, but I won't take out a loan. I might sell some old cows or ranch horses, if I have to, but it will be a cash sale.
We love the JH and HS rodeos. The people are delightful, the kids love each other and there is so much to learn about sacrifice and discipline. She is a good athlete in all of her events, I don't think she'd want to go to JPs or Ammys, just because she loves each of the 6 girls' events. She's learning about money management (sometimes we just can't go, we don't use "grocery" money for rodeos). She saves her winnings and a percentage of her calf checks. Both my kids pay their own fees. I don't make them pay expenses, but we go over receipts for feed, farrier, vet, fuel, pickup and trailer costs, and they KNOW what it costs. I'm trying to raise them to be responsible with their desire to rodeo. We'll see how it pans out! HAHAHA Kudos to you If only more parents would raise kids so responsibly, our society wouldn't be in the shape it's in today. . .
Thank you. We are doing the best we know how. All I want is kids who understand life is all about winning and losing. As harsh as it sounds, there are more lessons to be learned from losing. My kids will NOT be entitled- not in the arena, not in their careers, nothing. Winners are true winners when they work their a$$es off and learn from their failures... Just IMHO. No one changed the world by having things handed to them. This doesn't apply to the OP at all, I am just rambling about a subject I'm passionate about. | |
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 On the Countdown
Posts: 2934
Location: Texas | When I was trying to build credit when I was younger, I bought my horse. The bank financed him and wanted the papers on the horse, he was the collateral. Now this was a small town bank that knew everyone. I had the money to pay for him I chose the loan. I would do this again through the same bank if I needed. to. Good luck! | |
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 Friendly horse swapper
Posts: 4122
Location: Buffalo, TX | JMO and I don't know what area you are in....but I kind of think if you were in Texas, you would be spending a LOT more than $15K to be competitive in HS rodeo....so, maybe in your area you could look for an older, been there, done that horse for less than $10K and pay cash....I don't think a bigger price necessarily means a better horse....I think it's very possible to get a good deal if you ask around and are willing to travel a little to try a few horses out. I personally don't think $15K is a huge amount for a competitive horse in my area and there are parents spending WAY more than that on a regular basis.
I always had to train my own and work from scratch, so I get that part from the other posters, but it's not like you are wanting a $30-$40K horse....now that would break the bank if things went south and you owed that kind of money....I say try to get the best you can a little cheaper than $15K and go for it, nobody is gonna go bust for that amount....and buy insurance on the horse. Good luck! | |
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 Member
Posts: 44
Location: racing across the desert me & my horse... | I appreciate everyone sharing their "been there, done that stories", words of wisdom, general advice, rodeo being a hobby, don't put yourself in debt, kids learning the value of a dollar etc. I grew up with having to get by with what I had and understand all of that, however I want better for my daughter and as stated previously, I have no intention of refinancing anything and my budget for a horse is limited. Because of really having "no bills" and not wanting to dip into my savings acct or 401, a loan fits my circumstances better than any other option at the moment especially with being able to probably pay it off fairly quickly.
Although my daughter does not have a job yet and we do not do 4H to make side money for her rodeos, but she is the one cleaning 5 pens, each day, feeding and watering twice a day, cleaning the trailer out before we leave etc, so she is "working" for a "dollar" and has definitely learned that horses are hard work above anything else.
If anyone has names of specific banks that they recommend, please share or PM me anything else that might help.
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