ISO advice regarding owning / financially supporting a horse as a student (x-post from r/personalfinance)
Hello! I am 18/F and looking for some advice pertaining to my impending financial situation. Sorry it is so long! As I've just graduated high school, I will be going off to college in the fall. I've committed to Roanoke College (yay!) and have gotten my tuition down to $19k yearly versus the usual $56k yearly. For sake of this situation though, I want to disregard student debt, as crazy as that sounds. All my life I have ridden horses, but never been able to afford to own one. Therefore, I have ridden my fair share of barn-owned lesson horses, taken on "project horses" owned by others in order to rehabilitate and retrain them, and leased horses temporarily. When I was younger, my mother financially supported this, but when our situation no longer warranted spending several hundred dollars a month for me to ride, I got my own job and began to pay the expenses myself, as riding is incredibly important to me. In August 2016, I happened to get extremely lucky, when a girl I rode with years earlier (we can call her Katie) messaged me on Facebook offering me one of her two horses as a "free lease" in which I would pay her no money for everyday use of the horse, and only pay his expenses. It worked out for her, because while she was in college, she wouldn't have to pay for a second horse, and he would stay in work. It worked out for me, because I would have a horse to work with and ride for the duration of the school year. I said yes to her offer and have absolutely fallen in love with the horse, Fizz, and have juggled being in school (an AP student in my senior year,) working a job in retail, and riding 5 days a week. I have given up competing, as that is too expensive on top of everything else I am paying for. I am currently working two jobs to pay $750 / month for board plus paying for my gas and any other miscellaneous expenses I may have. I am essentially going paycheck to paycheck, however having a horse "of my own" has been more than worth it. When I committed to Roanoke, however, I assumed that my career in horses would be ending, as my lease on Fizz would be ending and I would be moving 3.5 hours from home and starting a new chapter of my life. However, two weeks ago, Katie sent me a message regarding Fizz. Knowing I would be moving off to school and ending my lease, she informed me that when I am to end my lease, she will be putting Fizz on the market as she no longer has time for him and she can't afford to keep him around. But (and even typing this out now feels too good to be true) she said, that having watched Fizz and I form a partnership over the past months, she wanted to first offer him to me, free of charge, to own permanently, before listing him. Keep in mind that Fizz is a significantly fancier horse than any I have worked with in the past - for those of you who know horses he is an OTTB who has competed Preliminary level in the past. He is 12 years old and an incredibly easy keeper, clean vetting, great confirmation, sweet personality, and all around a fantastic horse to work with. All Katie would ask is a bill of sale for $0.01 for legality purposes and Fizz would be mine. As much as this offer is too good to be true, I obviously have a lot to take into consideration. I have toured a barn in the Roanoke area and have absolutely fallen in love with it as well. It's about 15 minutes from the school and I have already talked to the owner about moving Fizz there hypothetically and there is, in fact, a stall open. My mother is open to the idea, under the assumption that I pay every single solitary one of his expenses and keep my grades afloat and prioritize my education of course. So! Here is where I come to you, reddit, in search of decision making advice. Time wise: I have been making it work balancing school, work, and riding for the duration of my senior year of high school. I feel confident in my ability to continue to manage my time and make it work in college, however I'm open to any remarks any of you have to make in regards to that. Money wise: Currently, on top of financing my miscellaneous expenses (food, etc) and gas for my car, I'm paying $750 / month for boarding my horse. I work a job in retail as well as freelance photography and website work. I want to work in college and have already been scouting the Roanoke area for jobs to set up in advance. Board at the barn in Roanoke is $480, however I would also have to pay for shoeing (which my mom currently pays for here, because I simply cannot possibly) which is $150 every 8 weeks. Furthermore, I would have to pay vet expenses, including seasonal worming and bi-annual shots, as well as teeth floating, coggins retesting, and any emergency visits which are ALWAYS a possibility. In terms of equipment, I already own everything. Full sets of tack, all weights of blankets, grooming and vet supplies, etc. Nothing would need to be purchased for the horse. However, I don't own a trailer. There would be no problem getting a friend to help haul him up there / back home in the summer, however it is still a factor to take into consideration. One other note is that if I do decide to take on this horse, I will have to pay the barn in Roanoke $240 for the month of July to hold my spot at the barn until August 1 which is when I would move him in. So for July, I would be paying $240 + $750, and then for August I would only be paying $480 monthly until the end of the school year. Essentially what I need advice on is wether or not this is logical and feasible for someone in my situation. I am a person who LOVES working and LOVES horses, but I don't want to get in over my head, especially when also starting college. I feel confident in my ability to do it, but I could also just be wishful thinking because of the fact that owning a horse, especially one like this, is my dream. Having a horse at college would be such a comforting sense of familiarity for me, and as my boyfriend has pointed out, I could always lease Fizz out if I ever feel as if I can't keep up, which would allow me to build up my income and have a little more free time. I really appreciate any and all advice you have on this situation! Thank you! TL;DR: I'm 18, going to college, would love to own a horse, have been working my butt off the last 8 months to lease a horse, and have been offered to own said horse (too good to be true.) Costs of owning that horse in my new location would be lower than what I am currently paying, however, that is a liability to take on and I am only a college student. Should I say yes or no?
Submitted June 12, 2017 at 09:12AM by _antipop
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