Catherine E OBrien - Horse Economics: A Personal Finance Guide for the Horse Owner

First published in 2005 by

Trafalgar Square Publishing

North Pomfret, Vermont 05053

Copyright 2005 Catherine E. OBrien

Copyright does not extend to sample contracts provided by Nicole Fox McCabe, Attorney at Law.

All rights reserved. No part of this book may be reproduced, by any means, without written permission of the publisher, except by a reviewer quoting brief excerpts for a review in a magazine, newspaper, or Web site.

Disclaimer of Liability

The author and publisher shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the information contained in this book. While the book is as accurate as the author can make it, there may be errors, omissions, and inaccuracies.

This book is not intended as a substitute for professional advice. It is sold with the understanding that the author is not engaged in rendering financial, accounting, tax, insurance, legal or other professional advice or services. Relevant laws vary from state to state and the tax laws are constantly changing, which makes financial and tax planning difficult, therefore, please consult with a competent professional. The information in this book is based on the Internal Revenue Code and Internal Revenue Service publications available as of September 2004. The information and worksheets as well as copies of contracts and agreements provided herein are intended for educational and informational purposes only. C. E. OBrien and Trafalgar Square Publishing are not responsible for any actions taken or damages resulting from reliance on information contained in this book, or for any inadvertent error, omission or inaccuracy contained in Horse Economics. Any likeness or similarity to a real event or person for examples used in this book is purely coincidental.

Disclaimer of Warranty

For this book, the author and Trafalgar Square Publishing specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written promotional material of any kind.

Library of Congress Cataloging-in-Publication Data

OBrien, C. E. (Catherine E.)

Horse economics : a personal finance guide for the horse owner / C.E. OBrien.

p. cm.

ISBN-13: 978-1-57076-319-9 (pbk.)

ISBN-10: 1-57076-319-4 (pbk.)

1. Finance, Personal. 2. Horses. 3. New business enterprises. 4. Horse industry. I. Title.

HG179.O23 2005

332.0240088798dc22

2005008507

Grateful acknowledgement to the Virginia State Corporation Commission for the use of information and terms contained in their consumer guides.

Book and cover design by Heather Mansfield

Typeface: AGaramond and Perpetua

Front cover image of DHR Quite a Time (Comet); back cover of the author and Comet; photography by Rita Root

Printed in the United States of America

10 9 8 7 6 5 4 3 2 1

D EDICATION

To Brio, a genuine friend and companion for most of my life. He provided stability and peace in a sometimes chaotic world. His noble heart will not be forgotten.

F irst and foremost, I thank my husband, who, when asked if he wanted a copy of the book replied, Why do I need one? I have already read each chapter twenty times with pen in hand! Thanks to Mom and Dad and special thanks to all who supported my ideas, gave willingly of their time and endured my questions in order to bring this book together. Among them were: Jeffrey Zwerdling, Esquire and Brett Zwerdling, Esquire, with the Law Offices of Zwerdling & Oppleman, P.C., Robert Harper with the Virginia Cooperative Extension Service, Greg B. Farmer, President and Chief Executive Officer of Colonial Farm Credit, ACA, Thomas Newton, DVM, Denise Gorondy, DVM, Ernest M. Swartz, MSW, Junior Johnson, Bet Poarch, Joel Groover, Albert Myers,Thom Trout, Nicole McCabe, Esquire, and Mike Roane, CPA, Jeff Love, CPA, Greg Forman, CPA and Elizabeth Amos, CPA with Mitchell, Wiggins & Company, LLP, Certified Public Accountants and Consultants. Lastly, I appreciate the staff at Trafalgar Square. Caroline Robbins additions and organizational contributions were most helpful, and Rebecca Schmidts patience, hard work, and sense of humor made the process enjoyable.

Deciding to purchase a horse ranks up there with getting married or buying a houseit can be just as expensive as either of those undertakings. I have had horses since I was fourteen, and as a financial analyst, I now realize that if I had saved and invested all the money I have spent on horses over the years, I could be rich! However, the wealth of satisfaction and enjoyment gained 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 doesnt 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 wearfrom the ropers, jeans, and cowboy hat to the field boots, riding helmet, and hunt coathelp 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.