Comments on: Devolving the Myth of Income … Part I

By: Are polar bears left-handed?- 7million7years

Are polar bears left-handed?- 7million7years — Tue, 07 Feb 2012 11:40:46 +0000

[...] – The myth that a high income equates to wealth [...]

By: The Myth of Multiple Income Streams …- 7million7years

The Myth of Multiple Income Streams …- 7million7years — Wed, 02 Sep 2009 09:13:02 +0000

[...] Now, for those who are astute, you will see that I twisted the original statement from ‘wealth’ to ‘income’ … and, as we all know by now: [...]

By: 10 steps to whatever it is that you want … how to weigh up the cost of a lifestyle decision « How to Make 7 Million in 7 Years™

Thu, 10 Apr 2008 11:07:29 +0000

[...] Published April 10, 2008 Saving Tags: money, Rich, Saving, Spending In Devolving the Myth of Income – Part I we discussed the case of Docsd (or just ‘Doc’) who said: I have been awaiting approval [...]

By: 10 steps to whatever it is that you want … how to weigh up the cost of a lifestyle decision « How to Make 7 Million in 7 Years™

Wed, 09 Apr 2008 12:21:20 +0000

[...] Published April 9, 2008 Saving Tags: money, Rich, Saving, Spending In Devolving the Myth of Income – Part I we discussed the case of Docsd (or just ‘Doc’) who said: I have been awaiting approval [...]

By: Devolving the Myth of Income … Part II « How to Make 7 Million in 7 Years™

Devolving the Myth of Income … Part II « How to Make 7 Million in 7 Years™ — Sat, 05 Apr 2008 19:47:47 +0000

[...] March 30, 2008 net worth Tags: Investing, millionaire, money, Rich, Saving, wealth In Devolving the Myth of Income … Part I. we explored the following question: “what’s your definition of ‘rich’ … would [...]

By: AJC

AJC — Thu, 20 Mar 2008 16:26:10 +0000

@ Docsd – NOW you are suddenly onto possibly a great Making Money 201 idea; create a business from a hobby or something you love (I have a post coming up next month on EXACTLY this subject). But, only do it, if you’ve laid the financial groundwork and can afford to take the risk.

By: docsd

docsd — Thu, 20 Mar 2008 16:09:03 +0000

LoL, sorry to stray from the point AJC,

Really good points however on hidden costs. Now if I could just get my wife to get her hands on a few good thoroughbreds like some of the horse estates down the road have. I know some of them are fetching 50k to 300k for some of their new born babies. Now that can make a person change their mind about investing in something that eats or grows….

I know some of the estate owners that have multi million dollar net worths built from raising and selling thoroughbreds.

By: AJC

AJC — Thu, 20 Mar 2008 14:47:19 +0000

@ Merlin & Docsd – Sounds like I should have retitled this ‘a primer on owning horses” But, really good stuff on assessing the possible ‘hidden’ costs of a purchase. Thanks! AJC.

By: docsd

docsd — Thu, 20 Mar 2008 13:18:49 +0000

Sounds good Bill, thanks. Since the horses are rescues, we have vet connections so vet bills will be next to nothing as long as we keep them healthy. They won’t be over medicated, over vaccinated, or any other unnecessary procedures/expenses. Diddo on farrier fees. When you take in rescues in this area, there are a group of professionals that provide greatly discounted services because they see you as providing sort of “charity” for a horse that was about to be slaughtered (we are in the land of people who are crazy about horses as my wife is). And they will be kept natural, so no sweet feed will be purchased for them (which is the equivalent to cookies, cakes, pies and crackers for humans) Also, I figure even boarding 1 horse at just 400.00/month would absorb most if not all of our yearly expenses for our horses. Boarding 2? Well that’s money in the bank per month.

Concerning our old house, does anyone have any experience with lease to own or owner financing? I have seen homes still rent in the area for 1600 to 1800 equivalent to ours but even at a 6% interest rate and after taxes and insurance, our monthlies will be around 2100 so we definitely won’t be able to cover the full expense per month with a standard rent. At least not yet….

By: merlin

merlin — Thu, 20 Mar 2008 10:43:10 +0000

So we live in an expensive area — north of Baltimore, near the city, where much of the horse country is in land preservation. It’s of a rural nature, but still around city costs.

We built the barn last year and my wife has moved the horses, its a mile away from our house. We are not building a house until construction costs come down; probably next year and we have enough debt paid off so I can rent our current house if need be given the real estate situation

Last year we had a horse and 2 ponies; now this year we have 2 horses and 2 ponies in the barn. No special needs. Hard to get a run rate as there were a lot of “one-time” costs in building the barn. However, there seem to be a lot of “one-time” costs with horses in general.

Some basic costs last year from quicken were $1300 for vet bills, $2500 for straw / hay (drought doubled costs), $2000 for supplies,
$2500 for additional help — my wife works and needs help. Plus riding lessons for the kids. I’ve not included any costs for building the barn.

Having been in your shoes 16 years ago where my wife and I had a combined – $160k of student debt I was glad that the horses didn’t happen until well after the debt was paid. We buckled down, moonlighted like crazy and paid the debt in 3 years.

I have to admit I haven’t tried to cost manage this down as this has been my wife’s hobby. . .