No Stupid Questions with Mary Hurston: Tackling Budgets and Banishing Money Myths

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Dear Horse World, it's Mary Sen McCanns,

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Mary Hurston.

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Welcome to the Dear Horse World Podcast.

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Ah, Noelle, I am so hyped to
be here, so I'm super excited

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that you're in the studio today.

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You got introduced to me
through Chelsea Kennedy.

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Indeed.

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Do you wanna share with
everyone who's listening?

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We're watching how you know Chelsea?

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It's because of you.

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Yeah.

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Yeah.

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And I dunno if you know that.

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I dunno that.

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Yeah.

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It's because you, um.

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a few years ago I read  Tick's book.

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Yeah.

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Dick Maynard's book.

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Yeah.

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And then  I looked him up on
podcasts and heard your podcast.

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And then I heard Chelsea's podcast.

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And  then I got on the platform
and took Chelsea's course.

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Yeah.

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And I was like, wow.

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Her masterclass.

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Her masterclass.

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Oh.

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And I was like, wow, this
woman knows what's up.

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And I wanna learn from her.

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And so I sent her an email and
basically told her that and then came

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down to Florida  to train with her.

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And, uh, it is been a few years now
and I'm back down in Florida with

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her and still training with her and.

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So really coming full circle,
sitting here with you.

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Oh my gosh, I had no idea
asking that question.

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I thought you were gonna be like,
oh, you know, we know each other

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through, I don't know, met at a
horse show or something like that.

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Oh, wow.

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Okay.

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Oh, I'm a little speechless.

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That's really awesome.

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I love those full circle
moments in the horse world.

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They really make me happy.

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Me too.

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So why don't you share
with everyone what you do?

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Okay.

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So I am a coach and a budgeting nerd
who is on a mission to teach equestrians

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how to manage their daily finances
without fear and shame so that they

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can be financially resourced and pour
their genius back into the horse world.

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Okay, so first of all, amazing.

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Second of all, what, what, what do you
say to everyone who's listening, going,

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like money and budgeting and the horse
world kind of don't go hand in hand.

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What would you say to them?

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Oh, yeah, yeah, yeah, yeah.

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Like, 'cause you're saying because
the horse world is so expensive.

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Yes, yes.

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And I would say like, hard.

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It is expensive for sure.

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And  for me, that's why
budgeting is so important.

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And when I say budgeting, I don't mean
like being restrictive or being frugal.

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I mean  being realistic about what
your expenses are  and orienting

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around what do you want and what do
you wanna do to get what you want.

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Ooh, okay.

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So when you get a new client mm-hmm.

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Of which, and I, and I think Chelsea
would be okay to say like, yeah,

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you actually work with Chelsea.

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You've actually worked with her in
your field, so she's not just your

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trainer, but you've actually, she
said to me like, you changed her life.

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Oh, when it came to
budgeting and uh, yeah.

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Management of finances, which is so cool.

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Yeah.

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So you obviously, and like the feeling
I got when I talked to Chelsea about.

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About your work was that she was like,
she just seemed really empowered.

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Mm-hmm.

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So do you believe that people can feel
really empowered around their finances

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when they maybe apply some of the tools
that you're gonna talk about today?

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Oh my gosh, absolutely.

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Absolutely.

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And that is, uh, you know, like,
I wanna own that, that own that

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empowerment and spread that to people.

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So, so when you get a new client mm-hmm.

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What is the first thing
that you tell them?

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Okay.

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The first thing I, I, well, the
first thing I ask them is how do

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you currently feel about money?

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And  most people say like, really
overwhelmed, really anxious.

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I'll get really worked up about it
and then I'll wanna be avoidant.

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Mm-hmm.

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And uh, people often have a
lot of story around money.

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without judgment, like there's
so much shame around money and

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that's totally not my modality.

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And then I ask them,
how do you wanna feel?

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Hmm.

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And people wanna feel  like you were
saying, they wanna feel empowered.

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They, uh, don't wanna feel frustrated.

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They wanna understand what's going
on so that they can make decisions.

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And they're not like constantly stressed
out about how am I gonna pay my bills?

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Yeah.

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Okay.

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So for everyone who's listening
or watching, I know, and I know I

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wanna ask you this question because.

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I think growing up in the horse
world, we all develop, I feel like

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horse people develop a particularly
special relationship with money.

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I know that I grew up being very like
made very aware of the fact that my

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chosen passion and hobby and then what
came became my career is representative

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of like a lifestyle and a sport that is
like way more expensive than anything else

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that I could do besides maybe yachting.

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Yeah.

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I was, I grew up from a very young
age, you know, for better or for worse.

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I know my parents were very
communicative about that.

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Mm-hmm.

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And how much more my sort of
like how much more horses and my

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chosen sport costs compared to
others or others that I could do.

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Yeah.

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So like, I'm really interested
in hearing some of the things

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that people share with you.

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Obviously we're not gonna
name any names, but like.

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What are some of the things that,
just so that everyone who's listening,

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including myself, can maybe feel a little
bit like we're not alone in some of

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the stories that we have about money.

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Oh my

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gosh.

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You, you are not alone.

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You have, uh, a huge community of
people who are also going through

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what you're going through about.

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Mm-hmm.

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Or anyone who's going through like,
wow, this is really expensive.

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Yeah.

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Yeah.

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Like, I'm really, I don't know if this
is how you're feeling, but like I'm

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really, uh, overwhelmed about this,
or maybe I feel guilty about this.

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Like, wow, I'm really putting
a lot of money into this thing.

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Yeah.

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You know, and like, gosh, like.

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I was saying there's so much shame
around money, and I think that's because

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money is so tied to security and like
having enough and being enough and

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sometimes even tied to morality, and I
don't buy into those misunderstandings.

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Cool.

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Yeah, yeah, yeah, yeah.

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So when you talk, when you first, like
initially start working with clients.

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What are some of the stories that
they tell themselves about the money

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that they spend on their horses?

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Oh

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I'm always gonna be broke.

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I, uh, like I'm dumb for not being
able to manage my money or  I don't

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have time to do this or, uh, yeah.

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And it's like, no, you're,
that's not it at all.

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You know, like, you're not dumb.

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Like you're not stupid, you're not lazy.

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Yeah.

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Okay.

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Amazing.

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Then what's the, what's the
next thing that you do Once?

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Okay.

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So once you, 'cause it sounds really cool
that you seem to identify the emotions

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around money y why is that so important?

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Oh

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Because like I was saying, there's so much
story around money  and often, uh, because

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we have that story, we're avoidant.

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We're avoidant of looking at it.

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We're avoidant of making a
plan because  yeah, because

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that story feels really scary.

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Yeah, yeah,

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yeah, yeah.

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Yeah.

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It's like  it's like a dark room maybe
that you're in and you're like, Ooh,

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I don't wanna turn on the lights.

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And, you know, I don't know
if you've ever, great analogy.

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Good.

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And I think like, I, I am for
one, you know, I've definitely

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moved through the world.

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Knowing and being very aware and
sometimes often very self-conscious.

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Mm-hmm.

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Of how much money our horses,
my horses, my choices.

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Even different opportunities I've
had with my horses or in my riding.

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Mm-hmm.

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But then just like always.

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That, like you said, like
it's like a dark room.

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Yeah.

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With light you don't wanna turn on.

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You're just like, and there's a
real avoidant aspect of it and

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when I talk to so many friends and
I talk to so many people mm-hmm.

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In the industry, it's like a thing
they just don't wanna look at.

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Totally, totally.

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And  you know, even not
related to many like.

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I can totally empathize with, and maybe
you can too, about like  oh, I like

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don't wanna feel that feeling, so I'm
not gonna, I'm not even gonna look at it.

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You know what I mean?

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Yes.

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Yeah, yeah, yeah, yeah.

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Totally.

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So what are some of the first
steps before we dive in?

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So, by the way, everyone who's listening,
this is a no stupid questions episode,

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which means that members of our
community and members of the NF plus

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membership have sent in questions that
they wanted to ask Mary Hurston about

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financial management and budgeting.

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As horse owners.

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And so I know that this is such, I,
this has been a very requested episode.

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Oh my gosh.

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This is, yeah.

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This is a very exciting episode, I
think for everyone in the community

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because it's something that
doesn't get talked a lot about.

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Okay.

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You know, and I think one,
because I think one of the.

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Most important things to, to sort of
name, I'm gonna name is the horse world,

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is the horse industry as a whole is
expensive and it's getting more expensive.

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Right.

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Just the general economy of things.

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Things are costing more
than they've ever costed.

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Mm-hmm.

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There's also more opportunities, there's
more modalities that are available to

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our horses, so aren't dollars getting
spread in so many different directions.

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Right, right.

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The other thing is that the horse
world also has such a. Wide diversity

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of eco socioeconomic backgrounds.

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Totally.

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You know, it's not like.

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You know, I would say maybe in
Polo it's slightly less diverse.

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I would say Polo is a little bit more
concentrated in terms of wealth just

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because the amount of horses that you
need to have to participate in that sport

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kind of puts you maybe in a different
socioeconomic demographic than others.

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But everyone who's listening, if
you're a polo player, and that's

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not true, obviously, I totally.

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Respect that there are gonna be polo
players from all sorts of walks of

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life and backgrounds, but there's
a lot of people who are making just

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scraping by in the horse world.

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Like they're really just, they're,
they're hand in mouth as they say.

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Like they're really just, they're
some of a, I know there's a lot of

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people in the horse world that  choose
to have own horses, not houses.

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That's a big one.

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Mm-hmm.

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They, you know, there's a lot and
we're gonna see some questions from

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the community talking about like.

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Realizing they spend more money
on their horse or their horse's

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supplements and then maybe spend
on their own food budgeting.

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So what are some of the first tips  and
piece of advice that you would give?

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Our listeners around money
management as a horse owner.

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Hmm.

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Okay.

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I love this question.

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Okay.

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So just like in riding, uh, you know,
their basics and the foundation,

244
00:10:39,009 --> 00:10:40,299
everything really builds from there.

245
00:10:41,139 --> 00:10:46,089
For budgeting  the basics are
understanding your true expenses.

246
00:10:47,049 --> 00:10:49,329
And that's once I start
working with clients.

247
00:10:50,064 --> 00:10:54,654
We do a deep dive and create  their
budget based on their true expenses.

248
00:10:54,654 --> 00:10:59,424
So it's not just monthly expenses like
board and lessons, but  you know, every

249
00:10:59,424 --> 00:11:01,014
three years you need trailer tires.

250
00:11:01,314 --> 00:11:05,544
So, uh, let's put that in your budget
and it'll be a smaller monthly expense

251
00:11:05,544 --> 00:11:11,994
and  like, uh, the dentist and the vet
and  embracing those true expenses.

252
00:11:13,349 --> 00:11:16,829
So that, uh, you know, the
rollercoaster of horse ownership?

253
00:11:16,859 --> 00:11:17,489
Uh, yes.

254
00:11:17,579 --> 00:11:18,539
Yeah, yeah, yeah.

255
00:11:18,539 --> 00:11:24,119
It evens out a little bit and when you
do have those unexpected  things come

256
00:11:24,119 --> 00:11:25,919
up, you're better prepared for them.

257
00:11:26,549 --> 00:11:27,149
Wow.

258
00:11:27,149 --> 00:11:28,139
I never, yeah.

259
00:11:28,199 --> 00:11:32,429
Like that seems so not
obvious, but just like, yeah.

260
00:11:32,459 --> 00:11:35,039
You would take into account
even the one-off mm-hmm.

261
00:11:35,339 --> 00:11:37,739
Costs that you're gonna get every
couple years, but you're saying that you

262
00:11:37,739 --> 00:11:39,539
should budget and allocate for those.

263
00:11:40,449 --> 00:11:42,279
When you look at your monthly costs.

264
00:11:42,399 --> 00:11:43,149
Hmm, indeed.

265
00:11:43,149 --> 00:11:43,599
Yeah.

266
00:11:43,599 --> 00:11:43,634
Yeah, yeah.

267
00:11:43,639 --> 00:11:44,199
Wow.

268
00:11:44,204 --> 00:11:44,314
Yeah.

269
00:11:44,664 --> 00:11:44,954
Okay.

270
00:11:44,959 --> 00:11:45,249
Okay.

271
00:11:45,249 --> 00:11:46,794
So first MythBuster Rise.

272
00:11:47,649 --> 00:11:48,159
Okay.

273
00:11:48,579 --> 00:11:51,069
What are some simple ways
in which people can budget?

274
00:11:51,129 --> 00:11:53,349
Like how, you know, if someone's
like, 'cause there are gonna be

275
00:11:53,349 --> 00:11:56,349
people who are listening that maybe
have never actually done a budget,

276
00:11:56,469 --> 00:11:57,939
or maybe they're fresh outta college.

277
00:11:57,969 --> 00:11:58,359
Yeah.

278
00:11:58,359 --> 00:12:02,259
You know, so budgeting is something that
oddly enough, no one teaches us how to do.

279
00:12:02,289 --> 00:12:03,699
You don't learn it in a university.

280
00:12:03,699 --> 00:12:05,199
You don't learn it in high school.

281
00:12:05,409 --> 00:12:08,829
This isn't like part of a
course or a class or like,

282
00:12:09,129 --> 00:12:10,809
are prerequisites for living?

283
00:12:10,809 --> 00:12:11,529
Adults?

284
00:12:11,529 --> 00:12:11,530
Adults.

285
00:12:11,829 --> 00:12:13,209
And yet maybe it should be.

286
00:12:13,569 --> 00:12:15,099
So what's the 1 0 1?

287
00:12:15,249 --> 00:12:16,809
What's like the full.

288
00:12:17,204 --> 00:12:18,464
ABCs of budgeting.

289
00:12:18,494 --> 00:12:18,854
Okay.

290
00:12:19,664 --> 00:12:22,454
So I use an app that I love
and I get all my clients on it,

291
00:12:22,454 --> 00:12:23,954
and I'm not sponsored by them.

292
00:12:24,284 --> 00:12:28,634
But I, I really love this app
and it's called Y Nab, YNAB.

293
00:12:29,324 --> 00:12:29,714
Okay.

294
00:12:30,134 --> 00:12:33,224
And it is, uh, dare I say, fun to use.

295
00:12:33,254 --> 00:12:33,614
Yeah.

296
00:12:33,614 --> 00:12:35,024
And really easy to use.

297
00:12:36,014 --> 00:12:39,404
And so yeah, that's a great
place to get started on that app.

298
00:12:40,634 --> 00:12:43,914
And,  you know, embracing
your true expenses, that's

299
00:12:43,914 --> 00:12:45,804
something that YN also teaches.

300
00:12:45,804 --> 00:12:47,574
And  yeah.

301
00:12:47,574 --> 00:12:51,744
And so you're being realistic about
like, okay, this is actually, you know,

302
00:12:51,744 --> 00:12:58,914
an expense that I have and  then you're
giving every dollar a job, so let's, cool.

303
00:12:58,914 --> 00:12:59,304
Yeah.

304
00:12:59,304 --> 00:13:01,854
Let's say, okay, let's say you've
got $2,000 in your bank account.

305
00:13:01,914 --> 00:13:02,154
Yeah.

306
00:13:02,364 --> 00:13:04,554
And you're looking at your budget
and you're like, okay, I need.

307
00:13:04,974 --> 00:13:07,254
I wanna put X, Y, Z for
this, this, and this.

308
00:13:07,524 --> 00:13:10,344
You're taking that $2,000 and
you're putting it in all of

309
00:13:10,344 --> 00:13:12,264
those categories, so it's really

310
00:13:12,264 --> 00:13:13,044
intentional.

311
00:13:13,704 --> 00:13:15,894
I love the way you talk
about money and budgeting.

312
00:13:15,894 --> 00:13:19,074
Like I actually feel more enthusiastic
about it just sitting with you here.

313
00:13:19,134 --> 00:13:19,224
Oh my

314
00:13:19,224 --> 00:13:19,554
gosh.

315
00:13:19,554 --> 00:13:20,064
Talking about it.

316
00:13:20,124 --> 00:13:20,874
Oh my gosh.

317
00:13:20,994 --> 00:13:23,604
Uh, I just  I think it's really

318
00:13:23,604 --> 00:13:26,514
fun and, uh, like I get
so excited about it.

319
00:13:26,679 --> 00:13:27,499
Mm. Mm-hmm.

320
00:13:27,579 --> 00:13:28,794
It must be really helpful too.

321
00:13:28,794 --> 00:13:33,864
I think it, you, you clearly come from
a perspective that, you know, like.

322
00:13:34,554 --> 00:13:35,574
Knowledge is power.

323
00:13:35,604 --> 00:13:35,694
Mm-hmm.

324
00:13:36,054 --> 00:13:39,354
And you obviously working with, I feel
like you must be like a nurse or a

325
00:13:39,354 --> 00:13:42,774
doctor, like, you know, all the, like,
you know all these aspects because you

326
00:13:42,774 --> 00:13:44,274
talk to so many people about money.

327
00:13:44,649 --> 00:13:49,419
Yet I, I can tell, I can see in your
eyes that you're like, this is so simple.

328
00:13:49,539 --> 00:13:49,749
Oh my gosh.

329
00:13:49,749 --> 00:13:51,219
And yet so elegant.

330
00:13:51,639 --> 00:13:51,699
Yeah.

331
00:13:51,699 --> 00:13:53,019
You know, oh my gosh.

332
00:13:53,169 --> 00:13:56,469
Uh, maybe in a past life I was some
sort of healthcare provider who knows?

333
00:13:56,769 --> 00:14:00,249
Well, because I referenced the healthcare
providers, because they know like

334
00:14:00,429 --> 00:14:02,709
when there's a F first, this sort of.

335
00:14:03,989 --> 00:14:05,639
Doctor, client privilege.

336
00:14:05,879 --> 00:14:05,969
Mm-hmm.

337
00:14:06,539 --> 00:14:07,259
That person.

338
00:14:07,259 --> 00:14:09,569
But you also have to be quite
vulnerable with your Right.

339
00:14:09,899 --> 00:14:10,859
With nurses and doctors.

340
00:14:10,859 --> 00:14:11,729
'cause it's your health.

341
00:14:11,729 --> 00:14:12,269
Totally.

342
00:14:12,269 --> 00:14:12,419
Right.

343
00:14:12,449 --> 00:14:15,059
And I think a lot of people
listening would compare.

344
00:14:16,029 --> 00:14:19,359
Money to like vulnerability,
like letting, oh gosh.

345
00:14:19,389 --> 00:14:21,339
But yes, sitting down with
someone and being like, okay,

346
00:14:21,339 --> 00:14:23,079
this is all the, this is my money.

347
00:14:23,079 --> 00:14:24,879
This is all the things
that I spend my money on.

348
00:14:25,299 --> 00:14:29,019
I would imagine, and I mean, I know I
speak for myself, I feel like that's a

349
00:14:29,019 --> 00:14:30,879
very vulnerable topic for a lot of people.

350
00:14:31,089 --> 00:14:32,439
Oh my gosh, absolutely.

351
00:14:32,799 --> 00:14:37,449
And  I tell people like, if
your goal is to start like a

352
00:14:37,449 --> 00:14:39,849
gerbil racing empire and like.

353
00:14:41,344 --> 00:14:43,804
Have a thousand dollars left over,
they want to go to the casino.

354
00:14:43,804 --> 00:14:44,644
Like, that's great.

355
00:14:44,644 --> 00:14:48,574
Like, it doesn't matter to me like,
you know, what it is that you want.

356
00:14:49,474 --> 00:14:51,664
Or, you know, like that sort of thing.

357
00:14:51,664 --> 00:14:57,754
And  gosh, I just feel so free
of judgment and I think that that

358
00:14:57,754 --> 00:15:01,774
really, uh, creates that safe space,
uh, for people to be vulnerable.

359
00:15:02,374 --> 00:15:02,884
Mm. Yeah.

360
00:15:03,594 --> 00:15:04,824
So why nab?

361
00:15:04,854 --> 00:15:04,944
Mm-hmm.

362
00:15:05,184 --> 00:15:06,864
Which we'll include in
the show notes, I forget.

363
00:15:07,194 --> 00:15:07,584
Fabulous.

364
00:15:07,584 --> 00:15:09,264
I know that I'm gonna be
checking this app out.

365
00:15:09,684 --> 00:15:14,874
So this is a, an app designed to make
budgeting, like really idiot proof.

366
00:15:14,879 --> 00:15:15,039
Mm-hmm.

367
00:15:15,119 --> 00:15:16,284
And like easy to use.

368
00:15:16,284 --> 00:15:16,494
Yeah.

369
00:15:16,494 --> 00:15:17,604
And it sounds like fun to you.

370
00:15:17,634 --> 00:15:18,144
Yeah.

371
00:15:18,684 --> 00:15:20,814
And why do you think that's
important For all of us?

372
00:15:20,964 --> 00:15:21,204
Hmm.

373
00:15:22,584 --> 00:15:26,454
Especially for equestrians because
your days are so full already.

374
00:15:26,454 --> 00:15:29,514
Mm.  And you probably
don't have a ton of time.

375
00:15:29,919 --> 00:15:34,329
So you need  a system that is
really easy to maintain, like two or

376
00:15:34,329 --> 00:15:35,859
three minutes a day, kind of easy.

377
00:15:36,159 --> 00:15:36,429
Okay.

378
00:15:36,429 --> 00:15:37,089
To maintain.

379
00:15:37,479 --> 00:15:37,869
Yeah.

380
00:15:38,469 --> 00:15:44,589
So something that my fiance always wants
me to do and I'm not very good at is like

381
00:15:44,589 --> 00:15:47,049
keeping receipts and tracking expenses.

382
00:15:47,049 --> 00:15:47,139
Mm-hmm.

383
00:15:47,589 --> 00:15:48,879
Why is that so important?

384
00:15:49,119 --> 00:15:49,929
Mm, yes.

385
00:15:49,959 --> 00:15:50,259
Okay.

386
00:15:51,939 --> 00:15:52,899
So I'll give an example.

387
00:15:52,899 --> 00:15:53,799
I was helping a client,

388
00:15:56,094 --> 00:15:58,494
determine what she needs
to charge for board.

389
00:15:59,004 --> 00:16:01,794
She  was saying like, gosh, I
haven't gone up in two years

390
00:16:01,794 --> 00:16:03,114
and it feels like every month.

391
00:16:04,134 --> 00:16:05,304
I'm short every month.

392
00:16:05,664 --> 00:16:10,254
And so I pulled all of her data from
YA and we looked at her expenses

393
00:16:10,254 --> 00:16:14,544
over the course of the year and what
she spent on staff and feed and hay.

394
00:16:14,964 --> 00:16:18,684
And so it's so important to have that
information so you can say like, oh.

395
00:16:19,234 --> 00:16:23,974
Actually what I need to be charging for
board is X, Y, Z based on my expenses.

396
00:16:24,034 --> 00:16:24,724
Hmm.

397
00:16:25,114 --> 00:16:29,464
I think a lot of horse people do a lot of
napkin math or maybe math in our heads.

398
00:16:29,494 --> 00:16:30,125
Yeah, yeah, yeah.

399
00:16:30,130 --> 00:16:34,744
So it sounds like it would be
really helpful or supportive for.

400
00:16:36,204 --> 00:16:39,834
For, for us to really sit down
and like actually plug in.

401
00:16:39,834 --> 00:16:42,054
'cause it's different to
even writing it right.

402
00:16:42,054 --> 00:16:43,524
On a piece of paper Right.

403
00:16:43,524 --> 00:16:47,424
Is actually plugging it into an
app or into an Excel spreadsheet.

404
00:16:47,454 --> 00:16:47,604
Mm-hmm.

405
00:16:47,844 --> 00:16:50,814
Where we can actually see how
things, because I mean we all

406
00:16:50,814 --> 00:16:52,434
know this, but like it adds up.

407
00:16:52,834 --> 00:16:55,684
It does, but things really add
up like little things, you know?

408
00:16:55,684 --> 00:16:55,774
Yeah, yeah.

409
00:16:55,774 --> 00:16:58,114
And I was like, oh, you know,
like that won't actually add up.

410
00:16:58,114 --> 00:17:03,454
But then when you look compounding over,
you know, over days and weeks and years,

411
00:17:03,784 --> 00:17:07,624
some, some expenses that, you know, you
might not think add up, but they do.

412
00:17:07,774 --> 00:17:08,494
Indeed.

413
00:17:08,614 --> 00:17:09,184
Indeed.

414
00:17:10,684 --> 00:17:15,904
And then also  you know, especially
in the horse world  having that

415
00:17:15,904 --> 00:17:17,914
map, that financial map for yourself

416
00:17:17,914 --> 00:17:18,304
mm-hmm.

417
00:17:20,214 --> 00:17:21,924
Gosh, because, hold on, let me back up.

418
00:17:22,104 --> 00:17:22,284
Yeah.

419
00:17:22,674 --> 00:17:24,954
A lot of times people say like,
no two months look the same.

420
00:17:24,954 --> 00:17:28,074
Like some months really high
income and some months not.

421
00:17:28,104 --> 00:17:28,614
Yeah.

422
00:17:29,064 --> 00:17:30,774
Like there's no way that I
can budget because I don't

423
00:17:30,774 --> 00:17:32,574
have a set amount every month.

424
00:17:33,339 --> 00:17:36,369
But those are actually the people
who need a budget the most.

425
00:17:36,759 --> 00:17:41,649
So in those  higher income months,
you've got your categories.

426
00:17:41,679 --> 00:17:46,089
You can  allocate your dollars, be
really intentional about it in those, uh,

427
00:17:46,149 --> 00:17:48,099
higher income months to future months.

428
00:17:48,429 --> 00:17:53,139
So in those lower income months  it's
okay, like you've got your bases covered

429
00:17:53,139 --> 00:17:54,579
because you're intentional about it.

430
00:17:55,829 --> 00:17:57,239
Second myth busted.

431
00:17:57,269 --> 00:17:57,869
Yeah.

432
00:17:57,929 --> 00:18:00,659
That if you have a
rollercoaster of income mm-hmm.

433
00:18:00,899 --> 00:18:04,559
On an annual basis that you
can't budget, you actually can.

434
00:18:04,829 --> 00:18:08,639
You should or I don't like, you know,
I always say you shouldn't, should,

435
00:18:08,639 --> 00:18:11,699
don't, should yourself, but you can.

436
00:18:11,699 --> 00:18:11,999
Right.

437
00:18:12,119 --> 00:18:13,174
And it would be empowering.

438
00:18:13,794 --> 00:18:14,364
Step.

439
00:18:14,784 --> 00:18:15,264
Yeah.

440
00:18:15,264 --> 00:18:15,444
To

441
00:18:15,444 --> 00:18:16,014
do so.

442
00:18:16,074 --> 00:18:16,614
Yeah.

443
00:18:17,064 --> 00:18:20,334
And I mean, if you're like, you
know, the system that I have,

444
00:18:20,334 --> 00:18:21,894
it works for me like great.

445
00:18:21,894 --> 00:18:25,554
Like  but if you're like, Ooh, I'm
like pretty anxious about this, or

446
00:18:25,554 --> 00:18:29,844
overwhelmed, or I want more clarity,
then I would say budgeting is for you.

447
00:18:30,204 --> 00:18:30,714
Cool.

448
00:18:31,074 --> 00:18:31,464
Okay.

449
00:18:31,884 --> 00:18:34,344
So now we get to open the jar.

450
00:18:34,374 --> 00:18:34,524
Okay.

451
00:18:35,034 --> 00:18:38,454
We get to pull and some
of, some of these episodes.

452
00:18:38,454 --> 00:18:41,154
I write the questions down on pieces
of paper, which I have to read

453
00:18:41,154 --> 00:18:42,654
because no one can read my writing.

454
00:18:42,684 --> 00:18:43,044
Okay.

455
00:18:43,869 --> 00:18:48,429
But we actually, these are printed
so we can each take a turn, so

456
00:18:48,429 --> 00:18:50,349
you get to take your feet one.

457
00:18:50,529 --> 00:18:50,949
Okay.

458
00:18:53,709 --> 00:18:54,099
Okay.

459
00:18:55,929 --> 00:18:59,919
I've recently been working hard at
a budget and tracking every penny.

460
00:19:00,489 --> 00:19:05,019
I have learned that I spend four x
on my horse's, feet and meds than I

461
00:19:05,019 --> 00:19:07,299
do on my family's food Frowny face.

462
00:19:08,544 --> 00:19:13,194
How and where can I reduce these expenses
while still taking care of my horses?

463
00:19:13,854 --> 00:19:15,954
So to answer, I'm gonna
answer this question like in

464
00:19:15,954 --> 00:19:16,674
a couple of different parts.

465
00:19:16,674 --> 00:19:16,944
Great.

466
00:19:16,974 --> 00:19:17,214
Okay.

467
00:19:17,724 --> 00:19:22,344
As long as everyone is fed and you're,
you know, you're like, you know.

468
00:19:23,079 --> 00:19:27,249
In a comfortable place with your
finances, like  I don't think there's

469
00:19:27,249 --> 00:19:30,849
any shame in spending more money on your
horse's food than your family's food.

470
00:19:31,359 --> 00:19:35,469
You know, like, especially if you have
like 10 horses and maybe like three family

471
00:19:35,469 --> 00:19:36,009
members, you know?

472
00:19:36,009 --> 00:19:36,669
That makes sense.

473
00:19:36,789 --> 00:19:38,319
Or you live in a, a place.

474
00:19:38,349 --> 00:19:41,349
There's a lot, there's certain states of
the United States, for example, that have

475
00:19:41,739 --> 00:19:45,849
really affordable food pricing compared
to like if you live in California Yeah.

476
00:19:46,029 --> 00:19:47,619
The taxes on food are much higher.

477
00:19:47,619 --> 00:19:49,269
So yeah, the costs are much higher.

478
00:19:49,359 --> 00:19:49,989
Totally.

479
00:19:50,319 --> 00:19:56,139
So,  you know, like  the shame aspect
there of like, oh, I'm spending more on

480
00:19:56,139 --> 00:19:57,639
my family's food than my horse's food.

481
00:19:57,639 --> 00:20:00,639
Like, uh, sounds like something that
maybe you wanna address and maybe

482
00:20:00,639 --> 00:20:02,229
there's like a misunderstanding there.

483
00:20:02,589 --> 00:20:02,619
Mm.

484
00:20:03,699 --> 00:20:05,439
And then, but if you're like, oh.

485
00:20:06,069 --> 00:20:08,979
Like she was saying, like I do, or
he or she was saying like, I wanna

486
00:20:09,339 --> 00:20:11,139
spend less on my horse's food.

487
00:20:12,609 --> 00:20:12,909
Gosh.

488
00:20:12,909 --> 00:20:15,609
And I'm not an equine, uh, nutritionist.

489
00:20:15,669 --> 00:20:15,759
Mm-hmm.

490
00:20:16,329 --> 00:20:19,449
But that could be, you know, a really
good place to, to start with a pro

491
00:20:19,449 --> 00:20:20,499
and say like, Hey, where can I get

492
00:20:20,499 --> 00:20:21,489
the most bang for my buck?

493
00:20:21,489 --> 00:20:21,879
Yeah.

494
00:20:21,879 --> 00:20:26,169
Or maybe like, I think she says, where
and how can I reduce these expenses

495
00:20:26,169 --> 00:20:27,669
while still taking care of my horses?

496
00:20:27,879 --> 00:20:30,339
Mm. Well first I love that you basically
said, well, you might not have to.

497
00:20:30,339 --> 00:20:30,429
Yep.

498
00:20:30,459 --> 00:20:32,619
Like maybe the emotion.

499
00:20:33,159 --> 00:20:38,589
Which is something I wasn't expecting
from this episode was that a lot of, I

500
00:20:38,589 --> 00:20:42,939
think a lot of the energy that exists
around money sounds very emotional.

501
00:20:42,969 --> 00:20:43,119
Yeah.

502
00:20:43,689 --> 00:20:47,979
And that's like, I think even us just
naming that feels really empowering.

503
00:20:48,339 --> 00:20:48,879
Totally.

504
00:20:48,879 --> 00:20:54,399
That actually you might, you know,
maybe just reframing a circumstance is.

505
00:20:54,819 --> 00:20:55,929
The first step mm-hmm.

506
00:20:56,409 --> 00:21:00,759
To being, feeling more empowered
around your expenses with horses.

507
00:21:00,759 --> 00:21:02,199
Totally, totally.

508
00:21:02,469 --> 00:21:05,379
You know, I think it goes back to the
basics of budgeting is like really

509
00:21:05,379 --> 00:21:10,119
understanding your expenses and then  you
get a clearer picture of like, okay,

510
00:21:10,749 --> 00:21:15,034
basically if,  if your expenses are higher
than your income, you can do three things.

511
00:21:15,034 --> 00:21:18,304
You can reduce your expenses
or really two things.

512
00:21:18,454 --> 00:21:20,644
You can reduce your expenses
or bring in more income.

513
00:21:20,644 --> 00:21:20,734
Mm-hmm.

514
00:21:20,974 --> 00:21:23,404
And so once you get that clear
picture, you can think like,

515
00:21:23,494 --> 00:21:25,594
okay, what do I really want?

516
00:21:26,224 --> 00:21:27,455
What do I wanna do to get what I want?

517
00:21:28,719 --> 00:21:31,389
Like, do I wanna reduce my expenses
or do I wanna bring in more

518
00:21:31,389 --> 00:21:33,159
income or a combination of both.

519
00:21:33,369 --> 00:21:39,759
Mm. I'm gonna add to that too for, for the
awesome human that sent in that question.

520
00:21:39,789 --> 00:21:40,089
Yeah.

521
00:21:40,179 --> 00:21:45,399
Because I think that's also, I was
having an amazing catch up with one

522
00:21:45,399 --> 00:21:48,999
of our masterclass instructors, max
Corcoran, who was like a world renowned

523
00:21:48,999 --> 00:21:51,939
groom and she talked a lot about.

524
00:21:52,329 --> 00:21:54,609
You know, like we actually
can over supplement.

525
00:21:55,149 --> 00:21:55,569
Mm. Right.

526
00:21:55,569 --> 00:21:58,809
And that sometimes we're not always
supplementing what our horses need.

527
00:21:59,109 --> 00:22:03,759
So there, I think there are a lot of
tools for all us horse owners out there

528
00:22:03,969 --> 00:22:07,749
to actually be able to find out what our
horse really, truly needs from a like

529
00:22:07,749 --> 00:22:09,999
to have a nutritionally balanced diet.

530
00:22:10,029 --> 00:22:10,359
Yeah.

531
00:22:10,359 --> 00:22:12,969
And make sure that being all their
needs are being met nutritionally.

532
00:22:12,999 --> 00:22:13,089
Mm-hmm.

533
00:22:13,329 --> 00:22:15,039
We might actually be overspending.

534
00:22:15,519 --> 00:22:15,729
Yeah.

535
00:22:16,569 --> 00:22:20,439
In a way that doesn't, that it's actually
not, not connected to horse welfare.

536
00:22:20,469 --> 00:22:20,709
Right.

537
00:22:20,709 --> 00:22:24,069
But maybe more connected to
like a, a lack of information.

538
00:22:24,099 --> 00:22:24,189
Mm-hmm.

539
00:22:24,789 --> 00:22:28,209
Or, and I think that that's what's so
beautiful about this day and age Yeah.

540
00:22:28,209 --> 00:22:33,549
Is that we have access, we have ways even
free, there's free resources out there.

541
00:22:33,579 --> 00:22:33,669
Mm-hmm.

542
00:22:33,969 --> 00:22:35,259
That you can.

543
00:22:35,979 --> 00:22:40,539
Get your horse's dietary needs
measured, and you can actually get

544
00:22:40,539 --> 00:22:43,599
someone to tell you, okay, this
is really what your horse needs.

545
00:22:43,629 --> 00:22:43,719
Mm-hmm.

546
00:22:43,959 --> 00:22:46,959
For the level of activity that they have,
for the environment that they're in.

547
00:22:48,009 --> 00:22:52,689
And I think that's really empowering also
to know that maybe the, the spend there

548
00:22:52,689 --> 00:22:55,209
is potentially has an opportunity, right.

549
00:22:55,209 --> 00:22:56,769
To be like remeasured.

550
00:22:56,914 --> 00:22:57,134
Yes.

551
00:22:57,139 --> 00:22:58,689
Yes, yes, yes, indeed.

552
00:22:58,839 --> 00:22:59,139
Okay.

553
00:22:59,229 --> 00:23:00,189
I'm gonna pick the next question.

554
00:23:00,189 --> 00:23:00,489
Okay.

555
00:23:02,184 --> 00:23:06,384
What do you think will be the biggest
shift in the industry over the next 10

556
00:23:06,384 --> 00:23:08,934
years in terms of financial practices?

557
00:23:09,234 --> 00:23:12,954
IE more syndicates, multi
trainer barns, less showing

558
00:23:12,954 --> 00:23:14,814
for average riders, et cetera?

559
00:23:15,444 --> 00:23:17,754
Ooh, gosh.

560
00:23:18,444 --> 00:23:18,624
Hmm.

561
00:23:18,654 --> 00:23:19,974
Let me get to my crystal ball here.

562
00:23:20,514 --> 00:23:27,534
I think  as you know, prices rise, a
couple of different things could happen.

563
00:23:27,714 --> 00:23:27,804
Mm-hmm.

564
00:23:29,064 --> 00:23:32,649
You know, like, uh, maybe,
uh, more people are like, oh.

565
00:23:33,369 --> 00:23:34,089
Prices are rising.

566
00:23:34,089 --> 00:23:35,259
Let me actually like, look at this.

567
00:23:35,259 --> 00:23:35,469
Yes.

568
00:23:35,499 --> 00:23:38,319
Or  prices are rising.

569
00:23:38,319 --> 00:23:40,809
Like I need to adapt how I am involved.

570
00:23:40,869 --> 00:23:43,869
Evolved in, involved in this
sport like this person was saying.

571
00:23:45,039 --> 00:23:45,399
Yeah.

572
00:23:45,579 --> 00:23:45,759
Yeah.

573
00:23:45,759 --> 00:23:49,809
And I think in some of the other episodes
that we've recorded with guests, there is

574
00:23:49,809 --> 00:23:54,129
a talk a lot about  sort of participation
in horse competitions mm-hmm.

575
00:23:54,399 --> 00:23:58,449
Or horse shows whether people
are, are able to participate at

576
00:23:58,449 --> 00:23:59,589
the level that maybe they're.

577
00:23:59,849 --> 00:24:03,839
F pre, like their family members did in
other generations or the way that they

578
00:24:03,839 --> 00:24:05,429
could have when they were their kids.

579
00:24:05,429 --> 00:24:05,519
Mm-hmm.

580
00:24:05,969 --> 00:24:06,419
You know?

581
00:24:06,749 --> 00:24:12,239
But  I think that there's so many
opportunities to live a fulfilling.

582
00:24:12,759 --> 00:24:17,679
Life or journey with your horse if you
can't show as much as you wanted to.

583
00:24:17,679 --> 00:24:17,859
Right.

584
00:24:17,889 --> 00:24:19,179
Or maybe at all.

585
00:24:19,599 --> 00:24:22,839
You know, I wonder whether that's
going to be a part of the future

586
00:24:22,839 --> 00:24:26,439
is that some, some of us or some
people within the horse world mm-hmm.

587
00:24:26,649 --> 00:24:31,179
Choose not to or can't as
much spend money on, on horse

588
00:24:31,179 --> 00:24:33,039
competitions and whether that's.

589
00:24:34,044 --> 00:24:35,844
Maybe not as negative of a thing mm-hmm.

590
00:24:36,174 --> 00:24:37,494
As some people might feel.

591
00:24:37,494 --> 00:24:39,624
That's sort of like something
that I've noticed in some of the

592
00:24:39,624 --> 00:24:41,184
conversations I've had of late.

593
00:24:41,259 --> 00:24:41,549
Yeah.

594
00:24:42,084 --> 00:24:42,414
Yeah.

595
00:24:42,414 --> 00:24:44,094
And  no.

596
00:24:44,094 --> 00:24:48,594
Well, I think what you're doing is
making  like world class education

597
00:24:48,594 --> 00:24:50,424
accessible to so many people.

598
00:24:50,814 --> 00:24:50,844
Mm.

599
00:24:51,504 --> 00:24:54,714
Gosh, I mean like one asset to
the horse world  for people.

600
00:24:55,164 --> 00:24:59,574
At all different levels, uh, you know,
economic levels, experience levels.

601
00:24:59,724 --> 00:24:59,934
Mm-hmm.

602
00:25:00,894 --> 00:25:04,584
And I think those resources, the
resources that you're providing

603
00:25:04,584 --> 00:25:06,084
are only gonna get more valuable.

604
00:25:06,234 --> 00:25:07,284
Mm, thank you.

605
00:25:07,284 --> 00:25:08,664
I really appreciate that MaryJo.

606
00:25:08,784 --> 00:25:14,154
And that's like, yeah, I think one of the
things that I've learned on this journey

607
00:25:14,154 --> 00:25:18,534
is like horse shows for so many of us,
especially those of us who like showed

608
00:25:18,534 --> 00:25:21,144
a lot as, as juniors or young riders.

609
00:25:22,179 --> 00:25:24,549
Horse competition offers like so much.

610
00:25:24,579 --> 00:25:25,389
It really does.

611
00:25:25,449 --> 00:25:29,979
And it offers a feed like feedback as
to where you're at in your journey.

612
00:25:30,009 --> 00:25:30,099
Mm-hmm.

613
00:25:30,729 --> 00:25:34,089
And now there are so many
ways in which we can.

614
00:25:34,659 --> 00:25:37,569
We can achieve that or
like source that feedback.

615
00:25:37,569 --> 00:25:37,629
Yeah.

616
00:25:37,629 --> 00:25:39,819
We have to just get it from competition.

617
00:25:39,999 --> 00:25:40,389
Right.

618
00:25:40,389 --> 00:25:45,339
And I think that there's, I think we,
we definitely at NF plus and on the,

619
00:25:45,339 --> 00:25:48,639
in the Noell Floyd community, we're
really trying to create opportunities

620
00:25:48,639 --> 00:25:52,989
and accessibility to get that feedback
without maybe having to spend the money

621
00:25:53,319 --> 00:25:56,559
on horse competitions as they get, as
like the cost of everything goes up.

622
00:25:56,619 --> 00:25:56,979
Right.

623
00:25:56,979 --> 00:25:58,509
So I, yeah, I really appreciate that.

624
00:25:59,154 --> 00:26:01,794
That mention, 'cause that, yeah,
that's definitely part of, I think

625
00:26:01,794 --> 00:26:04,734
everyone, there's so many people in
the horse world that are trying to make

626
00:26:04,734 --> 00:26:06,714
things more accessible to everybody.

627
00:26:07,164 --> 00:26:07,524
Indeed.

628
00:26:07,854 --> 00:26:08,034
Indeed.

629
00:26:08,274 --> 00:26:08,514
Okay.

630
00:26:08,514 --> 00:26:09,084
Next question.

631
00:26:09,114 --> 00:26:09,144
Okay.

632
00:26:13,494 --> 00:26:13,854
Okay.

633
00:26:15,744 --> 00:26:20,124
I'm a part-time professional who works
for someone else as an assistant trainer.

634
00:26:20,664 --> 00:26:22,854
I've had a job outside of horses too.

635
00:26:22,854 --> 00:26:25,524
I have no interest in running
my own training business.

636
00:26:25,974 --> 00:26:30,384
However, I have contemplated
storing an LLC to write off some

637
00:26:30,384 --> 00:26:32,064
of my personal worst expenses.

638
00:26:32,424 --> 00:26:33,324
Is it worth it?

639
00:26:34,344 --> 00:26:36,114
I need to put a disclaimer
on this episode.

640
00:26:36,114 --> 00:26:41,244
I am not  an accountant or a
certified financial planner.

641
00:26:41,304 --> 00:26:44,844
Uh, so you sort of like
retirement or a tax question?

642
00:26:44,994 --> 00:26:45,144
Hmm.

643
00:26:45,684 --> 00:26:53,469
I would have to, to say for this person
how I would answer that is,  talk to

644
00:26:53,709 --> 00:26:55,299
maybe talk to a couple of accountants.

645
00:26:55,359 --> 00:26:59,709
Mm. Uh, and weigh a couple of
different opinions to see if

646
00:26:59,709 --> 00:27:02,229
that is  the best choice for you.

647
00:27:02,349 --> 00:27:02,679
Nice.

648
00:27:02,739 --> 00:27:03,099
Yeah.

649
00:27:03,104 --> 00:27:03,504
Yeah, yeah.

650
00:27:03,509 --> 00:27:03,819
Yeah.

651
00:27:03,819 --> 00:27:05,739
And you say a couple, why a couple?

652
00:27:06,129 --> 00:27:06,549
Hmm.

653
00:27:07,959 --> 00:27:11,289
To just sort of  like get a
pulse for what's out there.

654
00:27:11,289 --> 00:27:15,249
Like  you know, this is a pretty
big decision about, you know, if you

655
00:27:15,249 --> 00:27:20,394
wanna get an LLC and so it's,  I could
just think, get a couple of opinions

656
00:27:20,394 --> 00:27:24,354
and see like, uh, which one feels
like it's an integrity for me to do,

657
00:27:24,864 --> 00:27:26,274
like, make sense for my lifestyle.

658
00:27:26,364 --> 00:27:26,784
Yeah.

659
00:27:27,084 --> 00:27:30,504
I love, it's like the, there's a great,
there's a great piece of advice, often

660
00:27:30,504 --> 00:27:32,274
says, always seek a second opinion.

661
00:27:32,304 --> 00:27:32,484
Yeah.

662
00:27:33,144 --> 00:27:37,044
Which I think applies to
this area as well, right?

663
00:27:37,734 --> 00:27:38,214
Indeed.

664
00:27:38,214 --> 00:27:38,215
Indeed.

665
00:27:38,964 --> 00:27:39,114
Okay.

666
00:27:39,444 --> 00:27:40,374
Next question.

667
00:27:42,054 --> 00:27:46,104
What are your thoughts on horse insurance
with surgical and full mortality?

668
00:27:46,704 --> 00:27:49,884
I have my horse insured for
his value at time of purchase.

669
00:27:50,154 --> 00:27:54,714
His value has increased, but I haven't
increased his insurer, his, I guess

670
00:27:54,719 --> 00:27:56,814
his, his insurer due to the premium.

671
00:27:56,844 --> 00:27:57,864
Should I increase it?

672
00:27:57,984 --> 00:27:58,014
Mm.

673
00:27:58,824 --> 00:27:59,154
Okay.

674
00:28:00,384 --> 00:28:05,094
So, uh, I'm also not a horse insurer,
but I, I personally have my horse

675
00:28:05,094 --> 00:28:08,754
insured with  you know, major medical
and colic and all of that stuff.

676
00:28:08,759 --> 00:28:08,939
Mm-hmm.

677
00:28:10,464 --> 00:28:14,004
So, okay, you're thinking this person
is wondering like, should I increase it?

678
00:28:14,124 --> 00:28:14,334
Yeah.

679
00:28:14,454 --> 00:28:16,014
Um hmm.

680
00:28:16,524 --> 00:28:16,854
Okay.

681
00:28:17,244 --> 00:28:20,814
I would answer that like, uh,
here's how I would answer that.

682
00:28:20,814 --> 00:28:25,314
And it would be like, go a fact
finding mission to get the information

683
00:28:25,314 --> 00:28:26,814
you need to answer that question.

684
00:28:28,584 --> 00:28:33,324
First talk to your insurance broker
and get a quote and see what it is.

685
00:28:33,879 --> 00:28:38,769
Then it's also going back to that really
understanding your expenses  piece.

686
00:28:39,399 --> 00:28:42,399
So you're taking a good look at your
expenses and you're thinking like,

687
00:28:42,429 --> 00:28:48,729
okay, if something happened to my
horse  am I prepared for an emergency?

688
00:28:48,939 --> 00:28:49,839
Ooh, yeah.

689
00:28:49,864 --> 00:28:50,889
Yeah, yeah, yeah.

690
00:28:50,889 --> 00:28:54,759
And so it's like, okay, yeah, do I have
the minimum to meet my deductible and

691
00:28:54,759 --> 00:28:57,849
then like some cushion in my emergency
fund, and do I feel good about that?

692
00:28:57,849 --> 00:29:00,939
Like, do I have enough cash flow
to handle emergencies like that?

693
00:29:02,019 --> 00:29:06,819
Do I wanna increase the savings to my
emergency fund for my horse instead

694
00:29:06,819 --> 00:29:08,619
of increasing my insurance policy?

695
00:29:08,949 --> 00:29:11,079
Do I wanna do both of those things?

696
00:29:12,369 --> 00:29:19,149
You know, if something were to happen
to my horse and  they were  you know,

697
00:29:19,179 --> 00:29:25,269
retired or something like that  how
quickly would I want to get back to

698
00:29:25,269 --> 00:29:32,964
the level where I was with my horse and
could I,  finance that, uh, you know,

699
00:29:33,684 --> 00:29:37,074
and so  and they sounds like a lot
of scenarios, like you're Yeah.

700
00:29:37,074 --> 00:29:39,564
You're basically sitting
down and mapping out, right.

701
00:29:39,954 --> 00:29:41,754
Different scenarios that could happen.

702
00:29:41,784 --> 00:29:42,084
Yeah.

703
00:29:42,204 --> 00:29:42,745
Yeah, yeah, yeah.

704
00:29:42,750 --> 00:29:46,404
So you're collecting all of this
information, and maybe you're saying like.

705
00:29:47,694 --> 00:29:48,084
Okay.

706
00:29:48,114 --> 00:29:48,534
Yeah.

707
00:29:48,894 --> 00:29:53,274
If I increase my premium, like I can
make that, or like actually instead

708
00:29:53,274 --> 00:29:56,304
of increasing my premium, I would
feel more comfortable having my own

709
00:29:56,304 --> 00:30:02,904
emergency fund or  start setting aside
my own fund for  my next horse if

710
00:30:02,904 --> 00:30:04,344
something were to happen to my horse.

711
00:30:05,259 --> 00:30:05,679
Yeah.

712
00:30:05,799 --> 00:30:05,979
Okay.

713
00:30:05,979 --> 00:30:06,189
What you

714
00:30:06,339 --> 00:30:06,939
comfortable with?

715
00:30:07,089 --> 00:30:08,589
What's an emergency fund?

716
00:30:08,589 --> 00:30:09,684
Ah, okay.

717
00:30:09,689 --> 00:30:10,059
Okay.

718
00:30:10,059 --> 00:30:11,619
This is like, now we're gonna dive deep.

719
00:30:11,619 --> 00:30:11,709
Yeah.

720
00:30:12,159 --> 00:30:15,999
I'm, I, I'm sure that there are a few
people listening to this episode or

721
00:30:15,999 --> 00:30:18,609
watching this episode that are like,
say, wait, what's an emergency fund?

722
00:30:18,609 --> 00:30:22,479
'cause again, none of this just
saying to everyone who's listening

723
00:30:22,479 --> 00:30:24,609
and watching, no one teaches us.

724
00:30:24,984 --> 00:30:25,674
Anything about this.

725
00:30:25,674 --> 00:30:26,034
Yes.

726
00:30:26,454 --> 00:30:28,164
So zero shame.

727
00:30:28,164 --> 00:30:28,404
Mm-hmm.

728
00:30:28,704 --> 00:30:29,094
Totally.

729
00:30:29,094 --> 00:30:29,904
Or we're Okay.

730
00:30:29,904 --> 00:30:33,834
Mary Hur and I are both holding space
for everyone and all the emotions.

731
00:30:33,864 --> 00:30:35,514
'cause I've felt almost all of them.

732
00:30:35,574 --> 00:30:36,534
Yeah, totally.

733
00:30:36,534 --> 00:30:39,294
And I think there's a lot of shame
that comes when someone says something

734
00:30:39,294 --> 00:30:41,934
and you're like, in your head, you're
like, wait, I don't know what that is.

735
00:30:41,964 --> 00:30:42,219
Yeah, yeah, yeah.

736
00:30:42,654 --> 00:30:44,454
But no one teaches this stuff.

737
00:30:44,604 --> 00:30:44,664
Yeah.

738
00:30:44,664 --> 00:30:46,524
This is one why we're
doing an episode on it.

739
00:30:46,529 --> 00:30:46,659
Mm-hmm.

740
00:30:46,739 --> 00:30:47,139
Mm-hmm.

741
00:30:47,439 --> 00:30:47,899
And two.

742
00:30:49,264 --> 00:30:52,804
Why it's okay that this is something
that some people might not know about.

743
00:30:52,804 --> 00:30:54,064
So what's an emergency fund?

744
00:30:54,124 --> 00:30:54,424
Okay.

745
00:30:55,624 --> 00:31:00,364
So an emergency fund would be  money
that you put aside for  those

746
00:31:00,364 --> 00:31:02,764
unexpected, uh, things that come up.

747
00:31:04,204 --> 00:31:07,594
You know, maybe, uh, you hack
into a fender bender with

748
00:31:07,594 --> 00:31:10,834
your truck or  you know, uh.

749
00:31:11,499 --> 00:31:14,949
Your horse  develops an
allergy and you didn't have,

750
00:31:14,949 --> 00:31:16,029
you weren't prepared for that.

751
00:31:16,029 --> 00:31:16,329
Yeah.

752
00:31:17,739 --> 00:31:18,039
Gosh.

753
00:31:18,039 --> 00:31:21,669
And Noel, I keep saying like going back
to the basics, but uh, when you understand

754
00:31:21,669 --> 00:31:25,809
your true expenses and you're putting
money aside for those, every month, you're

755
00:31:25,809 --> 00:31:28,599
gonna have less emergencies, you know?

756
00:31:28,809 --> 00:31:29,169
Okay.

757
00:31:29,259 --> 00:31:29,679
Yeah.

758
00:31:30,279 --> 00:31:36,519
But it is so valuable to have that  money
set aside for those, uh, stressful

759
00:31:36,729 --> 00:31:38,379
situations that you have with your horse.

760
00:31:39,369 --> 00:31:44,049
To make them slightly less stressful so
you can focus on your horse and not be

761
00:31:44,049 --> 00:31:45,999
worried about how am I gonna pay for this?

762
00:31:46,004 --> 00:31:46,719
Yeah, yeah.

763
00:31:46,719 --> 00:31:49,269
As we have that saying, like, hope for
the best, but prepare for the worst.

764
00:31:49,274 --> 00:31:49,524
Yeah.

765
00:31:49,524 --> 00:31:49,899
Yeah, yeah, yeah.

766
00:31:49,899 --> 00:31:50,139
Yeah.

767
00:31:50,139 --> 00:31:54,069
I think that's a very empowering,
not easy, always indeed, but really

768
00:31:54,069 --> 00:31:55,989
empowering step we can all make.

769
00:31:56,019 --> 00:31:56,799
Yeah.

770
00:31:56,919 --> 00:31:57,189
Okay.

771
00:31:57,789 --> 00:31:58,689
Next question.

772
00:32:01,269 --> 00:32:05,469
How can Equestrians give themselves
permission to prioritize their fair

773
00:32:05,469 --> 00:32:07,179
financial wellbeing, wellbeing?

774
00:32:07,779 --> 00:32:10,089
Without feeling like they're
letting their horses down.

775
00:32:10,179 --> 00:32:10,899
Oh my gosh.

776
00:32:11,319 --> 00:32:11,919
Wow.

777
00:32:12,249 --> 00:32:12,279
Ooh.

778
00:32:12,819 --> 00:32:15,489
This is when the emotion
of what totally comes up.

779
00:32:15,489 --> 00:32:19,209
There's so much emotion around
financials and our horses.

780
00:32:19,234 --> 00:32:20,919
Yeah, yeah, yeah, yeah.

781
00:32:20,919 --> 00:32:21,579
Oh my gosh.

782
00:32:21,579 --> 00:32:25,269
And like  my heart goes out
to the person who asks this

783
00:32:25,269 --> 00:32:27,819
question like, I totally feel you.

784
00:32:28,299 --> 00:32:28,689
Okay.

785
00:32:28,959 --> 00:32:31,989
How can the questions give themselves
permission to Priorit zone?

786
00:32:31,989 --> 00:32:35,064
Well,  I'm gonna give
you permission right now.

787
00:32:35,994 --> 00:32:38,394
You all have permission to
prioritize your financial wellbeing.

788
00:32:38,874 --> 00:32:44,124
And how I think about that is
like, uh, when you're resourced,

789
00:32:44,334 --> 00:32:49,524
like financially resourced  you
can pour back into the world more.

790
00:32:51,114 --> 00:32:54,324
And  or when you're resourced about
anything, you know, it's like such a

791
00:32:54,324 --> 00:32:59,724
cliche, but the oxygen mask, like you
can't,  put on someone else's oxygen

792
00:32:59,724 --> 00:33:02,124
mask until you put on your oxygen mask.

793
00:33:03,444 --> 00:33:05,604
And so that would be how I answered
the first part of the question.

794
00:33:05,784 --> 00:33:08,274
And then without feeling like
you're letting your horse down.

795
00:33:08,724 --> 00:33:11,304
Uh, and my heart just like
so goes out to this person.

796
00:33:11,304 --> 00:33:14,424
And Noel, I mean, you talk to so
many fabulous people and sometimes

797
00:33:14,424 --> 00:33:19,404
this comes up like,  but our horses
don't ever look at our bank account

798
00:33:19,824 --> 00:33:22,164
and they don't care how much we make.

799
00:33:23,154 --> 00:33:26,214
When I listen, when I hear that question,
I think the first thing that comes to mind

800
00:33:26,214 --> 00:33:30,924
is something that Carl Cook, one of our
masterclass instructors, has spoken really

801
00:33:30,924 --> 00:33:38,039
openly about, which is  first like, spend
money or value the things that actually

802
00:33:38,039 --> 00:33:39,504
really make a difference for your horse.

803
00:33:39,504 --> 00:33:39,594
Mm-hmm.

804
00:33:39,594 --> 00:33:43,974
So like he's, he's very open about,
you know, like, your horse doesn't

805
00:33:43,974 --> 00:33:45,294
care about a new South ad. Yeah.

806
00:33:45,909 --> 00:33:48,999
Like spend, like spend your attention.

807
00:33:48,999 --> 00:33:49,089
Mm-hmm.

808
00:33:49,359 --> 00:33:53,289
Not even money, but like prioritize
your attention on the things that really

809
00:33:53,289 --> 00:33:57,519
have a big impact and are like list on
like in terms of lists of priorities,

810
00:33:57,519 --> 00:33:58,869
where are the top of priorities?

811
00:33:58,874 --> 00:33:58,944
Mm-hmm.

812
00:33:59,084 --> 00:34:02,709
So like safety and wellbeing are
really at the top of the list.

813
00:34:02,709 --> 00:34:03,069
Yeah.

814
00:34:03,129 --> 00:34:09,189
How you look or whether you have,
you know, like a fancy new trailer.

815
00:34:09,219 --> 00:34:09,309
Mm-hmm.

816
00:34:09,549 --> 00:34:10,539
Like if you've got a beat up.

817
00:34:10,539 --> 00:34:14,829
I know some really, really incredibly
successful riders who have like.

818
00:34:15,369 --> 00:34:16,839
15-year-old trailer.

819
00:34:16,899 --> 00:34:17,079
Yeah.

820
00:34:17,079 --> 00:34:19,329
And they're looking at me going,
Noel, it's perfectly fine.

821
00:34:19,599 --> 00:34:20,799
I don't have to get a new one.

822
00:34:21,039 --> 00:34:22,569
I think the horse world can be a bit.

823
00:34:24,174 --> 00:34:27,864
Like a little bit distracted, a
little bit  prioritized mm-hmm.

824
00:34:28,104 --> 00:34:28,644
With optics.

825
00:34:28,674 --> 00:34:29,124
Yeah.

826
00:34:29,934 --> 00:34:33,624
And so sometimes I think we
prioritize the wrong things.

827
00:34:33,684 --> 00:34:33,804
Mm-hmm.

828
00:34:34,074 --> 00:34:38,574
So that was the first thing that came to
mind is like, friends forage and freedom.

829
00:34:38,604 --> 00:34:38,694
Mm-hmm.

830
00:34:38,934 --> 00:34:42,204
Those are the like to a lot of
experts that I've spoken to,

831
00:34:42,204 --> 00:34:43,494
both in and out of the studio.

832
00:34:43,824 --> 00:34:45,324
Those are the three basic Yeah.

833
00:34:45,324 --> 00:34:47,904
Like the basis, basis of
wellbeing for our horses.

834
00:34:48,024 --> 00:34:48,324
Totally.

835
00:34:48,999 --> 00:34:53,109
If horses have those three things,
then a lot of their, their,

836
00:34:53,109 --> 00:34:55,359
like their basic needs are met.

837
00:34:55,419 --> 00:34:55,509
Mm-hmm.

838
00:34:55,839 --> 00:35:00,609
I mean if, and then this obviously,
okay, and then like a disclaimer for

839
00:35:00,609 --> 00:35:03,519
that statement is like, if your horse
has special medical needs mm-hmm.

840
00:35:03,759 --> 00:35:08,889
Or has certain physical or medical
restrictions, like all of that

841
00:35:09,609 --> 00:35:10,809
has to be taken into account.

842
00:35:10,839 --> 00:35:12,759
But I think that our horses.

843
00:35:14,499 --> 00:35:18,279
Sometimes don't need as much as we
think they need or they need more,

844
00:35:18,279 --> 00:35:21,489
let's say time or being versus doing.

845
00:35:21,579 --> 00:35:21,969
Yeah.

846
00:35:22,089 --> 00:35:22,419
Right.

847
00:35:22,419 --> 00:35:30,519
Like, do we spend all our money on going
to a. Super expensive event or clinic.

848
00:35:30,789 --> 00:35:30,879
Mm-hmm.

849
00:35:30,939 --> 00:35:35,349
Could you read a book and could you,
instead of, I mean, and again, it's all

850
00:35:35,349 --> 00:35:37,749
about like what you're capable of doing.

851
00:35:37,779 --> 00:35:37,959
Mm-hmm.

852
00:35:37,964 --> 00:35:37,994
Mm-hmm.

853
00:35:37,999 --> 00:35:41,229
Which is all comes down to knowing
and understanding your expenses.

854
00:35:41,259 --> 00:35:41,379
Yeah.

855
00:35:41,439 --> 00:35:44,229
Which I'm starting to really
hear in, in this episode.

856
00:35:44,229 --> 00:35:44,349
Yeah.

857
00:35:44,349 --> 00:35:47,114
Which I is so empowering, but
that's what I think when I think of.

858
00:35:47,919 --> 00:35:49,479
When I read that question Yeah.

859
00:35:49,479 --> 00:35:53,799
Is really like, what, what is your
definition of wellbeing for your horse?

860
00:35:53,829 --> 00:35:53,949
Mm-hmm.

861
00:35:54,519 --> 00:35:59,649
And are you prioritizing it
in the way that you need to?

862
00:36:01,179 --> 00:36:01,389
Yeah.

863
00:36:02,049 --> 00:36:02,469
Yeah.

864
00:36:02,739 --> 00:36:05,649
Prioritizing, uh, our wellbeings.

865
00:36:06,609 --> 00:36:10,149
When we do that, when we like our mental
and our physical and our financial

866
00:36:10,149 --> 00:36:13,749
wellbeings, then we can actually
show up for our horses more, I think.

867
00:36:14,319 --> 00:36:14,409
Yes.

868
00:36:14,409 --> 00:36:15,549
Yeah, totally.

869
00:36:15,549 --> 00:36:15,999
Wow.

870
00:36:16,004 --> 00:36:16,144
Yeah.

871
00:36:17,484 --> 00:36:17,994
Indeed.

872
00:36:18,204 --> 00:36:18,444
Yeah.

873
00:36:18,444 --> 00:36:24,054
I think our horses do feel if we are
financially stressed or we are trying, I

874
00:36:24,054 --> 00:36:31,104
certainly can think back on moments and
experiences where I just put so much.

875
00:36:31,839 --> 00:36:32,709
At stake.

876
00:36:32,739 --> 00:36:32,829
Mm-hmm.

877
00:36:33,069 --> 00:36:37,269
For like the result of a
clinic or a horse show.

878
00:36:37,449 --> 00:36:40,959
Especially when I was young, like
a young kid, a like a young rider,

879
00:36:41,409 --> 00:36:44,889
you know, you felt the pressure
and then you just weren't present.

880
00:36:44,979 --> 00:36:48,009
And by not being present, you
weren't able to show up at all.

881
00:36:48,129 --> 00:36:48,519
Yeah.

882
00:36:48,519 --> 00:36:52,119
So it's not like the money was
wasted, but it certainly was

883
00:36:52,149 --> 00:36:54,009
highly, highly compromised.

884
00:36:54,039 --> 00:36:54,129
Mm-hmm.

885
00:36:54,399 --> 00:36:58,869
So it does make me think now that I'm
older and so, you know, I hopefully wiser.

886
00:36:59,289 --> 00:37:00,669
I do think like.

887
00:37:01,539 --> 00:37:05,709
Is it actually more effective or
more supportive for our experience,

888
00:37:06,639 --> 00:37:09,309
especially also because we can
do this for our whole life.

889
00:37:09,314 --> 00:37:09,474
Mm-hmm.

890
00:37:09,554 --> 00:37:09,555
Mm-hmm.

891
00:37:09,729 --> 00:37:10,719
It's not like we're.

892
00:37:11,364 --> 00:37:13,914
We're able to ride in our
fifties, sixties, and seventies.

893
00:37:14,094 --> 00:37:17,634
So if there are goals that you have,
can you put, you know, are you willing

894
00:37:17,634 --> 00:37:21,054
to wait for them when you're maybe more
financially in a position to do that?

895
00:37:21,084 --> 00:37:21,174
Mm-hmm.

896
00:37:21,414 --> 00:37:26,244
But I think about those moments in
which I felt stressed or I felt like

897
00:37:26,244 --> 00:37:29,904
my experience was compromised because
I was distracted by the states or

898
00:37:29,904 --> 00:37:31,404
the pressure I was putting on myself.

899
00:37:31,464 --> 00:37:32,064
Yeah.

900
00:37:32,064 --> 00:37:32,604
Yeah, yeah.

901
00:37:32,609 --> 00:37:32,739
Yeah.

902
00:37:32,994 --> 00:37:33,204
Okay.

903
00:37:33,204 --> 00:37:36,744
And this is, uh, that makes me think of
this like, okay, when you're thinking

904
00:37:36,744 --> 00:37:38,844
about your goals and what you want.

905
00:37:39,259 --> 00:37:44,629
Are you doing something because
you think you need it for external

906
00:37:44,629 --> 00:37:49,639
validation or  like for accomplishment
or, you know, something like that?

907
00:37:49,879 --> 00:37:49,969
Yeah.

908
00:37:49,999 --> 00:37:53,419
Or you doing it because you're
like, yeah, I really want this.

909
00:37:53,419 --> 00:37:54,109
You know what I mean?

910
00:37:54,559 --> 00:37:58,369
And, uh, when you're honest with
yourself about why you're doing

911
00:37:58,369 --> 00:38:04,524
something, is it,  just because you
want it or because  like you think you

912
00:38:04,524 --> 00:38:08,634
need it so you can get that external
validation, then uh, I think you can

913
00:38:08,634 --> 00:38:10,554
get more clear about what you wanna do.

914
00:38:10,854 --> 00:38:11,634
Yes.

915
00:38:11,664 --> 00:38:12,114
Yeah.

916
00:38:12,144 --> 00:38:12,174
Ooh.

917
00:38:13,779 --> 00:38:16,784
This is, this is like, this
episode is like part mm-hmm.

918
00:38:17,109 --> 00:38:20,799
Part like deep dive, philosophical,
you know, like, yeah.

919
00:38:20,799 --> 00:38:23,709
And spiritual and also then part
like accounting and finance.

920
00:38:23,709 --> 00:38:25,029
Totally, totally.

921
00:38:25,119 --> 00:38:25,599
Oh my gosh.

922
00:38:25,659 --> 00:38:28,299
And  ah, I'm so like, energized by this.

923
00:38:28,509 --> 00:38:30,579
And something else he
said  made me think of this.

924
00:38:30,579 --> 00:38:34,514
And this is like,  when I'm thinking
about budgeting and really when I think

925
00:38:34,514 --> 00:38:38,924
about everything in life, uh, there's
a fabulous author  named Byron Katie.

926
00:38:38,924 --> 00:38:39,344
I don't know.

927
00:38:39,464 --> 00:38:40,634
Ooh, are you met with her?

928
00:38:40,754 --> 00:38:41,354
Byron Katie.

929
00:38:41,384 --> 00:38:41,744
Okay.

930
00:38:41,954 --> 00:38:42,524
She's great.

931
00:38:42,524 --> 00:38:43,784
She, uh, shout out to Byron.

932
00:38:43,844 --> 00:38:47,894
Seriously, she is so free
and I just adore her.

933
00:38:48,644 --> 00:38:51,584
But she has a framework of,
there's  like my business.

934
00:38:52,044 --> 00:38:54,894
Other people's business and
then reality's business.

935
00:38:55,014 --> 00:38:56,844
So like, you know, is it raining?

936
00:38:56,874 --> 00:38:58,494
That's reality's business, right?

937
00:38:59,814 --> 00:39:02,844
Other people's business would
be like, uh, you know, someone,

938
00:39:03,204 --> 00:39:04,434
whatever other people are doing.

939
00:39:04,854 --> 00:39:09,144
And I find  when you get into other
people's business or reality's

940
00:39:09,144 --> 00:39:13,494
business, uh, like you're a
lot less happy and satisfied.

941
00:39:13,884 --> 00:39:17,904
But when you're saying like in your
business and in your integrity,

942
00:39:18,324 --> 00:39:19,644
you're a lot more satisfied.

943
00:39:21,009 --> 00:39:21,909
Oh my gosh.

944
00:39:21,939 --> 00:39:23,049
I love that.

945
00:39:23,319 --> 00:39:24,279
Okay, next question.

946
00:39:24,294 --> 00:39:24,584
Okay.

947
00:39:26,109 --> 00:39:26,649
Ooh.

948
00:39:26,709 --> 00:39:26,919
Okay.

949
00:39:26,919 --> 00:39:29,619
I'm really interested to hear
your an, what is the maximum

950
00:39:29,619 --> 00:39:34,269
percentage of your monthly income
that should be allocated to horses?

951
00:39:34,599 --> 00:39:35,019
Ooh.

952
00:39:35,079 --> 00:39:35,379
Okay.

953
00:39:35,379 --> 00:39:44,289
So I don't  I don't work with, uh,
percentages, you know  like the, uh.

954
00:39:44,709 --> 00:39:46,329
50, 20, 30. Yeah.

955
00:39:46,359 --> 00:39:46,689
Rule.

956
00:39:46,824 --> 00:39:47,114
Yeah.

957
00:39:47,119 --> 00:39:47,889
Yeah, yeah, yeah.

958
00:39:47,889 --> 00:39:50,259
I mean, I'm saying if that works
for you, like totally go for it.

959
00:39:50,559 --> 00:39:56,439
Uh, but like where you live regionally,
you know, regionally and like how involved

960
00:39:56,439 --> 00:40:00,189
in the sport and you know, what your like
other expenses are like, vary so much.

961
00:40:00,189 --> 00:40:02,739
Like I couldn't put a percentage on that.

962
00:40:04,089 --> 00:40:04,899
What do you see?

963
00:40:04,959 --> 00:40:06,399
Could you then give like a.

964
00:40:07,539 --> 00:40:10,359
Do you have clients that spend
like 10% and then you have other

965
00:40:10,359 --> 00:40:11,889
clients that might spend 50%.

966
00:40:12,369 --> 00:40:14,919
And I think that might be really
empowering sugar as listening to

967
00:40:14,919 --> 00:40:18,579
understand that maybe choosing
within a, within a range mm-hmm.

968
00:40:18,879 --> 00:40:20,019
Might be helpful for them.

969
00:40:21,069 --> 00:40:21,639
This is just

970
00:40:21,639 --> 00:40:26,394
like, I haven't, you know, pulled the
percentages from my clients, but,  gosh.

971
00:40:26,394 --> 00:40:29,724
And honestly, even myself, it's
like normally 50% or above.

972
00:40:30,144 --> 00:40:31,584
And like, I'm not ashamed of that.

973
00:40:31,584 --> 00:40:32,934
Like, this is what I want.

974
00:40:33,204 --> 00:40:35,994
And you know, my clients like,
they're like, oh my God, I

975
00:40:35,994 --> 00:40:37,134
spend so much on my horses.

976
00:40:37,464 --> 00:40:40,674
And it's like  like I'm
not here to judge you.

977
00:40:40,674 --> 00:40:41,994
Like, that's okay.

978
00:40:41,994 --> 00:40:43,254
Like that's what you want.

979
00:40:43,704 --> 00:40:48,624
And you're also like meeting the other
responsibilities, uh, that you want like

980
00:40:49,314 --> 00:40:53,634
housing and food and uh, you know, your
own healthcare and all of that stuff.

981
00:40:55,314 --> 00:40:55,554
Yeah.

982
00:40:55,794 --> 00:40:56,844
Do you think that answers that question?

983
00:40:56,844 --> 00:40:57,654
I think that's a great answer.

984
00:40:57,654 --> 00:40:58,134
Okay.

985
00:40:58,194 --> 00:41:02,754
One, because I think it allows people,
it's again, the invitation to go inside.

986
00:41:02,784 --> 00:41:02,904
Mm-hmm.

987
00:41:03,144 --> 00:41:05,604
Go eternal and say,
okay, what are my goals?

988
00:41:05,604 --> 00:41:07,014
What are my priorities?

989
00:41:07,014 --> 00:41:07,104
Mm-hmm.

990
00:41:07,884 --> 00:41:11,394
And then how, and I think what I love
about this episode and what you're

991
00:41:11,394 --> 00:41:14,904
sharing with our listenership is first.

992
00:41:15,219 --> 00:41:18,159
Empower yourself with what the reality is.

993
00:41:18,189 --> 00:41:18,969
Yes.

994
00:41:19,059 --> 00:41:21,999
And then know that on the other
side of that is no judgment.

995
00:41:21,999 --> 00:41:25,629
It's not like, okay, here's the
target and you're not meeting that.

996
00:41:25,659 --> 00:41:25,899
Mm-hmm.

997
00:41:26,319 --> 00:41:27,549
So you fail.

998
00:41:27,699 --> 00:41:28,089
Yeah.

999
00:41:28,659 --> 00:41:33,459
That in fact, what I love about this
episode, Mary Harrison, is that what

1000
00:41:33,459 --> 00:41:34,809
you're saying is that there isn't like.

1001
00:41:35,829 --> 00:41:40,869
A one size fits all for financial
freedom or financial empowerment.

1002
00:41:40,899 --> 00:41:41,439
Yeah.

1003
00:41:41,439 --> 00:41:43,659
'cause financial freedom to
one horse person might look

1004
00:41:43,659 --> 00:41:44,949
very different to the other.

1005
00:41:44,979 --> 00:41:45,399
Right.

1006
00:41:45,789 --> 00:41:46,954
So that's not actually.

1007
00:41:48,534 --> 00:41:51,024
About a specific answer to that question.

1008
00:41:51,024 --> 00:41:51,114
Mm-hmm.

1009
00:41:51,354 --> 00:41:53,844
But in fact, it's different
to, okay, what are your goals?

1010
00:41:53,934 --> 00:41:54,414
Yes.

1011
00:41:54,414 --> 00:41:55,704
How much is that gonna cost?

1012
00:41:55,734 --> 00:41:56,184
Yeah.

1013
00:41:56,394 --> 00:41:59,484
Is that achievable within the
timeframe that you've allocated?

1014
00:41:59,484 --> 00:41:59,574
Mm-hmm.

1015
00:41:59,844 --> 00:42:00,804
If not, okay.

1016
00:42:00,804 --> 00:42:01,974
What can you do about it?

1017
00:42:02,184 --> 00:42:02,244
Yeah.

1018
00:42:02,244 --> 00:42:03,954
Like there's so much introspection.

1019
00:42:03,984 --> 00:42:04,314
Yeah.

1020
00:42:04,314 --> 00:42:04,944
Introspective.

1021
00:42:05,359 --> 00:42:06,139
Introspection.

1022
00:42:06,139 --> 00:42:06,409
Yes.

1023
00:42:06,409 --> 00:42:06,889
It's a word.

1024
00:42:07,219 --> 00:42:07,699
Yes, totally.

1025
00:42:07,699 --> 00:42:10,909
There is so much in what you're,
what in how you approach this,

1026
00:42:10,909 --> 00:42:12,019
which I think is really cool.

1027
00:42:12,139 --> 00:42:12,649
Oh my gosh.

1028
00:42:12,649 --> 00:42:16,129
And when we're not avoiding and we're
actually getting the information

1029
00:42:17,149 --> 00:42:20,059
about our finances, we have so much
more clarity about all of this.

1030
00:42:20,089 --> 00:42:20,269
Yes.

1031
00:42:20,299 --> 00:42:20,719
Yeah.

1032
00:42:21,169 --> 00:42:23,869
So for those who are listening,
that go, okay guys, that's great.

1033
00:42:24,199 --> 00:42:25,669
After I do the introspection.

1034
00:42:25,699 --> 00:42:26,029
Yeah.

1035
00:42:26,689 --> 00:42:34,219
What are some sort of, what are some
more concrete or like what is  a formula?

1036
00:42:34,339 --> 00:42:34,639
Mm-hmm.

1037
00:42:35,304 --> 00:42:37,134
Even a base level formula mm-hmm.

1038
00:42:37,374 --> 00:42:42,024
That can be applied to my finances, to
know, to sort of give me some financial

1039
00:42:42,024 --> 00:42:45,954
wiggle room around some of the things
that I might even wanna have ambition

1040
00:42:45,954 --> 00:42:47,574
around when it comes to my horses.

1041
00:42:47,634 --> 00:42:48,864
Yeah, yeah, yeah, yeah.

1042
00:42:49,944 --> 00:42:50,244
Okay.

1043
00:42:50,244 --> 00:42:52,614
So you're gonna get the
information, you're gonna be

1044
00:42:52,614 --> 00:42:56,634
looking at your expenses  and, uh.

1045
00:42:57,354 --> 00:42:59,394
Like if you use an app, you're
just checking in every day.

1046
00:42:59,394 --> 00:43:01,104
You're categorizing your transactions.

1047
00:43:01,104 --> 00:43:02,724
And what numbers do I put there?

1048
00:43:02,724 --> 00:43:03,534
Like where do I start?

1049
00:43:03,534 --> 00:43:04,524
What categories do I need?

1050
00:43:04,524 --> 00:43:04,734
Yeah.

1051
00:43:04,884 --> 00:43:08,304
And I like to break it down your horse
expenses into two different sections.

1052
00:43:08,514 --> 00:43:13,319
So your monthly horse expenses, and you're
thinking about like, okay, like uh, a.

1053
00:43:13,899 --> 00:43:16,209
Board lessons supplement.

1054
00:43:16,989 --> 00:43:19,599
Fairer, fairer well far is
every five to six weeks.

1055
00:43:19,599 --> 00:43:19,779
But

1056
00:43:19,809 --> 00:43:22,959
yeah, let's just say
fairer, uh, chiro body work.

1057
00:43:23,109 --> 00:43:23,259
Mm-hmm.

1058
00:43:23,679 --> 00:43:26,739
Supplies  did we already
say supplement supplements?

1059
00:43:26,769 --> 00:43:26,919
Yep.

1060
00:43:27,009 --> 00:43:27,459
Yeah, yeah,

1061
00:43:27,484 --> 00:43:27,774
yeah.

1062
00:43:28,719 --> 00:43:30,819
You know, show fees if
you're showing every month.

1063
00:43:30,849 --> 00:43:31,059
Okay.

1064
00:43:31,059 --> 00:43:32,349
So you're like thinking
through those much.

1065
00:43:32,349 --> 00:43:34,599
Would you include gas to
get to the barn and that?

1066
00:43:35,679 --> 00:43:38,079
So, uh, I include, uh.

1067
00:43:38,784 --> 00:43:42,084
Like everything in my budget, like all
of my expenses and my horses expenses.

1068
00:43:42,114 --> 00:43:42,204
Yeah.

1069
00:43:43,014 --> 00:43:44,124
So yeah, that's in there.

1070
00:43:44,394 --> 00:43:44,454
Yeah.

1071
00:43:44,934 --> 00:43:46,134
Transportation for sure.

1072
00:43:46,134 --> 00:43:46,674
Very important.

1073
00:43:47,634 --> 00:43:50,454
And then when I'm thinking, okay,
so got your monthly horse expenses.

1074
00:43:50,459 --> 00:43:50,659
Mm-hmm.

1075
00:43:51,024 --> 00:43:54,504
And then I would sit down and think
through your yearly horse expenses.

1076
00:43:54,624 --> 00:44:00,339
So like,  your memberships to the
USCF or USEA and all this insurance?

1077
00:44:00,339 --> 00:44:00,969
I, yes.

1078
00:44:01,149 --> 00:44:02,379
If you choose to insure your horse.

1079
00:44:02,379 --> 00:44:02,829
Right.

1080
00:44:03,249 --> 00:44:04,119
Truck insurance.

1081
00:44:04,119 --> 00:44:05,379
Trailer insurance.

1082
00:44:06,129 --> 00:44:08,349
Trailer and truck registration.

1083
00:44:09,579 --> 00:44:10,269
It's clinics.

1084
00:44:10,299 --> 00:44:10,899
Clinics

1085
00:44:11,499 --> 00:44:12,279
ation for clinics.

1086
00:44:12,284 --> 00:44:12,354
Yes.

1087
00:44:12,999 --> 00:44:13,209
Yes.

1088
00:44:13,209 --> 00:44:14,349
You don't sleep in your trailer.

1089
00:44:14,379 --> 00:44:15,549
Yeah, yeah, yeah, yeah.

1090
00:44:15,549 --> 00:44:16,209
Totally.

1091
00:44:17,814 --> 00:44:19,794
Trailer tires, truck tires.

1092
00:44:19,794 --> 00:44:19,884
Mm-hmm.

1093
00:44:21,174 --> 00:44:23,124
Trailer maintenance, like,
you know, you need to get your

1094
00:44:23,124 --> 00:44:24,564
bearings packed every year.

1095
00:44:24,594 --> 00:44:24,774
Yes.

1096
00:44:24,894 --> 00:44:25,284
Yeah.

1097
00:44:25,644 --> 00:44:26,664
Put down your yearly.

1098
00:44:28,029 --> 00:44:29,379
I put trailer tires in there.

1099
00:44:29,379 --> 00:44:31,119
You only need them like three
year, every three years.

1100
00:44:31,119 --> 00:44:31,329
How?

1101
00:44:31,329 --> 00:44:31,419
Yeah.

1102
00:44:31,494 --> 00:44:32,109
But, but you

1103
00:44:32,109 --> 00:44:33,459
could also, you could like

1104
00:44:33,459 --> 00:44:33,849
split Yeah.

1105
00:44:34,209 --> 00:44:34,989
Three ways, right?

1106
00:44:35,109 --> 00:44:35,739
Yeah, yeah, yeah.

1107
00:44:35,739 --> 00:44:38,739
So you're like really like thinking
through some of these bigger things

1108
00:44:39,009 --> 00:44:43,949
so when they happen, they're not that
big of a deal and,  the app that I

1109
00:44:43,949 --> 00:44:49,379
use, if you say like, oh, my insurance
is, you know, $1,400 a year is June,

1110
00:44:49,379 --> 00:44:52,079
November, it'll break it down for
you and say like, okay, every month

1111
00:44:52,139 --> 00:44:54,779
put away, you know, $94 or whatever.

1112
00:44:54,779 --> 00:44:55,349
So cool.

1113
00:44:55,409 --> 00:44:56,819
Yeah, yeah, yeah, yeah.

1114
00:44:57,779 --> 00:45:01,049
So it's not a specific like, oh, here's
the hard number on what to spend on

1115
00:45:01,049 --> 00:45:04,469
this, but here's the process to go
through to get those hard numbers.

1116
00:45:05,009 --> 00:45:05,789
Mm. Okay, cool.

1117
00:45:05,819 --> 00:45:10,109
Yeah, so people often ask, like, we
get to the vet category and they're

1118
00:45:10,109 --> 00:45:12,744
like, oh my God, I. What we already

1119
00:45:12,744 --> 00:45:13,374
start sweating.

1120
00:45:13,404 --> 00:45:13,644
Yeah.

1121
00:45:14,004 --> 00:45:15,684
Like what happened in this category?

1122
00:45:15,684 --> 00:45:16,464
I'm like, I hear you.

1123
00:45:16,464 --> 00:45:17,154
I see you.

1124
00:45:17,424 --> 00:45:23,004
And uh, like for those, those big expenses
and expenses that are gonna be variable

1125
00:45:24,054 --> 00:45:26,724
I always say some is better than none.

1126
00:45:27,114 --> 00:45:27,444
Like.

1127
00:45:28,704 --> 00:45:31,614
You will be so glad that maybe
you're like, I don't know how

1128
00:45:31,614 --> 00:45:32,784
much my vet bill is gonna be.

1129
00:45:32,784 --> 00:45:35,184
You're gonna be so glad
that you put $500 aside.

1130
00:45:35,574 --> 00:45:38,634
Uh, like, let's say your bill is
$900, you're gonna be so glad that

1131
00:45:38,634 --> 00:45:41,304
you have that $500 than $0 set aside.

1132
00:45:41,364 --> 00:45:41,874
Yeah.

1133
00:45:41,874 --> 00:45:43,944
So yeah, some is better than none.

1134
00:45:45,204 --> 00:45:47,934
And I was start with
what do you know, like.

1135
00:45:48,629 --> 00:45:51,354
You know that your horse is
gonna get shots twice a year.

1136
00:45:51,444 --> 00:45:51,624
Yeah.

1137
00:45:52,044 --> 00:45:55,254
And maybe your dentist comes at the
same time or it's a separate thing.

1138
00:45:55,344 --> 00:45:55,434
Yeah.

1139
00:45:56,604 --> 00:45:59,664
So like, you're like, okay,
I do, I do know these things.

1140
00:46:00,144 --> 00:46:04,134
And  maybe your vet. Does some other
procedures on your horse that, you know,

1141
00:46:04,134 --> 00:46:05,574
every year, like, okay, you know that.

1142
00:46:05,574 --> 00:46:05,664
Mm-hmm.

1143
00:46:06,324 --> 00:46:10,734
And then maybe just like look back,
uh, at a couple of like, years prior

1144
00:46:10,734 --> 00:46:14,244
and like, okay, yeah, I spent like,
you know, two or $3,000 at the vet.

1145
00:46:14,244 --> 00:46:17,574
Like, let me just work towards
setting that aside every year

1146
00:46:17,574 --> 00:46:20,649
so that I'm ready for,  the

1147
00:46:20,649 --> 00:46:21,189
vet visits

1148
00:46:21,189 --> 00:46:21,489
that come

1149
00:46:21,489 --> 00:46:21,639
up.

1150
00:46:21,819 --> 00:46:27,399
It really starts like listening to you in
this episode and then also aggregating all

1151
00:46:27,399 --> 00:46:31,539
of the amazing conversations that we have
in the studio makes me realize that it's

1152
00:46:31,539 --> 00:46:35,139
actually in your financial best interest
to prioritize your horse's health.

1153
00:46:35,169 --> 00:46:35,799
Yeah.

1154
00:46:35,859 --> 00:46:36,189
Oh my gosh.

1155
00:46:37,224 --> 00:46:39,804
Highlight, underline,
put it on a coffee mug.

1156
00:46:39,864 --> 00:46:40,974
Yes, totally.

1157
00:46:40,974 --> 00:46:42,864
Like, and like, it's what you're doing.

1158
00:46:42,864 --> 00:46:44,604
Like knowledge is power, baby, you know?

1159
00:46:45,294 --> 00:46:47,124
Yeah, yeah, yeah, yeah.

1160
00:46:47,124 --> 00:46:49,974
And I, I love how you're thinking
about that, and that's like how I think

1161
00:46:49,974 --> 00:46:52,254
about, you know, my own horses care.

1162
00:46:52,254 --> 00:46:56,814
Like  yeah, my vet, I mean, my
favorite bill is like, it's pretty

1163
00:46:56,814 --> 00:47:01,494
expensive, but, uh, it's a priority
for me because like you're saying,

1164
00:47:01,494 --> 00:47:02,994
like, I don't want something.

1165
00:47:03,714 --> 00:47:06,444
That I could have prevented, uh,
to happen down the road because

1166
00:47:06,444 --> 00:47:08,484
there's so many things that we
can't prevent that are gonna happen.

1167
00:47:08,484 --> 00:47:10,494
Let's like, uh, mitigate
the risk where we can.

1168
00:47:10,554 --> 00:47:10,824
Yeah,

1169
00:47:11,094 --> 00:47:11,754
yeah.

1170
00:47:11,874 --> 00:47:15,594
So don't just stand And this was like an
amazing, this was an amazing piece of it.

1171
00:47:15,594 --> 00:47:16,164
Oh my gosh.

1172
00:47:16,494 --> 00:47:19,554
Was don't just stand there and like.

1173
00:47:20,484 --> 00:47:23,934
Don't interact with your vet or let
alone if you can be there, be there.

1174
00:47:24,024 --> 00:47:24,114
Mm-hmm.

1175
00:47:24,354 --> 00:47:28,794
Because that you've got prime
opportunity to extract information about

1176
00:47:28,794 --> 00:47:30,804
your, your own personal horse Yeah.

1177
00:47:30,804 --> 00:47:34,734
And their health and ways that you
can improve that horse's health.

1178
00:47:34,974 --> 00:47:38,184
But you can also like get knowledge
and like you said, knowledge is power.

1179
00:47:38,244 --> 00:47:38,394
Yeah.

1180
00:47:38,664 --> 00:47:40,944
But also I think knowledge
is also money saved.

1181
00:47:40,974 --> 00:47:41,394
Yeah.

1182
00:47:41,394 --> 00:47:42,114
Totally.

1183
00:47:42,114 --> 00:47:42,654
Totally.

1184
00:47:42,654 --> 00:47:46,729
And I think like when we have  like
enough safety within ourselves.

1185
00:47:47,194 --> 00:47:51,544
To be curious and not be like, oh, if I
ask questions, they'll think I'm dumb.

1186
00:47:52,024 --> 00:47:52,804
You know what I mean?

1187
00:47:52,834 --> 00:47:53,134
Yes.

1188
00:47:53,284 --> 00:47:55,414
Be like, I'm here to soak it in.

1189
00:47:55,714 --> 00:47:57,304
Like I'm here to get this knowledge.

1190
00:47:57,964 --> 00:48:00,034
What an investment in yourself, you know?

1191
00:48:00,399 --> 00:48:01,599
Well, and your voices help.

1192
00:48:01,659 --> 00:48:02,169
Yeah.

1193
00:48:02,169 --> 00:48:03,639
And that's the inspiration
behind this podcast.

1194
00:48:03,639 --> 00:48:03,729
Yeah.

1195
00:48:03,819 --> 00:48:04,989
No stupid question.

1196
00:48:05,049 --> 00:48:05,169
Yeah.

1197
00:48:05,169 --> 00:48:05,799
Totally.

1198
00:48:05,799 --> 00:48:08,679
Is around the culture that
you can ask any question.

1199
00:48:08,684 --> 00:48:08,794
Mm-hmm.

1200
00:48:08,889 --> 00:48:10,389
And that it's not stupid.

1201
00:48:10,389 --> 00:48:13,074
And I, and I, I think everyone
would agree that mm-hmm.

1202
00:48:13,159 --> 00:48:15,069
There's no question that
hasn't ever been asked.

1203
00:48:15,099 --> 00:48:15,429
Right.

1204
00:48:15,459 --> 00:48:15,879
Do you know what I mean?

1205
00:48:15,879 --> 00:48:16,211
Yeah, yeah, yeah.

1206
00:48:16,389 --> 00:48:16,749
Totally.

1207
00:48:16,839 --> 00:48:19,839
If you are asking a question, I guarantee
you there's at least one other person

1208
00:48:19,839 --> 00:48:20,919
out there that has asked that question.

1209
00:48:20,919 --> 00:48:21,039
Yeah.

1210
00:48:21,699 --> 00:48:22,719
So it's not stupid.

1211
00:48:22,869 --> 00:48:23,469
Yes.

1212
00:48:23,889 --> 00:48:24,489
Oh my gosh.

1213
00:48:24,489 --> 00:48:28,059
And I, you know, tying the knowledge
and the finances and working

1214
00:48:28,059 --> 00:48:29,139
with professionals like Yeah.

1215
00:48:30,489 --> 00:48:33,459
When I'm meeting with my saddle
fitter, like I'm asking them

1216
00:48:33,459 --> 00:48:38,829
questions about like  you know,
like, is it worth it to do X, Y, z?

1217
00:48:39,699 --> 00:48:43,779
Uh, like get this kind of, you
know, I don't know, uh, assistant

1218
00:48:43,779 --> 00:48:44,589
saddle pad or whatever, you know?

1219
00:48:44,589 --> 00:48:45,999
So like, yeah, like a,
yeah, yeah, yeah, yeah.

1220
00:48:46,059 --> 00:48:47,619
A special path for yourself.

1221
00:48:47,739 --> 00:48:47,799
Yeah.

1222
00:48:47,799 --> 00:48:51,339
Is it worth it or is, you know, should
I put my money into this X, Y, Z?

1223
00:48:51,339 --> 00:48:56,349
You know, or like, like really asking
those questions about  not just like,

1224
00:48:56,499 --> 00:49:00,249
oh, I'll get this piece of equipment
because everyone is using it, but like,

1225
00:49:00,579 --> 00:49:02,229
what is the value of this long term?

1226
00:49:02,229 --> 00:49:04,239
And should I invest more in X, Y, Z?

1227
00:49:04,974 --> 00:49:06,654
Uh, because it's gonna have pay off later.

1228
00:49:06,774 --> 00:49:08,964
I mean, exactly what you're
saying about the other elements,

1229
00:49:08,964 --> 00:49:13,374
but  yeah, also like yeah, asking
your professionals those questions.

1230
00:49:13,644 --> 00:49:14,574
Knowledge is power.

1231
00:49:14,604 --> 00:49:15,054
Yeah.

1232
00:49:15,084 --> 00:49:15,474
Okay.

1233
00:49:15,654 --> 00:49:16,344
Next question.

1234
00:49:16,344 --> 00:49:18,024
I think it looks, or no,
second to last question.

1235
00:49:18,054 --> 00:49:18,174
Okay.

1236
00:49:21,654 --> 00:49:26,334
If you trailer other people's horses along
with your own horse to a show and charge

1237
00:49:26,334 --> 00:49:29,154
them, can you use your trailer as a tax?

1238
00:49:29,154 --> 00:49:31,524
Write off if you form an LLC.

1239
00:49:32,289 --> 00:49:35,169
I would say that is a fabulous
question for you accountant.

1240
00:49:35,259 --> 00:49:35,709
Yeah.

1241
00:49:36,009 --> 00:49:40,719
And I love, yeah, I think that that's
one of the big pieces of advice from this

1242
00:49:40,719 --> 00:49:43,209
episode that we're giving everybody is.

1243
00:49:44,424 --> 00:49:48,114
If you have a question like that,
that's worth asking an accountant.

1244
00:49:48,174 --> 00:49:48,264
Mm-hmm.

1245
00:49:49,554 --> 00:49:52,344
Sounds like it's worth all of
us to have a good accountant on

1246
00:49:52,584 --> 00:49:54,654
hand or like a phone call away.

1247
00:49:54,654 --> 00:49:54,744
Mm-hmm.

1248
00:49:55,164 --> 00:49:59,004
So you, would you recommend for people
in the horse world to like, spend the

1249
00:49:59,004 --> 00:50:02,664
money on an accountant consultant, like
a, because that would cost money, right?

1250
00:50:02,724 --> 00:50:03,444
Right, right, right.

1251
00:50:04,944 --> 00:50:08,094
The clients that I work with that
have an accountant are, uh, so

1252
00:50:08,094 --> 00:50:10,524
glad that they have an accountant
when it's time to do their taxes.

1253
00:50:12,354 --> 00:50:17,844
Yeah, so I know, and if you're, uh, saving
your accountant fee or you're putting

1254
00:50:17,844 --> 00:50:19,224
aside money for your accountant fee,

1255
00:50:19,344 --> 00:50:19,524
yeah,

1256
00:50:19,554 --> 00:50:21,054
that's another expense for your business.

1257
00:50:21,114 --> 00:50:24,354
Uh, every month when it's time to
pay your account, it's not, uh, it

1258
00:50:24,354 --> 00:50:25,884
doesn't feel like so much of a burden.

1259
00:50:27,204 --> 00:50:30,354
But yeah, uh, everyone that I work
with that has an accountant is

1260
00:50:30,354 --> 00:50:31,584
clad that they have an accountant.

1261
00:50:31,644 --> 00:50:31,914
Yeah.

1262
00:50:31,944 --> 00:50:32,244
Yeah.

1263
00:50:32,364 --> 00:50:34,314
And do you think they're as
expensive as people think?

1264
00:50:34,584 --> 00:50:35,094
Gosh.

1265
00:50:35,094 --> 00:50:38,274
Like what kind of average cost are
you seeing when people spend money on

1266
00:50:38,274 --> 00:50:39,864
their accountant on an annual basis?

1267
00:50:40,044 --> 00:50:40,494
Gosh,

1268
00:50:40,584 --> 00:50:41,034
yeah.

1269
00:50:41,034 --> 00:50:43,584
For people with smaller businesses,
it's like, you know, a thousand

1270
00:50:43,584 --> 00:50:45,174
dollars or less an annually.

1271
00:50:45,384 --> 00:50:45,744
Mm-hmm.

1272
00:50:45,750 --> 00:50:45,989
Like.

1273
00:50:46,514 --> 00:50:47,264
Really small.

1274
00:50:47,354 --> 00:50:47,564
Yeah.

1275
00:50:47,624 --> 00:50:48,614
Business situation.

1276
00:50:49,154 --> 00:50:51,674
And the people with really big
operations, it's, it's a couple

1277
00:50:51,674 --> 00:50:53,564
of thousands thousand dollars.

1278
00:50:53,624 --> 00:50:53,894
Yeah.

1279
00:50:53,899 --> 00:50:53,929
Mm-hmm.

1280
00:50:54,009 --> 00:50:54,249
Yeah.

1281
00:50:54,249 --> 00:50:54,369
Yeah.

1282
00:50:54,369 --> 00:50:56,114
It, it kind of varies
on your business size.

1283
00:50:56,264 --> 00:50:58,424
Oh, that's great information though,
for people who are listening and

1284
00:50:58,424 --> 00:51:02,684
thinking, okay, like, do I wanna spend
a couple hundred dollars on an even

1285
00:51:02,684 --> 00:51:04,274
like a con, like a consult mm-hmm.

1286
00:51:04,514 --> 00:51:07,094
With an accountant of like, is
it worth me even having you?

1287
00:51:07,244 --> 00:51:07,814
Yeah.

1288
00:51:07,874 --> 00:51:10,184
And you know, honestly,
like, I don't even know.

1289
00:51:10,394 --> 00:51:12,194
You could just like go talk
to accountants and say like.

1290
00:51:12,774 --> 00:51:15,954
Can I talk to you and get your advice
and see if we would be a good fit and

1291
00:51:15,954 --> 00:51:17,274
like, are you gonna charge me for that?

1292
00:51:17,274 --> 00:51:19,524
Or they may not even
charge you to say Right.

1293
00:51:19,524 --> 00:51:24,474
You know, just ask them like  be
curious and  get multiple opinions.

1294
00:51:24,594 --> 00:51:24,894
Yeah.

1295
00:51:24,924 --> 00:51:28,194
Don't be afraid to ask the question
'cause there are no stupid questions.

1296
00:51:28,199 --> 00:51:29,424
Indeed, indeed.

1297
00:51:29,874 --> 00:51:33,384
Okay, so last question and I'll be very
interested to hear your thoughts on this.

1298
00:51:33,384 --> 00:51:33,414
Okay.

1299
00:51:34,044 --> 00:51:35,994
Insurance worth it or not?

1300
00:51:35,994 --> 00:51:36,084
Hmm.

1301
00:51:37,449 --> 00:51:41,919
So personally for me, it is
worth it and my horse is insured.

1302
00:51:41,944 --> 00:51:42,234
Okay.

1303
00:51:43,149 --> 00:51:44,259
My horse is also insured.

1304
00:51:44,349 --> 00:51:45,490
Yeah, yeah, yeah, yeah.

1305
00:51:46,389 --> 00:51:50,289
And, uh, my horse had an injury and I
was really glad that, uh, he was insured.

1306
00:51:50,319 --> 00:51:50,559
Mm.

1307
00:51:52,029 --> 00:51:55,509
Gosh, it's really up to you if you're
like, being honest about your expenses

1308
00:51:55,509 --> 00:51:59,019
and  your income versus expenses.

1309
00:51:59,019 --> 00:52:00,009
Mm-hmm.

1310
00:52:00,534 --> 00:52:03,924
If it's worth it to you and what you
plan to do with your horse, I'd say it

1311
00:52:03,924 --> 00:52:08,724
doesn't hurt to talk to an insurance
agent, just get a, a quote and see

1312
00:52:08,724 --> 00:52:11,364
like, Hmm, does this feel right for me?

1313
00:52:11,394 --> 00:52:16,584
Like, does this align with what
I  what I can do financially?

1314
00:52:16,584 --> 00:52:17,094
Yes.

1315
00:52:17,184 --> 00:52:17,544
Yeah.

1316
00:52:17,874 --> 00:52:21,504
And then also thinking about like,
okay, uh, if something did happen

1317
00:52:21,504 --> 00:52:25,134
to my horse, do I have enough cash
flow to handle those expenses?

1318
00:52:25,164 --> 00:52:25,494
Yes.

1319
00:52:25,704 --> 00:52:26,064
Yeah.

1320
00:52:26,064 --> 00:52:26,124
Yeah.

1321
00:52:26,394 --> 00:52:28,584
Well, I will, I mean, I'll
speak from personal experience.

1322
00:52:29,559 --> 00:52:30,789
I insure my horses.

1323
00:52:30,849 --> 00:52:31,029
Mm-hmm.

1324
00:52:31,179 --> 00:52:36,639
And it's because my first horse,
who, my, my, when I finally was

1325
00:52:36,639 --> 00:52:41,439
able, when my family was able to,
or to purchase me a horse, I was 16.

1326
00:52:41,769 --> 00:52:43,779
So I was much older than
I think a lot of my peers.

1327
00:52:44,799 --> 00:52:47,019
And unfortunately he passed.

1328
00:52:47,079 --> 00:52:47,499
Mm-hmm.

1329
00:52:48,009 --> 00:52:50,949
And when he passed.

1330
00:52:51,744 --> 00:52:56,724
The only way that I would've been
able to get a horse after him mm-hmm.

1331
00:52:56,994 --> 00:53:02,154
That became a hugely pivotal horse, both
in my accomplishments and in my life.

1332
00:53:02,184 --> 00:53:02,424
Yeah.

1333
00:53:03,684 --> 00:53:06,369
My first Rose Sherman was an incredibly
impressionable horse for me as well.

1334
00:53:07,194 --> 00:53:11,454
But if my family hadn't chose to
insure him, I would, we wouldn't

1335
00:53:11,454 --> 00:53:15,324
have financially been able to
purchase another horse after that.

1336
00:53:15,924 --> 00:53:19,224
And then for me to be able to
pursue other, like goals mm-hmm.

1337
00:53:19,224 --> 00:53:19,854
As a young rider.

1338
00:53:19,854 --> 00:53:19,944
Mm-hmm.

1339
00:53:20,394 --> 00:53:25,674
So I did have a really positive
experience  in terms of, and

1340
00:53:25,824 --> 00:53:27,804
we weren't given any pushback.

1341
00:53:27,804 --> 00:53:31,489
Like it was a very clean
and transparent and, mm-hmm.

1342
00:53:33,369 --> 00:53:34,009
Actually like fairly.

1343
00:53:35,589 --> 00:53:37,059
Supportive process.

1344
00:53:37,089 --> 00:53:37,449
Yeah.

1345
00:53:37,719 --> 00:53:42,489
And I do always mention that when someone
asks me that question about insurance, I

1346
00:53:42,489 --> 00:53:45,159
personally was affected by like mm-hmm.

1347
00:53:45,429 --> 00:53:51,669
The ability to insure a horse and then be
able to  see the effects of it in a Right.

1348
00:53:51,669 --> 00:53:53,049
A devastating situation.

1349
00:53:53,529 --> 00:53:56,919
And so, yeah, I mean, I know that now
after that experience, that being my first

1350
00:53:56,919 --> 00:54:04,659
horse experience  I feel, I feel really,
empowered to spend that money in that way.

1351
00:54:04,929 --> 00:54:07,564
Also, I think insurance is not as
expensive as some people think that.

1352
00:54:07,564 --> 00:54:08,769
Yeah, totally.

1353
00:54:09,069 --> 00:54:09,459
Totally.

1354
00:54:09,459 --> 00:54:12,699
So that's why I said like, get
a quote  and see what it is.

1355
00:54:13,089 --> 00:54:15,279
Because like you, like, I
think it is totally worth it.

1356
00:54:16,364 --> 00:54:16,524
For sure.

1357
00:54:16,804 --> 00:54:16,924
I.

1358
00:54:17,469 --> 00:54:20,619
What's advice, do you have any
advice about people who are looking

1359
00:54:20,979 --> 00:54:23,829
to insure their horses or thinking
maybe they have multiple horses?

1360
00:54:24,309 --> 00:54:25,929
Mm. You know, 'cause that
can, that can also add up.

1361
00:54:26,104 --> 00:54:26,394
Yeah.

1362
00:54:26,744 --> 00:54:27,234
Yeah, yeah.

1363
00:54:27,239 --> 00:54:27,549
Yeah.

1364
00:54:27,549 --> 00:54:30,609
Is there anything you would, you
know, advise your clients when looking

1365
00:54:30,609 --> 00:54:34,959
at the cost of insuring if you are
spending money on insurance and

1366
00:54:34,959 --> 00:54:36,459
you have an emergency fund mm-hmm.

1367
00:54:36,465 --> 00:54:38,919
Some people might feel like, well,
that's a lot of horse shows, or

1368
00:54:38,919 --> 00:54:40,959
that's a lot of, you know, like Yeah.

1369
00:54:41,529 --> 00:54:43,389
How would, how would you
advise 'em to think about that?

1370
00:54:43,419 --> 00:54:44,079
Yeah.

1371
00:54:45,239 --> 00:54:50,069
So, uh, like my advice would be if
you like insurance, uh, hold on.

1372
00:54:50,159 --> 00:54:50,699
Lemme start over.

1373
00:54:51,629 --> 00:54:51,809
Okay.

1374
00:54:51,809 --> 00:54:54,989
So I am, you know, a fan of insurance.

1375
00:54:55,349 --> 00:54:56,729
But that's of course a personal choice.

1376
00:54:58,349 --> 00:55:01,379
And I'm gonna say like if you have
insurance, I also an emergency fund

1377
00:55:01,379 --> 00:55:03,629
as well because there are things
that are not covered by insurance.

1378
00:55:03,629 --> 00:55:06,329
You have your insurance deductible
or maybe it's not something

1379
00:55:06,479 --> 00:55:09,239
directly related to your physical
horse, but you know, something

1380
00:55:09,239 --> 00:55:10,379
else you need your emergency son.

1381
00:55:10,469 --> 00:55:10,679
Yeah.

1382
00:55:10,709 --> 00:55:14,769
So both of those things    but
someone's like, okay, should

1383
00:55:14,769 --> 00:55:16,989
I insure all of my courses?

1384
00:55:18,279 --> 00:55:21,099
I would get quotes from multiple.

1385
00:55:22,194 --> 00:55:28,134
Insurance brokers and I would talk to
your friends about what broker they

1386
00:55:28,134 --> 00:55:30,144
work with and what their experience was.

1387
00:55:30,924 --> 00:55:33,324
You don't have to go at the
first quote that you got.

1388
00:55:33,324 --> 00:55:33,414
Mm-hmm.

1389
00:55:34,974 --> 00:55:39,864
So yeah, get a couple quotes and like
maybe the, uh, cheapest one actually

1390
00:55:39,864 --> 00:55:41,304
doesn't give you the most coverage.

1391
00:55:41,334 --> 00:55:41,574
Yeah.

1392
00:55:41,724 --> 00:55:45,414
So, yeah, like we were saying, like
be curious and like ask questions and

1393
00:55:45,414 --> 00:55:48,504
see what, uh, really you're getting
the biggest bang for your buck there.

1394
00:55:48,504 --> 00:55:49,314
Hmm.

1395
00:55:49,974 --> 00:55:51,114
Before we started recording mm-hmm.

1396
00:55:51,384 --> 00:55:54,564
We talked a little bit about the
question that a lot of horse people

1397
00:55:54,564 --> 00:55:57,144
bring up, which is, do I have
enough money to buy another horse?

1398
00:55:57,264 --> 00:55:57,624
Yeah.

1399
00:55:57,774 --> 00:55:58,644
People ask me that.

1400
00:55:58,644 --> 00:56:02,694
Or  maybe they're, they're hiring me
because they wanna get back into horses.

1401
00:56:02,694 --> 00:56:04,254
They're like, I don't even
know if I can afford this.

1402
00:56:04,254 --> 00:56:05,874
They're like, whoa, let's talk about it.

1403
00:56:05,874 --> 00:56:06,804
I love this question.

1404
00:56:06,804 --> 00:56:07,944
Or Can I get another horse?

1405
00:56:08,214 --> 00:56:11,094
So  can I get a horse or
can I get another horse?

1406
00:56:11,154 --> 00:56:12,175
Right, right, right, right.

1407
00:56:12,180 --> 00:56:13,944
So where the heck do I start?

1408
00:56:14,004 --> 00:56:14,694
Oh my gosh.

1409
00:56:15,414 --> 00:56:17,454
Okay, so you're looking
at your true expenses.

1410
00:56:17,454 --> 00:56:17,634
Yeah.

1411
00:56:17,974 --> 00:56:24,454
And  what I like to do is let's have a
few practice months where you pretend

1412
00:56:24,454 --> 00:56:28,894
like you're having another horse and
you're allocating money every month.

1413
00:56:28,894 --> 00:56:30,484
You add those categories to your budget.

1414
00:56:30,514 --> 00:56:30,784
Yes.

1415
00:56:30,964 --> 00:56:34,234
You're adding, you're allocating
money every month to those

1416
00:56:34,234 --> 00:56:35,794
additional horse expenses.

1417
00:56:35,824 --> 00:56:35,974
Yeah.

1418
00:56:36,274 --> 00:56:40,054
And you get a pulse for like, okay, am
I feeling like really stretched thin?

1419
00:56:40,054 --> 00:56:41,434
Or like, actually I can do this.

1420
00:56:42,429 --> 00:56:45,819
Then after a few months, you
have money saved up that you

1421
00:56:45,819 --> 00:56:47,139
can put toward a new horse.

1422
00:56:47,259 --> 00:56:47,679
Oh my gosh.

1423
00:56:47,709 --> 00:56:48,249
Yeah.

1424
00:56:48,249 --> 00:56:51,249
So do the test run  to,

1425
00:56:51,369 --> 00:56:52,929
to see what you got going on there.

1426
00:56:53,079 --> 00:56:53,649
Cool.

1427
00:56:53,649 --> 00:56:55,749
I really, that's actually,
what would you call that?

1428
00:56:55,749 --> 00:56:57,429
Like horse ownership test run?

1429
00:56:57,429 --> 00:56:59,499
Like what would you do that
one month, three months?

1430
00:56:59,889 --> 00:57:00,309
Gosh.

1431
00:57:01,389 --> 00:57:03,789
Definitely more than one
month, I would say minimum.

1432
00:57:05,334 --> 00:57:06,624
Minimum three months.

1433
00:57:06,624 --> 00:57:09,354
I mean, you know, maybe, you
know, there's no hard and fast

1434
00:57:09,354 --> 00:57:10,404
rule, but minimum three months.

1435
00:57:10,524 --> 00:57:10,734
Okay.

1436
00:57:10,854 --> 00:57:11,064
Yeah.

1437
00:57:11,064 --> 00:57:11,904
It's a really understanding.

1438
00:57:11,964 --> 00:57:14,454
That's amazing advice because
that's something that you can do.

1439
00:57:14,454 --> 00:57:14,544
Mm-hmm.

1440
00:57:14,934 --> 00:57:16,644
And then you have that money set aside.

1441
00:57:17,004 --> 00:57:17,064
Yeah.

1442
00:57:17,064 --> 00:57:19,164
That if you're like, yeah, that
felt good, then you're already

1443
00:57:19,164 --> 00:57:20,364
in a more empowered place.

1444
00:57:20,694 --> 00:57:21,204
Totally.

1445
00:57:21,354 --> 00:57:21,774
Wow.

1446
00:57:21,774 --> 00:57:22,074
Totally.

1447
00:57:22,104 --> 00:57:22,704
Okay.

1448
00:57:23,004 --> 00:57:25,434
Well thank you so much for coming
on the podcast, Mary Hurston.

1449
00:57:25,434 --> 00:57:27,504
I really enjoyed this conversation.

1450
00:57:27,564 --> 00:57:28,944
Oh my gosh, my pleasure.

1451
00:57:28,944 --> 00:57:30,114
This has been fabulous.