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

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Dear Horse World, it's Mary Sen McCanns,
Mary Hurston.
Welcome to the Dear Horse World Podcast.
Ah, Noelle, I am so hyped tobe here, so I'm super excited
that you're in the studio today.
You got introduced to methrough Chelsea Kennedy.
Indeed.
Do you wanna share witheveryone who's listening?
We're watching how you know Chelsea?

(00:22):
It's because of you.
Yeah.
Yeah.
And I dunno if you know that.
I dunno that.
Yeah.
It's because you, um.
a few years ago I read Tick's book.
Yeah.
Dick Maynard's book.
Yeah.
And then I looked him up onpodcasts and heard your podcast.
And then I heard Chelsea's podcast.
And then I got on the platformand took Chelsea's course.

(00:45):
Yeah.
And I was like, wow.
Her masterclass.
Her masterclass.
Oh.
And I was like, wow, thiswoman knows what's up.
And I wanna learn from her.
And so I sent her an email andbasically told her that and then came
down to Florida to train with her.
And, uh, it is been a few years nowand I'm back down in Florida with
her and still training with her and.

(01:07):
So really coming full circle,sitting here with you.
Oh my gosh, I had no ideaasking that question.
I thought you were gonna be like,oh, you know, we know each other
through, I don't know, met at ahorse show or something like that.
Oh, wow.
Okay.
Oh, I'm a little speechless.
That's really awesome.
I love those full circlemoments in the horse world.
They really make me happy.
Me too.

(01:28):
So why don't you sharewith everyone what you do?
Okay.
So I am a coach and a budgeting nerdwho is on a mission to teach equestrians
how to manage their daily financeswithout fear and shame so that they
can be financially resourced and pourtheir genius back into the horse world.

(01:51):
Okay, so first of all, amazing.
Second of all, what, what, what do yousay to everyone who's listening, going,
like money and budgeting and the horseworld kind of don't go hand in hand.
What would you say to them?
Oh, yeah, yeah, yeah, yeah.
Like, 'cause you're saying becausethe horse world is so expensive.

(02:12):
Yes, yes.
And I would say like, hard.
It is expensive for sure.
And for me, that's whybudgeting is so important.
And when I say budgeting, I don't meanlike being restrictive or being frugal.
I mean being realistic about whatyour expenses are and orienting

(02:34):
around what do you want and what doyou wanna do to get what you want.
Ooh, okay.
So when you get a new client mm-hmm.
Of which, and I, and I think Chelseawould be okay to say like, yeah,
you actually work with Chelsea.
You've actually worked with her inyour field, so she's not just your
trainer, but you've actually, shesaid to me like, you changed her life.
Oh, when it came tobudgeting and uh, yeah.

(02:55):
Management of finances, which is so cool.
Yeah.
So you obviously, and like the feelingI got when I talked to Chelsea about.
About your work was that she was like,she just seemed really empowered.
Mm-hmm.
So do you believe that people can feelreally empowered around their finances
when they maybe apply some of the toolsthat you're gonna talk about today?
Oh my gosh, absolutely.

(03:15):
Absolutely.
And that is, uh, you know, like,I wanna own that, that own that
empowerment and spread that to people.
So, so when you get a new client mm-hmm.
What is the first thingthat you tell them?
Okay.
The first thing I, I, well, thefirst thing I ask them is how do
you currently feel about money?

(03:37):
And most people say like, reallyoverwhelmed, really anxious.
I'll get really worked up about itand then I'll wanna be avoidant.
Mm-hmm.
And uh, people often have alot of story around money.
without judgment, like there'sso much shame around money and
that's totally not my modality.

(03:59):
And then I ask them,how do you wanna feel?
Hmm.
And people wanna feel like you weresaying, they wanna feel empowered.
They, uh, don't wanna feel frustrated.
They wanna understand what's goingon so that they can make decisions.
And they're not like constantly stressedout about how am I gonna pay my bills?
Yeah.

(04:21):
Okay.
So for everyone who's listeningor watching, I know, and I know I
wanna ask you this question because.
I think growing up in the horseworld, we all develop, I feel like
horse people develop a particularlyspecial relationship with money.
I know that I grew up being very likemade very aware of the fact that my
chosen passion and hobby and then whatcame became my career is representative

(04:46):
of like a lifestyle and a sport that islike way more expensive than anything else
that I could do besides maybe yachting.
Yeah.
I was, I grew up from a very youngage, you know, for better or for worse.
I know my parents were verycommunicative about that.
Mm-hmm.
And how much more my sort oflike how much more horses and my

(05:07):
chosen sport costs compared toothers or others that I could do.
Yeah.
So like, I'm really interestedin hearing some of the things
that people share with you.
Obviously we're not gonnaname any names, but like.
What are some of the things that,just so that everyone who's listening,
including myself, can maybe feel a littlebit like we're not alone in some of
the stories that we have about money.

(05:29):
Oh my
gosh.
You, you are not alone.
You have, uh, a huge community ofpeople who are also going through
what you're going through about.
Mm-hmm.
Or anyone who's going through like,wow, this is really expensive.
Yeah.
Yeah.
Like, I'm really, I don't know if thisis how you're feeling, but like I'm
really, uh, overwhelmed about this,or maybe I feel guilty about this.

(05:51):
Like, wow, I'm really puttinga lot of money into this thing.
Yeah.
You know, and like, gosh, like.
I was saying there's so much shamearound money, and I think that's because
money is so tied to security and likehaving enough and being enough and
sometimes even tied to morality, and Idon't buy into those misunderstandings.

(06:17):
Cool.
Yeah, yeah, yeah, yeah.
So when you talk, when you first, likeinitially start working with clients.
What are some of the stories thatthey tell themselves about the money
that they spend on their horses?
Oh
I'm always gonna be broke.
I, uh, like I'm dumb for not beingable to manage my money or I don't

(06:39):
have time to do this or, uh, yeah.
And it's like, no, you're,that's not it at all.
You know, like, you're not dumb.
Like you're not stupid, you're not lazy.
Yeah.
Okay.
Amazing.
Then what's the, what's thenext thing that you do Once?
Okay.
So once you, 'cause it sounds really coolthat you seem to identify the emotions

(07:00):
around money y why is that so important?
Oh
Because like I was saying, there's so muchstory around money and often, uh, because
we have that story, we're avoidant.
We're avoidant of looking at it.
We're avoidant of making aplan because yeah, because
that story feels really scary.
Yeah, yeah,

(07:20):
yeah, yeah.
Yeah.
It's like it's like a dark room maybethat you're in and you're like, Ooh,
I don't wanna turn on the lights.
And, you know, I don't knowif you've ever, great analogy.
Good.
And I think like, I, I am forone, you know, I've definitely
moved through the world.
Knowing and being very aware andsometimes often very self-conscious.

(07:41):
Mm-hmm.
Of how much money our horses,my horses, my choices.
Even different opportunities I'vehad with my horses or in my riding.
Mm-hmm.
But then just like always.
That, like you said, likeit's like a dark room.
Yeah.
With light you don't wanna turn on.
You're just like, and there's areal avoidant aspect of it and
when I talk to so many friends andI talk to so many people mm-hmm.

(08:02):
In the industry, it's like a thingthey just don't wanna look at.
Totally, totally.
And you know, even notrelated to many like.
I can totally empathize with, and maybeyou can too, about like oh, I like
don't wanna feel that feeling, so I'mnot gonna, I'm not even gonna look at it.
You know what I mean?
Yes.
Totally.
So what are some of the firststeps before we dive in?

(08:24):
So, by the way, everyone who's listening,this is a no stupid questions episode,
which means that members of ourcommunity and members of the NF plus
membership have sent in questions thatthey wanted to ask Mary Hurston about
financial management and budgeting.
As horse owners.
And so I know that this is such, I,this has been a very requested episode.

(08:45):
Oh my gosh.
This is, yeah.
This is a very exciting episode, Ithink for everyone in the community
because it's something thatdoesn't get talked a lot about.
Okay.
You know, and I think one,because I think one of the.
Most important things to, to sort ofname, I'm gonna name is the horse world,
is the horse industry as a whole isexpensive and it's getting more expensive.

(09:05):
Right.
Just the general economy of things.
Things are costing morethan they've ever costed.
Mm-hmm.
There's also more opportunities, there'smore modalities that are available to
our horses, so aren't dollars gettingspread in so many different directions.
Right, right.
The other thing is that the horseworld also has such a. Wide diversity
of eco socioeconomic backgrounds.

(09:26):
Totally.
You know, it's not like.
You know, I would say maybe inPolo it's slightly less diverse.
I would say Polo is a little bit moreconcentrated in terms of wealth just
because the amount of horses that youneed to have to participate in that sport
kind of puts you maybe in a differentsocioeconomic demographic than others.
But everyone who's listening, ifyou're a polo player, and that's

(09:47):
not true, obviously, I totally.
Respect that there are gonna be poloplayers from all sorts of walks of
life and backgrounds, but there'sa lot of people who are making just
scraping by in the horse world.
Like they're really just, they're,they're hand in mouth as they say.
Like they're really just, they'resome of a, I know there's a lot of
people in the horse world that chooseto have own horses, not houses.

(10:10):
That's a big one.
Mm-hmm.
They, you know, there's a lot andwe're gonna see some questions from
the community talking about like.
Realizing they spend more moneyon their horse or their horse's
supplements and then maybe spendon their own food budgeting.
So what are some of the first tips andpiece of advice that you would give?
Our listeners around moneymanagement as a horse owner.

(10:33):
Hmm.
Okay.
I love this question.
Okay.
So just like in riding, uh, you know,their basics and the foundation,
everything really builds from there.
For budgeting the basics areunderstanding your true expenses.
And that's once I startworking with clients.
We do a deep dive and create theirbudget based on their true expenses.

(10:54):
So it's not just monthly expenses likeboard and lessons, but you know, every
three years you need trailer tires.
So, uh, let's put that in your budgetand it'll be a smaller monthly expense
and like, uh, the dentist and the vetand embracing those true expenses.
So that, uh, you know, therollercoaster of horse ownership?

(11:16):
Uh, yes.
Yeah, yeah, yeah.
It evens out a little bit and when youdo have those unexpected things come
up, you're better prepared for them.
Wow.
I never, yeah.
Like that seems so notobvious, but just like, yeah.
You would take into accounteven the one-off mm-hmm.
Costs that you're gonna get everycouple years, but you're saying that you

(11:37):
should budget and allocate for those.
When you look at your monthly costs.
Hmm, indeed.
Yeah.
Yeah, yeah.
Wow.
Yeah.
Okay.
Okay.
So first MythBuster Rise.
Okay.
What are some simple waysin which people can budget?
Like how, you know, if someone'slike, 'cause there are gonna be
people who are listening that maybehave never actually done a budget,
or maybe they're fresh outta college.

(11:57):
Yeah.
You know, so budgeting is something thatoddly enough, no one teaches us how to do.
You don't learn it in a university.
You don't learn it in high school.
This isn't like part of acourse or a class or like,
are prerequisites for living?
Adults?
Adults.
And yet maybe it should be.
So what's the 1 0 1?
What's like the full.
ABCs of budgeting.

(12:18):
Okay.
So I use an app that I loveand I get all my clients on it,
and I'm not sponsored by them.
But I, I really love this appand it's called Y Nab, YNAB.
Okay.
And it is, uh, dare I say, fun to use.
Yeah.
And really easy to use.
And so yeah, that's a greatplace to get started on that app.

(12:40):
And, you know, embracingyour true expenses, that's
something that YN also teaches.
And yeah.
And so you're being realistic aboutlike, okay, this is actually, you know,
an expense that I have and then you'regiving every dollar a job, so let's, cool.
Yeah.
Let's say, okay, let's say you'vegot $2,000 in your bank account.

(13:01):
Yeah.
And you're looking at your budgetand you're like, okay, I need.
I wanna put X, Y, Z forthis, this, and this.
You're taking that $2,000 andyou're putting it in all of
those categories, so it's really
intentional.
I love the way you talkabout money and budgeting.
Like I actually feel more enthusiasticabout it just sitting with you here.
Oh my
gosh.
Talking about it.
Oh my gosh.
Uh, I just I think it's really

(13:23):
fun and, uh, like I getso excited about it.
Mm. Mm-hmm.
It must be really helpful too.
I think it, you, you clearly come froma perspective that, you know, like.
Knowledge is power.
Mm-hmm.
And you obviously working with, I feellike you must be like a nurse or a
doctor, like, you know, all the, like,you know all these aspects because you
talk to so many people about money.

(13:44):
Yet I, I can tell, I can see in youreyes that you're like, this is so simple.
Oh my gosh.
And yet so elegant.
Yeah.
You know, oh my gosh.
Uh, maybe in a past life I was somesort of healthcare provider who knows?
Well, because I referenced the healthcareproviders, because they know like
when there's a F first, this sort of.
Doctor, client privilege.

(14:05):
Mm-hmm.
That person.
But you also have to be quitevulnerable with your Right.
With nurses and doctors.
'cause it's your health.
Totally.
Right.
And I think a lot of peoplelistening would compare.
Money to like vulnerability,like letting, oh gosh.
But yes, sitting down withsomeone and being like, okay,
this is all the, this is my money.
This is all the thingsthat I spend my money on.
I would imagine, and I mean, I know Ispeak for myself, I feel like that's a

(14:29):
very vulnerable topic for a lot of people.
Oh my gosh, absolutely.
And I tell people like, ifyour goal is to start like a
gerbil racing empire and like.
Have a thousand dollars left over,they want to go to the casino.
Like, that's great.
Like, it doesn't matter to me like,you know, what it is that you want.

(14:49):
Or, you know, like that sort of thing.
And gosh, I just feel so freeof judgment and I think that that
really, uh, creates that safe space,uh, for people to be vulnerable.
Mm. Yeah.
So why nab?
Mm-hmm.
Which we'll include inthe show notes, I forget.
Fabulous.
I know that I'm gonna bechecking this app out.

(15:09):
So this is a, an app designed to makebudgeting, like really idiot proof.
Mm-hmm.
And like easy to use.
Yeah.
And it sounds like fun to you.
Yeah.
And why do you think that'simportant For all of us?
Hmm.
Especially for equestrians becauseyour days are so full already.
Mm. And you probablydon't have a ton of time.

(15:29):
So you need a system that isreally easy to maintain, like two or
three minutes a day, kind of easy.
Okay.
To maintain.
Yeah.
So something that my fiance always wantsme to do and I'm not very good at is like
keeping receipts and tracking expenses.
Mm-hmm.
Why is that so important?
Mm, yes.

(15:49):
Okay.
So I'll give an example.
I was helping a client,
determine what she needsto charge for board.
She was saying like, gosh, Ihaven't gone up in two years
and it feels like every month.
I'm short every month.
And so I pulled all of her data fromYA and we looked at her expenses

(16:10):
over the course of the year and whatshe spent on staff and feed and hay.
And so it's so important to have thatinformation so you can say like, oh.
Actually what I need to be charging forboard is X, Y, Z based on my expenses.
Hmm.
I think a lot of horse people do a lot ofnapkin math or maybe math in our heads.
Yeah, yeah, yeah.
So it sounds like it would bereally helpful or supportive for.

(16:36):
For, for us to really sit downand like actually plug in.
'cause it's different toeven writing it right.
On a piece of paper Right.
Is actually plugging it into anapp or into an Excel spreadsheet.
Mm-hmm.
Where we can actually see howthings, because I mean we all
know this, but like it adds up.
It does, but things really addup like little things, you know?
Yeah, yeah.
And I was like, oh, you know,like that won't actually add up.

(16:58):
But then when you look compounding over,you know, over days and weeks and years,
some, some expenses that, you know, youmight not think add up, but they do.
Indeed.
Indeed.
And then also you know, especiallyin the horse world having that
map, that financial map for yourself
mm-hmm.

(17:20):
Gosh, because, hold on, let me back up.
Yeah.
A lot of times people say like,no two months look the same.
Like some months really highincome and some months not.
Yeah.
Like there's no way that Ican budget because I don't
have a set amount every month.
But those are actually the peoplewho need a budget the most.
So in those higher income months,you've got your categories.

(17:41):
You can allocate your dollars, bereally intentional about it in those, uh,
higher income months to future months.
So in those lower income months it'sokay, like you've got your bases covered
because you're intentional about it.
Second myth busted.
Yeah.
That if you have arollercoaster of income mm-hmm.
On an annual basis that youcan't budget, you actually can.

(18:04):
You should or I don't like, you know,I always say you shouldn't, should,
don't, should yourself, but you can.
Right.
And it would be empowering.
Step.
Yeah.
To
do so.
Yeah.
And I mean, if you're like, youknow, the system that I have,
it works for me like great.
Like but if you're like, Ooh, I'mlike pretty anxious about this, or

(18:25):
overwhelmed, or I want more clarity,then I would say budgeting is for you.
Cool.
Okay.
So now we get to open the jar.
Okay.
We get to pull and someof, some of these episodes.
I write the questions down on piecesof paper, which I have to read
because no one can read my writing.
Okay.
But we actually, these are printedso we can each take a turn, so

(18:48):
you get to take your feet one.
Okay.
Okay.
I've recently been working hard ata budget and tracking every penny.
I have learned that I spend four xon my horse's, feet and meds than I
do on my family's food Frowny face.

(19:08):
How and where can I reduce these expenseswhile still taking care of my horses?
So to answer, I'm gonnaanswer this question like in
a couple of different parts.
Great.
Okay.
As long as everyone is fed and you're,you know, you're like, you know.
In a comfortable place with yourfinances, like I don't think there's
any shame in spending more money on yourhorse's food than your family's food.

(19:31):
You know, like, especially if you havelike 10 horses and maybe like three family
members, you know?
That makes sense.
Or you live in a, a place.
There's a lot, there's certain states ofthe United States, for example, that have
really affordable food pricing comparedto like if you live in California Yeah.
The taxes on food are much higher.
So yeah, the costs are much higher.
Totally.
So, you know, like the shame aspectthere of like, oh, I'm spending more on

(19:56):
my family's food than my horse's food.
Like, uh, sounds like something thatmaybe you wanna address and maybe
there's like a misunderstanding there.
Mm.
And then, but if you're like, oh.
Like she was saying, like I do, orhe or she was saying like, I wanna
spend less on my horse's food.
Gosh.
And I'm not an equine, uh, nutritionist.
Mm-hmm.

(20:16):
But that could be, you know, a reallygood place to, to start with a pro
and say like, Hey, where can I get
the most bang for my buck?
Yeah.
Or maybe like, I think she says, whereand how can I reduce these expenses
while still taking care of my horses?
Mm. Well first I love that you basicallysaid, well, you might not have to.
Yep.
Like maybe the emotion.
Which is something I wasn't expectingfrom this episode was that a lot of, I

(20:38):
think a lot of the energy that existsaround money sounds very emotional.
Yeah.
And that's like, I think even us justnaming that feels really empowering.
Totally.
That actually you might, you know,maybe just reframing a circumstance is.
The first step mm-hmm.
To being, feeling more empoweredaround your expenses with horses.

(21:00):
Totally, totally.
You know, I think it goes back to thebasics of budgeting is like really
understanding your expenses and then youget a clearer picture of like, okay,
basically if, if your expenses are higherthan your income, you can do three things.
You can reduce your expensesor really two things.
You can reduce your expensesor bring in more income.
Mm-hmm.

(21:20):
And so once you get that clearpicture, you can think like,
okay, what do I really want?
What do I wanna do to get what I want?
Like, do I wanna reduce my expensesor do I wanna bring in more
income or a combination of both.
Mm. I'm gonna add to that too for, for theawesome human that sent in that question.
Yeah.
Because I think that's also, I washaving an amazing catch up with one

(21:45):
of our masterclass instructors, maxCorcoran, who was like a world renowned
groom and she talked a lot about.
You know, like we actuallycan over supplement.
Mm. Right.
And that sometimes we're not alwayssupplementing what our horses need.
So there, I think there are a lot oftools for all us horse owners out there
to actually be able to find out what ourhorse really, truly needs from a like

(22:07):
to have a nutritionally balanced diet.
Yeah.
And make sure that being all theirneeds are being met nutritionally.
Mm-hmm.
We might actually be overspending.
Yeah.
In a way that doesn't, that it's actuallynot, not connected to horse welfare.
Right.
But maybe more connected tolike a, a lack of information.
Mm-hmm.
Or, and I think that that's what's sobeautiful about this day and age Yeah.

(22:28):
Is that we have access, we have ways evenfree, there's free resources out there.
Mm-hmm.
That you can.
Get your horse's dietary needsmeasured, and you can actually get
someone to tell you, okay, thisis really what your horse needs.
Mm-hmm.
For the level of activity that they have,for the environment that they're in.
And I think that's really empowering alsoto know that maybe the, the spend there

(22:52):
is potentially has an opportunity, right.
To be like remeasured.
Yes.
Yes, yes, yes, indeed.
Okay.
I'm gonna pick the next question.
Okay.
What do you think will be the biggestshift in the industry over the next 10
years in terms of financial practices?
IE more syndicates, multitrainer barns, less showing

(23:12):
for average riders, et cetera?
Ooh, gosh.
Hmm.
Let me get to my crystal ball here.
I think as you know, prices rise, acouple of different things could happen.
Mm-hmm.
You know, like, uh, maybe,uh, more people are like, oh.

(23:33):
Prices are rising.
Let me actually like, look at this.
Yes.
Or prices are rising.
Like I need to adapt how I am involved.
Evolved in, involved in thissport like this person was saying.
Yeah.
Yeah.
And I think in some of the other episodesthat we've recorded with guests, there is
a talk a lot about sort of participationin horse competitions mm-hmm.

(23:54):
Or horse shows whether peopleare, are able to participate at
the level that maybe they're.
F pre, like their family members did inother generations or the way that they
could have when they were their kids.
Mm-hmm.
You know?
But I think that there's so manyopportunities to live a fulfilling.
Life or journey with your horse if youcan't show as much as you wanted to.

(24:17):
Right.
Or maybe at all.
You know, I wonder whether that'sgoing to be a part of the future
is that some, some of us or somepeople within the horse world mm-hmm.
Choose not to or can't asmuch spend money on, on horse
competitions and whether that's.
Maybe not as negative of a thing mm-hmm.
As some people might feel.
That's sort of like somethingthat I've noticed in some of the

(24:39):
conversations I've had of late.
Yeah.
Yeah.
And no.
Well, I think what you're doing ismaking like world class education
accessible to so many people.
Mm.
Gosh, I mean like one asset tothe horse world for people.
At all different levels, uh, you know,economic levels, experience levels.

(24:59):
Mm-hmm.
And I think those resources, theresources that you're providing
are only gonna get more valuable.
Mm, thank you.
I really appreciate that MaryJo.
And that's like, yeah, I think one of thethings that I've learned on this journey
is like horse shows for so many of us,especially those of us who like showed
a lot as, as juniors or young riders.

(25:22):
Horse competition offers like so much.
It really does.
And it offers a feed like feedback asto where you're at in your journey.
Mm-hmm.
And now there are so manyways in which we can.
We can achieve that orlike source that feedback.
Yeah.
We have to just get it from competition.
Right.
And I think that there's, I think we,we definitely at NF plus and on the,

(25:45):
in the Noell Floyd community, we'rereally trying to create opportunities
and accessibility to get that feedbackwithout maybe having to spend the money
on horse competitions as they get, aslike the cost of everything goes up.
Right.
So I, yeah, I really appreciate that.
That mention, 'cause that, yeah,that's definitely part of, I think
everyone, there's so many people inthe horse world that are trying to make
things more accessible to everybody.

(26:07):
Indeed.
Indeed.
Okay.
Next question.
Okay.
Okay.
I'm a part-time professional who worksfor someone else as an assistant trainer.
I've had a job outside of horses too.
I have no interest in runningmy own training business.
However, I have contemplatedstoring an LLC to write off some

(26:30):
of my personal worst expenses.
Is it worth it?
I need to put a disclaimeron this episode.
I am not an accountant or acertified financial planner.
Uh, so you sort of likeretirement or a tax question?
Hmm.
I would have to, to say for this personhow I would answer that is, talk to

(26:53):
maybe talk to a couple of accountants.
Mm. Uh, and weigh a couple ofdifferent opinions to see if
that is the best choice for you.
Nice.
Yeah.
Yeah, yeah.
Yeah.
And you say a couple, why a couple?
Hmm.
To just sort of like get apulse for what's out there.
Like you know, this is a prettybig decision about, you know, if you

(27:15):
wanna get an LLC and so it's, I couldjust think, get a couple of opinions
and see like, uh, which one feelslike it's an integrity for me to do,
like, make sense for my lifestyle.
Yeah.
I love, it's like the, there's a great,there's a great piece of advice, often
says, always seek a second opinion.
Yeah.
Which I think applies tothis area as well, right?

(27:37):
Indeed.
Indeed.
Okay.
Next question.
What are your thoughts on horse insurancewith surgical and full mortality?
I have my horse insured forhis value at time of purchase.
His value has increased, but I haven'tincreased his insurer, his, I guess
his, his insurer due to the premium.
Should I increase it?

(27:57):
Mm.
Okay.
So, uh, I'm also not a horse insurer,but I, I personally have my horse
insured with you know, major medicaland colic and all of that stuff.
Mm-hmm.
So, okay, you're thinking this personis wondering like, should I increase it?
Yeah.
Um hmm.
Okay.
I would answer that like, uh,here's how I would answer that.

(28:20):
And it would be like, go a factfinding mission to get the information
you need to answer that question.
First talk to your insurance brokerand get a quote and see what it is.
Then it's also going back to that reallyunderstanding your expenses piece.
So you're taking a good look at yourexpenses and you're thinking like,

(28:42):
okay, if something happened to myhorse am I prepared for an emergency?
Ooh, yeah.
Yeah, yeah, yeah.
And so it's like, okay, yeah, do I havethe minimum to meet my deductible and
then like some cushion in my emergencyfund, and do I feel good about that?
Like, do I have enough cash flowto handle emergencies like that?
Do I wanna increase the savings to myemergency fund for my horse instead

(29:06):
of increasing my insurance policy?
Do I wanna do both of those things?
You know, if something were to happento my horse and they were you know,
retired or something like that howquickly would I want to get back to
the level where I was with my horse andcould I, finance that, uh, you know,

(29:33):
and so and they sounds like a lotof scenarios, like you're Yeah.
You're basically sittingdown and mapping out, right.
Different scenarios that could happen.
Yeah.
Yeah, yeah, yeah.
So you're collecting all of thisinformation, and maybe you're saying like.
Okay.
Yeah.
If I increase my premium, like I canmake that, or like actually instead
of increasing my premium, I wouldfeel more comfortable having my own

(29:56):
emergency fund or start setting asidemy own fund for my next horse if
something were to happen to my horse.
Yeah.
Okay.
What you
comfortable with?
What's an emergency fund?
Ah, okay.
Okay.
This is like, now we're gonna dive deep.
Yeah.
I'm, I, I'm sure that there are a fewpeople listening to this episode or
watching this episode that are like,say, wait, what's an emergency fund?

(30:18):
'cause again, none of this justsaying to everyone who's listening
and watching, no one teaches us.
Anything about this.
Yes.
So zero shame.
Mm-hmm.
Totally.
Or we're Okay.
Mary Hur and I are both holding spacefor everyone and all the emotions.
'cause I've felt almost all of them.
Yeah, totally.
And I think there's a lot of shamethat comes when someone says something

(30:39):
and you're like, in your head, you'relike, wait, I don't know what that is.
Yeah, yeah, yeah.
But no one teaches this stuff.
Yeah.
This is one why we'redoing an episode on it.
Mm-hmm.
Mm-hmm.
And two.
Why it's okay that this is somethingthat some people might not know about.
So what's an emergency fund?
Okay.
So an emergency fund would be moneythat you put aside for those

(31:00):
unexpected, uh, things that come up.
You know, maybe, uh, you hackinto a fender bender with
your truck or you know, uh.
Your horse develops anallergy and you didn't have,
you weren't prepared for that.
Yeah.
Gosh.
And Noel, I keep saying like going backto the basics, but uh, when you understand

(31:21):
your true expenses and you're puttingmoney aside for those, every month, you're
gonna have less emergencies, you know?
Okay.
Yeah.
But it is so valuable to have that moneyset aside for those, uh, stressful
situations that you have with your horse.
To make them slightly less stressful soyou can focus on your horse and not be

(31:44):
worried about how am I gonna pay for this?
Yeah, yeah.
As we have that saying, like, hope forthe best, but prepare for the worst.
Yeah.
Yeah, yeah, yeah.
Yeah.
I think that's a very empowering,not easy, always indeed, but really
empowering step we can all make.
Yeah.
Okay.
Next question.
How can Equestrians give themselvespermission to prioritize their fair

(32:05):
financial wellbeing, wellbeing?
Without feeling like they'reletting their horses down.
Oh my gosh.
Wow.
Ooh.
This is when the emotionof what totally comes up.
There's so much emotion aroundfinancials and our horses.
Oh my gosh.
And like my heart goes outto the person who asks this
question like, I totally feel you.

(32:28):
Okay.
How can the questions give themselvespermission to Priorit zone?
Well, I'm gonna giveyou permission right now.
You all have permission toprioritize your financial wellbeing.
And how I think about that islike, uh, when you're resourced,
like financially resourced youcan pour back into the world more.

(32:51):
And or when you're resourced aboutanything, you know, it's like such a
cliche, but the oxygen mask, like youcan't, put on someone else's oxygen
mask until you put on your oxygen mask.
And so that would be how I answeredthe first part of the question.
And then without feeling likeyou're letting your horse down.
Uh, and my heart just likeso goes out to this person.

(33:11):
And Noel, I mean, you talk to somany fabulous people and sometimes
this comes up like, but our horsesdon't ever look at our bank account
and they don't care how much we make.
When I listen, when I hear that question,I think the first thing that comes to mind
is something that Carl Cook, one of ourmasterclass instructors, has spoken really
openly about, which is first like, spendmoney or value the things that actually

(33:38):
really make a difference for your horse.
Mm-hmm.
So like he's, he's very open about,you know, like, your horse doesn't
care about a new South ad. Yeah.
Like spend, like spend your attention.
Mm-hmm.
Not even money, but like prioritizeyour attention on the things that really
have a big impact and are like list onlike in terms of lists of priorities,
where are the top of priorities?

(33:58):
Mm-hmm.
So like safety and wellbeing arereally at the top of the list.
Yeah.
How you look or whether you have,you know, like a fancy new trailer.
Mm-hmm.
Like if you've got a beat up.
I know some really, really incrediblysuccessful riders who have like.
15-year-old trailer.
Yeah.
And they're looking at me going,Noel, it's perfectly fine.

(34:19):
I don't have to get a new one.
I think the horse world can be a bit.
Like a little bit distracted, alittle bit prioritized mm-hmm.
With optics.
Yeah.
And so sometimes I think weprioritize the wrong things.
Mm-hmm.
So that was the first thing that came tomind is like, friends forage and freedom.
Mm-hmm.
Those are the like to a lot ofexperts that I've spoken to,

(34:42):
both in and out of the studio.
Those are the three basic Yeah.
Like the basis, basis ofwellbeing for our horses.
Totally.
If horses have those three things,then a lot of their, their,
like their basic needs are met.
Mm-hmm.
I mean if, and then this obviously,okay, and then like a disclaimer for
that statement is like, if your horsehas special medical needs mm-hmm.

(35:03):
Or has certain physical or medicalrestrictions, like all of that
has to be taken into account.
But I think that our horses.
Sometimes don't need as much as wethink they need or they need more,
let's say time or being versus doing.
Yeah.
Right.
Like, do we spend all our money on goingto a. Super expensive event or clinic.

(35:30):
Mm-hmm.
Could you read a book and could you,instead of, I mean, and again, it's all
about like what you're capable of doing.
Mm-hmm.
Mm-hmm.
Which is all comes down to knowingand understanding your expenses.
Yeah.
Which I'm starting to reallyhear in, in this episode.
Yeah.
Which I is so empowering, butthat's what I think when I think of.
When I read that question Yeah.
Is really like, what, what is yourdefinition of wellbeing for your horse?

(35:53):
Mm-hmm.
And are you prioritizing itin the way that you need to?
Yeah.
Yeah.
Prioritizing, uh, our wellbeings.
When we do that, when we like our mentaland our physical and our financial
wellbeings, then we can actuallyshow up for our horses more, I think.

(36:14):
Yes.
Yeah, totally.
Wow.
Yeah.
Indeed.
Yeah.
I think our horses do feel if we arefinancially stressed or we are trying, I
certainly can think back on moments andexperiences where I just put so much.
At stake.
Mm-hmm.
For like the result of aclinic or a horse show.

(36:37):
Especially when I was young, likea young kid, a like a young rider,
you know, you felt the pressureand then you just weren't present.
And by not being present, youweren't able to show up at all.
Yeah.
So it's not like the money waswasted, but it certainly was
highly, highly compromised.
Mm-hmm.
So it does make me think now that I'molder and so, you know, I hopefully wiser.

(36:59):
I do think like.
Is it actually more effective ormore supportive for our experience,
especially also because we cando this for our whole life.
Mm-hmm.
Mm-hmm.
It's not like we're.
We're able to ride in ourfifties, sixties, and seventies.
So if there are goals that you have,can you put, you know, are you willing
to wait for them when you're maybe morefinancially in a position to do that?

(37:21):
Mm-hmm.
But I think about those moments inwhich I felt stressed or I felt like
my experience was compromised becauseI was distracted by the states or
the pressure I was putting on myself.
Yeah.
Yeah, yeah.
Yeah.
Okay.
And this is, uh, that makes me think ofthis like, okay, when you're thinking
about your goals and what you want.
Are you doing something becauseyou think you need it for external

(37:44):
validation or like for accomplishmentor, you know, something like that?
Yeah.
Or you doing it because you'relike, yeah, I really want this.
And, uh, when you're honest withyourself about why you're doing
something, is it, just because youwant it or because like you think you
need it so you can get that externalvalidation, then uh, I think you can

(38:08):
get more clear about what you wanna do.
Yes.
Yeah.
Ooh.
This is, this is like, thisepisode is like part mm-hmm.
Part like deep dive, philosophical,you know, like, yeah.
And spiritual and also then partlike accounting and finance.
Totally, totally.
Oh my gosh.
And ah, I'm so like, energized by this.
And something else hesaid made me think of this.

(38:30):
And this is like, when I'm thinkingabout budgeting and really when I think
about everything in life, uh, there'sa fabulous author named Byron Katie.
I don't know.
Ooh, are you met with her?
Byron Katie.
Okay.
She's great.
She, uh, shout out to Byron.
Seriously, she is so freeand I just adore her.
But she has a framework of,there's like my business.

(38:52):
Other people's business andthen reality's business.
So like, you know, is it raining?
That's reality's business, right?
Other people's business wouldbe like, uh, you know, someone,
whatever other people are doing.
And I find when you get into otherpeople's business or reality's
business, uh, like you're alot less happy and satisfied.

(39:13):
But when you're saying like in yourbusiness and in your integrity,
you're a lot more satisfied.
Oh my gosh.
I love that.
Okay, next question.
Okay.
Ooh.
Okay.
I'm really interested to hearyour an, what is the maximum
percentage of your monthly incomethat should be allocated to horses?

(39:34):
Ooh.
Okay.
So I don't I don't work with, uh,percentages, you know like the, uh.
50, 20, 30. Yeah.
Rule.
Yeah.
Yeah, yeah, yeah.
I mean, I'm saying if that worksfor you, like totally go for it.
Uh, but like where you live regionally,you know, regionally and like how involved

(39:56):
in the sport and you know, what your likeother expenses are like, vary so much.
Like I couldn't put a percentage on that.
What do you see?
Could you then give like a.
Do you have clients that spendlike 10% and then you have other
clients that might spend 50%.
And I think that might be reallyempowering sugar as listening to
understand that maybe choosingwithin a, within a range mm-hmm.

(40:18):
Might be helpful for them.
This is just
like, I haven't, you know, pulled thepercentages from my clients, but, gosh.
And honestly, even myself, it'slike normally 50% or above.
And like, I'm not ashamed of that.
Like, this is what I want.
And you know, my clients like,they're like, oh my God, I
spend so much on my horses.
And it's like like I'mnot here to judge you.

(40:40):
Like, that's okay.
Like that's what you want.
And you're also like meeting the otherresponsibilities, uh, that you want like
housing and food and uh, you know, yourown healthcare and all of that stuff.
Yeah.
Do you think that answers that question?
I think that's a great answer.
Okay.
One, because I think it allows people,it's again, the invitation to go inside.

(41:02):
Mm-hmm.
Go eternal and say,okay, what are my goals?
What are my priorities?
Mm-hmm.
And then how, and I think what I loveabout this episode and what you're
sharing with our listenership is first.
Empower yourself with what the reality is.
Yes.
And then know that on the otherside of that is no judgment.
It's not like, okay, here's thetarget and you're not meeting that.

(41:25):
Mm-hmm.
So you fail.
Yeah.
That in fact, what I love about thisepisode, Mary Harrison, is that what
you're saying is that there isn't like.
A one size fits all for financialfreedom or financial empowerment.
Yeah.
'cause financial freedom toone horse person might look
very different to the other.
Right.

(41:45):
So that's not actually.
About a specific answer to that question.
Mm-hmm.
But in fact, it's differentto, okay, what are your goals?
Yes.
How much is that gonna cost?
Yeah.
Is that achievable within thetimeframe that you've allocated?
Mm-hmm.
If not, okay.
What can you do about it?
Yeah.
Like there's so much introspection.
Yeah.
Introspective.
Introspection.

(42:06):
Yes.
It's a word.
Yes, totally.
There is so much in what you're,what in how you approach this,
which I think is really cool.
Oh my gosh.
And when we're not avoiding and we'reactually getting the information
about our finances, we have so muchmore clarity about all of this.
Yes.
Yeah.
So for those who are listening,that go, okay guys, that's great.
After I do the introspection.
Yeah.

(42:26):
What are some sort of, what are somemore concrete or like what is a formula?
Mm-hmm.
Even a base level formula mm-hmm.
That can be applied to my finances, toknow, to sort of give me some financial
wiggle room around some of the thingsthat I might even wanna have ambition
around when it comes to my horses.

(42:47):
Okay.
So you're gonna get theinformation, you're gonna be
looking at your expenses and, uh.
Like if you use an app, you'rejust checking in every day.
You're categorizing your transactions.
And what numbers do I put there?
Like where do I start?
What categories do I need?
Yeah.
And I like to break it down your horseexpenses into two different sections.

(43:08):
So your monthly horse expenses, and you'rethinking about like, okay, like uh, a.
Board lessons supplement.
Fairer, fairer well far isevery five to six weeks.
But
yeah, let's just sayfairer, uh, chiro body work.
Mm-hmm.
Supplies did we alreadysay supplement supplements?
Yep.
Yeah, yeah,
yeah.

(43:28):
You know, show fees ifyou're showing every month.
Okay.
So you're like thinkingthrough those much.
Would you include gas toget to the barn and that?
So, uh, I include, uh.
Like everything in my budget, like allof my expenses and my horses expenses.
Yeah.
So yeah, that's in there.
Yeah.
Transportation for sure.
Very important.
And then when I'm thinking, okay,so got your monthly horse expenses.

(43:50):
Mm-hmm.
And then I would sit down and thinkthrough your yearly horse expenses.
So like, your memberships to theUSCF or USEA and all this insurance?
I, yes.
If you choose to insure your horse.
Right.
Truck insurance.
Trailer insurance.
Trailer and truck registration.
It's clinics.
Clinics

(44:11):
ation for clinics.
Yes.
Yes.
You don't sleep in your trailer.
Totally.
Trailer tires, truck tires.
Mm-hmm.
Trailer maintenance, like,you know, you need to get your
bearings packed every year.
Yes.
Yeah.
Put down your yearly.
I put trailer tires in there.
You only need them like threeyear, every three years.
How?
Yeah.
But, but you

(44:32):
could also, you could like
split Yeah.
Three ways, right?
Yeah, yeah, yeah.
So you're like really like thinkingthrough some of these bigger things
so when they happen, they're not thatbig of a deal and, the app that I
use, if you say like, oh, my insuranceis, you know, $1,400 a year is June,
November, it'll break it down foryou and say like, okay, every month

(44:52):
put away, you know, $94 or whatever.
So cool.
So it's not a specific like, oh, here'sthe hard number on what to spend on
this, but here's the process to gothrough to get those hard numbers.
Mm. Okay, cool.
Yeah, so people often ask, like, weget to the vet category and they're
like, oh my God, I. What we already

(45:12):
start sweating.
Yeah.
Like what happened in this category?
I'm like, I hear you.
I see you.
And uh, like for those, those big expensesand expenses that are gonna be variable
I always say some is better than none.
Like.
You will be so glad that maybeyou're like, I don't know how
much my vet bill is gonna be.

(45:32):
You're gonna be so gladthat you put $500 aside.
Uh, like, let's say your bill is$900, you're gonna be so glad that
you have that $500 than $0 set aside.
Yeah.
So yeah, some is better than none.
And I was start withwhat do you know, like.
You know that your horse isgonna get shots twice a year.
Yeah.
And maybe your dentist comes at thesame time or it's a separate thing.

(45:55):
Yeah.
So like, you're like, okay,I do, I do know these things.
And maybe your vet. Does some otherprocedures on your horse that, you know,
every year, like, okay, you know that.
Mm-hmm.
And then maybe just like look back,uh, at a couple of like, years prior
and like, okay, yeah, I spent like,you know, two or $3,000 at the vet.
Like, let me just work towardssetting that aside every year

(46:17):
so that I'm ready for, the
vet visits
that come
up.
It really starts like listening to you inthis episode and then also aggregating all
of the amazing conversations that we havein the studio makes me realize that it's
actually in your financial best interestto prioritize your horse's health.
Yeah.
Oh my gosh.
Highlight, underline,put it on a coffee mug.

(46:39):
Yes, totally.
Like, and like, it's what you're doing.
Like knowledge is power, baby, you know?
And I, I love how you're thinkingabout that, and that's like how I think
about, you know, my own horses care.
Like yeah, my vet, I mean, myfavorite bill is like, it's pretty
expensive, but, uh, it's a priorityfor me because like you're saying,

(47:01):
like, I don't want something.
That I could have prevented, uh,to happen down the road because
there's so many things that wecan't prevent that are gonna happen.
Let's like, uh, mitigatethe risk where we can.
Yeah,
yeah.
So don't just stand And this was like anamazing, this was an amazing piece of it.
Oh my gosh.
Was don't just stand there and like.
Don't interact with your vet or letalone if you can be there, be there.

(47:24):
Mm-hmm.
Because that you've got primeopportunity to extract information about
your, your own personal horse Yeah.
And their health and ways that youcan improve that horse's health.
But you can also like get knowledgeand like you said, knowledge is power.
Yeah.
But also I think knowledgeis also money saved.
Yeah.
Totally.
Totally.
And I think like when we have likeenough safety within ourselves.

(47:47):
To be curious and not be like, oh, if Iask questions, they'll think I'm dumb.
Yes.
Be like, I'm here to soak it in.
Like I'm here to get this knowledge.
What an investment in yourself, you know?
Well, and your voices help.
Yeah.
And that's the inspirationbehind this podcast.
Yeah.
No stupid question.
Yeah.
Totally.
Is around the culture thatyou can ask any question.

(48:08):
Mm-hmm.
And that it's not stupid.
And I, and I, I think everyonewould agree that mm-hmm.
There's no question thathasn't ever been asked.
Right.
Do you know what I mean?
Yeah, yeah, yeah.
Totally.
If you are asking a question, I guaranteeyou there's at least one other person
out there that has asked that question.
Yeah.
So it's not stupid.
Yes.
Oh my gosh.
And I, you know, tying the knowledgeand the finances and working
with professionals like Yeah.

(48:30):
When I'm meeting with my saddlefitter, like I'm asking them
questions about like you know,like, is it worth it to do X, Y, z?
Uh, like get this kind of, youknow, I don't know, uh, assistant
saddle pad or whatever, you know?
So like, yeah, like a,yeah, yeah, yeah, yeah.
A special path for yourself.
Yeah.
Is it worth it or is, you know, shouldI put my money into this X, Y, Z?

(48:51):
You know, or like, like really askingthose questions about not just like,
oh, I'll get this piece of equipmentbecause everyone is using it, but like,
what is the value of this long term?
And should I invest more in X, Y, Z?
Uh, because it's gonna have pay off later.
I mean, exactly what you'resaying about the other elements,
but yeah, also like yeah, askingyour professionals those questions.

(49:13):
Knowledge is power.
Yeah.
Okay.
Next question.
I think it looks, or no,second to last question.
Okay.
If you trailer other people's horses alongwith your own horse to a show and charge
them, can you use your trailer as a tax?
Write off if you form an LLC.
I would say that is a fabulousquestion for you accountant.

(49:35):
Yeah.
And I love, yeah, I think that that'sone of the big pieces of advice from this
episode that we're giving everybody is.
If you have a question like that,that's worth asking an accountant.
Mm-hmm.
Sounds like it's worth all ofus to have a good accountant on
hand or like a phone call away.
Mm-hmm.
So you, would you recommend for peoplein the horse world to like, spend the

(49:59):
money on an accountant consultant, likea, because that would cost money, right?
Right, right, right.
The clients that I work with thathave an accountant are, uh, so
glad that they have an accountantwhen it's time to do their taxes.
Yeah, so I know, and if you're, uh, savingyour accountant fee or you're putting
aside money for your accountant fee,

(50:19):
yeah,
that's another expense for your business.
Uh, every month when it's time topay your account, it's not, uh, it
doesn't feel like so much of a burden.
But yeah, uh, everyone that I workwith that has an accountant is
clad that they have an accountant.
Yeah.
Yeah.
And do you think they're asexpensive as people think?
Gosh.
Like what kind of average cost areyou seeing when people spend money on
their accountant on an annual basis?

(50:40):
Gosh,
yeah.
For people with smaller businesses,it's like, you know, a thousand
dollars or less an annually.
Mm-hmm.
Like.
Really small.
Yeah.
Business situation.
And the people with really bigoperations, it's, it's a couple
of thousands thousand dollars.
Yeah.
Mm-hmm.
Yeah.
Yeah.
It, it kind of varieson your business size.
Oh, that's great information though,for people who are listening and
thinking, okay, like, do I wanna spenda couple hundred dollars on an even

(51:02):
like a con, like a consult mm-hmm.
With an accountant of like, isit worth me even having you?
Yeah.
And you know, honestly,like, I don't even know.
You could just like go talkto accountants and say like.
Can I talk to you and get your adviceand see if we would be a good fit and
like, are you gonna charge me for that?
Or they may not evencharge you to say Right.
You know, just ask them like becurious and get multiple opinions.

(51:24):
Yeah.
Don't be afraid to ask the question'cause there are no stupid questions.
Indeed, indeed.
Okay, so last question and I'll be veryinterested to hear your thoughts on this.
Okay.
Insurance worth it or not?
Hmm.
So personally for me, it isworth it and my horse is insured.
Okay.
My horse is also insured.

(51:46):
And, uh, my horse had an injury and Iwas really glad that, uh, he was insured.
Mm.
Gosh, it's really up to you if you'relike, being honest about your expenses
and your income versus expenses.
Mm-hmm.
If it's worth it to you and what youplan to do with your horse, I'd say it
doesn't hurt to talk to an insuranceagent, just get a, a quote and see

(52:08):
like, Hmm, does this feel right for me?
Like, does this align with whatI what I can do financially?
Yes.
Yeah.
And then also thinking about like,okay, uh, if something did happen
to my horse, do I have enough cashflow to handle those expenses?
Yes.
Yeah.
Yeah.
Well, I will, I mean, I'llspeak from personal experience.

(52:29):
I insure my horses.
Mm-hmm.
And it's because my first horse,who, my, my, when I finally was
able, when my family was able to,or to purchase me a horse, I was 16.
So I was much older thanI think a lot of my peers.
And unfortunately he passed.
Mm-hmm.
And when he passed.

(52:51):
The only way that I would've beenable to get a horse after him mm-hmm.
That became a hugely pivotal horse, bothin my accomplishments and in my life.
Yeah.
My first Rose Sherman was an incrediblyimpressionable horse for me as well.
But if my family hadn't chose toinsure him, I would, we wouldn't
have financially been able topurchase another horse after that.

(53:15):
And then for me to be able topursue other, like goals mm-hmm.
As a young rider.
Mm-hmm.
So I did have a really positiveexperience in terms of, and
we weren't given any pushback.
Like it was a very cleanand transparent and, mm-hmm.
Actually like fairly.
Supportive process.

(53:37):
Yeah.
And I do always mention that when someoneasks me that question about insurance, I
personally was affected by like mm-hmm.
The ability to insure a horse and then beable to see the effects of it in a Right.
A devastating situation.
And so, yeah, I mean, I know that nowafter that experience, that being my first
horse experience I feel, I feel really,empowered to spend that money in that way.

(54:04):
Also, I think insurance is not asexpensive as some people think that.
Yeah, totally.
Totally.
So that's why I said like, geta quote and see what it is.
Because like you, like, Ithink it is totally worth it.
For sure.
I.
What's advice, do you have anyadvice about people who are looking
to insure their horses or thinkingmaybe they have multiple horses?
Mm. You know, 'cause thatcan, that can also add up.

(54:26):
Yeah.
Yeah, yeah.
Yeah.
Is there anything you would, youknow, advise your clients when looking
at the cost of insuring if you arespending money on insurance and
you have an emergency fund mm-hmm.
Some people might feel like, well,that's a lot of horse shows, or
that's a lot of, you know, like Yeah.
How would, how would youadvise 'em to think about that?
Yeah.
So, uh, like my advice would be ifyou like insurance, uh, hold on.

(54:50):
Lemme start over.
Okay.
So I am, you know, a fan of insurance.
But that's of course a personal choice.
And I'm gonna say like if you haveinsurance, I also an emergency fund
as well because there are thingsthat are not covered by insurance.
You have your insurance deductibleor maybe it's not something
directly related to your physicalhorse, but you know, something
else you need your emergency son.

(55:10):
Yeah.
So both of those things butsomeone's like, okay, should
I insure all of my courses?
I would get quotes from multiple.
Insurance brokers and I would talk toyour friends about what broker they
work with and what their experience was.

(55:30):
You don't have to go at thefirst quote that you got.
Mm-hmm.
So yeah, get a couple quotes and likemaybe the, uh, cheapest one actually
doesn't give you the most coverage.
Yeah.
So, yeah, like we were saying, likebe curious and like ask questions and
see what, uh, really you're gettingthe biggest bang for your buck there.
Hmm.
Before we started recording mm-hmm.

(55:51):
We talked a little bit about thequestion that a lot of horse people
bring up, which is, do I haveenough money to buy another horse?
Yeah.
People ask me that.
Or maybe they're, they're hiring mebecause they wanna get back into horses.
They're like, I don't evenknow if I can afford this.
They're like, whoa, let's talk about it.
I love this question.
Or Can I get another horse?
So can I get a horse orcan I get another horse?
Right, right, right, right.

(56:12):
So where the heck do I start?
Oh my gosh.
Okay, so you're lookingat your true expenses.
Yeah.
And what I like to do is let's have afew practice months where you pretend
like you're having another horse andyou're allocating money every month.
You add those categories to your budget.
Yes.
You're adding, you're allocatingmoney every month to those

(56:34):
additional horse expenses.
Yeah.
And you get a pulse for like, okay, amI feeling like really stretched thin?
Or like, actually I can do this.
Then after a few months, youhave money saved up that you
can put toward a new horse.
Oh my gosh.
Yeah.
So do the test run to,
to see what you got going on there.
Cool.
I really, that's actually,what would you call that?

(56:55):
Like horse ownership test run?
Like what would you do thatone month, three months?
Gosh.
Definitely more than onemonth, I would say minimum.
Minimum three months.
I mean, you know, maybe, youknow, there's no hard and fast
rule, but minimum three months.
Okay.
Yeah.
It's a really understanding.
That's amazing advice becausethat's something that you can do.
Mm-hmm.
And then you have that money set aside.

(57:17):
Yeah.
That if you're like, yeah, thatfelt good, then you're already
in a more empowered place.
Totally.
Wow.
Totally.
Okay.
Well thank you so much for comingon the podcast, Mary Hurston.
I really enjoyed this conversation.
Oh my gosh, my pleasure.
This has been fabulous.

All Episodes

You love your horse—but your bank account? Not so much.

If you’ve ever found yourself thinking “Can I really afford this?” while clicking “checkout” on supplements or showing fees, you’re in good company. Most riders are doing their best to make the numbers work in a sport that doesn’t exactly favour modest budgets.

We dig into:

How much of your income should actually go to horses?

Is horse insurance worth the monthly premium—or not?

Can you really write off horse expenses?

What does it actually cost to show for a week at an “A” circuit venue?

How to plan for big goals like buying land, building a barn, or affording shows—without burning out

If you’re dreaming big, feeling stretched thin, or just want to take the guesswork out of your horse expenses, this episode will leave you feeling clear, capable, and way more confident.

Because in this community? There are no stupid questions—especially when it comes to money.

Episode Transcript

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}No Stupid Questions with Mary Hurston: Tackling Budgets and Banishing Money Myths