We have a mortgage which is about to be paid off. We have one car loan that is 0% so I don’t count that as debt but as a gift from Toyota. We keep cars for at least ten years.
I’ll agree with G and others that horses are a luxury item. I wouldn’t carry debt for horses. I wouldn’t have horses if I had any kind of unsecured debt.
I remember a conversation I had with a pro jumper rider a few years ago. We were having a financial conversation and he claimed to have all of these assets. I said that’s cool what do you have. He pointed to five horses standing in the field. I told him that those weren’t assets. He said they were worth a lot of money. I told him possibly right up to the moment they broke a leg/coliced, etc. Then they worth pennies on the pound.
For 99% of the people in the horse world, horses aren’t assets, they are just an expense.
