Several years ago, Wayne Taylor and his wife, Sheila, opened a “lifestyle savings account” to fund a special project down the road. The husband and wife team, who operate Taylor Financial Inc. in Edmonton, decided the special project would be a home in the country. Four years ago, they purchased a farm northeast of Edmonton, and now divide their time and their practice between country and city.

Horses are a part of all their country neighbours’ lifestyle, so the Taylors took riding lessons. Last year, they bought two horses.

Starting up their horsey lifestyle included:

> Purchase Of Two Healthy Horses: $5,000 apiece. “Bro—kerage fees to hire a professional to find a horse run around 10% of the purchase price,” Wayne Taylor says.

> A Pole Barn: $1,500. (A real barn starts at $50,000.)

> Fencing For 30 Acres: $3,000 for materials only.

> Tack: starting at $1,500 each.

> Tack For Rider (Boots, Hat): starting at $400 each.

> Water Tank And Heater For The Winter: $300.

> Trailer (Purchase Optional; Can Be Rented As Needed): $10,000 to $150,000.

> Total: $28,600, or $18,600 without the trailer.

Taylor estimates the annual cost of keeping each horse at:

> Vet/Farrier Fees: $600-plus.

> Food Supplements: $250.

> Hay: $250.

> Training For Rider: $750-plus.

> Horse-Related Confer-ences: $600.

> Amended Insurance Policy To Include The Horse: $100.

> Total: $2,550-plus.

“We own enough land to maintain the horses, so we don’t have to pay for boarding, which can run between $250 and $800 a month per horse,” Taylor says. “We also grow our own hay but contract out the harvesting. And the horses are our pets; breeding and shows are another world.

“As your horses age,” he adds, “you’ll have to factor in additional vet fees.”

To keep costs down, he suggests bartering skills, services, labour or time in return for boarding your horse. “Or you may have enough land or buildings on your property to board other horses for income,” he says. “But price your insurance first.

“You can also shop eBay for tack and buy only what you need, not what you want.”

By contrast, a client of the Taylors, Michelle Wright of Smoky Lake, Alta., is planning what Taylor calls “a dream horse lifestyle.” Wright, 43, and her husband, Dennis, are building a breeding herd, which they hope eventually will provide their retirement income. Currently, they have about 10 horses and a more expensive annual operational budget than the Taylors: about $5,000 per horse. This includes breeding fees, travel and boarding costs to send a mare for breeding, training fees that can run to $700 for 30 days’ basic training, and 3%-5% of the purchase price of the horse each year to insure each horse for death or medical reasons.

Taylor wants to continue his financial planning practice as long as possible, but says he and Sheila eventually will have to give up their horses.

“As you get older, being around horses becomes more dangerous,” says Taylor, now age 60. “They can buck or bolt at a moment’s notice. And, when you’re bucked from a horse at 75, it can really hurt.”

— ROSEMARY MCCRACKEN