As a horseracing fan, you love going to the track and you have dreamt of having a racehorse of your own. You have thought about what being in the winner?s circle would be like and how it would feel to take home the winnings. You may have thought about all of these things, but have you seriously considered what would be required to buy a thoroughbred racehorse and what would be needed to take care of it? If you are really interested in owning a thoroughbred, it?s important to learn more about the industry and everything that goes into ownership before you decide whether thoroughbred horseracing is a sport you want to become more involved with.
Behind the scenes of horseracing, a lot is going on. You will need to know about the different variables that go into the purchase of a racehorse. Before you invest, you need to find the answers to these questions.
* Do you have the financial stability to not only purchase a thoroughbred racehorse but also the financial means to pay the monthly expenses related to caring for, training, and stabling the horse?
* Can you safely invest those funds knowing that you may not get a quick return on your investment or could potentially take a loss?
* Do know how much the racehorse will cost each month and what those expenses are for?
* How much time is available for you to devote to owning a racehorse?
* Do you want to be an active participant in making the decisions?
* What types of races and at what level do you plan to compete?
* Do you want to take all the risks and pay all the costs involved with owning a racecourse or would you prefer to join any horseracing partnership or syndicate?
* Do have an understanding of horseracing partnerships and syndicates and how they work?
* Do you believe you are prepared for the liability and the tax burdens of being a licensed racehorse owner?
If any of these questions make you nervous, it would be wise to rethink your position until you feel more confident and sure of yourself. There are organizations such as, the Thoroughbred Owners and Breeders Association (TOBA) as well as professional advisors, attorneys, accountants, and other thoroughbred owners who are available to lend helpful advice and steer you in the right direction.
Though watching thoroughbred horseracing is exhilarating, there are lows that go along with the highs. Being a spectator is one experience but watching a race as a partner or owner of a racehorse is quite another.
Behind the scenes of horseracing, a lot is going on. You will need to know about the different variables that go into the purchase of a racehorse. Before you invest, you need to find the answers to these questions.
* Do you have the financial stability to not only purchase a thoroughbred racehorse but also the financial means to pay the monthly expenses related to caring for, training, and stabling the horse?
* Can you safely invest those funds knowing that you may not get a quick return on your investment or could potentially take a loss?
* Do know how much the racehorse will cost each month and what those expenses are for?
* How much time is available for you to devote to owning a racehorse?
* Do you want to be an active participant in making the decisions?
* What types of races and at what level do you plan to compete?
* Do you want to take all the risks and pay all the costs involved with owning a racecourse or would you prefer to join any horseracing partnership or syndicate?
* Do have an understanding of horseracing partnerships and syndicates and how they work?
* Do you believe you are prepared for the liability and the tax burdens of being a licensed racehorse owner?
If any of these questions make you nervous, it would be wise to rethink your position until you feel more confident and sure of yourself. There are organizations such as, the Thoroughbred Owners and Breeders Association (TOBA) as well as professional advisors, attorneys, accountants, and other thoroughbred owners who are available to lend helpful advice and steer you in the right direction.
Though watching thoroughbred horseracing is exhilarating, there are lows that go along with the highs. Being a spectator is one experience but watching a race as a partner or owner of a racehorse is quite another.
About the Author:
C. Anne Baker's life has involved thoroughbred horseracing and breeding for many years. She also contributes to horseracing charities. For a limited period, visitors to her website PartnersInThoroughbreds.com can receive her notable guide Becoming Involved A horseracing Partnership
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