Most people would say they love pets. I know growing up I had Rabbits, Fish and Dogs. As an adult I had dogs also until I was in my mid-thirties. My first dog was a Black Lab called “Flash” and he was a fun dog but I had to leave him with my folks when I moved out of the house to an apartment. My next dog was a female Golden lab called “Mariah”, she was a great dog also but tore up the yard. Our boys would love to have a dog I know but it just doesn’t fit in our current situation.
For us the boys are busy with work and school for one thing so I would be taking care of the dog. Plus, our backyard isn’t ideal for a dog since it is a Golf Putting and practice area. My last dog would have torn it apart. Another reason a dog isn’t for us now is we travel a lot so we would have to find a place for it to stay. Also, some of our relatives are allergic to pets so they wouldn’t be comfortable staying with us. The last reason is that a dog or a pet doesn’t fit into our current budget and plans for financial freedom. But I know some of you may be saying “they are so cute”, yes, they are but there are too many reasons why not to have a pet in our situation.
I have worked with families in the past that had anywhere from one to four pets in their house which they couldn’t afford. They weren’t saving for retirement; they weren’t saving for their kid’s college and they were all in major debt problems. A pet to most people is a “want” not a “need” like we covered before in rule 38 of the Mills Way to Financial Freedom Rules.
For those of you that track your expenses you will know that they can get very expensive. One of my dogs averaged us around $1,800 a year or $150 per month. I know that number can change depending on the health of the pet and how much you pamper them. I am sure there are some people that drop a ton of money a year on their pets.
Some people have Dogs, Cats or even Horses as pets. The cost per year is going to be a lot different from a Dog or Cat to a Horse. So, I will give some examples in the podcast.
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