I'm Worth $8M, but My Financial Advisor Says I Can't Buy a $75K Horse. Dave Ramsey Gave Me a Surprising Answer

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Adrian Volenik

Sun, September 13, 2026 at 6:30 PM GMT+3 7 min read

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A $75,000 horse sounds like the kind of purchase a financial advisor will reasonably question. But what if the person buying it is worth $8 million?

That's the situation Caroline, a 54-year-old early retiree in Dallas, brought to "The Ramsey Show" recently. She wants to buy a quarter horse for reining competitions, but her financial advisor thinks she should let her investments grow more first. Caroline wasn't convinced.

A $75,000 Horse With $45,000 in Annual Expenses

Caroline has a $7 million investment portfolio and an overall net worth of about $8 million. She said her portfolio has returned 16.47% year over year.

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The horse would cost around $75,000, but that's only the beginning. Caroline estimated boarding, grooming and other expenses would run at least $45,000 a year "if everything goes right."

Personal finance personality Dave Ramsey didn't need much convincing.

"I don't know why your financial adviser even gets a vote," Ramsey said.

Ramsey estimated Caroline would have roughly $150,000 invested in the horse after buying it and covering about two years of upkeep.

"You're getting ready to put $150,000 in the middle of the floor and burn it," Ramsey told her. "But if you got $7 million, you can do that."

Caroline is a recent widow and no longer works, which makes her situation more complicated. Her investments have to support her for the rest of her life. She also has about $140,000 remaining on a mortgage with an interest rate below 2%.

Ramsey recommended paying off the house, but he didn't back away from his answer on the horse. "You should buy the horse," he said. "You can afford it."

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An Advisor Should Explain the Math, Not Make the Decision

Ramsey used a hypothetical 10% annual investment return to illustrate his point, saying a $7 million portfolio growing at that rate would gain about $700,000 in a year. That means that the horse's ongoing costs were manageable relative to her wealth.

Still, Ramsey warned Caroline about how easily one expensive hobby can turn into several expensive purchases.

"Just remember though, when it comes to horses, it's like a lot of things. It's like my cars and my guns and some other things," Ramsey said. "The first one is the gateway drug."

In other words, a luxury she can comfortably afford today could become a problem if the spending keeps multiplying.

The discussion also raised a bigger question about the role of a financial advisor. Ramsey said advisors should help clients understand the consequences of their choices, not dictate what they can and can't buy.

"The relationship you always want with your financial adviser is not parental," he said. It's a teacher."

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That's also why finding an advisor whose approach fits your needs matters. Not everyone is lucky enough to get financial advice from Ramsey. Advisor.com aims to make personalized financial guidance available to everyone by connecting people with vetted fiduciaries who fit their financial needs.

Its matching quiz takes about five minutes and pairs you with professionals who help with budgeting, taxes, estate planning and other financial decisions. Once you've found the right fit, you can book their services right away.

Ramsey did offer Caroline's advisor some benefit of the doubt. Because Caroline recently lost her husband, he suggested the advisor might be worried that such a large purchase was being driven by grief.

If that's the concern, Ramsey said, the advisor should explain it instead of simply telling her she can't afford the horse.

At the end of the day, spending $75,000 on a horse and another $45,000 or more each year may be extravagant. But with an $8 million net worth, extravagant and unaffordable aren't necessarily the same thing.

Image: Shutterstock

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This article I'm Worth $8M, but My Financial Advisor Says I Can't Buy a $75K Horse. Dave Ramsey Gave Me a Surprising Answer originally appeared on Benzinga.com