Hobbies take time and money! My wife’s garden is only forty-eight (48) square feet and she spends hours in it every week. It is flowers, plants, herbs and even a few vegetables. I am not complaining because she enjoys it! Hobbies are supposed to be enjoyable and a distraction from your day to day activities. Hobbies can also be expensive, addictive and even a money pit.
My wife used to collect stuffed bears from around the world. Mostly European bears, but a few from other parts of the world. Every time we traveled, she would pick one up. The collection grew to two to three hundred bears and was displayed all around the house. They started to take over every empty space and almost seemed to have their own personalities. Yes, I felt as though they were watching me! When we moved, she sold them off or gave them away to a hospital.
My wife loves arts and crafts. She takes knitting lessons and proceeds to knit hundreds of things. She makes gifts for friends and family or for herself. I even like some of the things she makes, but it is addictive and can be expensive. She stays very busy with the craft of the moment and even wears (scarves for example) some of them. Hobbies are supposed to be a distraction and diversion. They certainly meet the criteria! Although they may cost some money, it is a great way to relieve stress.
As hobbies go, these are low cost hobbies. Hobbies such flying, scuba diving, skydiving, drag racing, collecting art or cars, model railroading, yachting (sailing, motor & racing), mountain climbing, polo, hot air ballooning, cards (gambling), travel, collecting (antique, coin, stamps or collectibles), hunting (big game), equestrianism, golf (country club or not) and radio controlled planes. These are just some of the expensive hobbies, certainly not all of them.
A round of golf at a public course may cost $25. A round of golf at Pebble Beach (public course) is $495 plus cart. Most golfers I know love to play the best courses they can afford. One of my friends played one of the other courses at Pebble Beach which is a little cheaper ($110-385 + cart). St. Andrews (Scotland) costs a bit more!. Three rounds of golf (1, old course) and hotel (share room) package (including meals) can cost about $3,600. This does not include your airfare or the rest of your trip.
Before you can get your private plane, you need flying lessons! Many people never own a plane and still get their pilot’s license. The FAA requires a minimum of forty (40) flight hours before you can obtain your private pilot’s license although the national average is higher. The cost of flying lessons varies by region, but it ranges from six thousand ($6,000) dollars to twelve thousand ($12,000) dollars as an estimate. This is just the beginning because you may want an instrument rating, multi engine or qualify for jets.
Have you ever thought of being a commercial pilot or instructor? The cost goes up accordingly. You could easily spend over one hundred twenty-five ($125,000) thousand dollars! You can spend all this and still you do not have a plane. You would have to rent every time you want to fly. Single engine planes can be rented for one hundred twenty-five ($125.00) dollars per hour. Last you could buy a single engine plane for fifty thousand ($50,000) dollars. It starts low and grows quickly!
Polo seems like the ultimate rich man’s hobby or sport! The annual minimum costs run fifty ($50,000) to sixty ($60,000) thousand dollars to start. Then you have annual recurring costs of stabling, shoeing, veterinary, club fees and much more adds about twelve ($12,000) thousand dollars to your total each and every year. These costs are minimal which means you would pay more for a second or third polo pony which adds to your annual costs.
Anything to do with car or boat racing is huge! The cost of the car, boat, crew and fuel is just the beginning. It is one of the reasons, they look for sponsors. It takes years to start to win these races and you need deep pockets. It is one of the reasons I view this as a hobby versus a business. It is also far more risky than a traditional business. It is one of the reasons the reward for success is bigger than traditional enterprises. High stakes poker is similar too. For most of us, it is just a fantasy.
On the lower end is radio controlled planes. You can buy some for one ($100) to two ($200) hundred dollars. Some enthusiasts are getting drones as the new flavor of the month. The prices for drones vary due to what you are trying to accomplish. They generally start at two hundred ($200) dollars to one ($1,000) thousand dollars. Most hobbyists have more tha one radio controlled plane and probably would have more than one drone.
Hobbies can be expensive! They don’t have to be. I ride a bicycle for exercise and some may call it a hobby. Over twenty (20) years, I would say I spent roughly one thousand ($1,000) dollars on the bicycle, clothes and maintenance. That works out to be fifty ($50.00) dollars a year. That is cheap in comparison to other hobbies. Do you have hobbies that cost a lot? I think the most common hobby is golf which can cost a lot depending how often you golf. Hobbies do not have to be expensive.
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