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About Me:

Monkey Mama

Just a 46-year-old mom of 2 in Northern California. My kids are Monkey Monkey(MM) and Drama Llama (DL). I am married to Monkey Hubby (MH).

We were a one-income family for 13 years. In late 2015 my spouse returned to work (minimum wage/part-time/seasonal). Something recent on his resume just buys us more options for the long run. The main benefit of this job is that he just works while the kids are in school. As always, we are saving 100% of his income.

{2023 Update: I expect that MH will retire from this job when kids are done with college and/or home is paid off. I think he likes the idea of finding more interesting or full-time work, with kids both adults now. But practically, might just stick out the *good* and very flexible job as long as possible. The very part-time job is allowing him to pursue his film passions. We are only about 5-ish years away from financial independence. Would be very different if we "needed" the money or he thought he might have decades of working years ahead of him.}

We saved a lot while we were very young and also moved to a lower cost-of-living area, to make life much simpler. We still live in California though (in one of the most expensive regions of the U.S.). *Simple* and *inexpensive* is relative.

Likewise, we have never had debt aside from our mortgage.** My blog is a testament to how much simpler life is without debt; how we have that much more money to both save and enjoy!

**Caveat: I have no problem whatsoever with credit cards paid off monthly, or low-risk credit arbitrage (for example, 0%-interest debt while earning 5% on FDIC-insured cash). These are the kinds of debt we have had. Just not interested in high-interest debt, using debt to buy beyond means, and not interested in the hassle that comes with loans and payments. With age and means, the latter (hassle) is our biggest debt avoidance motivation.

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2024 Goals

[ ]Small monthly Charitable Contribution
...($35 @ 1/31/24)
...Trying to be more mindful about how the little amounts add up and are helpful.
...This is not an all inclusive list of charitable giving but it is a new habit I want to add in addition to other donations of time, goods and money

[ ]Pay cash for college
...This is so much a given, to me. But I realize not everyone can read my mind, and so will memorialize in my goal list.
...#1 We don't do Debt
...#2 The student loan system is a scammy and corrupt mess.
...Seriously, wouldn't touch these student loan servicers with a ten foot pole.
MM YEAR 1 ✔
MM YEAR 2 ✔
MM YEAR 3 ✔
MM YEAR 4

DL YEAR 1 ✔
DL YEAR 2

[ ]$10,000 to savings
...($6,653 @ 4/30/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($2,220 @ 5/31/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 4/30/24)
...Topping off with snowballs and/or excess cash
...Keeps us on track with $10K principal paydown per year

[/]9% of household income to work retirement plans
...(9% @ 4/30/24)
...This is the minimum for the match; I'd otherwise rather fund IRAs.
...Note: Total retirement savings rate is 20% (with IRAs)

Goal savings rate = 25% of gross salary, plus funding IRAs from other sources.

[ ]$14,000 to IRAs 2024 (MAX)
...($0 @ 4/30/24)
...Will fund with MH's income
...Will not fund until the year is over. This is for tax and planning reasons. I won't know what mix of Traditional/ROTH IRA we literally can contribute until we do our 2024 taxes. In addition to that, can make a more informed decision based on our financial and tax situation for the entire year.

-------------------------------

**Long-Term Goals**

[X]$500,000 in retirement accounts by age 45.

Current big picture goal:

[ ]$1 Mil in retirement accounts by age 52.

Stretch Goal: Achieve by age 50

Have decided to pretty much stay the course. Keep saving 20%+ to retirement. This means taking 401K match & maxing out IRAs.

NOTE: WE HAVE NEVER CONTRIBUTED LESS THAN 10% TO RETIREMENT. NO EXCEPTIONS.

If we can't achieve at least 10%, then something else has to give. I share because it's infinitely easier to save for retirement if you start early. Let the investments do the hard work for you.

-------------------------------

Debt: $85,000 mortgage
{Home Purchase Price $290,000}

Ongoing goal is to *never borrow money again.*

Took on a $230k mortgage in 2001 and have not added to that.

-------------------------

Net Worth: Increase net worth by $600,000 in the next 10 years. This is my "financial independence" goal.

2017: +$ 70,000 (partial year)
2018: +$ 51,000
2019: +$105,000
2020: +$104,000
2021: +$215,000
2022: <$ 65,000>
2023: +$ 85,000
TOTAL: +$565,000

This is in line with prior goal, saving 100% of our expenses every year.

{Our expenses are far more consistent than our income. Also, helps to prevent "living up to income."}

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My Pages

Health Insurance GOUGING

November 16th, 2006 at 02:59 pm

Oh man - I Was gonna leave my home loan entry on top a while, but yesterday we faced financial ruin. Okay, a little dramatic, but feels like it.

I have been waiting for our 2007 health insurance premiums. We have private insurance because we are really attached to our HMO for one, my hubby and I have had our whole life and I think it is stellar. & frankly it is cheaper than anything else out there. my boss would cover me, but it would cost me the same to cover dh & kids as it is just to put us all on private insurance. & frankly his insurance SUCKS. My industry in general doesn't provide good benefits, and I Put up with it because I get 10% profit sharing, it all evens out in the end. THat is about how much my health insurance is, and no where else is going to give me 10% profit sharing OR Decent benefits. I figure I have it as good as it gets. I Can't afford to save any money for retirement with these insane health insurance premiums, but at least I know 10% of my pay is getting contributed to my retirement every year - phew.

Anyway, every year the premium increases freak me out, but this year I have been a little extra nervous because I turn 30 and that means a big increase for "old age" - hehe. We considered going to the high deductible plan which is 1/2 as much per month, but after digging deeper, I didn't feel comfortable doing this without a lot more cash in the bank. If something catastrophic happened we just couldn't afford it. We decided to suck it up one more year until dh gets his surgery and I get my IUD out, etc. Once the chance of pregnancy is almost nil maybe I will get onto my boss's plan, see if it is any cheaper now - can keep the rest of the fam on HMO. & frankly after next year dh can get a PT job with beenfits to cover at least him. I can handle the kids coverage at $300/month or so. But in the meantime, suck it up another year...

So I have been anxiously awaiting our new premiums. I read premiums had on average gone up 7% this year, lower than the last few years. We pay $631/month now and I knew the premiums would be $715 today if I Was 30. So factoring all I Read I just budgeted for $800/month - figure that is like worst-case scenario.

& then yesterday I get the mail. No new premiums but a flyer was sitting on top with an ad for our HMO And rates. I Was glancing at it, curious if they would be 2007 rates, but not really expecting it. OMG it was and I Almost passed out then and there I Swear. $865 a month!!!!!!!! Are they insane??? THat is a 20% increase for turning 30 AND a 20% increase over that. I have been sick of the 10%, 12%, 15% increases everywhere. So NOW this year they decide a 20% increase is in order??????????? Oh MY GOD!

Frankly, after calming down, I Was not even that upset for our family. You just wonder how in the HELL anyone can afford health insurance these days. I know I freaked out at $631 and I know we will adjust. But I am just super disgusted with the system.

There is a silver lining too. The $50 copay plan is only $673/month which I can stomach. IT doesn't really differ too much from our current plan, except bigger copays, BUT it does not provide any drug benefits for whatever reason. I think that is why I wrote it off before. Today it is a no brainer, forego the drug beenfits so we have semi-reasonable premiums. That is what we decided on for now. I updated the budget and it is pretty darn breakeven for the year. I squeezed out $50/month to save. Lately I have been saving by being under budget and making extra money, so I am sure we will be able to save more than just $50/month. & I am happy that we won't be paying $800/month. Though don't even ask me about next year - I can't even think in the future with these kinds of increases. IT's enough to paralyze you with financial fear.

Oh yeah, but lucky us, it appears they completely restructured their rates so that you don't really pay any different if youa re 30 or 49. Gee great, the year I turn 30 they start charging like we are 40 or something. Which frankly looking at the rates I told dh we have to find an alternative before we turn 40. I guss the time has some sooner thatn I Thought - paying those insane rates.

For the long-term we do plan to get a job with some good beenfits. We live in the state capitol and there are a lot of great state jobs with good benefits - they offer our HMO As well. THe best is they offer full benefits if you work part-time so that is my goal down the road. I Am almost hoping dh can find something he really enjoys with the state because I don't really dig government accounting or being an auditor, and there is now ay in hell I Would work for the IRS, but I am sure I Can find something. & I know dh can find something he would enjoy. We have a plan. For now dh isn't working and I love my job too much. But my boss is a sole proprietor who is retiring in a few years so I know in a few years I am either going to work in healthcare (probably a better idea) or government to get some benefits. I had the idea to get a job at the HMO, because I figure if you can't beat them, join them! In the meantime, the next couple of years will be rough.

Oh yes, and beyond all this I get my annual raise in January. I think I Will stick with the $50 copay plan no matter what. But hey maybe I can save some money for retirement this year too if I get a raise. I Will get a raise, how much is the question I guess. Our budget isn't too dire yet.

That's my health insurance rant, I will try to lay off the griping for another year - LOL.

Hey I got an AWESOME haircut yesterday. Woohoo. IT is always so hit and miss, but for $14 I can deal with the hit and miss. But I recognized the stylist right off and remembered she had done a great job before so I got her name. Hell, I should have gotten her home # in case she leaves in the meantime. i have really unique hair (don't we all) that is usually so flat and she gave it so much body, she is like a miracle worker or something. I LOVE her. She actually did the entire haircut with a razor blade or something of the sort, I love how that leaves my hair. Forget the scissors....

Posted in Spending, Just Thinking | 10 Comments »

10 Responses to “Health Insurance GOUGING”

ldyfaile Says:
November 16th, 2006 at 03:43 pm 1163691807
1163691807

Costco pharmacy is open to the public, you don't have to have a membership to use it. And their drug prices are way cheapear, esp if you don't have ins coverage. If you sign up on their website, you see a ballpark figure of their prices. And I believe you can order online and have it shipped if there isn't a Costco in your area.
Aleta Says:
November 16th, 2006 at 04:12 pm 1163693540
1163693540

I know what you mean Monkey Mama. Our insurance for my husband and I went up from $1102.41 to $1256.75. We have private insurance as well. There are some people who don't even make that much money a month. There should be a law that no insurance could be more than a weeks minimum wage, don't you agree. I would advise you to get insurance that you need while you are young and healthy. We are older and everytime that we would go to the Dr to get tests to make sure that we can qualify, a new thing would pop up on the tests. (i.e. a syst on the breast that was a water cyst which is so common. Or I had my bone density done and found out that I had possibly ostopenia. A condition that I think happened because of all the carbonated beverages I used to drink and I also had a lot of xrays a couple of years before that. So, do your changes when you can and don't put it off. It will cost you in the end.
monkeymama Says:
November 16th, 2006 at 04:54 pm 1163696066
1163696066

YEah, I have seen a lot of drug benefit options on the forums. Which before I guess I Didn't realize were out there. Plus the fact we NEVER use our drug benefits anyway, we are a little crunchy and pretty rarely take any drugs, even when prescribed. BUT all the same last time we were considering switching my big monkey suddenly kept getting ear infections and we had to keep getting antibiotics. Frankly I doubt they cost THAT much though. But as long as there are options if for some unforseen reason we suddenly need drug benefits in the near future. IT seems like there are. I Will keep costco in mind. I keep telling dh to get a job there too - GOOD benefits too for part-time workers.
Aleta Says:
November 16th, 2006 at 05:04 pm 1163696684
1163696684

It sure would be interesting to see how much others pay for insurance. It might make them appreciate their insurance and how little they actually pay.
fairy74 Says:
November 16th, 2006 at 05:31 pm 1163698270
1163698270

Health insurance is the devil! I swear it is so ridiculous..I finally found a doctor in my community who is sick of insurance and basically charges $400 per year per family and then $35 per visit. So now my ugly health insurance with a $5000 deductible I use for one physical per year (which is not subject to the deductible) and keep around just in case I am catastrophically injured. I just got a notice that my rates will basically double at 35. I may have to do without then. It's so disguisting that in a nation this wealthy massive numbers of poor and middle class people cannot access the healthcare system without going bankrupt!
kimiko Says:
November 16th, 2006 at 05:57 pm 1163699830
1163699830

I hate health insurance. I hate paying through the nose just in case of that once in a life time catastrophy which they won't fully cover anyway. Why, why, why can't the doctor/hospital bills be reasonably affordable like in other countries?

At this rate, every single person who want lower health insurance is going to have to start their own campaign to get others to lead a healthier life just so the over all cost will go down.
Ima saver Says:
November 16th, 2006 at 06:41 pm 1163702480
1163702480

After paying in over $90,000 and never collecting one dime in benefits, we dropped our health care plan and have none! I don't know how people do it !
monkeymama Says:
November 16th, 2006 at 07:49 pm 1163706543
1163706543

Oh gosh, Well I Am not the only one. You know the sad thing is I see Medicare as the light at the end of the tunnel, but who knows how screwed up that will be by the time I hit 65. & I am spoiled by my current plan.

I didn't mention that we have been paying the max plan because we have little in the way of surprises. I know so many people who think it is horrible, but then got thousands of dollars in bills once giving birth. PRenatal care and birth & newborn care I read recently are among the most expensive things in healthcare so I guess thus far I have got my money's worth. I Feel like our healthy lifestyles and soon sterilization what we should be cut a break though. But I will pay the insane premiums to avoid the surprises. It's something I guess. Though I am sure the surprises are not completely unavoidable. Even then who knows how much we are really covered and when they will decide to dispute some coverage. You read horrible articles about that same subject every day. I have no idea how much my insurance is really going to cover if I end up in the hospital for 6 months due to a bad accident or something. I just don't know.
monkeymama Says:
November 16th, 2006 at 07:51 pm 1163706680
1163706680

Oh one more thing- my last job I took the private insurance for an extra $20/month - just for myself at the time - over what my work covered. Some guy in my office broke his leg but the crutches were not covered - he had to BUY them.

I hear similar stories about my bosses plan so that is why I choose my private insurance. What a crazy crazy industry.
shadon Says:
November 17th, 2006 at 02:17 am 1163729828
1163729828

I'm so grateful I live in a country where health insurance is a luxury not a necessity. I had to have an operation a few years back, got into Public Hospital with my Gyno doing the op within 1 month. So many people here complain about our hospital system but I don't know what they are talking about. I also had all 3 kids in the Public Hospital too, 1st rate service, too.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Health Insurance GOUGING

10 Responses to “Health Insurance GOUGING”

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