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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
...($4,529 @ 3/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($1,750 @ 4/30/24)
...$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% @ 3/31/24)
...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.

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**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.

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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.

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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>
2022: +$ 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

What a Day...

March 6th, 2007 at 06:55 am

Not much financial, but I am absolutely giddy and there are only so many people I can call at 11pm to share my joy - teehee.

Today started absolutely awful. Trying to work out the logistics of babysitting and all that. Kind of dreading work. It has just been too much lately. I know the big picture it is just another couple of months and it will slow down. But this is the first time in a long time I have just not wanted to go to work - dreading it in a way.

I was on my way home and called my mom, who was at my house to watch the kids. But while we were talking someone called and started to leave a message on the answering machine. I Was talking to my mom on a cell phone and she could not pick up the house phone in time. All of a sudden I hear a little girl saying something about a baby and a sister. So I absolutely started screaming - OMG - my SIL is pregnant. I just told dh like 3 days ago I Expected news any day now. Just CREEPY. Okay so we have been wishing for a while, but seriously, I was like, come on, it is tIME. LOL. I am so so so so excited. We couldn't eally make heads or tales of the message, but it was very obvious to me. Big Grin Dh called his sister to confirm - October baby!!!

If the day could not get any better, the reason my mom was babysitting was because dh's big movie premiere was tonight. So we escaped and got to mingle with friends. The 1000-seat theatre was, astonishingly, practically filled. The movie was good. Not good, excellent. I was really really really pleasantly surprised. It is one of the best movies I have seen in a long while. I really think this darn thing will sell. I have dollar signs in my eyes tonight. Regardless, who care, it is friggin good. There is a lot more where that came from. The audience really liked it. The guy dh has been trying to sell himself to as an editor was there to see his finished project - can only be good for him. IT was about 100 times better than I ever expected.

Then I Came home and hugged my kids extra super tight.

What a day!

I don't think tomorrow can top this. Got to ride this high for a while... & I want dh to get to work on selling this movie - now there is something financial... He gets a decent cut, so come on, let's make some money!! IF this is the first try, they have some promise for the future, for sure...

Posted in Just Thinking | 5 Comments »

5 Responses to “What a Day...”

Ima saver Says:
March 6th, 2007 at 03:06 pm 1173193562
1173193562

sounds good!!
Fern Says:
March 6th, 2007 at 03:53 pm 1173196433
1173196433

Really big days like this don't come round too often. Enjoy the feeling!
zetta Says:
March 6th, 2007 at 05:58 pm 1173203882
1173203882

Congratulations on the new family member-to-be and on the movie premier! Truly a red-letter day for you all! Was your DH in a movie-related job before he became a SAHD? Would love to hear more of the backstory...
creditcardfree Says:
March 6th, 2007 at 08:56 pm 1173214578
1173214578

I look forward to seeing in here in Iowa someday soon!!
Ron Nault Says:
April 7th, 2007 at 09:16 pm 1175980608
1175980608

Monkeymama, I've been looking into an accelerator mortgage product that is offered by GMAC bank and I notice that they are rated BB+, so they are below investment grade. But I'm wondering why I should care if they are lending me money, except for the "all in" deposit factor that really makes the accelerator work.
Any thoughts?
Thanks, Ron

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

What a Day...

5 Responses to “What a Day...”

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