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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.

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

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."}

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

My Pages

September Interest

September 26th, 2007 at 07:43 pm

$20 challenge:

$8,504.87 - Balance 9/22

$ 152.00 - Interest

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$8,656.87 - Balance 9/30
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Well I don't expect it to be SO good next month. Interest rates are falling and balance transfer is being paid - even if little by little. So this is probably the peak.

$80 from my GMAC account, around $25 from CalFirst (CD) and around $45 for my local credit union CD. September Interest.

Not bad! Talk about passive income. There was a discussion on one of my favorite personal finance blogs about how passive passive income really is. In this case, quite passive. Sure I had to shop around a little and get some great rates. But for the next year or so I am pretty set with these rates. Easy money. Big Grin

In other news, we haven't turned on the air inside all month. The weather has been perfect as it was a tad cold, but then warm, and as it fluctuates outside our house has settled on a nice 75 degrees. Sweet.

Oh yes, and someone has expressed interest in our "ugly" chair. Haven't given up hope yet.

At work I am working on some ugly project - some guy who inherited millions right before his death and we are trying to figure out the tax reporting on the elaborate "tax shelter" his lawyer came up with or something. Tedious and difficult and crazy. If not for this and my vacation I would probably be feeling pretty caught up. We hired a new person and our distant employee is working out rather well. I am shifting 2 more clients to him and think I might actually start to feel caught up. Right around the time I go on vacation. Figures. No last minute craziness here with the 9/15 & 10/15 deadlines though, so that's good. They'll have to figure out this estate mess thing while I am gone anyway. Didn't plan it that way, but works out. Wink Since all the tax returns are due 10/15. & I'll be in JAPAN!

I think I have been in a real funk because of work this last year (just crazier than I ever imagined it would be) so with things settling down it feels like a load off. & with the kids away at school 2 days a week I think dh has been in a much better mood. Lm has been sleeping so well in his bed too (knock on wood on that one. I won't breathe a sigh of relief until he gets his final molars - he sleeps so poorly with the teething).

I haven't hit the gym though since we got sick. I still feel kind of off but I think I will attempt aerobics tomorrow. We'll see... Blech...

Posted in | 4 Comments »

4 Responses to “September Interest”

Aleta Says:
September 26th, 2007 at 11:19 pm 1190848757
1190848757

So, share with us one of your favorite site. You seem to be doing really well. Congratulations on the interest. It does add up and faster than you think.
littlemama Says:
September 27th, 2007 at 12:22 am 1190852534
1190852534

I'm curious too!
monkeymama Says:
September 27th, 2007 at 01:20 pm 1190899221
1190899221

www.mymoneyblog.com

I had to reread to see what you were talking about. I have linked to this blog many times before. I was just lazy, but the laziness didn't pay off as I have to post it anyway I guess. That was bad blog etiquette. Forgive me!
Aleta Says:
September 27th, 2007 at 05:51 pm 1190915471
1190915471

Still waiting to hear what this favorite blog is.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

September Interest

4 Responses to “September Interest”

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