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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.

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

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.

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

**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>
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

Blech

January 7th, 2008 at 03:14 pm

I have complained that one some local forums everyone loves to post pictures of their houses and cars and whatever. It makes me want to barf.

Anyway, maybe I wasn't paying attention years past, or maybe everyone is fighting harder to look like they're on top with this subprime mess (which is particularly horrible here).

Now everyone is posting pictures of the holiday excess!

"Look - I have 4 kids and I spent $1k on each of them!!!"

Are they serious?

Who cares?

On the flip side, someone posted pictures of all the presents under the tree for one small kid. I almost fell over. Remember when our kids got 20+ gifts each from grandma (so it seems). I guess I could be proud to say our tree for 4 kids and 7 adults was far smaller than this. YEESH!!!!!!!!

I mean, just imagine an entire room filled to the brim with presents!

I am going to roll my eyes next time one of these people tell me they are broke. As they always do.

You have got to be kidding me.

I don't know, it seems the longer I hang out a place like pfadvice, the more the behavior of those around me disgusts me. I always found it tacky and stupid. But my tolerance is wearing thin.

I am proud to say that my measure as a person does not come from the THINGS that I buy. Shoot me if I ever post a picture of anything and say "look at what I bought!!!!!! Look at me! Look at what I can afford!"

Likewise, I was worried that my kids are spoiled? Well they are, but this level of spoiling is just absurd.... What kind of kids are we raising???

Maybe for this day and age and location we are doing okay. But doesn't really make me feel any better. They still have way more crap than they should.

Anyway, my point is mostly that pfadvice is a breath of fresh air. Phew!!!!

Posted in Just Thinking | 7 Comments »

7 Responses to “Blech”

denisentexas Says:
January 7th, 2008 at 03:25 pm 1199719519
1199719519

MM, great entry! You said what I feel and think and have for many years. I see the kind of people you describe at work and their kids just almost make me sick. It isn't the kid's fault he's a greedy lil thing but the whining and crying and screaming for stuff, stuff, always more stuff just gets to me at times.

I'm a pretty non-materialistic person for the most part. I like to have nice things now and then like we all do but I keep it under control and taught my kids the same. I'm certainly not a financial wiz (as evidenced by my blog!) and have a long way to go to get where I want to be but jiminy!

I feel for people like you describe, though, some of them anyway because some of them really don't know any better. They don't know there are better ways to go. I wish there was a way to gently educate them but I can't see how....
Ima saver Says:
January 7th, 2008 at 03:32 pm 1199719961
1199719961

I have a friend who complains that they can't make ends meet, but all their kids have cell phones. Heck, I have never had one and I have gotten by just fine!! I have a friend with a 13 year old daughter that has 4 coach purses! I have seen them in stores, but would much rather have the money!
Maismom Says:
January 7th, 2008 at 04:03 pm 1199721807
1199721807

I know. I don't like people who tell me "I have this and I had that." Not that I'm jealous, but I don't want them to waste my time because I really don't care what they have. I'd rather spend my time talking about something else, something more meaningful.
merch Says:
January 7th, 2008 at 04:29 pm 1199723364
1199723364

I had to put my foot done today. My 3 year old son called me from Costco and wanted to buy a new toothbrush. I told him he already has 3, why does he need a forth.

I mean I am already spoiling him with 3 toothbrushes (2 came from the dentist and 1 was a gift at a birthday party), health insurance, and a roof over his head.

He asked me for money a few month ago. Well I spoil the boy, so I gave him 2 quarters. And won't you know, he spent all that money within 2 hours. He didn't even try to save the money.

What did he spend it on? He put it in a fireman's boot "Because he need the money" for some charity. Sure he got a sticker and lollipop. But in 62 years, that could have been like $200k.

How much more?

*Just thought I would try to inject some humor
MarianneJ Says:
January 7th, 2008 at 08:34 pm 1199738093
1199738093

Sounds exactly like my response to a story in my local paper yesterday about the Hannah Montana concert. There was a guy quoted as proudly telling the paper how he bought 4 tickets on eBay for $400 apiece plus got a hotel room at the casinos and a limo from the casino to the concert for his 9 year old daughter. Blech! It just screams "conspicuous consumption" to me and seems so utterly obscene.
monkeymama Says:
January 8th, 2008 at 04:05 am 1199765127
1199765127

marianne - oh - don't get me started on the concerts. (For the 1 & 2 yo set - it is insane what people spend. & they look at me like I am weird I don't want to spend 100s on a concert my baby won't like or remember. LOL.) Gotta admit, at the least, that the stuff is more for the parents than the kids!
monkeymama Says:
January 8th, 2008 at 04:16 am 1199765770
1199765770

Maismom - I am sure you really know what I mean. Something about the area. People had a lot of money in the Bay Area and of course were flashy, but it was just different. As a whole people had a lot more substance. I still have the culture shock I guess; you'd think I'd get used to it. Of course I notice it more and it annoys me more with the really small kids.

I have met plenty of wonderful people here. But the rest continue to amaze me!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Blech

7 Responses to “Blech”

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