<< Back to all Blogs

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
...($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."}

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

My Pages

Up $5

January 20th, 2008 at 05:17 pm

Dh won $5 in poker yesterday. Yay. (Well like I Said he is usually up). So I can't say I was surprised. Wink

I am enjoying the peace and quiet until him and the kids get home.

I am lazy and only working 5 hours today. That puts me to 40 hours for the week. Eh. This week was just long.

You know I really didn't work that much overtime last year and I realize my boss didn't chastise me at all. I think pretty much whatever I want to do, the boss doesn't care. As long as I don't quit.

This is a pretty sweet spot to be in.
-----------------------------------------

I just got my updated FICO score from WAMU. I have been nervous with my large borrowed to credit ratio (whatever its called) on my latest balance transfer. It went from around 770 to 730.

I am borrowing about $17k of my $25 credit limit. (About 70% plus whatever is showing outstanding on my monthly paid-off card).

Eh. I think I will survive. Only 6 more months until one of them is paid. If 730 is the worst it gets, maybe I will borrow more. It's tempting!

(I actually expected it to be worse).

Likewise, we reported like $200 interest on our tax return in 2006 & it looks like we made a good $1k in 2007. Of course the beauty of shifting so much of our efund to our ROTHs is now we don't even have to pay taxes on all of our interest. Sweet! I expect to hit around $2k this year though on all our cash and balance transfers, taxable or not.

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

Kind of depressing - another round of desparate craigslist postings.

http://sacrealstats.blogspot.com/2008/01/craigslist-trolling...

It's like a car wreck; just can't avert my eyes.

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

More to the whole ID Theft thing. What if the institutions that got your data from ID thieves then lose your data? Sounds like a vicous cycle.

Data lost on 650,000 credit card holders
http://www.latimes.com/business/la-fi-data18jan18-ap,1,61879...

It's just maddening to me all the mailing lists I am on (sent to "loyal customer") because of all the accounts the ID thieves opened in my name. Not worth the effort to call and yell at them to stop sending me crap. It's just annoying. But now the same companies are losing data the same way I think mine was compromised in the first place. Lost computer. Blah.

Can I write them and tell them since I never wanted to do business with them in the first place, I would prefer that they wipe my data off their computers? Do I have that right? I get the feeling no. As I find it extremely tacky they would send so much crap to ID theft victims. I mean they look at this opportunity to try to win me as a customer by sending me card offers and all sales ads. I think, are they out of their minds? Well, it seems to be working for them. But I think it is extremely tacky and annoying.

Oh well, I might have to write some letters. Not that I expect much action, but might help the junk mail levels. I have the feeling they can't just erase all my personal data after investigating it. But it would be nice.

You can't win.

Posted in Just Thinking | 0 Comments »

0 Responses to “Up $5”

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Up $5

0 Responses to “Up $5”

Leave a Reply