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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.

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

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."}

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My Pages

Overtime Bonus

April 16th, 2008 at 10:00 pm

2008 $20 challenge:

$ 645.00 - 4/1

$1,500.00 - Overtime
15.00 - Rebate/Cash
------------------
$2,160.00 - Balance 4/16
------------------

Well, I got my "overtime" bonus for the past year. It really wasn't much - I expected more. But that's the thing about bonuses - you take what you can get. Big Grin

Since this last tax season was like 1/10 as stressful as last year, I think I can live. (I am thinking about the 9 months before that though which were hell).

I am adding the entire amount to the mid-term fund, as planned. If I add $15 (my $10 rebate plus $5 of the cash sitting in my checking account) than my mid-term fund will hit $2k even. So that's what I am going for.

Dh was going to deposit my check for me today, and I will transfer the money over to savings tomorrow, first thing.

Earn me some interest!

So, phew. Considering I just paid out about $4k in bills, I am relieved to get some cash inflow this month. I worried I may not get it until May.

I expect $800 from the IRS in June and we are still adding interest to this (around $75/month).

I am thinking of diverting BM's preschool tuition to this fund through the end of the year. We can hit retirement in 2009.

Ideally we would have the following at year-end then:

$12k Emergency Fund
3k Medical Fund
5k Mid-Term Fund
-----
$20k Cash

Enough in the mid-term fund to replace dh's car if something happened, and to do some minor work around the house.

Until then, I am afraid I am still a tad stressed. IT's nice the emergency fund would cover such "forseeable" things. But it's not what I have the efund for. So it isn't very pleasing to me to think I could always tap my efund and then have to just build it back up. Then it's just a neverending treadmill.

$20k is some magic number to me. Before kids we always had a decent amount of cash to fall back on. At least $20k. It's a psychological thing... We moved backwards a few years, then forward. It will feel good to make progress from where we were at age 25. We're still not quite there. In limbo land with this whole kid/one-income thing. But it's so close I can taste it - forward momentum - true forward momentum...

Well, on 1/1 my mid-term fund was a big fat -0-. So $2k is sounding pretty sweet about now. I must admit. Just a long ways to go...

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Overtime Bonus

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