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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."}

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

My Pages

Breakeven

July 8th, 2008 at 02:28 pm

For the last month dh has been buying/selling stuff on Craigslist. Stuff like Wiis and Nintendo games. He's also sold quite a few games on ebay.

Anyway, last week was a HORRID Wii week. Not sure what was going on. BUT dh sold his old projector and have me the cash to replenish the checking account. So I figured I'd leave him be. He had two Wiis to sell and he can do whatever with the money.

This week has resumed to normal. Dh sold one Wii in a snap yesterday and just listed the other one.

With the sale of that Wii he broke even, and he expects $300 for this one (maybe more) since it has a lot of games and extras).

So with the sale of the Wii yesterday, he officially broke breakeven. Big Grin

Plus he expects $40 from ebay this week. In addition to the $300+ potential from the second Wii.

Which means he has raised enough to buy his own Wii. I think when he finds that "awesome" deal he will snatch it up. Plenty of people listing them for $200. For now, he thinks he will wait to Christmas.

Then we will officially own every game system known to man (just about).

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

Dh admitted that he wanted to help fund the ROTHs and all that kind of stuff.

BUT he told me over the weekend he needed some cash from the ATM to buy a new system.

I thought I had been entirely fair taking the projector money and calling it even (he probably owes me $100-$200). But the reason was I was sick of him pulling money out of the cash account.

So I said, "What the hell?" Pretty much.

I said whatever because he had already arranged the purchase. The only thing worse than him buying MORE stuff was backing out of a deal - I thought that was rather rude. But he backed out.

I had a realization though. I am not going to be a nazi over his money. Our money is most definitely OURS. But as I am the ones who manages it, and earns it, there is probably some very small level of unfairness there. I am scrutinizing every dollar. & though I would say I am fair, I don't really have to answer to anyone as much as dh ends up answering to me.

So I made a mental note last night just to let it go. I guess I can make a verbal deal with him. If he doesn't pull any money from the checking account any more (meaning he has to wait for his $600 of stuff to sell before he starts snatching up more things. There will ALWAYS be deals). As long as he doesn't bug me, I won't bug him.

I will strongly encourage him to think about funding the kids' college or our ROTHs, with some of his profits. But it is something I can just casually mention once in a blue moon.

It's kind of a catch-22. There is nothing really fair for him to have money to spend willy nilly. He had approached me in the past about this. I said if every dime he made was play money than I made $60k play money every year. (Take home pay - LOL). I was just like - I don't think so!

But I think he is a little extra motivated to have some extra money for fun, and though I don't agree with him having side money for whatever (I don't get side money for "whatever."). Though I don't entirely agree, he has a lot more "whatever" he wants to buy. & it is less about the money and more about him just having some more financial autonomy. Something he largely gave up staying home with the kids.

I can see the value in that and give him some breathing room.

& honestly it puts a LOT of pressure off of me. I don't have to fit all his crap in my budget. LOL.

I guess marriage is compromise...

I think really it's the kind of thing I just won't even bring up for a while. BUT if he has $1k sitting around in cash I may have something to say. LOL. But I actually have a mostly empty savings account that is perfect for that as well. I will mention that to him. & if his profits reach "x" I think it is fair to start allocating a percentage to savings or something. But for now I think I will keep mum and see where things go. & if he volunteers to help with the savings, etc.

He is even keeping track of his income and expenses so I am very pleased. (Not that I mind doing that stuff, but I kind of enjoy not mothering over the whole thing).

I think this is the birth of dh's new business venture...

& if he can pull $300-$400/month??? Big Grin That's quite an income boost.

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

In other news, I got all my MLM crap up on ebay and with 4 more days to go it is already up to $50!!!!!!!!!!! I was hoping for $100-$200. So I am stoked how well it has done. I expect it to bid up a lot in the last minutes. I am not quite sure why it has so much bidding already. I guess I am hopeful that means I will realize $200. We'll see...

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

Ugh. 110 today. Hope I don't melt.

Posted in Just Thinking, Living on One-Income | 3 Comments »

3 Responses to “Breakeven”

Joan.of.the.Arch Says:
July 8th, 2008 at 04:05 pm 1215533104
1215533104

MM, I think this is the most train-of-thought blog entries you have written. You brain is just bouncing from thought to thought as though you are agitated. I take that to be reflective of how uncertain you are of what to do or not do. Seems to me your plan to patiently say nothing for a while is best. It will give you time to kind of firm up what really seems best to you. But also, it will give your husband time to get used to the idea that he is bringing in some money and to firm up his own ideas about what should be done with it.

I do not have a regular job, so when I earn something, I just drop it into the joint checking account and don't really give it anymore "my money" consideration after I make the deposit. I will admit, though, it does make me feel a little freer to spend when I have earned. But also happy to save more!
monkeymama Says:
July 8th, 2008 at 04:38 pm 1215535090
1215535090

I actually don't read it the same way. I usually love to blog (& have always journaled) because it clarifies things for me.

So honestly, I came away from this post pretty happy. I think what you are seeing is my thoughts as they were actually forming on the matter. IT was like, well I Could do this or this, but this will work. But you were seeing my actual thought process, jumpy as it is. !!

I don't know if I am every 100% certain what to do. I admit I change my mind often in this blog. But it helps to talk it out, and with time I get more focus.

But yeah, it was actually during this writing I decided to let it go and give my dh some space. I Actually feel pretty good about that decision, it just kind of came to me as I wrote.

I did tell him I had a savings account at about 3% that was all his to save and pull money from. I Think he was rather surprised. I think it is a good step for both of us. I think it will give him some measure of freedom he has missed (no matter how small it really is) and I enjoy him taking the reins on something.
OF course dh is a grown man who can open his own accounts. So some mothering remains. IT is what it is... We both enable each other a bit in that regard.
boomeyers Says:
July 8th, 2008 at 05:14 pm 1215537269
1215537269

I'm glad to see that your husband is involved in the finanaces even though you are the main "earner" and "payer". Very important he knows EXACTLY what is going on. You are doing a great job keeping track of it all!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Breakeven

3 Responses to “Breakeven”

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