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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.

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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

Weekend Update

September 29th, 2008 at 02:07 pm

Well, my weekend was exhausting.

Saturday was actually exhilirating because I had so much free time; no matter how hard we worked.

But Sunday we drove to San Jose in the a.m. for a family party and to pick up the kids. I am exhausted. The kids are more exhausted. I don't think Granmda gave them time to nap (a weekend quite full of activity). Kids were SO exhausted. Slept most of the way home and so I prepared for a wakeful night. BUT they are still asleep at 7am. LM did not even eat dinner since he slept through it.

Dh's relative has finalized the adoption of her third child. Why they had a celebration yesterday. Better yet, she is about 4 months along. (A fertility treatment miracle). They have easily spent $100k+ and 5 years on trying to conceive their own child. I would have told you surrogacy was their only option at this point. Modern medicine didn't seem to be enough. Before now anyway.

So we are collectively holding out breath for the next 5 months. Looks promising, but still a lot of fear there. They've been through a lot of loss these last 5 years.

Posted in Just Thinking | 5 Comments »

5 Responses to “Weekend Update”

homebody Says:
September 29th, 2008 at 02:50 pm 1222699851
1222699851

My good friend in Florida's son and DIL had invitro. Her grandson is just over a year and DIL is pregnant again, got pregnant on their own this time. They both had fertility problems, so this is very good.

Good luck and prayers to your family.
mbkonef Says:
September 29th, 2008 at 06:43 pm 1222713821
1222713821

I have a neighbor who calls her son her million dollar baby. She and her DH went thru tons of fertility treatments etc. and finally had twins with donor embryos. Her doctor told her not to worry about birth control because she had a better chance of winning several million in the lottery than she did of conceiving naturally. Her son is about 17 months younger than his twin sisters. Enough said.
monkeymama Says:
September 29th, 2008 at 08:36 pm 1222720585
1222720585

That is the sad/twisted part for our relative. Getting pregnant is not the problem, so they need birth control. Mbkonef - you hear of that often. But doesn't work if you use birth control to keep from miscarrying constantly. (Though there are plenty who get pregnant anyway with birth control. BUT it's just kind of the sad twist the the whole thing. They can't hold on to that hope they will miraculously conceive on their own some day).

I actually know quite a few people who have done in vitro, and other fertility treatments, and tried for very long, etc., but none who have been through anything like this.
monkeymama Says:
September 29th, 2008 at 08:40 pm 1222720824
1222720824

That is the sad/twisted part for our relative. Getting pregnant is not the problem, so they need birth control. Mbkonef - you hear of that often. But doesn't work if you use birth control to keep from miscarrying constantly.

I actually know quite a few people who have done in vitro, and other fertility treatments, and tried for very long, etc., but none who have been through anything like this.
monkeymama Says:
September 18th, 2009 at 06:09 pm 1253297360
1253297360

I just came across this and had to say pregnancy ended very badly. I don't know if they will try surrogacy down the road - they have spent so much money as is. The good news is they gave up. Mother almost lost her life. I don't think the family could have taken much more. Enough is enough. They have so many beautiful, appreciative adopted children. They can save their pennies for surrogacy. Thankfully, mother realizes her own life is not risking jut to carry her own child.

Sadly, a good friend of mine, with a child, recently lost a baby very late term, after much of the same. I told her she was lucky to have one child. Not sure her health is worth it.

I know SO MANY people who were very successful with fertility treatments, but in these cases, I think medicing has gone too far.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Weekend Update

5 Responses to “Weekend Update”

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