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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.

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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

Piano Lessons

June 10th, 2009 at 03:59 am

I've been meaning to start the kids, in piano lessons, for a while.

MIL offered to buy BM lessons (awesome), when he turned 5, but the last year was so overwhelming with Kinder and all. Told her, "Maybe next year." I started age 6 - didn't see the rush.

Thing is I taught piano. The golden rule of thumb is to not teach your own children. There are reasons for this!!

That being said, dh brought it up today. I told him, sure, if his parents' offer still stood. Music lessons are EXPENSIVE! I know first hand. Wink

He mentioned his dad's layoff and all. Um, good point. Maybe the offer doesn't stand.

I then said we could always drop the gardener. (I would be less opposed these days since I have a wee bit more time - and we could all chip in).

Dh was not having it. Which is funny to me. I thought I was the one who HATED the yard work more than anything else. Then again, he never did it and he has more time. So, yeah. I guess he hates it about as much and doesn't want to get stuck with it.

I told him flat out, well, something has to give. We can not afford it!!!!! Maybe we can discuss when preschool is out of the picture. One more year there.

OF course, I think now is a good age, and I don't really want to miss that window of opportunity.

So, I decided to start giving the kids lessons. For the long run, they need formal lessons. For the short run, at least I can get them started.

I was about to buy some primer level books (clearly I don't have any) when I decided to go check my music stash before I pressed the final "buy" button online.

Wouldn't you know I had like TEN books. All the books in my shopping cart? I owned. Color me surprised.

Saved me some $$$$$!

I am not sure how usable some of the books are. Clearly they were mine from 25+ years ago. !!!! But, I had a few new books - some duplicates - lord knows why.

Since I stopped teaching (10 years ago?) I have lost most time and motivation to keep up, myself. Maybe I will institute practice for myself too.

(My parents gave me their grand piano since my sister moved across the country and they don't play. They gave it to us when we moved into this house. We had so many empty rooms...)

I figure while I am at it I will start teaching LM. He has music in his soul. I have a small keyboard he can practice on. He could probably handle the piano learning otherwise - the keys are surely too heavy for his little fingers though.

We'll see how it goes.

Reminds me, I need to get the piano tuned too.

Posted in Just Thinking | 3 Comments »

3 Responses to “Piano Lessons”

boomeyers Says:
June 10th, 2009 at 01:37 pm 1244641072
1244641072

How fun! My kids love their piano lessons and it is one thing I have not cut, although my mom helps pay whenever she can. And to find the books you were about to buy... how awesome is that! Truly a meant to be situation!
pretty cheap jewelry Says:
June 10th, 2009 at 04:50 pm 1244652655
1244652655

We just ended the DD9 lessons after 3 years. She got pretty good, but the daily nagging to practice broke the camel's back. Fortunately the last lesson was on a high note, no tension the previous day or so about practicing.

I feel good that she will always be able to read music, although, the classic 'wish my parents made me keep going' is probably in our future.

And her schedule is roomy enough for next school year interests. Choir?
monkeymama Says:
June 10th, 2009 at 04:55 pm 1244652958
1244652958

That's the thing - I don't expect to force my kids to become pianists in the same vein I did.

But I attempted to teach SO MANY adults. IT just doesn't work. They eat it up ages 5 - 6 though. I want them to learn the basics and to read music. From there, they can do anything. Piano is the best starter instrument, in my opinion- it easily translates into everything else. (That being said, it helps to have a piano).

I'm also of the "Glad my parents didn't let me quit" camp, but not everyone is or will be.

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Monkey Mama*s Monkey Money Blog

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Piano Lessons

3 Responses to “Piano Lessons”

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