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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.

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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

Net Worth Update

September 1st, 2009 at 02:31 pm

It was a nice surprise, but our net worth actually went up in August. Imagine that!

It went up from $219k to $219.5k. Even though we had over 2k in car repairs - paid in cash.

Year-to-date we are up $24.5k. Which only puts me $500 from my annual goal. (Goal to increase our net worth by $25k-$30k, at the least).

It doesn't mean much, we are still very at the whim of the market. The market is what saved our bacon is a spendy month.

Posted in Budgeting & Goals | 7 Comments »

7 Responses to “Net Worth Update”

Broken Arrow Says:
September 1st, 2009 at 03:20 pm 1251818433
1251818433

Nice! Here's hoping to the markets holding up!
monkeymama Says:
September 1st, 2009 at 03:48 pm 1251820089
1251820089

The susprise this year, so far, is that home values have remained steady. I really thought our net worth would take a hit on the house side in 2009.
Broken Arrow Says:
September 1st, 2009 at 04:36 pm 1251822982
1251822982

I wonder if housing has finally bottomed out? What do you think?
monkeymama Says:
September 1st, 2009 at 04:53 pm 1251824004
1251824004

Nationally? I don't know.

Locally - no. For the long run I expect things to level out about this level. Area is desirable and low prices will bring in more people.

All that being said, the amount of homes that are in the foreclosure process is unreal where I live. Home prices are artifically high as lenders delay foreclosure process. I don't know if they just can't keep up, or if the lenders are purposefully creating more demand by keeping homes off the market (& limiting supply). Maybe a little bit of both. The leveling off of prices in my neighborhood is pretty artificial, in my opinion. I know quite a few people who walked away from their homes last year, whose lenders haven't started the foreclosure process yet.

On the flip side, Sacramento is back to being the low cost haven that attracted people from all over the state and is what created much of the bubble in the first place. (Other areas of the state have not been affected and are still sky high as always). So, there is hope. But I can't make too much judgement until the forclosures flood the market. I am a little worried about the short term.

Not sure if my opinion means much mationally - we have one of the worst hit housing markets. Even with my "long run" feelings, I am surprised how fast houses are getting snatched up at the $300k level. So, maybe it is the bottom. Across the country, there seems to be plenty of eager buyers!
Broken Arrow Says:
September 1st, 2009 at 06:39 pm 1251830352
1251830352

Hmm, ok thanks! I'm pondering about whether to buy REITs, so any information is useful, especially coming from people who are erm, kind of obsessed about houses. You and my mother would get along great.
monkeymama Says:
September 1st, 2009 at 07:03 pm 1251831805
1251831805

Don't buy any REITS that contain Sacramento housing - that is for sure!!!!!! (Maybe stay away from Vegas too?) All I really know about is my crazy corner of the universe. & it is crazy here.

Obsessed? LOL. Not really. Interested, not obsessed. If I lived somewhere "normal" and average I probably wouldn't be very interested in housing, AT ALL.
Broken Arrow Says:
September 1st, 2009 at 08:29 pm 1251836987
1251836987

Hehe, Baselle said the same thing, except with REITs in general. But there's no harm in just loooooking right. Yep, just loooooooking....

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Net Worth Update

7 Responses to “Net Worth Update”

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