<< Back to all Blogs

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.

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

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.

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

**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

We're Home!

January 25th, 2010 at 01:13 am

That's all I have time to say for now. But it feels GOOD to be home!

Enjoying a little peace before the kids and MIL arrive. Any minute...

I already went grocery shopping (for soft food) and made some soup. Getting very domestic!

& the kids have pink eye... I am so sick of hospitals. I have spent about 2 hours sitting in 3 different pharmacies the last couple of days. Of course the hospital where dh was didn't have an open pharmacy (for the kids' prescriptions).

& um, it hasn't stopped raining all week, pretty much. Not sure I have ever seen the rivers so full, etc. Hopefully the rain stops soon... Relieved to see our house above ground (& not under water!), when we got home. Hope it stays that way!

P.S. He is definitely deaf in the one ear. But, no surprise. He is lucky that is really the only sacrifice for the surgery...

Posted in Just Thinking | 10 Comments »

10 Responses to “We're Home!”

creditcardfree Says:
January 25th, 2010 at 01:59 am 1264384748
1264384748

Glad to hear you made it home safe. It sounds like things are going pretty well. I will continue to hold you and your family in our prayers.
pharaohsmom Says:
January 25th, 2010 at 02:58 am 1264388329
1264388329

I'm happy to hear that you're home, safe and sound. I, too, will keep you and your family in my prayers.
Lisa Says:
January 25th, 2010 at 03:04 am 1264388680
1264388680

Glad that you are home and that things are going well!
Analise Says:
January 25th, 2010 at 04:05 am 1264392316
1264392316

Wishing a speedy recovery for Monkeypapa and that things continue to work out well for your family.
wowitsawonderfullife Says:
January 25th, 2010 at 04:05 am 1264392334
1264392334

Thankfully you are home and getting settled. I am so thrilled that everything turned out ok. You have so many friends here who have been anxiously awaiting your good news. Really, high fives all around!
frugaltexan75 Says:
January 25th, 2010 at 04:30 am 1264393804
1264393804

Welcome home!
Ima saver Says:
January 25th, 2010 at 04:13 pm 1264436000
1264436000

Yes, i am so glad that you are home and things went so well. Take care of yourselves!!
pretty cheap jewelry Says:
January 25th, 2010 at 09:05 pm 1264453537
1264453537

you are superwoman not one iota less!!
Maismom Says:
January 25th, 2010 at 09:17 pm 1264454271
1264454271

Welsome home! They say rain will stop Wednesday. I'm sick of rain, too : )
scfr Says:
January 25th, 2010 at 11:05 pm 1264460720
1264460720

Welcome home & I'm so glad to read about the good news!

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

We're Home!

10 Responses to “We're Home!”

Leave a Reply