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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

Duh, It's Illegal!

August 4th, 2010 at 01:57 pm

Did anyone see this article? Rolleyes

6 Money Habits That Are Illegal

http://finance.yahoo.com/banking-budgeting/article/110219/6-...

1 - Signing someone's name on a check
2 - Using someone else's identity to obtain credit
3 - LYING on a home loan application
4 - Writing bad checks
5 - Copying U.S. Currency
6 - Defacing U.S. Currency

"Forgery. Loan fraud. Counterfeiting. These and other financial crimes might seem like a far cry from most people's everyday lives. But it's surprisingly easy to adopt a dicey financial habit under the guise of "everyone does it," "I was just trying to help" or "it seemed like a good idea at the time.""

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I probably would forge my husband's signature on a check, and that's about it. Because it would be with his permission. I actually never have because I couldn't forge it if I tried. Not my forte! But I can guarantee he wish I did when I woke him up the other morning to sign some checks so I could deposit them. Big Grin

The home loan is my pet peeve - probably because everyone went around bragging about that one for a long time. But it wouldn't occur to these people that this is part of the problem and a big reason why real estate is in the mess it is. I know lenders are plenty to blame, but so are the people who played along.

Actually, it's my pet peeve because people in foreclosure, etc., etc., will still justify that they just "fudged a little." No biggie. Didn't hurt anyone in the process, right??? I've had this conversation over and over. You just want to bang your head on a wall.

Posted in Just Thinking | 5 Comments »

5 Responses to “Duh, It's Illegal!”

rob62521 Says:
August 4th, 2010 at 01:59 pm 1280930380
1280930380

What? You don't subscribe to "everyone is doing it?" Me neither! I truly believe every action results in a consequence and you are right on the money about the real estate problems!
MonkeyMama Says:
August 4th, 2010 at 02:27 pm 1280932078
1280932078

It wouldn't even occur to me to think "everyone is doing it" for most of the items on the list. Kind of a weird article, eh?
MonkeyMama Says:
August 4th, 2010 at 02:29 pm 1280932154
1280932154

They missed the obvious though - evading income taxes. That is my other pet peeve. Another one where people can't see outside their own bubble.
Joan.of.the.Arch Says:
August 4th, 2010 at 02:58 pm 1280933909
1280933909

Habits? These can be habits? Weird!
MomEsq Says:
August 4th, 2010 at 07:18 pm 1280949505
1280949505

Hey, these "bad habits" make my bad habits look perfectly fine!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Duh, It's Illegal!

5 Responses to “Duh, It's Illegal!”

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