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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

Interesting Quickies

August 13th, 2010 at 07:27 pm

**I swear it was just yesterday that I Was wishing to myself that there were more enterprising teens in our neighborhood - offering to mow lawns, etc.

No sooner than I thought it?

I got a flyer for $10 to mow/edge the lawn. Would really only be $20/month.

BUT, then again, we have the most awesome gardener ever ($80/month). He has our grass and trees thriving, and I don't remember the last time I saw a weed. *sigh*

So, I will keep this guy's number in case we are desparate or our gardener quits or something. I think we are fine with less service, now that we have a little more time (& less stress). BUT, by the same token, when you have something REALLY good, you don't want to give it up. It won't last forever, so might as well enjoy it.

The mowing is really the easy part - we could handle that - it's the rest I worry about!

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But seriously in almost 9 years living here, I have never gotten an offer from a KID, to mow the lawn. I think it's a good thing!

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Check out this link at My Money Blog:

http://www.mymoneyblog.com/price-relativity-and-the-search-f...

I only saw the question about if I would drive 15 miles to save $7 on a $450-ish suit.

I had 2 comments:

1 - I would never buy a $450 suit (it was posed as a frugal question - so I giggled at that).

2 - I admitted I felt like I would be more likely to drive 15 miles to save $7, if it was a lower cost item.

*ding ding ding*

& so I nailed it on the head. About the same amount of people said they would drive 15 miles to save $7 on a $25 pen, but wouldn't drive 15 miles to save $7 on a $450 suit.

Is there a right or wrong answer here? Probably not.

I just had to giggle at the comments about the horrificness of wasting the time and gas to save $7. But when it's a pen, it was okay. I am pleased to say that to me, $7 was $7. I may choose not to take the time for $7. But the cost of the item didn't have a huge impact on my decision. I do admit it did have some impact thought, and maybe more substantial impact as the price goes up (or down). Kind of interesting - so had to share.

I told dh I am just too dang logical. Big Grin

HE would have answered the exact same way though. So he wasn't very impressed.

Posted in Just Thinking | 4 Comments »

4 Responses to “Interesting Quickies”

M E 2 Says:
August 14th, 2010 at 03:53 am 1281758023
1281758023

It's kind of funny you say that. Last winter (2009) I was bemoaning the fact that no kids (or in this horrid economy - - especially here, no (male)adults) were coming around offering to shovel the snow.
whitestripe Says:
August 14th, 2010 at 05:28 am 1281763732
1281763732

LOL - I figure if you're buying a $450 suit, what's another $7??? :P
Looking Forward Says:
August 14th, 2010 at 11:57 pm 1281830237
1281830237

I think $7 IS $7 and 15 miles IS 15 miles. So I would want to save the money no matter the cost of the item. What would matter to me is how much TIME would it take to save the money. 15 miles in 15 minutes or on my way = no sweat. 15 miles in 30+ minutes = I'll spend the $7.
Broken Arrow Says:
August 16th, 2010 at 04:50 pm 1281977409
1281977409

Hehe, funny title.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Interesting Quickies

4 Responses to “Interesting Quickies”

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