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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.

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

**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

This & That

August 22nd, 2010 at 04:01 pm

**Another one bites the dust. A couple who married last summer is now separating. Ouch.

It is one of dh's friends. I was just teasing him about how his friends all divorce (& so quickly, to boot). His reply was my friends are all single - can't get a man or something. LOL. But, we were having that conversation, and then, the next day he finds out his friend is headed towards a divorce. Ouch!

**Everyone has been begging for money. Teachers and school, of course. But, with the economy and all, funding is being cut, parents are giving less cash, etc., etc. Then I got an e-mail about how the soccer league is so broke, too. Less funding, and on and on and on. We were asked to provide money for a banner. Well, told to. IT was like - "you owe $10." I suppose we will have a lot more nickel and diming. (When we did little league 2 years ago - everything was covered in the registration fee - but these days, seems a little different).

Anyway, I feel like a walking dollar sign. Meanwhile, this is one of our more rougher years financially. As is, for most people around here.

**The weather is absurd, here. IT was a record cool day, at 79F degrees. 79? In August? It's usually 100 degrees.

We actually stayed indoors, because my parents and their friends visited yesterday. Today I feel refreshed and would like to do a pile of chores. But, we should probably go outside and enjoy this weather a bit. I am sure we could work that out, for a short time. Maybe some soccer practice.

**Not spending any money this weekend, I suppose. Phew!

Posted in Just Thinking | 7 Comments »

7 Responses to “This & That”

rob62521 Says:
August 22nd, 2010 at 06:30 pm 1282501800
1282501800

In the last week we've been hit up by two kids from the subdivision selling stuff for their school. This seems pretty early for fundraising -- they've only been in school 1 1/2 days.
FrugalTexan75 Says:
August 22nd, 2010 at 07:04 pm 1282503886
1282503886

That is so sad about your DH's friends. Hopefully they didn't have any children yet with having been married so short a time.
MonkeyMama Says:
August 22nd, 2010 at 07:34 pm 1282505676
1282505676

No - no children. But the interesting thing is they were together a long time before married (like a couple of his other friends).
Homebody Says:
August 22nd, 2010 at 08:02 pm 1282507379
1282507379

It's that global warming Monkey. I have to say South Lake Tahoe last weekend was quite pleasant!
FrugalTexan75 Says:
August 22nd, 2010 at 09:22 pm 1282512169
1282512169

Something similar happened to my youngest uncle. He'd been dating/with this one woman for over 9 years before they finally married. They were divorced in less than 18 months. Then again, his second wife he knew for about 4 months before marrying - they were married for about 5 years before divorcing - two kids. My brother was dating/with his ex-wife for over four years before they were married - divorced within two-years. (It seems as though he (my brother) may have found someone new - she sounds really terrific, and he's over the moon. I so hope it works out for him.)
MonkeyMama Says:
August 23rd, 2010 at 03:01 am 1282532461
1282532461

Well, that is good to hear - hope it does work out!
Frugaltexan75 Says:
August 23rd, 2010 at 11:55 am 1282564505
1282564505

Thanks

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

This & That

7 Responses to “This & That”

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