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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
...($1,250 @ 3/31/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 3/31/24)
...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 @ 3/31/24)
...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

Credit Update

November 4th, 2010 at 07:59 pm

**I got my new Fidelity card set up. 2% of all purchases to my ROTH IRA account. Pretty sweet.

**Target also called me today to verify that I am me.

Both cards will arrive in about a week. Then it's on to dumping the old. (Target - will save 5% on all Target purchases).

**I logged onto Credit Karma today. IT says my oldest OPEN credit account is almost 8 years old. Probably my State Farm.

There is a credit score simulator on there. I simulated if I closed my oldest account. (I actually plan to close that one and a 3 or 4yo card). It said, "WARNING WARNING DANGER DANGER - THIS IS BAD FOR YOUR CREDIT SCORE." (Something along those lines, anyway). Then it simulated my score and told me it would be 805 instead of 810.

Rolleyes

I wasn't worried about it before, and am even less worried about it now.

{NOTE: I have always made it a habit to close an old credit card every time I opened a new one - which I do often to chase rewards. Anyway, it's kind of my pet peeve when lenders and the media scare people with great credit scores from ever closing an old card - it's kind of ludicrous if you ask me. Since recent identity theft, I feel more strongly about not keeping a pile of unused cards out there - just more to track and worry about.}

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In surgery news, my biopsy is in 2 weeks. (Sounds less fun by the minute!) Took forever to get it scheduled. I finally just called and asked for my appointment - tired of waiting. My ultrasounds for "nothing" was done within 48 hours. Biopsy is more complex I guess, but can't help but wonder when they would ever call me, otherwise. Was getting rather frustrated.

It's in 2 weeks. I need to do lab work exactly one week before. & a pile of instructions. Plus, I can't drive myself home, which makes me wonder what I have gotten into. (I thought I was just getting a fine needle biopsy which is suppose to be very simple). I kind of figure ignorance is bliss, so I don't think I will ask much. Just show up and get 'er done. I really don't need to know all the gory details.

Posted in Just Thinking | 1 Comments »

1 Responses to “Credit Update”

dmontngrey Says:
November 5th, 2010 at 05:35 pm 1288978526
1288978526

Oh - I didn't know about that simulator! I'll have to check that out next time I log in.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Credit Update

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