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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

2011 Goal Update

October 20th, 2011 at 06:59 pm

Knock on wood, but the goals seem to be going good.

ROTH IRAs - I just checked where we were, and I only seem to be $300 short on maxing out. (I had estimated $1500 at some point, and already made a $500 deposit to lessen that shortfall). It seems likely I forgot to count AmEx deposits to our ROTH? Woohoo!

$300 from savings - will try to do before the end of the year. THAT is easy peasy. Though we won't max out until April.

Goal for 2012 is to contribute $9,000 from income ($750 x 12), earn $500 in credit card rewards, and pay 10% of overtime to get up to $10,000. Meaning, as long as I have a paycheck, it should basically be auotomatic from pay and rewards. It depends on our health insurance - I am assuming I get just enough raise to cover the usual crazy insane annual increase, and that I can stick with $750/month to ROTH. Will see...

Mortgage Goal - Goal is to hit $199,999 by 12/31.

We've gotten so many credit card rewards this year that I haven't touched savings for this at all. Since MIL just took over paying for piano lessons, I am adding $150 to the mortgage every month. This will leave me with a shortfall of about $412 to reach my goal. I expect $250 for Christmas work bonus and will apply it to mortgage. This leaves me $162 short. I doubt I will get this much birthday money, but might get $100. Birthday present to me? Extra to the mortgage! I expect I might need to transfer the last $62 or so from savings. Will see... I'd generally say that dh could make that money EASY PEASY on Amazon during Holiday season, but I mentioned before they banned all non-high-volume-sellers for the Christmas season. I could also convert upcomoing credit card rewards into cash, but I think I will leave as is since I have so little to come up with.

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Cash Savings Goal

I was optimistic earlier in the year that we would FINALLY hit $30,000. I suppose it is a double whammy in that $30k is a pretty solid 6-month *emergency fund* while also being a level of cash we can't seem to achieve on one income, with kids. IT's a very meaningful goal to me - one that has been very elusive - so close but so far!

Anyway, I did transfer $500 to the ROTH and had almost $1000 in medical/dental bills, so I pretty much give up this year. (& I just said I had plans to transfer another $300-$400 out to reach other goals).

But, I won't give up. I think next April will be it! Overtime bonus in April. How many times have I said that before, huh? Well, no one in my household having major surgery would be extremely helpful... So I am hoping for that. I've got about $28k in the bank, today.

Posted in Budgeting & Goals | 3 Comments »

3 Responses to “2011 Goal Update”

ceejay74 Says:
October 20th, 2011 at 07:46 pm 1319140008
1319140008

Awesome! Those are all great goals. Out of curiosity, do you have a 401(k) too, or just the IRAs? (We kind of hedge our bets and do half to each kind of vehicle, since I don't know how taxation is going to be if we retire in the UK.)
MonkeyMama Says:
October 20th, 2011 at 09:09 pm 1319144976
1319144976

All we have is IRAs, right now. That said, some of that used to be 401k or other work retirement, so our balance is kind of 50/50 ROTH/regular.

Our taxable income is too low to bother with anything but the ROTH, right now. Meaning, no point to fund regular IRA for very measly current tax break.
Nika Says:
October 21st, 2011 at 04:16 am 1319170605
1319170605

Great job!!!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

2011 Goal Update

3 Responses to “2011 Goal Update”

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