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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.

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

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

Perspective

December 5th, 2011 at 09:10 pm

Sometimes, perspective is everything.

Tax season is gearing up here, and I told dh I was stressed out. HE said, "Why are you stressed out?" The last 2 years we were gearing up for surgery and wondering if we had cancer!"

Boy, he has a point! So today I am focusing on being grateful that I am not going through that. Today. (I can't speak for tomorrow - that we have learned all too well).

A tax season without surgery and a holiday season without doctors visits and biopsies. Ah, it sounds too good to be true!

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I easily wrangled the co-worker I wanted for the work gift exchange. She has admired some of my dad's photos, and so I got her a framed print. (I knew who picked her, and asked to switch).

I will still give her the Amazon gift card I had set aside for this, too. She could use it. & I will look amazingly generous for $15 or so spent.

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I prepaid kids' school lunch balance through 12/31, so I hoped. I checked today and probably have enough balance to get through mid-January. Yay! Since school lunch went up to $2.50, the rule this year has been they can buy lunch twice a week. They seem to be sticking to that okay. Last year was so dirt cheap they bought more often. & frankly, $2.50 isn't bad for the well rounded meals and convenience factor. To me, money well spent.

I will bulk up their accounts next month. For the rest of the year.

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We still didn't take dh's car in to the shop. He said he would take it in tomorrow, see if it is just the battery, and ask about the warranty if that is all it is. (The battery itself is well under warranty - our mechanic put it in). He is due for an oil change anyway. I've got a pile of jiffy lube coupons, but the convenience factor for being at the mechanic anyway, may win.

Posted in Just Thinking | 3 Comments »

3 Responses to “Perspective”

Buckeye Says:
December 5th, 2011 at 10:39 pm 1323124743
1323124743

While I know I need to call the city,why do they send me a bill that is the same or higher than the last two years, when the city had to pay me back? Should I leave well enough alone or make the call.oh,knowledgeable one?
rob62521 Says:
December 6th, 2011 at 12:53 am 1323132795
1323132795

You are right, it is perspective and sometimes we let the day to day stuff cloud the good things overall. I am very guilty of that and I need to keep reminding myself I should be grateful for all the wonderful things instead of obsession over other things that really aren't THAT important -- a bump in the road, but not as horrible as bad health or surgery. Hope your new year is a prosperous one!
MonkeyMama Says:
December 6th, 2011 at 01:24 am 1323134675
1323134675

@Buckeye - if I got a bill I thought was wrong, I would call about it.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Perspective

3 Responses to “Perspective”

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