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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.

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

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.

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

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

Credit Card Reward Update $4,000

December 6th, 2011 at 04:34 am

UPDATED TALLY:

$1030 cash Chase Sapphire (moi)
$200 cash Chase Freedom (dh)
$625 gift cards - Chase SW (dh)
$515 gift cards - Chase SW (moi)
$500 gift cards Citi (dh)
+$100 gift cards - Citi for trying to close card
$310 gift cards - Citi (moi)
-$99 annual fee (SW card)
+$99 annual fee refunded when closed card
-$69 Fee (SW card)
+$69 annual fee refunded when closed card
-$41 lost value for exchanging some Citi gift cards for cash and amazon gift cards
-----------
$3239 TOTAL *ONE-TIME REWARDS*

+$ 500 deposit to ROTH (Fidelity Am Ex - 2% cash back)
+$ 80 Target rewards (5% discount Target purchases; mostly groceries)
+$ 35 Visa Rewards (1% cash back - for places that don't take AmEx)
------------------------
=$3854

+ $250 American Express reward (gift cards)
----------------------------
=$4104 Total CC REWARDS 2011
----------------------------

This is my first *$4000 is official* post.

YAY!!!

I am just waiting to redeem my latest rewards - should be $250 around December 15th.

All of our other one-time credit cards are closed and cut up.

I haven't come across any offers in the interim - it has been very quiet on the credit card reward front.

Posted in Credit Card & Bank Rewards | 6 Comments »

6 Responses to “Credit Card Reward Update $4,000”

creditcardfree Says:
December 6th, 2011 at 12:38 pm 1323175099
1323175099

That is amazing! Great job. I just keep thinking that amount is almost an entire Roth contribution or a big vacation.
ceejay74 Says:
December 6th, 2011 at 03:00 pm 1323183656
1323183656

Have you done the Citi ThankYou one? I'm thinking about that one next. citi.com/travel
MonkeyMama Says:
December 6th, 2011 at 03:27 pm 1323185276
1323185276

Yes - my dh eeked out $600+ on that one because they offered him $100 to not close his card for a month or two. ("A month or two" ending up being 3 days before he got the extra points!)

Citi didn't care for me as much, but I think I got $300 from the deal.
frugaltexan75 Says:
December 7th, 2011 at 02:38 am 1323225496
1323225496

That is some nice moola.
LuckyRobin Says:
December 7th, 2011 at 09:57 pm 1323295076
1323295076

Next year when we are out of credit card debt, I may actually very slowly try doing this. I haven't wanted to while I was still in debt and of course I was very wary, but $4000 in free money is really tipping the balance for me. Since DH has significant travel expenses each month it would be very easy to purchase the necessary amounts. Though I would have to get over my "never gonna bank with Chase again ever" mentality. This money isn't taxable is it?
MonkeyMama Says:
December 8th, 2011 at 03:01 pm 1323356479
1323356479

No - tax-free!!!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Credit Card Reward Update $4,000

6 Responses to “Credit Card Reward Update $4,000”

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Credit Card Reward Update *$4,000*

6 Responses to “Credit Card Reward Update *$4,000*”

Leave a Reply

Credit Card Reward Update $4,000

6 Responses to “Credit Card Reward Update $4,000”