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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

It's a Miracle (Plus Cool Blog)

September 3rd, 2012 at 03:29 pm

It's a miracle! I think we found a vacation date that works for my work, kids school, my parents, etc. SO, we are trying again for that beach weekend.

I suppose I will use my credit card rewards for the hotel (leaves tons of rewards leftover). The gas will probably fit in our gas budget. Credit card rewards for hotel. Will have some eating out spending, but that is about it. The hotel is on the beach.

I am sure this trip will underwhelm the kids after Florida, but it is what it is. IT's taken like a year to mesh all of our schedules.

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My folks came up Saturday and we went to a BBQ at the in-laws on Sunday.

We lucked out because the kids had some insane growth spurt type eating yesterday. They ate and ate and ate at the in-laws. Plan was to come home for dinner, BUT my mom had hemmed my pants and enticed us to stop by. So, when we got there I was mortified the kids ate and ate and ate. & then we fed them a second dinner when we got home. Rolleyes

How is that for planning? Let them eat their grandparents out of house and home. Wink Will see how they are today...

No plans for today, but will probably go to the pool. I think it "officially" closes as of tomorrow. But seems when it is hot sometimes they keep the pool heated a few weeks longer.

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LM is doing drama club now. HE actually volunteered to do something! (Another miracle). IT's $150, but it's the only extra-curricular he will do this year. He is EASY.

Him and BM are just such opposite personalities, but it usually works out because BM hogs up the extra-curricular budget and LM doesn't want to do anything. So BM can hog it up all he wants!

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Okay, so I am totally digging Mr. Money Mustache blog.

I have probably never even talked about early retirement, because aside from "preparing for the worst/hoping for the best," absolutely nothing about the early retirement genre appeals to me. Probably mostly so because I was raised to love my work and to follow my passions. The idea of hating my work so I can retire sooner just doesn't make *any* sense to me. I don't see "work" and "enjoying life" as mutually exclusive.

So what is amazing about this blog? It is about a guy who retired at 30. & it is more family focused than more early retirement blogs - that is probably the other disconnect for me with the most of them. IT's a family-focused guy that retired at 30. & he did so in the name of moderation. Okay, NOW we are talking. If I read this when I was 25, this might have changed my life. I would have considered it, because the whole thing doesn't strike me as insane, overly risky, or full of deprivation. Even from a biological standpoint, I don't think is is particularly risky.

I mostly enjoy this blog because I can identify with it. I understand it. To some it might sound insane, but I have seen these principles played out in real life. On a Scale of 1 - 10 Mr. Money Mustache may be a 10, and we may be a 5. We largely share the same life philosophies. We utilized this knowledge to have my spouse "retire" at age 25 while I don't care at all about early retirement. Mr. Mustache took it to the "10" level and completely retired at 30 - both him and his wife.

I am going to have to go back and read most the blog posts at some point.

Of note, here are some of the posts that sucked me in (but be warned that there is language):

First Retire�Then Get Rich

http://www.mrmoneymustache.com/2012/05/14/first-retire-then-...

**I've been watching our parents stress about early retirement and feel they were way short of their financial goals, while unable to find work in this economy. In the meantime, they are very Mustachian types and their nest egg keeps growing. So though maybe they hadn't met their goals pre-retirement, they will meet their goals in retirement. For my dad this means he was maybe only 50% to his retirement savings goal at age 57, but is 90% there at age 61. No employment necessary. & by the way, he doesn't need the nest egg anyway because it's just one more year to social security. ?!? So though he is 90% to goal, turns out goal was 500% more than he "needed." It's making me re-think retirement. My in-laws are in a very similar boat. This is no fluke - this is just what happens when you get used to living on 1/3 of your income.**

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The Shockingly Simple Math Behind Early Retirement

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...

**Again, this is true and I have seen it played out many times. Living on less means not only do you save more, but that you can stretch your savings further. & yes, it's really a pretty simple concept if you think about it.**

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Oh, and how could I forget this one?

News Flash: Your Debt is an Emergency!!

http://www.mrmoneymustache.com/2012/04/18/news-flash-your-de...

**I loved this one. This pretty much sums up the way dh and I are wired when it comes to debt. Which basically sums up why I'd rather work three jobs than run up one cent of credit card debt. & of course, to be wired this way is very unusual in our culture.**

Posted in Just Thinking | 7 Comments »

7 Responses to “It's a Miracle (Plus Cool Blog)”

My English Castle Says:
September 3rd, 2012 at 07:27 pm 1346700463
1346700463

He is pretty darn funny. I think there are plenty of folks both out there and everywhere that need to read this.
creditcardfree Says:
September 3rd, 2012 at 08:03 pm 1346702620
1346702620

I read the one about debt being an emergency and it was very good!!
Looking Forward Says:
September 3rd, 2012 at 08:52 pm 1346705528
1346705528

I like his writing style. Good find!
LuckyRobin Says:
September 3rd, 2012 at 09:00 pm 1346706018
1346706018

Hmm...I'll have to check him out, although I really don't like coarse language. How bad is it?
Swimgirl Says:
September 4th, 2012 at 04:48 am 1346734126
1346734126

I haven't seen anything with language any worse than a PG-13 movie!

Thanks for sharing. I've been reading a few entries tonight.
Swimgirl Says:
September 4th, 2012 at 05:18 am 1346735899
1346735899

Okay, just found an "f-word."
FrugalTexan75 Says:
September 8th, 2012 at 04:19 am 1347077989
1347077989

Drama club sounds like a lot of fun! I'd go with LMs picks.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

It's a Miracle (Plus Cool Blog)

7 Responses to “It's a Miracle (Plus Cool Blog)”

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