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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.

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

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

Update

February 26th, 2017 at 06:08 pm

I know I have been MIA for a while. The rain/snow has been insane here. My parents and us (100 miles apart) both were on the verge of evacuation. Them moreso than us (there was a random flash flood a little too close to their home). We are about 35 miles from that big dam in California. So we have both had a little too much excitement this month.

The snow pack in the mountains was almost non-existent, but there's been enough snow this winter that the snow pack is 200% of normal now. I saw that camp (already completely snowed under) was getting another 4 feet of snow this week? If we can even go to camp (late June) we might be bringing our sleds.

March will probably be tense.

I've also dug my way out of a (work) avalanche. Phew!! There's another one not far behind at all (and a few immediately after that one), but I am taking a day to just relax. Catch my breath.

Posted in Just Thinking | 8 Comments »

8 Responses to “Update”

rob62521 Says:
February 26th, 2017 at 07:11 pm 1488136301
1488136301

Glad you are safe! Hope things are not dire.
MonkeyMama Says:
February 26th, 2017 at 07:49 pm 1488138567
1488138567

Nothing dire right now, but it likely won't be the last scare this season.
My English Castle Says:
February 26th, 2017 at 07:53 pm 1488138790
1488138790

Thinking of you, MM. Let us know if you start building an ark! That little edge of constant stress must be tiring.
Dido Says:
February 26th, 2017 at 11:31 pm 1488151913
1488151913

Glad you have a day off! Stay safe--that extra worry certainly doesn't help!
creditcardfree Says:
February 26th, 2017 at 11:40 pm 1488152413
1488152413

I wondered where you were in relation to the dam. Are your parents closer? Stay safe!
MonkeyMama Says:
February 27th, 2017 at 12:31 am 1488155512
1488155512

@ccfree - No, my parents are 100 miles further south of the dam. Had nothing to do with the dam. There is just too much water everywhere.
Bluebird Says:
February 27th, 2017 at 11:12 pm 1488237156
1488237156

Glad to hear you're ok, I was thinking of you and wondering if you were affected by the rain. Stay safe!
FrugalTexan75 Says:
March 11th, 2017 at 02:59 am 1489201193
1489201193

I'd wondered how the rain was affecting you.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Update

8 Responses to “Update”

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