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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

Cash Stash Update

October 17th, 2006 at 09:20 pm

Cash Stash:

$45.48 cash for 2006
- 1.08 BK Lunch
------
$44.40 remains
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It's going going fast. LOL. It was funny today I was telling my coworkers I Was only spending $1 on lunch so I Wasn't going with them for the gas station lunch. The gas station on the corner actually serves up some fresh food - rice and meat, eggrolls, etc. I have never been. But they invited me and I Asked if there was anything for $1. LOL. Beacuse I was going to BK for my $1 lunch while they had their high-class gas station lunch. Then someone told me if I Waited until 2 or 3, after the lunch crowd, that the gas station cuts its prices in half to clear out the food. My one co-worker apparently stocks up for dinner there almost every day. & they do give you good portions. I will remember that next time hubby is sick or needs a break from cooking duties. Sounds like a good deal overall - and convenient. I think she said $5 for dinner for 2 - really decent servings. Would probably feed us and the kids for $5.

In other news I got my first ebay bid - woohoo. So far it stands at my starting price - 29.99. But to get s bid so fast sounds good to me. We'll see what happens.

Gosh those 4 shirts I was looking at actually ended up going for $18!!!!!! I can do better at the thrift shop without shipping. BUT I am definitely going to put up some of the endless clothes with tags I have. Family has a hard time listening when I say size. They always second guess me. I didn't mind it so much with my older son because I Saved it for future children, and they have gotten well used. But now I am not planning on any more babies. I have given so much away, but if I Can put up 4 dinky shirts for $18 - I am in. LOL. I know for now he has a few cute outfits - 2 pieces or shirts with overalls. They are nice brands too - not like the target brand I Was bidding on. I see more extra income in my future - yippee. Next time instead of grumbling when I get the wrong size I Will turn it into cash, eh?

May be a good thing to put up before christmas too, huh? I was specifically looking for clothes with tags since it would be a gift. Maybe in the next couple of months clothes with tags get an extra premium. Maybe???

Posted in Spending | 1 Comments »

1 Responses to “Cash Stash Update”

JanH Says:
October 17th, 2006 at 09:53 pm 1161122012
1161122012

If Hubby doesn't take his lunch or get one provided, he heads to the nearby fast food for a $1 hamburger and that's it. Has other stuff on hand. Great minds think alike!

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Cash Stash Update

1 Responses to “Cash Stash Update”

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