<< Back to all Blogs

About Me:

Monkey Mama

Just a 47-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.

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
...($156 @ 6/30/24)
...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
MM YEAR 5

DL YEAR 1 ✔
DL YEAR 2
DL YEAR 3

[ ]$10,000 to savings
...($7,121 @ 8/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($3,691 @ 8/31/24)
...~~$350~~ $400/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs
...Note: Bumped up to $400 9/1, re: reduced food expenses

[ ]$2,025 to mortgage
...($0 @ 8/31/24)
...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% @ 8/31/24)
...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 @ 8/31/24)
...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.

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

**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>
2023: +$ 90,000
TOTAL: +$570,000

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

5.7% !!!!!!!!!!

February 1st, 2008 at 07:10 pm

I thought I remembered this 8-month CD being renewable at 5.7% (if that rate would be preferable in 8 months).

Anyway, then they sent me paperwork and didn't mention this option to renew at 5.7%. This was really key to making my balance transfers REALLY worthwhile. My hedge if rates went down.

Anyway, I pulled out the original paperwork and didn't see anything. I could not beleieve I did not get that in WRITING!!! I started to wonder if I Was crazy.

Anyway, so I just realized my CD matures Monday and I better call. The option now is 3.2 or something for CDs. (non-promotional anyway).

So I Called and inquired and they said yes, I Was right. In fact, I didn't even have to call, it was set to renew at that rate Monday. Woohoo!

I am quite happy with this. I am not crazy after all. & yes next time I Will get it in writing, just in case.

Everything financially seems to be going my way this week. I am enjoying!

(I guess this could be a bit of a neener neener neener post too. LOL. Earning 5.7% for another 8 months on money that is not even mine!).

Posted in Just Thinking, , Credit Card & Bank Rewards | 5 Comments »

5 Responses to “5.7% !!!!!!!!!!”

Dido Says:
February 1st, 2008 at 07:17 pm 1201893434
1201893434

Wow, that's great!

I had a CD set to renew this week, and while I got the CD 9 months ago at 5.75%, the rate at rollover was 3.75% (at ING), so I transferred the money to a regular savings account at E*Trade instead (4.6%).
scfr Says:
February 1st, 2008 at 08:00 pm 1201896004
1201896004

That is great!!!
Aleta Says:
February 1st, 2008 at 08:53 pm 1201899195
1201899195

Congratulations on following that one up. Wow, 5.7 for another 8 months. That is great. I wonder how many times many of us have had the same renewable rates and didn't know it. I guess it would be a good idea to ask when you're getting a CD and like you said, getting it in writing. Good job! Hopefully, the market will look up in 8 months.
Ima saver Says:
February 1st, 2008 at 09:42 pm 1201902123
1201902123

That is great news!!
monkeymama Says:
February 2nd, 2008 at 01:57 am 1201917450
1201917450

Actually the funny thing is I didn't even have to call. It would have renewed at that rate regardless. The upside is I now know for sure I am not crazy. LOL.

(Note: If you were logged in, we could automatically fill in these fields for you.)

Name:	*
Email:	Will not be published.
	Subscribe: Notify me of additional comments to this entry.
URL:
Verification:	* Please spell out the number 4. [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]

Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

5.7% !!!!!!!!!!

5 Responses to “5.7% !!!!!!!!!!”

Leave a Reply