<< Back to all Blogs

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.

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

**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."}

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

My Pages

Net Worth

June 30th, 2009 at 02:11 pm

Net Worth is up $17k for the year, give or take maybe $1k, depending on stock performance today.

Cash is up about $7k. & is my main concern right now!

Retirement is up $8k (about $6k contributions and $2k gains).

Paid almost $2k off mortgage, this year.

That about sums it up.

Interestingly, our cash and investments passed the $100k mark. Not sure if they have before. That's a nice milestone! Big Grin Depends on the day, but as of this moment, we are at about $100,500!

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

Swim lessons - OMG. I bought goggles for the kids over the weekend. Apparently, LM Was not scared to swim - only scared to get water in his eyes. ????? Dh said he jumped in the pool and swam like a fish, during his lesson. (What a relief. When I was a kid I had to be pushed in and I was worried he would be the same way).

He told me his googles were "AWE-SOME!"

So, 4 lessons later, and LM can SWIM! He did so amazingly well. He has a second week of lessons in mid-July and I just asked if she had any more time in August. Hoping I can get him a 3rd week.

In fact, I am so amazed I am going to buy the kids' teacher a nice treat or pay her a little extra. She DESERVES it! ($50 for a week of private lessons was a steal!)

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

Piano lessons have took a turn for the better. If I remember today anyway - to give lesson on such a busy day. BUT BM is LOVING it. I simply asked him to practice 5 minutes a day, but he has declared he would like to practice 1/2 hour - twice a day. Hopefully I don't kill his enthusiasm. Wink Which is a big reason usually why parent don't teach their kids. I try to butt out of his practicing too. Practicing is for him and his parent - he doesn't need his teacher there too. Dh may learn something...

Posted in Just Thinking, Budgeting & Goals | 4 Comments »

4 Responses to “Net Worth”

milehighgal Says:
June 30th, 2009 at 03:41 pm 1246376486
1246376486

Congrats on the investments milestone! Certainly an achievement with 2 kids and one income at your young age
dmontngrey Says:
June 30th, 2009 at 05:58 pm 1246384699
1246384699

My problem with swimming is that I couldn't master holding my breath - so I wouldn't put my face in the water! After MANY times in beginner lessons, an instructor suggested nose plugs. That solved that and I eventually learned to swim without them.
Broken Arrow Says:
June 30th, 2009 at 07:32 pm 1246390370
1246390370

Nice photo! Thanks for sharing!
monkeymama Says:
June 30th, 2009 at 08:16 pm 1246393005
1246393005

dmont - I hear you. I had no idea it was the eyes that was causing fear - I would have guessed it was holding breath, etc. Kids are funny. I'll keep that in mind in care they change their tune and have trouble holding their breath...

(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

Net Worth

4 Responses to “Net Worth”

Leave a Reply