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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.

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2024 Goals

[ ]Small monthly Charitable Contribution
...($230 @ 8/31/24)
...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
MM YEAR 5

DL YEAR 1 ✔
DL YEAR 2 ✔
DL YEAR 3

[ ]$10,000 to savings
...($7,749 @ 10/31/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($4,786 @ 10/31/24)
...~~$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 @ 10/31/24)
...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% @ 10/31/24)
...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 @ 10/31/24)
...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.

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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>
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."}

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My Pages

Interesting Article Today...

March 29th, 2010 at 11:34 pm

Tears and taxes: Meet my therapist, the accountant

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/03/29/...

We always joke in my CPA office, that the truth is better than any soap opera. I can certainly relate to the article.

BUT, what is the one thing I have learned from my line of work? Get your affairs in order, and don't be cheap about it. By far and above, greedy loved ones is the number one drama we face. It's a given. Every family has someone salivating and ready to start trouble, when it comes to an inheritance. (Lesson learned - a good lawyer is worth their weight in gold).

I haven't personally dealt with a lot of divorces, BUT, one of my youngest/wealthiest clients just filed for divorce last week. Ugh. It's going to be a MESSY one.

I also agree that most people are more scared of the IRS than they need to be. I've got some stories there. BUT, I have not experienced any audits. My boss has a good track record and so his clients rarely get audited. I've worked here 8 years and we have had a handful of audits - none of my clients. Something else I am sure I will get more experience with, with time.

Posted in Just Thinking, Work | 2 Comments »

2 Responses to “Interesting Article Today...”

Joan.of.the.Arch Says:
March 30th, 2010 at 05:18 am 1269922689
1269922689

Interesting article. But please tell me you and the author are exaggerating about every family having a greedy one salivating over inheritance and ready to start trouble. I come from a family w/ six kids and so does my DH so that may increase the chances. I would hate to see anything like that happen when our parents die. I just cannot imagine!
MonkeyMama Says:
March 30th, 2010 at 06:15 pm 1269969341
1269969341

Sorry - not exaggerating. IF not your siblings, some crazy person will come out of the woodwork. (OF course we tend to work with more high wealth individuals. Then again, some of the worst fighting has been over people with no money left at the end. So of course someone must be "hiding something" and then the claws come out. But I think it could be somewhat the demographic, all the same. IF people expect money, they go nuts).

One of the most calm estates I have ever seen was my dad's parents. They had NO MONEY and his siblings are very non-materialistic/kind hearted. Ironically, they all got a six figure inheritance - totally unexpected!!! On the flip side, my mom's family has money, her sister is emotionally unstable, and both her siblings are broke and counting on a nice inheritance in the near future. & lord knows who will come out of the woodwork. HAving money is not "all that," when it comes to end of life, that is for sure. IT really brings out a nasty side of people.

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Interesting Article Today...

2 Responses to “Interesting Article Today...”

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