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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

Penny Wise, Pound Foolish

June 28th, 2010 at 03:17 pm

I love these little father/son articles:

Isaac Learns the Meaning of Penny-Wise

http://online.wsj.com/article/SB127759276673110965.html

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

I've personally ridden the Greyhound to save money. Not half way across the country. I'd do it again, (particularly if broke), but do remember a particularly uncomfortable bus ride from Tennessee to New JErsey. Much of the trip we had extra seats to ourselves and we were quite comfortable, but for the overnight stretch we ended up in a packed bus with unsavory characters. Not only that, but they were very large and I couldn't sit with my friends. We got separated and I got sandwhiched between a bunch of extra tall characters (legs, everywhere. Not so much girth).

Taking the bus from New York to Boston, was quite pelasant, in comparison. They even showed a movie. But both these trips involved more airfare than bus fare. Phew! I think I would too take from the experience that anything more than 12 hours requires a train or a plane ride, if I had the money! For my TN to NJ ride, can't say I had any money. So it was okay. Wink

Posted in Just Thinking | 7 Comments »

7 Responses to “Penny Wise, Pound Foolish”

Joan.of.the.Arch Says:
June 28th, 2010 at 03:38 pm 1277739515
1277739515

Just from that single article, I think I would like to know that family. I'll have to check out their other articles. Thanks.
MonkeyMama Says:
June 28th, 2010 at 03:42 pm 1277739770
1277739770

They do a lot of thought provoking articles. I probably have missed quite a few - I just catch them in the paper once in a while.
Broken Arrow Says:
June 28th, 2010 at 04:04 pm 1277741048
1277741048

I took the bus from North Carolina to New Jersey when I going to Atlantic City for vacation.

I will never do that again.

First of all, it was quite uncomfortable. Maybe it wouldn't be so bad if the trip was shorter, but it took like 14 hours total!

Secondly, people not in the New England area do not respect buses. The buses are dirty and people are obnoxious.

Worse yet, I learned the hard way that if I am not driving, I get sick very easily.

But the worst part is, I actually don't think I saved that much money at all. The bus ticket seemed only comparable in cost to driving. It'd be great if I enjoyed the experience and didn't have to drive, but I didn't.
MonkeyMama Says:
June 28th, 2010 at 04:13 pm 1277741596
1277741596

BA - I would never choose public transportation over driving my own vehicle. I agree - the bus/train costs are absurd, when you already own a car.

Was that recently? I last rode Greyhound when I Was around age 21. My take today may be different.
Broken Arrow Says:
June 28th, 2010 at 05:34 pm 1277746487
1277746487

Yeah, that was last year.

I will say this much though. From DC on up, the bus rides were very pleasant. I suppose it's because I was in a more urban environment where I'm guessing public transportation is much more prevalent and accepted.

Otherwise, no more being stuck in a large tin can with a bunch of drunk weirdos making strange looks at me 2am in the morning.
boomeyers Says:
June 28th, 2010 at 06:10 pm 1277748608
1277748608

Sounds like Issac saw some interesting things along the way that should'nt be missed!
Looking Forward Says:
June 29th, 2010 at 05:38 pm 1277833118
1277833118

I took Greyhound from South Lake Tahoe to Santa Rosa when I was 20 and dating DH. The price of gas had shot up (although much cheaper than now) so it was less expensive to take the bus. I think it took 11 hours; over twice as long as driving. Changed buses in San Fran and drove thru Oakland twice. HaHa, not a very direct route. The bus was clean and the people on the bus weren't 'too strange'. I think once is enough, I have not taken a bus since. On the bus I struck up a lengthy conversation with an older man traveling to the same city. About three years later I found out that same man was close friends with the family who ran the home daycare where DD was! Small world.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Penny Wise, Pound Foolish

7 Responses to “Penny Wise, Pound Foolish”

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