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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
...($1,250 @ 3/31/24)
...$350/month, plus snowflakes
(Snowflakes: credit card rewards and dividends)
...Topping off with snowballs

[ ]$2,025 to mortgage
...($0 @ 3/31/24)
...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% @ 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 @ 3/31/24)
...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>
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

Positive Thinking

August 27th, 2010 at 02:23 pm

I think my goal for 2011 will be not to spend any money. Big Grin I was just saying how I am doing just dandy on my savings goals, but expenses are another story. Even before this latest doozy. So, maybe if I put my mind to expenses. Try to will Murphy away. It's not ALL Murphy, but we have had plenty of Murphy thrown in, no doubt. It all started when I smashed my car door last year, and hasn't seemed to let up!

That said, what's done is done, and there is nothing I can do about it.

How it this for positive thinking? Since our upcoming Hawaii trip comes with free airfare and free hotel, I decided to just pretend like the massive dental bills are really for the Hawaii trip. It's hard to get upset about a couple of thousand dollars when you are spending a week in paradise for free. Good timing?

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

Of course, I had a good talk with a friend. She was saying how her neighbor's teenaged child kept losing his retainer. Ouch!

& suddenly it hits me - that my 7yo will be responsible for a $500 retainer. Yikes!!!!!

The plus side is that we do not put anything disposable in his lunch. So we will talk to him about putting it inside his lunch bag at lunch. If he forgets it there, whatever. We will have to check after school. But I don't necessarily see much throwing away, unless he buys lunch and sets it on the tray. Ugh... Of course, if he loses it that way, a no school lunch policy might be the result.

I hadn't thought of any of this, but was a good heads up. She told me, "I am sure your kid is much more responsible than my neighbor's son." Um, the 7-year-old? I am not so sure! He can't even remember to take his backpack, after 2 years of school. Lord help me!

Posted in Just Thinking | 3 Comments »

3 Responses to “Positive Thinking”

Joan.of.the.Arch Says:
August 27th, 2010 at 02:41 pm 1282920079
1282920079

My friend Maria wore a retainer when we were second graders. I actually remember being impressed by how grown up and methodical she was about two things at lunch time! 1.) She always put her retainer into her shirt pocket. When she finished lunch she always went straight to the restroom to wash her retainer and put it back in her mouth. 2.) She always folded up her paper lunch bag and put it into that same pocket until after lunch recess so that she could take it home for re-use.

I think having worn uniform blouses that had a chest pocket was the thing that made the "retainer retention" habit so possible. Maybe your son could wear t-shirts, polo-shirts, and button downs that have a pocket so that the retainer doesn't risk going into the trash at lunch.

Also, is there such a thing as retainer replacement insurance?
MonkeyMama Says:
August 27th, 2010 at 03:45 pm 1282923959
1282923959

Actually, I was mentioning all this to dh this morning. At which point he tells me that it is not a removeable retainer. (Which basically means this is more BRACES territory. Yikes!)

But I can't help but wonder if this is why - to prevent losing them with younger kids. Since for all intensive purposes, it is just a retainer. But, I guess one less thing to worry about. Phew!
FrugalTexan75 Says:
August 27th, 2010 at 09:13 pm 1282943606
1282943606

I was just going to suggest that very thing - some kind of a "permanent" retainer. That ... or telling him that if he loses it he'll get to work off the price of it in extra chores -- especially ones he doesn't care to do. Heh, I'm evil like that though. ;D

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

Positive Thinking

3 Responses to “Positive Thinking”

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