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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
...($6,653 @ 4/30/24)
...$1,000/month, plus interest
...Topping off with snowballs

[ ]$7,500 to investments
...($2,220 @ 5/31/24)
...$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% @ 4/30/24)
...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>
2023: +$ 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

MM(20) Tuition Update

September 6th, 2023 at 02:46 am

MM(20) had an estimated $4K state (middle class) grant per his college. I mentioned in a prior post that $4K was my "pulled out of my butt" estimate and didn't know what to make of it. His grant had been $2K his first year, then $3K. Well, it sounds like the school basically used my estimate method. Figured he might get another $1K this year.

In the meantime, MM(20) was out of town for the long weekend. I cornered him when I got home from work and had him log in to check his grant. The dollar amount went up by $4,000 this year. What the heck!?

I had read somewhere over the summer that "the dollar amount depends on the specific school." But I was second guessing this when DL(18) wound up with the $4K amount. I just presumed both the kids would get the same $4K amount. I was stunned when MM's grant came in at $7K!

MM's expected net college costs:

$42,000 Tuition/fees**

-10,000 tax credits

-13,000 CA middle class grants

- 6,000 Scholarship

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$13,000 Net cost

**I added in MM's $1K summer school class, so brings the grand total tuition to $42,000.

The one thing that is really unclear is if MM(20) will get any further middle class grants. The state is treating MM(20) like a senior because he started with so many AP/IB credits. For planning purposes, I presume this is all the financial aid he will get.

I suppose you never know how things will sort out with future scholarships and everything. Lord knows I was surprised this year.

At the end of the day, this grant is an extra $3,000 in MM(20)'s pocket. I was paying his tuition from his gifted college fund. With this news, he should end his junior year with $20K cash (gifted college fund), same as he has now. I think technically will be pulling out ~$800 for tuition this junior year, but he will be able to make that back (in 12 months) with higher interest rates on cash account. If there's anything left after college, this money is for him.

Edite to add: Have been told that the college will sort out grants end of October. Hopefully before we pay the next quarter. It will be hard to believe until the college deducts it from MM's tuition.

Posted in Just Thinking, College | 5 Comments »

5 Responses to “MM(20) Tuition Update”

LivingAlmostLarge Says:
September 6th, 2023 at 05:49 am 1693979399
1693979399

That's amazing. How much wasw in his gifted college fund to start? it's only $42k college tuition and fees includes living expenses? Or just tuition?
MonkeyMama Says:
September 6th, 2023 at 02:14 pm 1694009693
1694009693

Gifted college fund has grown over time but topped out about $30K. Moved $5K to a ROTH IRA. (Technically he still has $25K). The $5K we have spent down was just what we had to pay for his sophomore year. Freshman and junior year will both end up being $0 (net) years.

This is just tuition.
LivingAlmostLarge Says:
September 6th, 2023 at 07:05 pm 1694027120
1694027120

That's crazy good deal. That you are netting only $5k for tuition. That's amazing and why you always said california schools were very reasonable. Which I knew. But seeing is incredible.
MonkeyMama Says:
September 6th, 2023 at 07:39 pm 1694029146
1694029146

I always said college was very reasonable here because you can get a very good degree for $30K. Newer college tax credits and much newer middle class grants are just icing on the cake. I thought $30K was very reasonable. It's really a surprise that we will pay so little in the end.
MonkeyMama Says:
September 7th, 2023 at 03:35 pm 1694100944
1694100944

P.s. these middle class grants are only for in-state public colleges. The state is doubling down on public college affordability.

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MM(20) Tuition Update

5 Responses to “MM(20) Tuition Update”

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