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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.

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

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

It's Happening?!

October 23rd, 2023 at 02:49 pm

Just wanted to update that it looks like MH's movie will be funded!

🤯

I feel like this is just the first battle in a very long war.

They reached 90% yesterday. We have been willing to contribute the last $5K and talked about it a long time ago. If $5K is the difference between grabbing hold of this opportunity and getting this movie made... The difference between that and giving up. It's a no brainer. (Talking about less than 0.5% of our assets, going to a risky investment.)

We hit 90% on Saturday. & then someone donated $1,000 later that same day?

For now, I think we are mostly in the "in shock" phase.

There's another 10 days left on the crowd funding campaign. Will see if we even have to contribute anything at all. (MH has a few acquaintances who are very excited about the project and promising to contribute more than they already have. Everyone is also telling MH that they will get a surge at the end. Will see...)

If we squeak by without having to donate at this point, we will still probably talk about investing. Outside of the crowd funding, which we both prefer. Would not be subjected to all of the fees. Plus could invest versus doing a straight gift. Increasing our odds from 0% re: getting any of this money back. The odds might be low, but we like the 'better than 0%' odds.

(We are reaching the minimum crowd funding goal. The very bare minimum to get this done. The movie will need more money.)

Also, I'd much rather make this decision about how much we are willing to invest, in another couple of months. After year-end gifts and bonuses shake out. It would also be nice to know if the state of CA is really giving us $11,000 for college this year. (Have received $0, to-date.)

I do believe that if they hit their crowdfunding goal, that they will be able to leave the campaign up indefinitely. That will help as to reaching more than just the bare minimum.

Posted in Just Thinking | 5 Comments »

5 Responses to “It's Happening?!”

rob62521 Says:
October 23rd, 2023 at 03:12 pm 1698073929
1698073929

How wonderful on the funding! Hope you can get enough that you don't have to kick in, but great that you are willing to do that if need be!
LuckyRobin Says:
October 23rd, 2023 at 05:03 pm 1698080596
1698080596

That is cool. Is there any kind of a short that shows what the movie will be about for the crowd funding? Or a link to the crowd funding?
Petunia 100 Says:
October 24th, 2023 at 02:26 am 1698114417
1698114417

Wow, how exciting! Congrats to your husband.
Joan.of.the.Arch Says:
October 24th, 2023 at 07:06 am 1698131167
1698131167

I sense a Snoopy dance welling up on your household.
mumof2 Says:
October 24th, 2023 at 09:13 am 1698138831
1698138831

that sounds awesome...congrats

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

It's Happening?!

5 Responses to “It's Happening?!”

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