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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.

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

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

It's Official

December 3rd, 2023 at 05:52 pm

Yes, the state wants to give us $11,000 for college this year. MM(20)'s fall quarter refund finally showed up. I wanted to pay his winter tuition that week, so the timing worked out perfectly.

I believe it now. It's real.

Here's an update of MM's expected college costs, with the 5th year. He did officially get his double major approved and so 5 years is the plan.

MM's expected net college costs:

$42,000 Tuition/fees** (4 Years)

+$10,000 5th Year Tuition/Fees

-10,000 Tax credits

-13,000 CA middle class grants

- 6,000 Scholarship

---------

$23,000 Net cost

**I added in MM's $1K summer school class

Of course, nothing is easy. *sigh*

The girlfriend is still very ill. I just looked back at texts and it's been 6 weeks since MM(20) first took her to the hospital and she was hospitalized. She's been in and out of the hospital this whole time and they don't know what is wrong with her. This became more apparent during Thanksgiving week when MM(20) was home and he filled us in more on what was going on (and he was probably more in the loop; the girlfriend has moved back home in our city for the meantime). I presumed she was on the upswing but I texted her about something or the other yesterday and she told me she was having a bad day and was being put on heart meds. Very short term, I am sure that they are starting to wonder if she can feasibly go back to school in January. Longer term, lord knows. 😟

Posted in Just Thinking, College | 3 Comments »

3 Responses to “It's Official”

Dido Says:
December 3rd, 2023 at 08:00 pm 1701633623
1701633623

VERY reasonable total college costs; for so many of the clients I work with, your figures look like just one year's worth.

Sorry to hear the GF is ill. Prayers for her speedy recovery.
LivingAlmostLarge Says:
December 4th, 2023 at 04:31 am 1701664307
1701664307

Prayers for the GF recovery. DO thye know what it is?
Petunia 100 Says:
December 4th, 2023 at 08:39 pm 1701722352
1701722352

Oh, I'm so sorry to hear that MM's girlfriend is ill. I do hope her doctors will get it figured out soon and she can begin recovery.

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Monkey Mama*s Monkey Money Blog

Over Prepare, Then Go With The Flow

It's Official

3 Responses to “It's Official”

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