April 2016 Goal Progress: Update #2

It’s been 2 months since we set a goal of paying off the mortgage by 2020 and to have a net worth of at least $1M by 2025. This is the 2nd update on the progress of the goal. If you’re wondering why we set this goal, see here.

Mortgage progress:

This month, we paid a total of $4,488 towards the principal balance of our mortgage to bring it down to $169,993.13. A tiny bit of additional income continues to trickle in from Uber/Lyft , and my wife got a bonus at work last month, which helped us this month. We are still on track to pay off the mortgage in less than 5 years.

Month Months left Intermediate goal Actual balance On pace for goal
2/19/2016 58 $179,304 $179,304 Y
3/19/2016 57 $176,700 $174,481 Y
4/18/2016 56 $173,600 $169,993 Y

Net worth progress:

Net worth = assets – liabilities, or everything we own minus everything we owe. I’m not including our cars here, which are both paid off, to keep the calculation a little simpler. It’s hard to tell if we are on track as this is a 10-year goal, but so far, things look like they might work out.

This month was another good month in the market. Our investments increased by $6,906, or 4.1% over the past 30 days. Our cash position decreased substantially as we used some of it to help out family. We were able to pay down our mortgage by an additional $4,488 this month. Our net worth increased $5,339 this month to $339,161.

Date Home equity Investments Cash Net Worth
2/19/2016 $141,696 $149,076 $21,813 $311,584
3/19/2016 $145,519 $164,791 $23,512 $333,822
4/18/2016 $150,007 $171,697 $17,457 $339,161

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