August 2016 Goal Progress: Update #6

August 2016 Goal Progress: Update #6

It’s been 6 months since we set a goal to pay off the mortgage by 2020 and to have a net worth of at least $1M by 2025. This is the 6th 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 $1,000 towards the principal balance of our mortgage to bring it down to $157,000. We are toying with the idea of buying another property, so we are trying to save up liquid cash for now. We are still on track for the goal.

Date Months left Intermediate goal Actual balance Principal reduction
2/19/2016 58 $179,304 $179,304
3/19/2016 57 $176,700 $174,481 $4,823
4/18/2016 56 $173,600 $169,993 $4,488
5/17/2016 55 $170,500 $167,000 $2,993
6/20/2016 54 $167,400 $159,900 $7,100
7/19/2016 53 $164,300 $158,000 $1,900
8/22/2016 52 $161,200 $157,000 $1,000

 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. I am including an estimate of home equity.

Our cash position decreased to $24,437 this month. $5,000 is sitting in an escrow account as our earnest money deposit for a house we have under contract right now. We were able to pay down the mortgage principal $1,000 to keep us on track for our mortgage goal. Our net worth increased by $4,605.56 to $379,916.34 this month, our lowest increase to date.

Date Home equity Investments Cash Net Worth
2/19/2016 $140,695 $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
5/17/2016 $153,000 $171,305 $21,672 $345,978
6/20/2016 $160,100 $174,881 $23,094 $358,075
7/19/2016 $162,000 $185,621 $27,689 $375,311
8/22/2016 $163,000 $192,479 $24,437 $379,916

Marathon/weight goal:

I’m still recovering from my fibula fracture. I’m off crutches now, but I’m not back to 100% yet. I’m going to physical therapy once a week for now, but I won’t be able to do any running for probably at least another month or two.

My weight was 155.2 this morning. I have been trying to eat a little less and a little better, but we’ll see what happens when I start running again and regain my appetite.

2 thoughts on “August 2016 Goal Progress: Update #6

    • Thanks. We are in the process of buying a new house, so we don’t have extra money right now. I know I’m in the minority, but I prefer to pay off the mortgage with extra money although I do invest a little bit too. It’s more of a mixed approach, but I highly value being debt free.

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