December 2016 Goal Progress: Update #10 and 2016 Totals

December 2016 Goal Progress: Update #10 and 2016 Totals

It’s been 10 months since we set a goal to pay off the mortgage by 2020 and to have a net worth of at least $1M by 20252020. This is the 10th update on the progress of the goal. If you’re wondering why we set this goal, see here.

Mortgage progress:

As 2016 comes to an end, we are $6,200 short of our intermediate goal of paying off the mortgage on our condo. We fell behind because of a new home purchase in September, but I’m still pretty satisfied with our progress. Since I started tracking this goal in February 2016, we’ve paid down $24,304 in principal in 10 months. I hope to catch back up in 2017 so that we can have this really paid off by 2020.

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
9/20/2016 51 $158,100 $156,597 $403
10/27/2106 50 $155,000 $156,194 $404
11/21/2016 49 $151,900 $155,789 $405
12/19/2016 48 $148,800 $155,000 $789

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 net worth increased by $8,907.84 this month to $438,003.81. The stock market did well in November, which helped. Our net worth has increased by $126,420 in the 10 months since I started this blog. The net worth goal has been coming along better than I had expected in 2016. Because of this, I’ve decided to revise the end date for this goal to the end of 2020 instead of 2025.

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
9/20/2016 $261,403 $144,694 $3,657 $409,754
10/27/2016 $261,806 $151,425 $5,735 $418,966
11/21/2016 $262,855 $155,877 $10,364 $429,096
12/19/2016 $264,290 $162,281 $11,432 $438,004

Goals for 2017

I’ve decided to stop tracking the marathon and weight goal in these monthly updates. I’ve come up with a few more goals for 2017, and I’ve decided to track them on a separate page now. Check it out here.

 

Photo source: Pixabay

 

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