January 2017 Goal Progress: Update #11

January 2017 Goal Progress: Update #11

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It’s been 11 months since we set a goal to pay off the mortgage (on our condo) by 2020 and to have a net worth of at least $1M by 20252020. This is the 11th update on the progress of the goal. If you’re wondering why we set this goal, click here.

Mortgage progress:

This month, we reduced the principal on our condo by $1,000 to bring the balance to $154,000. We are now $8,300 behind pace to achieve this goal. I am confident that we will get back on pace or at least close to it by the end of this year.

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
1/19/2017 47 $145,700 $154,000 $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.

As you can see, there was a fairly sizable increase in our home equity this month. I’ve decided to use the estimate on Zillow (aka Zestimate) for the estimate of value instead of a static value that I set when I started this blog. As a realtor, I’m going to remind you that the Zestimate is definitely not a precise value, but it can provide a decent ballpark estimate of your home’s value, especially in areas where there is more activity. For my purposes here, the Zestimate will serve just fine for this blog and provide a dynamic value that changes along with the market.

Because of the above, our net worth increased by $29,143.44 to $467,147.25 this month. I am currently working on moving our investment accounts over to Vanguard from Capital One Investing. I’ll explain the reason for that move sometime in a later post.

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
1/19/2017 $285,534 $169,572 $8,751 $467,147

Goals for 2017

I set a bunch of non-financial goals for 2017. I have been working on some of these for some time now, but I wanted to keep a record of progress for myself. I also thought it would be interesting to keep a record of the books I’ve read somewhere. It’s been just over 6 months since I broke my ankle, and I’m finally starting to run again. I realized I became a lot less fit during that time. I signed up for and ran a 5k to set a base time to improve upon this year. I struggled through it and ran a 24:22 (7:51/mi). My goal for this year is to bring that time down to 20:00 (6:26/mi).

Here’s the status on all my goals for 2017.

  • Be able to do 100 pushups in 2 minutes (currently at 25 as of 12/19/16); inspired by a friend who joined the 1000 lb club at age 36 (sum of bench, squat, deadlift)
    • 35 pushups (1/2/17)
    • 47 pushups (1/19/17)
  • Be able to do 100 situps in 2 minutes
    • 55 situps (1/19/17)
  • Achieve a 1000+ rating in Table Tennis (817 as of 12/19/16)
    • 904 rating (as of 1/4/17)
    • 948 rating (as of 1/19/17)
  • Read 20 books (my rating and a brief synopsis beside it)
    • 1. The Millionaire Next Door by Thomas J. Stanley – COMPLETED Dec. 2016 (9/10 – shows us that most millionaires don’t live the flashy lives portrayed in the media but are actually much more frugal than most people)
    • 2. The Prodigal God by Tim Keller – COMPLETED Dec. 2016 (7/10 – a different perspective on the parable of the prodigal son where the elder brother is just as lost as the younger brother)
    • 3. The Simple Path to Wealth: Your road map to financial independence and a rich, free life by J.L. Collins – COMPLETED Jan. 2017 (9/10 – details a simple way to invest and emphasizes low-cost index funds like VTSAX; lots of great information too)
    • 4. Half Retire – How to Escape the Rat Race Without Waiting to Win the Lottery! by Marcus Arce – COMPLETED Jan. 2017 (5/10 – goes through different ways to avoid typical full-time employment that usually lasts until traditional retirement age)
    • 5. PUSH – A Guide to Living an All Out Life: The Story of Orangetheory Fitness by Ellen Latham, MS – COMPLETED Jan. 2017 (9/10 – written by the founder of Orangetheory Fitness; goes through the journey of how she came up with the concept and the franchise; lots of excellent testimonials and inspiring stories)
    • 6. I Will Teach You To Be Rich by Ramit Sethi – COMPLETED Jan. 2017 (7/10 – covers a wide variety of concepts; would be more useful to recent grads or those new to managing finances)
  • Run a 5k in under 20 minutes (6:26/mi)
    • 24:22 (7:51/mi) – 2017 Celebrate Community 5k (Alexandria, VA; Jan. 15, 2017) – first race after recovering from ankle surgery. Goal here is to set my baseline for the year and improve from here.
  • Run a marathon in under 4 hours
  • Get my weight under 155 lbs and keep it there
    • 158 lbs as of 12/19/16
    • 158.0 lbs as of 1/19/17

Photo source: Pixabay

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