October 2016 Goal Progress: Update #8

October 2016 Goal Progress: Update #8

This post is a little late, but better late than never, right? To be honest, even doing a monthly update has been difficult these days. We just moved, and this is the first post in the new house and new office.

It’s been 8 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 8th update on the progress of the goal. If you’re wondering why we set this goal, see here.

We spent a lot of money this month making improvements to our new house. It was mainly carpet and paint. Here’s a quick update below.

Mortgage progress:

This month, we fell off pace on our intermediate mortgage goal for the first month. We’ve had to make minimum payments for the past two months to buy our new house. We hope to be back on track within a few months. We paid down $404 on the principal. We are currently $1,194 off of our intermediate goal at the moment.

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
9/19/2016 51 $158,100 $156,597 $403
10/27/2016 50 $155,000 $156,194 $404

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.

This month was tough. We spent over $5,000 replacing the carpet on the upper level of our new house and repainting most of our house as well as finishing the garage. I closed on one more house this past month, which helped a little.

Here’s what happened with our finances. Our cash position increased to $5,764.63. We’re still trying to build this back up to a comfortable level. The balance in our investment accounts increased to $151,424.90. Our net worth increased by $9,212.20 to $418,965.72.

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

Marathon/weight goal:

This month has been a busy one, but I have started running again, very occasionally. Impressed and inspired by my wife going to yoga class at 5:30 AM, I’ve been doing some yoga at home (30 day series on Yoga With Adriene on YouTube) to improve my flexibility and clear my mind. The sessions are short and easy, and Adriene keeps the sessions fun and interesting. My weight is now 157.6 lbs. I hope to start running more as this is my favorite time of the year to run. I love the cool, fall weather, and this is the time of year I ran cross country in high school.

Photo credit: Pixabay

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