Goal Progress: Update #30, August 2018

It’s been 30 months since we set a goal to pay off the mortgage (on our condo) and to have a net worth of at least $1M by 2020. This is the 30th update on the progress of the goal. If you’re wondering why we set this goal, click here.

We have another first this month.

Last month was the first time our net worth doubled since I started this blog.

This month, we experienced our first decrease in monthly net worth. Here’s why.

I hold a portion of our investments in a very volatile stock (TSLA), and it had one of it’s worst weeks after having one of it’s best weeks.

I am still long TSLA.

I understand it is extremely risky. It has a lot of debt, has never posted an annual profit, and has what many consider an unstable CEO.

It is currently the most heavily shorted stock.

But I am optimistic about it’s long-term potential.

Enough about that.

Here’s this month’s update:

Net worth calculation:

Total Assets: $1,119,335.37

Condo (Rental property): $330,000

Primary residence: $520,000

Cash on hand: $21,200.04

Investments (including retirement): $248,135.33

Total Liabilities: $491,180.86

Mortgage on Condo (Rental property): $115,000.94

Mortgage on Primary Residence: $376,179.92

Net worth = $1,119,335.37 – $491,180.86 = $628,154.51

100% of our debt is mortgage debt at 3.25% interest; the condo is on a 7/1 ARM (starts adjusting in 2022) and our primary residence is on a 30-yr fixed.

Net worth progress:

Tracking your net worth is a good way to assess your financial health and see how you’re doing each month. I use Personal Capital to help me track my net worth. I highly recommend it.

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.

I am using my knowledge as a realtor to provide estimates of value for our real estate.

Our net worth decreased this month by $4,052.33 to $628,154.51, mainly due to holding a volatile stock (see above).

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 $172,862 $8,751 $467,147
2/17/2017 $286,865 $178,666 $12,980 $478,511
3/17/2017 $286,718 $181,893 $18,413 $487,023
4/19/2017 $290,196 $184,580 $16,472 $491,247
5/15/2017 $290,941 $189,092 $11,453 $491,487
6/19/2017 $293,950 $187,627 $21,135 $502,712
7/17/2017 $301,391 $196,288 $19,292 $516,971
8/17/2017 $312,523 $195,913 $21,981 $530,417
9/19/2017 $320,769 $200,956 $16,914 $538,639
10/19/2017 $326,848 $204,144 $10,283 $541,275
11/20/2017 $328,010 $210,841 $11,490 $550,340
12/19/2017 $334,171 $213,215 $8,695 $556,081
1/18/2018 $335,335 $216,656 $8,074 $560,064
2/20/2018 $336,502 $218,847 $12,813 $568,162
3/20/2018 $337,672 $223,416 $16,135 $577,223
4/19/2018 $339,365 $229,208 $26,035 $594,608
5/16/2018 $346,063 $235,332 $22,790 $604,185
6/19/2018 $349,393 $247,582 $24,915 $621,889
7/19/2018 $355,604 $251,277 $25,325 $632,207
8/20/2018 $358,819 $248,135 $21,200 $628,155

Mortgage progress:

This month, we reduced the principal by $2,510 to $115,000.94.

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
10/27/2016 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
2/17/2017 46 $142,600 $153,589 $411
3/17/2017 45 $139,500 $152,178 $1,411
4/19/2017 44 $136,400 $145,746 $6,432
5/15/2017 43 $133,300 $143,909 $1,837
6/19/2017 42 $130,200 $143,471 $438
7/17/2017 41 $127,100 $142,472 $999
8/21/2017 40 $124,000 $137,000 $5,472
9/19/2017 39 $120,900 $129,416 $7,584
10/19/2017 38 $117,800 $124,000 $5,416
11/20/2017 37 $114,700 $123,504 $496
12/19/2017 36 $111,600 $123,010 $494
1/19/2018 35 $108,500 $122,516 $494
2/19/2018 34 $105,400 $122,020 $496
3/20/2018 33 $102,300 $121,523 $497
4/19/2018 32 $99,200 $120,524 $999
5/16/2018 31 $96,100 $119,523 $1,001
6/19/2018 30 $93,000 $118,019 $1,504
7/19/2018 29 $89,900 $117,510 $508
8/20/2018 28 $86,800 $115,001 $2,510

Photo source: Pixabay

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