Goal Progress: Update #36, February 2019

It’s been 36 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 36th update on the progress of the goal. If you’re wondering why we set this goal, click here.

This has been quite a memorable month. Water damage from a frozen pipe destroyed part of our kitchen, so we are in the process of remodeling our entire kitchen. Our son also turned 4 this month. I am also getting into the groove of being back in school. I’m enjoying classes and learning a lot. Meanwhile, I’m trying to keep up with my day job and part-time job and trying to get the condo ready to list for sale.

One silver lining of not having a kitchen is that our homeowner’s insurance is covering “Additional Living Expenses (ALE)” as part of the “Loss of Use” coverage (we have lost use of our kitchen while it is being repaired/remodeled). The way I understand it, they will pay for our dining expenses over our normal amount. We have been eating out or getting takeout for almost every meal. Another example of loss of use would be if you have to evacuate due to a hurricane, insurance will cover hotel stays since you have lost use of your house. They aren’t exactly clear about the coverage, but it sounds like as long as it is similar to what you lost use of, they will cover it.

This post also marks 3 years of blogging for me. When I first started, I was posting multiple times per month, and sometimes multiple times in a week. I have since slowed down a great deal, but I still stick to my monthly updates. It’s fun to see how incremental progress has doubled our net worth in less than 3 years, and we are more then 65% of our way to one of our goals.

Life has been pretty tough for us this month, but I trust that God has a plan for us in all this.

Here’s this month’s update:

Net worth calculation:

Total Assets: $1,139,921.26

Condo (Rental property): $330,000

Primary residence: $528,000

Cash and cash equivalents: $12,226.83

Investments (including retirement): $269,694.43

Total Liabilities: $476,040.75

Mortgage on Condo (Rental property): $105,281.24

Mortgage on Primary Residence: $370,759.51

Net worth = $1,139,921.26 – $476,040.75 = $663,880.51

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 increased by $12,226.83 to $663,880.51.

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
9/19/2018	$366,555	$247,659	$17,269	$631,483
10/19/2018	$367,799	$249,039	$18,821	$635,660
11/19/2018	$370,187	$252,190	$20,452	$642,829
12/19/2018	$371,441	$247,785	$22,951	$642,177
1/18/2019	$372,698	$261,805	$15,612	$650,115
2/19/2019	$381,959	$269,694	$12,227	$663,881

Mortgage progress:

This month, we reduced the principal by $541 to $105,281.24.

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
9/19/2018	27	$83,700	$107,972	$7,029
10/19/2018	26	$80,600	$107,437	$535
11/19/2018	25	$77,500	$106,900	$537
12/19/2018	24	$74,400	$106,362	$538
1/18/2019	23	$71,300	$105,822	$540
2/19/2019	22	$68,200	$105,281	$541

1,000 lb club goal progress (squat, bench press, deadlift):

I started lifting regularly in October 2018. My goal is to join the 1,000 club (sum total of squat, bench press, deadlift) by the end of 2019. I use the StrongLifts 5×5 program and app for now and recommend it. I’ll track my progress monthly here. These numbers are all 1RM (1 rep max).

I made no progress as I’ve taken a hiatus from lifting because of my injury (see January 2019 post). I’m hoping to get back into it in a few months.

Date	Squat (lbs)	Bench (lbs)	Deadlift (lbs)	Total (lbs)
October 2018	205	175	185	565
November 2018	265	195	315	775
December 2018	325	205	385	915
January 2019	325	205	385	915
February 2019	325	205	385	915

Photo source: Pixabay