It’s been 38 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 38th update on the progress of the goal. If you’re wondering why we set this goal, click here.
This was a busy month in real estate. We sold our condo! After fixing it up and staging it, we ended up selling it for $367,500. Before we fixed it up, I thought we’d be lucky to sell it for $350,000. Luckily, the market got really hot around here right when we were about to list. We bought the condo in 2014 for a net price of $293,000 ($300,000 with a $7,000 seller subsidy) and sold it for $367,300 net ($367,500 with a $200 seller subsidy). That’s a $74,300 difference. We put about $20,000 of work into it and paid about $10,000 in fees and commissions, so our actual profit is closer to about $44,000. Anyway, it’s a great feeling to unlock that home equity and get it liquid again. The timing ended up working out well, so we won’t be stuck with any capital gains.
We are still deciding what to do with the money. Some of it already went to paying off the HELOC and some will go to paying off a TSP Loan (yes, I took one out for our down payment to avoid paying PMI on our primary residence). Some of it will go to the kids’ 529s and some will go to our IRAs. Some of it will be invested into VTSAX in a taxable account. Some of it will be given away. However, I also do like to keep an opportunity fund as opportunities arise every now and then, and it’s good to have some cash sitting around. For now, most of it will be parked in a Vanguard Money Market Fund and invested in Vanguard funds/ETFs from there. VMFXX is not a bad place to keep cash. It’s earning 2.35% right now, pretty much risk-free.
A lot of the money still needs to settle and move around, so the numbers below will change a lot by next month.
I’m about to take my final exam for my first course in the UVA CFP program. Once I finish this course, I’ll still have 6 left. I’m surprised at how quickly I got through the first course. I learned a lot and am enjoying the subject matter. Next semester is a course on investments. Yay!
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,073,927.67
Condo: SOLD on 4/19/2019!
Primary residence: $550,000
Cash and cash equivalents: $116,846.03
Investments (including retirement): $407,081.64
Total Liabilities: $369,313.82
Mortgage on Condo (Rental property): ZERO! (will remove on next post)
Mortgage on Primary Residence: $369,313.82
BB&T HELOC: ZERO! (will remove on next post)
Net worth = $1,073,927.67 – $369,313.82 = $704,613.85
All of our debt is mortgage debt on a 30-yr fixed 3.25% mortgage on our primary residence.
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 $12,880.02 to $704,613.85.
| 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 |
| 3/19/2019 | $415,207 | $272,318 | $4,209 | $691,734 |
| 4/22/2019 | $180,686 | $407,082 | $116,846 | $704,614 |
This month, we sold our condo! I don’t need to keep track of this goal anymore. Yay! I will remove the table below in next month’s post.
| 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 |
| 3/19/2019 | 21 | $65,100 | $104,739 | $542 |
| 4/22/2019 | 20 | $58,900 | $0 | $104,739 |
1,000 lb club goal progress (squat, bench press, deadlift):
I’m getting rid of this goal. I may continue it someday, but I just don’t have the bandwidth for it right now. I will remove it in the next post.
Graphic: Canva / Jenny Hwang
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