It’s been 43 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 43rd update on the progress of the goal. If you’re wondering why we set this goal, click here.
September has been a good month for me. I turned 34 this month, and my wife and I will be celebrating our 7th wedding anniversary at the end of the month. I’ve been keeping up with my running, and I’ll be running a half marathon in a couple days. I think fall is my favorite season. I welcome the cooler weather, and school is back in session for the kiddos.
I’m well into my 3rd of 7 classes in the CFP program at UVA. As I mentioned before, I’m having second thoughts about whether I want to start over in a new career at entry level. I am considering using my skills and knowledge to help people on the side whether or not I earn any income. I would hope that one day I would value my skills enough to feel justified charging something for my knowledge. I wasn’t sure where I would go when I started real estate, but it has been 6 years, and I’m satisfied with how far I’ve come and how much I learned. I still have a lot to learn and improve upon, but it has been a fulfilling side hustle.
We’ve been spending a lot of money on random things lately, so it will probably be difficult to hit $1M by the end of 2020, but I think we’ll be close (around $100k away). I don’t take this goal too seriously, but it is fun to keep track of. I do it more for (my few) readers’ entertainment.
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,038,197.58
Primary residence: $560,000
Cash and cash equivalents: $9,127.11
Investments (including retirement): $469,070.47
Total Liabilities: $310,116.28
Mortgage on Primary Residence: $310,116.28
Net worth = $1,038,197.58 – $310,116.28 = $728,081.30
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 $4,527.50 to $728,081.30.
| 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 |
| 5/17/2019 | $184,560 | $469,911 | $52,925 | $706,596 |
| 6/18/2019 | $205,000 | $469,992 | $24,516 | $699,508 |
| 7/19/2019 | $225,000 | $467,139 | $21,911 | $714,050 |
| 8/19/2019 | $240,000 | $466,210 | $17,344 | $723,554 |
| 9/19/2019 | $249,884 | $469,070 | $9,127 | $728,081 |
Graphic: Canva / Jenny Hwang