It’s been 51 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 51st update on the progress of the goal. If you’re wondering why we set this goal, click here.
It’s been another interesting month. COVID-19 continues to affect our economy, but some states are starting to reopen in phases. Virginia is beginning to reopen, but northern Virginia is being excluded for the most part for now.
I’ve been really busy with real estate lately. It’s the busiest I’ve ever been, but I’m enjoying it. At least for me, when it rains, it pours. Over the years, I’ve had slow periods followed by extremely busy periods, and it continues to cycle. I guess it’s the seasonality of this business.
I’m still continuing to work full-time at my patent job, but they are giving us 20 hours/biweek for certain reasons, including if your kids are out of school because of school closures. I wasn’t going to take it at first because my wife is a SAHM, but my supervisor said I qualify, so why not? I’m also taking some additional comp time to make time for my real estate business, which almost feels like full time lately.
I’ll be starting my 5th class out of 7 for my Certificate in Financial Planning at UVA today. We’re going to be doing class via Zoom now instead of in person. I’d rather go in person, but I guess it saves a drive. I’m taking insurance planning this semester. After this, I just have income tax planning and capstone left. I don’t think I’ll make a career out of it, but who knows? I didn’t think real estate would become anything, but it’s surprising how far it’s come along over the years.
The stock market has begun to recover, but I also think there’s a chance it could be a bear market rally. But who knows, really?
I have a lot to do today, so that’s all for today.
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,165,118.99
Primary residence: $580,000
Cash and cash equivalents: $35,038.66
Investments (including retirement): $550,080.33
Total Liabilities: $417,755.64
Mortgage on Primary Residence: $417,755.64
Net worth = $1,165,118.89 – $417,755.64 = $747,363.35
All of our debt is mortgage debt on a 7/1 ARM 2.79% 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 $15,478.54 to $747,363.35.
| 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 |
| 10/21/2019 | $261,638 | $453,285 | $21,236 | $736,159 |
| 11/21/2019 | $270,000 | $467,615 | $11,799 | $749,414 |
| 12/19/2019 | $280,000 | $465,848 | $9,547 | $755,396 |
| 1/23/2020 | $296,000 | $464,150 | $7,555 | $767,705 |
| 2/19/2020 | $320,000 | $442,381 | $12,270 | $774,651 |
| 3/19/2020 | $321,022 | $338,115 | $18,339 | $677,476 |
| 4/20/2020 | $161,500 | $542,109 | $28,275 | $731,885 |
| 5/19/2020 | $162,244 | $550,080 | $35,039 | $747,363 |
Graphic: Canva / Jenny Hwang