It’s been 35 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 35th update on the progress of the goal. If you’re wondering why we set this goal, click here.
I have De Quervain’s tenosynovitis, which is basically pain above my thumb caused by inflammation of my tenon and synovium. I think it was either from holding my 7 month old baby or weightlifting, or both. The doc put me on 600mg ibuprofen 3x/day, and some famotidine (Pepcid) to deal with the high doses of ibuprofen. I also got a thumb splint at CVS. It’s helped a little bit, but if it doesn’t get better, I’m supposed to get a steroid injection from a hand surgeon? Another alternative I’ve heard about is acupuncture. I don’t like needles…
After last quarter’s drop in the stock market, January 2019 has seen a nice rebound thus far. Mortgage rates for the 30-yr fixed have also dropped almost half a point since October/November 2018.
I’m excited to start my CFP classes this month. The first class was canceled due to snow, but we got the syllabus and our first assignment. It’s going to be a good amount of work, but I look forward to learning more about something I enjoy.
With my injury, I’ve taken a brief hiatus from weightlifting and have started running again. I still have that lofty marathon goal, which I’ve fallen terribly behind on. As soon as I set that goal, I broke my ankle playing softball. Three months after setting a goal to join the 1,000 lb club, I injure my wrist so that I can’t lift weights. Just my luck.
I’ve also begun making preparations to sell our condo. I’m getting estimates for paint and carpet and some other minor work. I’m hoping to list it by the end of March.
If anyone is interested in learning more about financial independence, I highly recommend the ChooseFI podcast. Start by listening to episode 100.
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,127,417.17
Condo (Rental property): $330,000
Primary residence: $520,000
Cash on hand: $15,612.29
Investments (including retirement): $261,804.88
Total Liabilities: $477,301.83
Mortgage on Condo (Rental property): $105,822.40
Mortgage on Primary Residence: $371,479.43
Net worth = $1,127,417.17 – $477,301.83 = $650,115.34
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 $7,938.45 to $650,115.34.
| 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 |
This month, we reduced the principal by $540 to $105,822.40.
| 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 |
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 above). I’m hoping to get back into it in a few months. For now, I’m trying to get back into running.
| 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 |
Photo source: Pixabay
Bummer to hear about your thumb! I hope it gets better! Keep up the great work – I have similar goals myself, though I probably won’t be a millionaire for at least another 8 or 9 years. That’s just the way the cookie crumbles!
Thanks! Good luck on your goals as well.
Hey Danny,
I’m curious why you are trying to pay down your condo if you’re getting ready to sell it? I too have a similar financial situation as you and have about 80k left on a rental SFH (market value at 340k). I’ve been aggressively paying it off vs my primary which has 180k left but valued at 300k. The current renter said she may not renew so I’m not sure it I want to repaint, fix and put the house back on the market for rent (Reno cost projection is 8k paint, remove popcorn ceilings, replace baseboards). Your thoughts and suggestions would be greatly appreciated!
Hi Ben, I just decided to sell recently. Since then, I’ve stopped paying extra on the mortgage. There were many factors in my decision including tenants moving out, good time to sell, capital gains exclusion, ARM mortgage, short term financial situation, and ROI.