It’s been 25 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 25th update on the progress of the goal. If you’re wondering why we set this goal, click here.
Financial progress for most people should be slow and boring, just like this update.
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,079,551.11
Condo (Rental property): $325,000
Primary residence: $515,000
Cash on hand: $16,135.37
Investments (including retirement): $223,415.74
Total Liabilities: $502,328.18
Mortgage on Condo (Rental property): $121,522.60
Mortgage on Primary Residence: $380,805.58
Net worth = $1,079,551.11 – $502,328.18 = $577,222.93
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:
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 this month by $9,060.66 to $577,222.93. Not much new this month. Next month should be interesting. We’re taking a week-long vacation to Florida but should also benefit from a couple real estate transactions.
| 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 |
This month, we reduced the principal by $497 to $121,522.60. We’re still continuing to pay minimum for a little while to build up our cash position. I also want to build up an “opportunity fund.” I read about this a little while ago on the Retire By 40 blog. Check out his post: How To Build Your Opportunity Fund.
| 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 |
Photo source: Pixabay