It’s been 58 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 58th update on the progress of the goal. If you’re wondering why we set this goal, click here. I need to change this intro. Note to self: change this in January 2021.
Well, it’s just about the end of 2020. I’m going to spend a little bit more time on this post to reflect on these past 5 years because 2020 was the big deadline for my goals. Here were the 3 goals I set:
- Pay off the mortgage on the condo by December 2020. Life happens, and we ended up selling this condo in 2019 and bought a single-family home (and yet another one this year). Technically, we paid off the mortgage on the condo on April 19, 2019. COMPLETE (kind of)
- Have a net worth of $1,000,000 by age 35, in 2020. It’s December 2020, and I turned 35 a few months ago in September. Our net worth is currently $846,606. It has increased by $535,021 in the 58 months since I started this blog. I’m happy with the progress, and I think we’ll hit $1M sometime in 2021, or more likely 2022. ALMOST THERE
- Qualify for the Boston Marathon by 2020. This didn’t quite work out. I broke my ankle almost as soon as I set this goal. However, I did train for a marathon and ran a personal best at the Revel Kulia in Hawaii with a 3:31:37. (see race report here) NOT QUITE (but set a new PR after 18 years)
I’ve made progress on each of these big goals but haven’t quite reached them yet. I just started reading Atomic Habits by James Clear, and I think I need to put in place better systems and put in the hard work over a long time (especially for the marathon goal). I was serious but not super serious about these goals. They were more to track progress and keep my few readers entertained.
I’ll probably set some new 5-year goals for 2025, but I’ll take some time to think about them.
For now, I’m planning to take my last two courses for the UVA CFP program. I’m also trying to spend a little less time on real estate next year and spend more time with my kids. It was fun this year but just a little too busy.
This is the last update of 2020, which means it includes the 2020 Year-End Net Worth Totals and the y/y (year over year) increases.
2020: $846,606 (+$91,210)
2019: $755,396 (+$113,219)
2018: $642,177 (+86,096)
2017: $556,081 (+$118,077)
2016: $438,004 (+$126,420 from Feb. 2016)
I have a lot to do today, as usual, so I think that’ll do for today. Thanks for following along!
Here’s this month’s update:
Net worth calculation
Total Assets: $1,630,091.44
Fairfax house: $630,000
Chantilly house: $535,000
Cash and cash equivalents: $89,526.98
Investments (including retirement): $375,564.46
Total Liabilities: $783,485.68
Mortgage on Fairfax house (7/1 ARM @ 2.79%): $362,496.46
Mortgage on Chantilly house (30-yr @ 2.625%): $371,718.88
TSP Loan (15-yr @ 0.75%): $49,270.34
Net worth = $1,630,091.44 – $783,485.68 = $846,605.76
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 $16,044.37 to $846,605.76.
Graphic: Canva / Jenny Hwang
| 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 |
| 6/19/2020 | $162,990 | $363,026 | $235,116 | $761,133 |
| 7/21/2020 | $168,738 | $367,661 | $249,493 | $785,891 |
| 8/19/2020 | $169,488 | $374,047 | $249,968 | $793,504 |
| 9/22/2020 | $185,239 | $371,761 | $237,214 | $794,214 |
| 10/22/2020 | $185,992 | $335,130 | $274,376 | $795,498 |
| 11/19/2020 | $416,347 | $356,444 | $107,280 | $830,561 |
| 12/21/2020 | $430,785 | $375,564 | $89,527 | $846,606 |
Graphic: Canva / Jenny Hwang