It’s been 37 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 37th update on the progress of the goal. If you’re wondering why we set this goal, click here.
This past month, we were undergoing a complete kitchen remodel due to water damage from a frozen pipe that burst. You can read more about it in my previous post. Here’s some info about the project.
General Contractor: Quinn Masi, Chantilly Kitchen and Bath. Cherie helped with design, Jennie helped with cabinet layout, Miguel and Lucas did most of the construction work.
Project length: 4 weeks and 3 days
Cabinets: Bryce, White Shaker
Countertops: Quartz, Calacatta Roma
Sink: Whitehaus 27″ Farmhouse Sink
Backsplash: Gray beveled tile
These pictures are a few days before completion. Pulls haven’t been installed yet and a few things had to be touched up. We had a wall knocked down, and the space feels a lot more open now.
If I have time, I’ll try to write a post about the whole experience and add more pictures. There were a few bumps in the road during the project, and it took a little longer than expected. However, in the end, we were very pleased with the new kitchen.
We are also planning to list our condo this week. We installed new carpet and had the whole place repainted. We also made some other minor updates and some repairs.
School is going well. Luckily, it is just once a week right now. I’m enjoying being back in the classroom, and I’m enjoying the subject matter as well.
I have a lot going on right now, so let’s get to the numbers.
Here’s this month’s update:
Net worth calculation:
Total Assets: $1,176,526.94
Condo (Rental property): $350,000
Primary residence: $550,000
Cash and cash equivalents: $4,209.00
Investments (including retirement): $272,317.94
Total Liabilities: $484,793.11
Mortgage on Condo (Rental property): $104,738.62
Mortgage on Primary Residence: $370,037.64
BB&T HELOC: $10,016.85
Net worth = $1,176,526.94 – $484,793.11 = $691,733.83
Most 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. The HELOC is temporary and is currently at a 4.49% rate.
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 $27,853.32 to $691,733.83. Most of the increase in net worth this month can be attributed to the home value appreciation I adjusted above. The kitchen remodel adds a good chunk of value to our primary residence. The new paint and carpet as well as other updates add a little value back to our condo. We put a lot of money into home improvements, but the real estate market is also heating up a little. I’ll adjust it to the exact numbers once the condo sells. For now, these numbers are just an estimate.
| 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 |
This month, we reduced the principal by $542 to $104,738.62. Since we’re selling the condo, I’ve stopped paying extra on the mortgage.
| 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 |
| 2/19/2019 | 22 | $68,200 | $105,281 | $541 |
| 3/19/2019 | 21 | $65,100 | $104,739 | $542 |
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 got a steroid injection in my third dorsal compartment (wrist) from a hand specialist to treat my tenosynovitis. It seems to have worked very well. I don’t feel much pain above my thumb anymore, and my range of motion has increased. I’m still putting a hold on weightlifting until I know for sure it’s better. I’ll also be a little more careful.
| 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 |
| February 2019 | 325 | 205 | 385 | 915 |
Graphic: Canva / Jenny Hwang