Goal Progress: Update #56, October 2020

It’s been 56 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 56th update on the progress of the goal. If you’re wondering why we set this goal, click here.

It’s been another busy month for real estate. It really has been a full-time effort. I’m taking time off from my other job to serve my clients, but I’m enjoying it. My wife has has had to work harder too because I’ve had a little less time with the kids, but I try to carve out as much time as I can for them.

In a way, this uptick in real estate business has been somewhat timely. After 5 straight semesters of taking classes, I am taking a semester off because neither of the two courses I need to take is available this semester. Also, my agency (USPTO) has been continually giving us 20 hours/biweek of dependent care leave if our kids are doing school virtually or are home because childcare is unavailable. In addition to all this, my parents are planning to move down next month, so we’re hoping to have some extra help with the kids.

We’re closing on another house this week, which explains why I’ve been holding so much cash. Some of it will be for the down payment, and some will be for renovations to the new house and our current house.

I haven’t had time to write much real content lately, but I hope to be able to dedicate some time to that soon.

Here’s this month’s update:

Net worth calculation

Total Assets: $1,209,505.96

Primary residence: $600,000

Cash and cash equivalents: $274,376.16

Investments (including retirement): $335,129.80

Total Liabilities: $414,007.82

Mortgage on Primary Residence: $414,007.82

Net worth = $1,209,505.96 – $414,007.82 = $795,498.14

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 $1,284.62 to $795,498.14.

Graphic: Canva / Jenny Hwang

DateHome equityInvestmentsCashNet 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

Graphic: Canva / Jenny Hwang

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