It’s been 5 months since we set a goal to pay off the mortgage by 2020 and to have a net worth of at least $1M by 2025. This is the 5th update on the progress of the goal. If you’re wondering why we set this goal, see here.
This month, we paid a total of $1,900 towards the principal balance of our mortgage to bring it down to $158,000. This blog surpassed $1,000 in income, mostly from affiliate marketing. Although we paid down a little less on the mortgage this month, we are still on track to pay off the mortgage by 2020.
| 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 |
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.
We increased our cash position to $27,689.39 this month. We were able to pay down the mortgage principal $1,900 to keep us on track for our mortgage goal. Our net worth increased by $17,235.83 to $375,310.78 this month, mostly due to a nice recovery in the market to record highs following a brief dip caused by Brexit.
| 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 |
I broke my ankle this month sliding into home during a softball game and had surgery which involved permanently having a metal plate and 5 screws affixed to my fibula. I just got 15 staples removed yesterday, and the healing process is looking good. This will slow me down some, but I am still hoping to achieve my goal.
I lost a little bit of weight and weighed in at 156.8 lbs this morning, but it’s probably from any muscle turning to mush as I’ve had to be pretty inactive during my recovery.
For the latest news on Danny’s ankle, follow the hashtag #dannyatpatientfirst