Goal Progress: Update #16, June 2017 Halfway There!

We are now officially halfway there!

It’s been 16 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 16th update on the progress of the goal. If you’re wondering why we set this goal, click here.

In the interest of better disclosure, I want to note that we do have a mortgage on our primary residence as well. When we bought our new house last year, our condo became a rental property. The mortgage goal tracks our progress on paying off the mortgage on the condo, not the house we live in now.

I’ve been meaning to somehow include both houses in these updates for a while. For now, I will keep the mortgage goal the same but include a small section below showing both of our mortgages to provide a clearer picture of how I arrive at the net worth calculation each month.

Net worth calculation:

Total Assets: $1,032,978.82

Condo (Rental property): $317,072

Primary residence: $507,145

Cash on hand: $21,134.72

Investments (including retirement): $187,627.10

Total Liabilities: $530,266.96

Mortgage on Condo (Rental property): $143,470.84

Mortgage on Primary Residence: $386,796.12

Net worth = $1,032,978.82 – $530,266.96 = $502,711.86

100% of our debt is mortgage debt at 3.25% interest; the condo is on a 7/1 ARM 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 decided to use the estimate on Zillow (aka Zestimate) for the estimate of value instead of a static value that I set when I started this blog. As a realtor, I’m going to remind you that the Zestimate is definitely not a precise value, but it can provide a decent ballpark estimate of your home’s value, especially in areas where there is more activity. For my purposes here, the Zestimate will serve just fine for this blog and provide a dynamic value that changes along with the market. 

We made a little bit of progress this month on our goal with an increase of $11,225.24 to officially get over half a million on our net worth. We have a net worth of $502,711.86. I started working a little overtime, and we’ve slowed down on spending a little bit.

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

Mortgage progress:

This month, we paid the minimum payment on our mortgages. For the condo, the principal was reduced by $438. We are just over $14,371 off pace on our intermediate goal. We’re still going to try our best, but even if we fail, I’ll still be satisfied with the amount of progress we made just trying.

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

I set a bunch of non-financial goals for 2017. I have been working on some of these for some time now, but I wanted to keep a record of progress for myself. I also thought it would be interesting to keep a record of the books I’ve read somewhere. 

Goals for 2017

Here’s the status of all my goals for 2017.

• Be able to do 100 pushups in 2 minutes (currently at 25 as of 12/19/16); inspired by a friend who joined the 1000 lb club at age 36 (sum of bench, squat, deadlift)
  • 35 pushups (1/2/17)
  • 47 pushups (1/19/17)
  • 50 pushups (2/16/17)
  • 45 pushups (3/17/17) – regressed a little here
  • 41 pushups (4/19/17) lack of training
  • 45 pushups (5/15/17)
  • 49 pushups (6/19/17)

• Be able to do 100 situps in 2 minutes
  • 55 situps (1/19/17)
  • 61 situps (2/17/17)
  • 70 situps (3/17/17)
  • 58 situps (4/19/17) – lack of training causes regression
  • 66 situps (5/15/17)
  • 70 situps (6/19/17)