Last month, we set a goal of paying off the mortgage by 2020 and to have a net worth of at least $1M by 2025. Each month, I’ll be posting an update on the progress of the goal.
Over the first month, we were able to pay down $4,824 towards the mortgage, which is a little more than we expected. I’ve been driving for Uber/Lyft a few nights each week, and we’ve been applying that income towards the mortgage. We’ve also been able to cut down our spending on food. We are currently on pace to pay off the mortgage in less than 5 years. So far, so good.
| Month | Months left | Intermediate goal | Actual balance | On pace for goal |
| 2/19/2016 | 58 | $179,304 | $179,304 | Y |
| 3/19/2016 | 57 | $176,700 | $174,481 | Y |
Net worth = assets – liabilities. In other words, 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. It’s hard to tell if we are on track as this is a 10-year goal, but so far, things look like they might work out. After a shaky start to 2016, our investments increased in value $15,715 over the past month. Our cash position increased about $2,512 as we started to cut down on spending, and we were able to pay down $4,824 towards the principal on our mortgage. This month, our net worth increased by $22,237. It was a good month mainly because the stock market had a nice run, but I don’t expect the next few months to be like this.
| Primary Residence | ||||||
| Date | Approx. value | Mortgage | Equity | Investments | Cash | Net Worth |
| 2/19/2016 | $320,000 | $179,304 | $141,696 | $149,076 | $21,813 | $311,584 |
| 3/19/2016 | $320,000 | $174,481 | $145,519 | $164,791 | $23,512 | $333,822 |
This was super encouraging to read! Cheering you on!
Thanks! Appreciate it!
Nice work! Hopefully, I will be able to catch up once I start working. One million is a lofty goal!
Thanks for sharing. Great work. Shows how extra work can pay off!