It’s been 9 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 9th update on the progress of the goal. If you’re wondering why we set this goal, see here.
We are finally getting settled into our new house. We are making improvements little by little and fixing things here and there. It’s nice to finally have a place to park both of our cars. I’ve also been making good use of the shopping center nearby, which is in walking distance.
This month, we continued to fall off pace on our intermediate mortgage goal. I’m not too worried and think we can catch up within the next year. We are just working on building up our cash reserve for now, which was depleted for our down payment on the new house. We paid down $405 in principal this month with the minimum payment.
| 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 |
| 10/27/2106 | 50 | $155,000 | $156,194 | $404 |
| 11/21/2016 | 49 | $151,900 | $155,789 | $405 |
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.
Our cash position increased to $10,364.08. The balance in our investment accounts increased to $155,876.62. Our net worth increased by $10,130.25 to $429,095.97.
| 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 |
I went to Orangetheory twice this month, and I’m considering getting a basic membership. It’s not cheap, but I think it will give me the motivation to do a higher intensity workout at least once a week. I haven’t been running as much, but I hope to catch up on this goal a little more early next year and actually run a marathon in 2017. I got sidetracked this year because of the broken ankle and surgery.