Comments on: Net Worth Report – May: $883,910.63 (-$40,055.44)

By: Jennifer Cook

Jennifer Cook — Mon, 10 Jun 2019 03:41:44 +0000

The ever elusive 1 million. Just when its within reach it falls back again. They say the first million is the hardest to reach and keep.

By: J. Money

J. Money — Wed, 05 Jun 2019 18:26:26 +0000

In reply to MW.

No website and paper??! That is pretty bad! Haha…

But none of it matters in 2 more years!! That’s a damn good goal to have before pulling the trigger on FI. Super inspiring :)

By: J. Money

J. Money — Wed, 05 Jun 2019 18:23:50 +0000

In reply to MW. Freaky!! Thanks for the tip!!

By: MW

MW — Wed, 05 Jun 2019 17:25:06 +0000

I wanted to add a comment about “…we’ll be keeping the *value* of our house the same as our purchase price in our net worth reports since that’s literally the market value of it right now ;)”

I keep mine at the purchase price, minus 7% to cover commission and closing costs. I figure that is a better representation of what I’ll get out of it when I sell.

I’m currently on 15yr mortgage, and am now aggressively paying it down. The goal will be to pay it off in the next 2 years, for ~4 years total. My FI number is a bit fuzzy with my kids heading to college, but I want to be free of the mortgage to reduce sequence of return risk, and improve cash flow in case I do cut back working after the payoff.

I’m still investing in 401ks, but post-tax investment money is going to the mortgage for these two years. In that timeframe mortgage vs investing seems like a wash, since this isn’t the long term horizons that allow the market time smooth out ups/downs.

Hopefully your new servicer is good. I’ve had terrible ones in the past (including one with no website, and paper statements every month. Ugh). Mine just switched to Chase, which is much nicer than the last. A principal only payment is very straight forward on the website.

By: MW

MW — Wed, 05 Jun 2019 17:15:43 +0000

In reply to J. Money. Google Photos groups my kids' infant photos with their teen photos. I'm good with that, but if you want to remain anonymous, you should probably anonymize them now.

By: J. Money

J. Money — Wed, 05 Jun 2019 15:43:43 +0000

In reply to Taylor.

Nice!! I 2nd that strategy too because the more you’re *excited* about something the more motivated you stay! Whether it’s house or savings or a combo of the two and anything else… As long as it moves the needle forward somehow you really can’t go wrong :)

Thinking hard on that 10%/year goal now too – I really like that challenge :)

By: Taylor

Taylor — Wed, 05 Jun 2019 15:14:42 +0000

Good luck with the aggressive mortgage payoff — you can do it! I’ve set a rough goal of 10% of our purchase price per year. It took us 2 years to save a 20% down payment, so 10%/year. We’ve lived in this house for almost 3 years and are on track to hit 50% equity at the end of the summer. As the interest keeps going down, more and more is funneling into the principal. I’m so pumped! This is for sure stretching me a bit, but I go back and forth between mortgage payoff and non-mortgage savings goals (in case of baby fund, etc.). This jumping back and forth makes me feel like I’m making progress all around and I don’t get burnt out over-focusing on one goal.

By: J. Money

J. Money — Wed, 05 Jun 2019 10:24:37 +0000

In reply to Mike.

Nice!!! You’ll get to celebrate all over again then once you cross back over :)

We have met one of our neighbors and he seems super cool so far… also with kids too, so hopefully that means some good playmates for mine!

By: Mike

Mike — Wed, 05 Jun 2019 10:19:59 +0000

We got into the double comma club last month, but got kicked out this month by an angry market. Ah well, we’ll be back…

Have you met many new neighbors?

By: J. Money

J. Money — Wed, 05 Jun 2019 10:19:26 +0000

In reply to Caro. True, indeed! Maybe I'll just pretend I'm still renting, and then whenever anything breaks just pick up the phone and call my wife ;)