November 2012 net worth update (+3.2%)

November was a pretty good month for income. I had a small bonus at work and I’m done with paying Social Security tax for the year. Plus, with the reimbursements from stuff I paid for in October, expenses came in at only $2,300, much better than last month’s $8,200!

Cash: $8,500 (down $200 or -2.3%)

November’s expenses were much more normal and I saw the late October expenses reimbursed back.

Savings: $27,000 (down $100 or -0.4%)

Reserves includes my auto insurance deductible ($1,000), renter’s insurance deductible ($500), and health insurance deductible ($950), as well as 6 months expenses at $3,600 per month and the interest accumulated. I’m also keeping a condo section around for now to cover small things that I’m planning on buying for the condo. I’m not adding to it, but I’ll let it collect some interest.

Investments: $70,800 (up $2,400 or +3.5%)

This includes my Roth and Traditional 401(k), my 401(k) employer matching (fully vested as of October 31st), my Roth IRA, and my taxable investments.

My 401(k) balance surpassed $40,000 this month! The only contribution this month was to my 401(k).

Mortgage: $260,500 (down $4,300 or -1.6%)

The loan is currently a 5/1 ARM mortgage at 3.000%. The refinance is still in progress and I’ll talk a bit about that once it closes.

$6 less of November’s mortgage payment went to interest than October’s did! (With no pre-payments, normal drop-offs are about $1-2 per month.)

November was a pretty good month in principal only payments. I saw a small bonus at work and threw the entire net of it at the mortgage. Since I finished paying Social Security Tax last month, that was a nice little extra on the bonus and my regular paycheck. I made just under $4,000 in principal only payments!

I estimate that the mortgage length is down from October’s 26 years, 10 months to 26 years, 4 months, so I eliminated 6 months of payments with this month’s pre-payments. This means that in ~5 months of making payments of some sort on the mortgage, I have paid down 4 years worth of the mortgage.

I am currently forecasting to be about $4,000 ahead of the end-of-year mortgage balance goal, with no further pre-payments, so I’ll probably be even further ahead of it by the end of December.

TOTAL: $203,800 (up $6,400 or +3.2%)

I started 2012 out with a net worth of $132,500, so I’ve seen a change of $71,300 or +53.8% so far this year.

I increased the y-axis on the below graph to $215,000 because I surpassed the previous y-axis of $200,000 this month! I remember NTF commenting on one of my posts that the first $100,000 is the hardest and I would definitely agree. Post-$100,000, my net worth has been growing far, far faster. It took me only 11 months to acquire the second $100,000, but over 20 years to acquire the first $100,000. We’ll see how long the next few $100,000 batches take to acquire :)

November 2012 Net Worth Graph

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5 thoughts on “November 2012 net worth update (+3.2%)

  1. Congrats! Huge milestone, again. For what it’s worth, I’ve also heard the first million is the hardest but I don’t have much personal experience with this…yet anyway :)

    You are killing this mortgage. So great.

    • Thanks, NTF! I’m sure the first million is also the hardest, but I’m a little ways off from that still.

      I keep myself motivated with the mortgage by looking at the pay-off date and how that creeps up and by looking at the projected balance for the end of 2013. Otherwise…it’s just a lot of money. I’m hopeful that the balance by the end of next year will equal my gross income for the year, which would be pretty cool!

  2. Congrats on breaking $200k! (That’d be a Yakezie-type comment, but you didn’t just write about finally getting to a $0 net worth after paying off stupidly acquired debts)

    • Haha, thanks Joe. Strangely enough, $200k feels like it warrants far less of a celebration than $100k did or $150k did. Maybe because the little milestones tend to matter more to me?

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