Welcome to my November 2020 monthly update!
I will be covering our debt, assets, and net worth and will provide graphs and charts since we starting tacking in April 2019
I also include how close we are to our goal of FI, which is $2.5 Million in savings with a paid off mortgage.
I missed in update for the month of October 2020. Mrs. FreeRunner and I had a very busy month. We are expecting our first child and have been spending time planning our baby registry and moving rooms around in our house to accommodate a nursery. We also had a virtual gender reveal, and found out we are having a boy.
Be Accountable
The main point of these monthly posts are to hold my self accountable on my journey to Financial Independence.
Here is are progress since April of 2019:
| Date | April 2019 | Nov 2020 | % Change |
| Savings | $ 121,000 | $191,000 | +57.9% |
| Debt | $61,000 | $18,500 | -69.7% |
| Mortgage | $200,000 | $187,000 | -6.5% |
| Net Worth | $193,000 | $318,000 | +64.8% |
Savings includes retirement accounts, HYSAs, and taxable accounts. Debt started with financing for a fence, car loan, credit cards, and student loans; it is now just student loans and credit cards.
Net worth includes equity on home, value of cars, and value of other physical assets.
It is nice to see some progress visually! My debt (red line) is going down, my savings (blue line) is going up, and my mortgage is doing down (at a slow rate).
This month we have a nice milestone! Our total savings is now more than what we owe on our mortgage! I am very happy to see that the blue line is now above the green line.
Plans for December 2020
The plans for December 2020 is to close on a 2.37 acre lot of land in a new residential development! This is a brand new plan for us. For the last 6 months, my wife and I have been talking with her sister and husband as well as their in-laws about buying and building our own homes in the same neighborhood.
Well, we finally found the perfect area and all 3 families are closing on adjacent lots in December. All of the in-laws are wonderful and this proximity to each will greatly help when we are all raising our young kids. Cousins can play together, and the grandparents will be helping a ton with babysitting.
We are planning to build our new home in the summer of 2023. Our current plan for the next 24-31 months is to save $4,600-$5,000 per month into our HYSA for the downpayment. We will also reduce our retirement savings to $2,500/month.
This isn’t ideal as I would love to max out retirement early, but we are outgrowing our current home already and being next door to the inlaws would eliminate the need and cost for daycare.
We still plan to pay off the remaining of the student loan balance ($18.5k) before interest restarts in 2021, but we may wait a month or three into the year to see if the new president will cancel any student debt (it’s a long shot and we’re not planning on cancellation).
How Close are We to Our FI Goal?
We are 7.65% into saving for our FI goal of $2.5M.
We still have a long way to go.
Closing Thoughts
The month of November was a large boost to our portfolio, very likely the largest month to month increase we’ve ever had.
With the news and recent FDA approval of the Pfizer vaccine in the US, we are optimistic for continued growth through 2021.
It is very nice to visualize our progress and this will help us keep on track!
Financial Free Runner 