An Unexpected Net Worth Update | October 2024

#networth #financiallyfree #retirement

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[lancegordon]

Hey, with the mortgage issue, I know my mortgage balance does go up sometimes when I check, depending on the date I check. I think it's to do with when the interest posts to the balance. If you looked at a different point in the month back in July, that month's interest may not have posted, giving a lower amount. It should still trend downwards regardless over time, though.

[ronettemalone]

I think you might have a typo on your July mortgage balance. You might want to check that.

[thefiprofessor]

Great job! And yes, sizeable is a word ;)

[Justchilling]

You should look into why the mortgage went up, check the payment history page of your mortgage

[shanarobinson]

You’re doing an awesome job. Congratulations

[fuzzybeargville]

you escrow account can cause the balance to go up if there is a change in homeowners insurance and property tax

[ericshang]

I am guessing you record your mortgage only the principal owed, not including accrued interest of the month.
The difference is, they will use the principal owed to calculate your interests accrued for the month, the bank would charge that accrued interests monthly to your account, usually on last day or first day of the month.

[jordanscott]

Would be interesting to see the statments from the months of july to october. Checking for fees and total interest due.

[nicolejohnston]

I’m almost certain the number you recorded for your mortgage for July 2024 is incorrect. If you look at the change between Apr 2021 and Jan 2023 it’s about $5900 over 21 months, so an average decrease of about $280 a month. (Obviously there are slight increases with each month, but I’m using this as a back-of-the-napkin calculation). The time period between May 2023 and July 2024 is a 14 month period. Using our $280 amount, that would mean you could expect about $4000 difference in the mortgage. But what you’ve recorded is a $6400 difference. This seems like a fairly substantial difference.

If we use that $280 from May 2023 until Oct 2024 (so exclude the July 2024 recording altogether) that would be a 17 month difference for an expected decrease of $4800. Which is much closer to what you have seen.

Hope this helps ☺️

[DaltonsFriendswood]

I fee like maybe you just have a typo in your July numbers. Or maybe does the mortgage number include some kind of escrow/insurance changes or shortages?

[kevinsharpe]

Can you share how you set up your spreadsheet that you use?

[TheahLil]

I forget when you went to your vacation... that would have come out of the cash/savings, right? maybe that was a factor in the numbers from July. A goal would be to capture your NW at the same time each month that way youd standarize it a bit, but of course there's always flow! As for your house, gosh! I'd call the mortgage company! I'd also log in to my mortgage company account myself and it'd spell it all out . I forget what the deal is with that small stocks account that you have as 0? Yes, as you said, we have a large mountain to climb, but one foot at a time is the only way to do it. You'll be surprised: once your investment balances hit 100k +, and larger, they start pulling their weight on the acceleration!! That's personally the thing I'd suggest to focus my financial priority if I were you. Your age is your biggest asset with all that!

[Jumpman]

Your mortgage amount owed should never be higher as you pay it off. I'm assuming you have a normal 30 year fixed mortgage. If I were you I'd look into that immediately. The only thing I can think of is you might have recorded the amount incorrectly in July 2024. I track my net worth monthly and have been doing so for about a decade and my mortgage goes down predictably every month slightly more than the month before. For instance if it went down $100 last month this month it would go down about $103 and next month it would be down $107.

Something you may want to try for recording the value of your home is making it a conservative number and keeping it static for a while. For instance is zillow says it's worth 200k, record it at 180k and don't update it until next year. Home values fluctuate so much I just find it easier to record the value at the beginning of the year. For me I find it more important to see the increase of my investments and keeping fluctuations of the housing market out of the total helps me do that.

[newbrunswick]

For mine interest gets charged (so added to the total sum) quarterly, so in July it was probably before interest was charged

[al]

Might be a typo in 2023 unless you made a prepayment or you're on a variable rate. My approximations from your numbers tell me you should be around $126K in 2023 for your mortgage owing.

[dh]

I’d be calling the bank. Unless July was a typo

[rolandosouffrain]

This video makes me want to start my own channel. Lol. My road to $2.7 Milly. I'm like a gun slinger in the wild wild west. I take high risk with my Roth 401k and Roth I.R.A. and my Robinhood brokage. Hmm🤔🤔🤔🤔🤔

[ericaparten]

July was for sure a typo. It wouldn’t have decreased in July that much

[thefiprofessor]

And…July is definitely wrong. There’s no way it went from $129k to $123k in July. Check your history on your mortgage website. You’ll probably see you made a mistake.

[ReiShirouOfficial]

Good luck on the journey
Will be making me $100k video soon
100k networth age 21