July 2020 Financial Update:

Hello all, this month we spent a lot of money on various things for our house. We got a patio added on ($1,800), our ducts professionally cleaned ($650), and refinanced our mortgage!

We went from a 30-year fixed rate mortgage with 4.75% interest to a 15-year fixed rate mortgage with 3.125% interest! Our mortgage payment only went up $200, to cut our time until it’s paid off in half! The interest rate would have been less, but we only put the minimum percent needed down, which I would not recommend. Always try to put 20% down on your mortgage, if you can.

Because we did all of these things, our savings account went down a bit and our mortgage balance went up a little bit as well.

Our Goal Financial Independence Numbers:

  • $900,000 Invested to cover beyond our Living Expenses.
  • $150,000 In Savings for Market Crashes or Emergencies.
  • An HSA we are Maxing out every year while working for Medical Expenses. (No specific Goal Number)
  • $0 Personal Debt- No Mortgage or Car Payment brings down our expenses a ton. **Unless the debt is for a rental property (or properties) that generates us more income than what we spend on the property**

Our Current Numbers as of August 1st, 2020:

  • $21,017.72 Invested.
  • $10,032.34 In Savings.
  • No HSA yet, will get one Oct. 2022.
  • -$151,940 Total Debt. -Went up a little because of refinance.

Total amount needed to reach F.I. Goals: $1,170,889.94


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