We continue to make progress towards 7-figure net worth, and in April we got a little bit closer.
Every month we seem to have some out of the ordinary expenses, but do our best to spread them to future months as best we can. In April, that included a new kitchen mixer and small new TV. Even so, we were able to keep our cash balance relatively flat for the month. Our goal is to have $20-25k in cash until our house is paid off.
The S&P 500 was up nearly 4% for April and our investments moved in lockstep. We haven't changed our allocation or contribution amounts, but did finally get the hospital bills from February and paid them from the HSA account included in this bucket.
Now that Fidelity offers zero cost index funds with no minimum, we also started investment accounts for each of our kids using the money they had saved. Previously they had been saving in the 'bank of Dad', a spreadsheet I had been maintaining and paying them 1% monthly interest.
We got our kids a book to learn about investing called How to turn $100 into $1,000,000 and my oldest kid read it. Even though he seemed to understand the concept of compound interest, I wasn't quite sure he really got it until one day he came up and asked "Dad, can you show me how the companies that we own little pieces of are doing?" Naturally, it was a proud moment for me and shortly thereafter we helped him open his own investment account. I don't count the kids accounts in our balances here, but my son has a goal to get to $100 by the end of the summer.
I can see the light at the end of the tunnel.We are on track to have the house paid off in 10 more payments, and any additional money we get goes towards that goal. While we've been making extra payments, we're not going so extreme that we deprive ourselves, only forgoing things things we feel can wait. $1,000 trip to Paris? Count me in. $20,000 bathroom remodel? That’s going to have to wait (but definitely is going to happen). Since my raise kicked in for April paychecks, we increased the amount we paid towards our mortgage to not fall into much lifestyle creep. I get paid twice a month and we have been using one paycheck for our mortgage payment and the other paycheck for everything else. We have some travel plans coming up that might have us dial down our extra payments, but we’ll still be paying ~3x the minimum.