Gaining Financial Acceleration

Newton’s First Law: “Every object persists in its state of rest or uniform motion in a straight line unless it is compelled to change that state by forces impressed on it.”

Newton’s Second Law: “Acceleration is produced when a force acts on a mass. The greater the mass, the greater the amount of force required for acceleration.”

I had been in a state of “financial rest up” until a couple of years. It took me to get to My Revolution Moment to break my state of rest and start gaining momentum toward financial freedom. I got tired for being financially mediocre, so I got to work by first getting on the same page financially with my wife, building a budget and paying off debt. Since then, we had been a bit of a routine. We were in motion, but not accelerating. It was great to be out of consumer debt but I wanted to make some substantial progress toward financial independence.

I’m gonna dub this year as the “Year of Financial Acceleration”. My wife and I made the decision that our next financial goal would be to pay off our house. 2017 was the year we were going to make progress toward that end. We developed a plan for paying off our home and estimated it would take use 6 years to pay it off.

Needless to say, at the start of the year, building that momentum was tough. I had to get outta the stagnant routine I had become accustomed to. I took a couple extra jobs teaching and developing IT courses which was an adjustment. I had to adjust to getting up earlier and going to sleep later, get familiar with a new work environment, learn to balance work and family life, face temptation to quit and spend the extra money on other things, and just learn to GRIND. While it wasn’t easy, these forces were the kick in the arse I needed to take my financial experiment to the next level and start accelerating toward our goal.

So, how have things paid off so far? Well, I’m happy to report that we have surpassed our initial goal of paying an extra $16k toward our principle this year. On Oct 20, we met our revised goal of paying $20k toward our principle and we continue to gain momentum. The chart below shows our progress throughout the year. As you can see, we started the year at $133.5k. The “big” drops show where we made our $4k payments we made through the year. The smaller drops are our monthly principle payments (they’re so tiny). We have two more months left this year, so I’ll keep you posted on our final numbers.┬áThis hasn’t come without sacrifice, blood, sweat, and tears, but its an awesome feeling of accomplishment and I’ve learned a lot about myself so far. I will continue to “accelerate” for as long as possible!

2017 Mortgage Snapshot