The following is a collection of financial statistics of the PayItBack household, updated monthly (last updated 11/4/22).

The Big Picture

My tracking started in 2010 when I entered medical school, and it saw my net worth drop to a low of -$219,840 in July 2014.

The largest dips represent my getting married in April 2014 (and consequently including my wife’s debt with mine), and two car purchases in July 2017 and February 2019, respectively. Otherwise it has generally been a slow steady march upwards at best, and treading water at worst.

That is until I finally finished my training, when things became somewhat more…exponential.

2022 has been a year of treading water, with major car and house expenses and an unkind stock market.

Debt Progress (Excluding Mortgage)

Dec ’10:     -$21,360     -$21,360

Dec ’11:     -$54,770     -$34,410

Dec ’12:     -$93,320     -$38,550

Dec ’13:     -$137,160     -$43,840

Dec ’14:     -$219,130     -$81,970

Dec ’15:     -$215,590     +$3,540

Dec ’16:     -$200,010     +$15,580

Dec ’17:     -$219,220      -$19,210

Dec ’18:     -$221,690     -$2,470

Dec ’19:     -$236,700     -$15,010

Dec ’20:     -$147,990     +$88,710

Dec ’21:      -$91,380      +$56,610

Dec ’22:      TBD

My goal had originally been to have our auto and student loans paid off within 2 years out of training. As I was able to refinance some of these loans to much lower rates and find better uses for our money, this has pushed out later and later.

Time to PayItBack

The top chart is our progress toward wiping out our non-revolving, non-mortgage debt (cars and student loans).

The bottom chart represents the amount of time remaining until these debts are gone completely, contingent upon various monthly debt payment amounts.

My current goal is for minimum payments to go toward my remaining student loans, while I prioritize investing. This has changed over time, based on the movement of variable interest rates. Most recently I have refinanced again to another 5 year term, which ends in 9/2027 if no extra payments are made.

Mortgage

We purchased our home in June 2022. We put 10% down and carry a mortgage with a fixed interest rate of 4.00% on a 30-year term. We would like to be in a paid-off home within 10-15 years, but we are not making additional payments to principal at this time given the relatively low interest rate.

Financial Independence Date

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