Our family takes another three-week long trip to Texas. It’s not an ideal summer vacation since it’s really darn hot in this Lone Star state. We make sure to spend plenty of time in the pool. The good thing is that our housing cost is nearly zero since we stay in relative’s house throughout the trip. The growth rate for net worth will take a hit next month in September as I took over a month off from work. However, the rate will catch up again in October as I’m back on the treadmill.
PenFed now has a new 1.49% auto loan for car owner with lien-free vehicle. I decide to cash in on one of the two vehicles that we own outright, and then use that cash to pay other higher interest debts. The saving will be minimum since our current debts already have a very low rate. Of course, the overall goal is to eliminate all debts that has interest rate above the inflation rate/2 in order to accelerate the future rate of wealth accumulation.
The short-term goals are (1) to keep the total debts under $100K, and (2) to have investment/retirement account as the largest asset, bigger than the home’s value. We will achieve the first short-term goal later this year. As for the second short-term goal, it will take two more years.
The long-term goals are (1) to reach half a million in my thirties, and (2) to be a millionaire in my forties. We will achieve the first long-term goal later this decade. As for the second long-term goal, it will be next decade if things go as planned.