Discovering The Truth About My Mortgage Loan | Transfer Tuesday

Hello everybody and welcome back to my channel. My name is Michael and as many of you know, I am on a journey to reaching a $1 million net worth. I've recently paid off over $140,000 worth of student loans and now I'm at the stage of the game that involves saving money, but more specifically investing money. Therefore, in this Transfer Tuesday, I'm going to be making some money moves, moving money from my local bank account to my different investment funds, along with some of the savings funds I have set up. The other thing I'm going to be doing in this video, as many of you probably saw in the thumbnail, I finally got in some bank statements because I know in the past few weeks, there's been some issues with how much money I have left to pay off with my mortgage because back when I did my last net worth update video, I checked, I compared the two months and something did not add up. It looked like my mortgage had actually gone up over the course of about three or four months, which is very suspicious. And I made a phone call to the bank and I got a kind of weird answer, which many of you have put in the comments about. So we're gonna be talking about that today. All right, so let's go ahead and address this stuff first, the mortgage papers. Now I will say, I'm gonna try and make this brief because this is actually my second time recording this. The reason there was no video last week was because I recorded it, went to edit it and realized there was no sound in the video. I'd accidentally unplugged my microphone. So this is the second time I'm explaining to a camera what's going on with my mortgage. So I'll try to include everything. I'll try to include everything, but so that I'm not taking up too much of your time, I'm just gonna kind of briefly go over this because I think I figured out what went wrong. So as I look back over these papers I have with me, they have not sent out the statement for November yet. I figured out that the statements, the time that the bank prints the paper and then mails it to me usually happens between the 17th and the 18th of whatever month it is. So all these papers in my hands are the last three months, excluding November, of the statements of where my mortgage is and different fees, interest rates, escrow, interest, all that stuff. So I'm gonna be taking a look here at the paper because, well, I think I figured out what went wrong. So long story short, when I looked at my amount in July, it said that I was at $123,000 left to pay off for my mortgage. But when I looked at it in October, when I did my net worth update video, it said that I was at 124, 125,000, which seems strange that my mortgage would go up after four months of payments. Originally, I thought something was wrong. I called the bank. They said, nope, nothing's outstanding. Everything looks fine. It might've been because of property, value stuff and property tax, that type of thing. However, I now have in front of me actual paperwork from the bank. I had to pull this from the burn pile and we are gonna be looking at these numbers and I'll tell you what's going on. So when I look in October on the 18th, I had an outstanding principal balance on my mortgage loan of $125,340. Okay, so let's just look at that number. Say it's the most up-to-date number because I don't have November yet. So $125,340. When I go back to September, I see that the outstanding principal balance was $125,604.47. And then if I go back to July and August, well, specifically this is for July, I will see that I had an outstanding principal balance of $126,127.97. So that answers the first issue I had with that number back in July. I must have written down in my net worth tracking spreadsheet the wrong number. I have no idea where I got that $123,000 number from because that's nowhere to be found on these papers. I think moving forward, the best strategy that I'm gonna have to implement when I do my net worth tracking spreadsheet is to wait until one of these papers comes in the mail and looking at the number there. Usually when I prepare for these videos, I go online and try to look at the number on the website. But as I mentioned, the website is very basic. It doesn't show me really what I'm looking for. And apparently it might not even be an accurate number. So I'm gonna be waiting until the bank sends me a bank statement now, looking at the outstanding principal based on when the bank looks at it rather than going online the day of making the video and checking from there. All right, so we're gonna be moving ahead. And in today's video, because as I mentioned last week's video, I had some issues where it didn't record sound, I'm gonna be presenting both last week's Transfer Tuesday numbers and this week's. I mentioned earlier that my goal to reach $1 million net worth is both to invest my money, definitely, but also I have different forms of savings accounts that I have set up so that I don't go into further debt and they help pay with expenses. So we're gonna be making transfers in those two categories. So let's talk about first my Ally Savings Bank account. Today and last week, these numbers are gonna be the exact same, which will make it very easy for presentation. I have transferred last week, $250. I transferred this week, $250. And you guys can see on the screen, on the little screenshot, what categories that $250 is being divvied up into because they're gonna be going into the Vehicle Fund and in the Rental Property Investment Fund. I've mentioned before that rental property has been something I have in the past been interested in, but I'm not currently right now, but I'd rather save up for something that I have shown interest in in the past for, rather than waiting until that interest rekindles and then I have no money. So I'm saving for it, even though it's not something I'm totally interested in right now because it is in a high interest savings fund. So I am getting 4% on that money, regardless of what I might use it for in the future. So all in all, in the past two weeks, $500 has been sent to Ally Savings Bank for these transfers. Moving on now to the second transfer of today's video, and that is on the side of the financial coin of investments, no pun intended. So I'm gonna be moving money, or I have moved money from my local bank account to my M1 Finance account, which it's with M1 Finance that I am holding, or they hold my Roth IRA account, which is a retirement investment account. And both last week and this week, just like with the Ally Savings Bank transfers, $250 has been transferred both of these weeks. So last week, $250 got transferred, and this week, $250 got transferred. I'm probably also this week gonna be showing a screenshot of the pie, not pie chart, but the pies for my investment account with M1 Finance. I've had people ask about that, and you guys can actually take a look and see what ETFs I place my money in, or what ETFs I'm investing with with M1 Finance. They're all Vanguard funds, and I send $250 usually every week towards my Roth IRA. The other thing you will see, if I remember to include this in the screenshot folder, is how much I have left to invest before the end of the cutoff point for investing with the year 2024. I believe you have until you file your taxes for this year, 2024, to invest in a Roth IRA. Could be wrong there, but once again, just as a disclaimer, I'm not a financial expert, I'm not a financial advisor. So don't look at these ETFs and think that you need to copy them. And I usually ask for your guys' input in the comment section down below. If I'm unsure of something, I'll have you guys maybe confirm that. But it's always best to do your own research when it comes to your finances. I'm doing this purely for not educational purposes, but for entertainment purposes. All right, so that's gonna leave us with a two-week wrap-up so far for the month of November. So far, things have gone pretty smoothly for the month of November. I've been able to make these transfers consistently. I don't know if I'll be able to hit that $3,000 goal that I set for myself every single month, because there always seems to be something popping up that has to take away some of the money from my investments or the money that I would use for investments. But I'm glad that I kind of figured out what was going on with the mortgage issue there. I guess it was just more of an error on my part, but not an error that led to money being lost. It was more of just, I put in the wrong number and I made myself look like I was further in my debt payoff than I was. I try never to do that. I try to be very transparent with you guys and show you guys the real numbers as to what my finances look like. But sometimes I push the wrong button, I guess, on the keyboard. Anyway, thank you guys so much for staying tuned to the very end of this video. I will see you in the next one. Take care.