I’m 38 with a $3.5 million net worth – how do people go from 7 figures to high 8 or 9 figures in a decade?

There are millions of Americans who have less than $1,000 to their name. And the Federal Reserve recently found that Americans ages 65 to 74 have a median savings of $200,000 for retirement after a lifetime of working and accumulating wealth.

So if you’re in your 30s and are a millionaire already, you’re in a great place. And that’s the situation for this Reddit poster.

Here, we have someone who’s 38 years old with a net worth of $3.5 million. They say it took them 10 years to build that wealth. And they’re thinking that if they continue on their current path, they could be looking at a net worth of $10 million by the time they reach 50.

They’re wondering what it takes to go from a 7-figure net worth to an 8-figure net worth in just a decade. And the answer is, it’s not always possible — but it could be.

A feasible goal

Going from seven figures to eight figures in a decade isn’t always doable. If you’re in the low 7-figure range and want to be in the high 8-figure range, you might face challenges.

But in this situation, the poster’s goal seems more than attainable. If they invest the $3.5 million they have already in a stock portfolio that generates a yearly 8% return over the next decade, then that alone could get them to about $7.5. And that’s without saving or investing another dollar.

However, if they’ve managed to get to $3.5 million by age 38, it means they’re probably a good saver. So based on that, there’s a strong chance they can get to $10 million, which is the low end of an 8-figure net worth, on their timeline.

Of course, this does assume that the market does reasonably well. But the 8% return used above is not a random figure. It’s actually a few percentage points below the stock market’s average.

Now we don’t know what the next decade has in store for the stock market. But all told, there’s a good chance the poster can achieve their goal.

Of course, some people grow their wealth rapidly by getting lucky — choosing the right investments, earning massive salaries, or inheriting large sums of money. But in the poster’s case, it’s possible to get to where they want to be even without a giant stroke of luck.

A financial advisor can help

The poster here is in great financial shape. At just 38 years old, they already have way more money than the average American by far.

But if they’re serious about growing their net worth, it pays to talk to financial advisor. A financial advisor can help set up a portfolio for them that’s conducive to growth. They can also discuss the poster’s financial goals and offer guidance on achieving them. Plus, an advisor can help the poster strike a balance between growing their net worth and enjoying their life.

Some people who grow a lot of wealth quickly do so by saving every penny, and that’s not necessarily the best approach. So it probably wouldn’t hurt the poster to talk to a professional and get some insights on their situation.

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