My net worth grew from $400,000 to $9.5 million in five years – how do I figure out what’s next?

Seeing your net worth rise in a short period of time is a good thing. And that’s what’s happened to this Reddit poster.

Here, we have someone in their mid-30s whose net worth has soared over the past five years. They went from about $400,000 to an astounding $9.5 million. And they’re wondering where to go from here.

The poster has a good problem on their hands. But it’s important to map out their next steps carefully.

Manage spending and expectations carefully

Any time you see your net worth rise in short order, it can be tempting to take advantage by increasing your spending. The poster here can clearly afford to do this to some degree. But they do need to be careful.

The poster could decide to buy a second home worth millions of dollars. But that could take away from their long-term goals. So it’s a good idea for the poster, or anyone in a similar situation to them, to hire a financial advisor.

This can be beneficial in a few ways. First, an advisor can help set up an investment portfolio that’s conducive to long-term growth. An advisor can also offer spending guidelines so the poster is able to enjoy their success without going overboard.

Think about what you really want

One of the things the poster mentions is that they’re not sure where to go from here now that they don’t need to work. As they say, “Work is my identity, and I love what I do for work, but I am finding that what was once motivated me isn’t anymore.”

The truth is that a lot of retirees end up unhappy because they find that their lives lack purpose once they stop working. The poster risks a similar fate if they stop working altogether at a young age — which they may do considering that they expect a net worth of $20 million by age 40. So they’ll need to really do some soul searching to see what their next steps look like.

The upside is that if the poster doesn’t have to work for money, they can work for enjoyment and fulfillment. That could mean volunteering their time or starting their own non-profit.

The poster also mentions they’ve been so busy with work that they haven’t had time to research their investment options. They also worry that their investments are risky.

This is yet another good reason to hire a financial advisor. An advisor has the time to put together a portfolio with a suitable level of risk. Plus, an advisor can make sure the poster is well diversified.

There are also financial risks associated with retiring at a very young age, even if there is a lot of money involved. That’s another area where a financial advisor can help.

So all told, this poster shouldn’t hesitate to contact one. And they may want to talk to a career counselor, too – not because they have to worry about their next paycheck, but because it could provide some clarity at a time when it’s needed.

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