facebookCan anyone advise me on how can I take it to the next level after crossing the $1 million mark in net worth? - Seedly

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Anonymous

20 Mar 2021

Retirement

Can anyone advise me on how can I take it to the next level after crossing the $1 million mark in net worth?

Hi, I am 31 and I just crossed the $1 million mark in net worth. i.e. work towards $5 million mark by age 35. Many thanks.

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Chris

20 Mar 2021

Owner and Writer at Tortoisemoney.com

Wow, firstly, congrats on your achievement! That's pretty remarkable!

Although $1 million is a pretty large sum to work with, to get to $5million is still a 5x increase in your net worth, which translates to a 49.535% compounded growth rate for 4 years in a row. I don't think anyone on this site can safely say that they can guide you there without taking on some tremendous risks.

Now this story would be very different, if your income was maybe $500,000 per year, then you would only need ~22%. And I use the word 'only' very lightly because well, after all, even the greats like Buffett only achieved around 20% for the last 20-30 years of his career.

As such, without more details, I think it would be hard to give you a good answer. (Also, if you are willing to share how you made it to $1 million at 31, I'm sure many readers would also be interested to find out hahah, cheers!)

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