Personal Finance

I'm 50 and have $3 million invested and a $1 million house - why does it feel like I'm not doing that well?

Maurie Backman

Published: February 5, 2025 10:18 am

Most people would probably be thrilled to reach the age of 50 with $3 million and a $1 million house. But this Reddit poster is having doubts about how well they’re actually doing.

You may be in a similar situation where you’ve managed to accumulate a nice amount of wealth by age 50 but just aren’t feeling as financially secure as expected. That’s not so unusual, but it’s important to know how to cope with and address that situation.

Give credit where credit is due

It’s not an easy thing to get to age 50 with $3 million to your name. So if you’re feeling less than confident about your finances, rather than focus on the negative, start by focusing on the positive.

Give yourself a pat on the back for getting to where you are. It no doubt required some sort of sacrifice on your part, whether that meant forcing yourself to stick out a stressful job, live below your means, or spend the time to research smart investments.

Set a goal so you know where you stand

Once you’ve managed to acknowledge your savings accomplishment, it’s time to think about what your goals look like so you’ll know if you’re on track. Let’s say you’re 50 with $3 million and you want to retire at age 65 with $6 million. The reality is that even if you don’t contribute another dime to your portfolio, if you leave your current balance untouched for another 15 years, you’re likely to hit that goal even with smaller-than-average gains.

On the other hand, if your goal is to retire at 65 with $10 million, you may need to keep saving something over the next decade and a half. But that also doesn’t mean you’re behind where you need to be now, or that you’re not doing well financially. It just means that you need to stick to your plan.

It helps to talk to a professional

It’s natural to lack confidence in where you are financially. But if that’s the case, and you happen to be sitting on a few million dollars already, it may be a sign that you could use some encouragement and reassurance. And that’s where a financial advisor comes in.

A financial advisor can help you nail down your goals and show you, with hard numbers, why you are or aren’t on track to meet them. And if you’re not on track, a professional can help you course-correct.

In this specific situation, it’s unlikely that the poster is so far off from where they need to be — unless, of course, their goal is to retire in five years with $15 million. But clearly, what this poster needs isn’t more money so much as peace of mind and a pep talk. So it would definitely be a good idea for them to speak to someone who can help feel better about their finances.

There are people with far less money saved than this poster who have plenty of confidence that they’re doing well financially. I’d love to see the poster adopt a similar attitude given how well they’re doing.