Many dream about what they would do if they had a million dollars. In the dream, this might come by way of an easy win on a lottery ticket or a large inheritance, yet for lots of Americans, it’s hard work, dedication and perseverance that allows them to reach that goal over time. However, once they find their net worth is at $1 million, they are often clueless as to what to do next.
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If you are on the path to reaching that great financial height, you want to make sure your next moves are strategic, so you do not endanger the wealth you’ve generated and, in many cases, can even continue to grow it.
Here are five things you must do when your net worth reaches $1 million.
Kerry Keihn, a financial advisor at Earth Equity Advisors, stressed the importance of understanding how a $1 million net worth can take shape, as there are many forms.
“Is it primarily home equity, investment accounts or sitting in cash?” asked Keihn. “Real wealth isn’t just about reaching a number — it’s about how well your assets align with your financial needs and values. Understanding your breakdown is crucial for determining next steps.”
As an example, Keihn said, “If a large portion of your $1 million is in cash in a single bank account, you’ll want to ensure you’re staying within the FDIC insurance limits.”
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Reaching this milestone is an opportunity to be intentional with your investments, according to Keihn.
Citing a US SIF Trends Report, Keihn said, “Many investors choose to align their portfolios with their values through sustainable, responsible and impact investing , a rapidly growing approach that now accounts for a significant share of global assets under management.
“This could mean investing in companies with strong environmental and social practices, excluding industries that don’t align with personal ethics or funding solutions to global challenges like clean energy and affordable housing,” Keihn explained. “Your investments have the power to shape the future — this is the time to ask: Do my investments align with my values?”
“Anchoring bias occurs when we rely heavily on the first piece of information we receive and fail to adjust it as we gather new insights,” explained Keihn, noting that society often treats $1 million as the ultimate financial milestone without adjusting for inflation.
