That motherboard isnt going to be very good for overclocking. Its an older, lower end board with weak power phases. You may be able to hit 4.4-4.5ghz or so?
What ever you can achieve with out raising voltage above stock, or only very slightly above stock. (stock voltage for an fx8350 = 1.375V, generally the stock voltage is way more then you need for stock clocks, and you can generally get some overclocking without raising voltage due to that). But increasing voltage drastically increases power draw, and thus heat output.
I really don't recommend it on your board. So if overclocking at stock, set voltage to manual and set it to 1.375V, do NOT use AUTO. There isnt much "harm" in overclocking on modern hardware.
Motherboard now, even cheap one, are able to handle overclocking without catching on fire like they used to. (ones which used really cheap, shitty VRM would literally catch on fire when put under high stress). And unless you are going really crazy with your overclock and voltages, it really doesn't reduce lifespan.
I mean cpus last for a hundred years, a slight decrease in life span will not even be noticeable. Most people will never keep a cpu longer then 10 years, as by then its completely outdated and will barely run modern software/operating systems. If you were to go with something like 1.55V @ 5.4ghz and run it 24/7/365, yeah it will probably die in 2-3 years.
But 5ghz @ 1.5v or under, you won't keep the cpu long enough for it to die. A crappy power supply will cause much more damage/harm to your cpu with dirty voltages. (so if you have a crappy generic pos psu, id recommend upgrading, esp if overclocking, as it can also cause issues with instability) Make sure you have adaquite cooling.
Meaning you are NOT usding the stock cooler or a really cheap sub $20 cooler (cheapest id recommend is something like CM 212+ evo), and have decent case airflow (recommend multiple intakes and exhausts) Unless you are doing really cpu demanding tasks, you probably won't notice much difference in performance. (video encoding/rendering, compiling, emulation, extreme multitasking, compressing/uncompressing, or maybe some of the really cpu demanding games like gta5, witcher3, etc).
There is no advantage in overclocking that rig - all you'd be doing is compromising that motherboard and causing more heating issues. The speed difference would be negligible, it's already plenty quick.
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