'High earner, not rich yet': How to tell if you're a 'Henry,' based on your salary, savings, and lifestyle
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- "Henry" is an acronym ascribed to people, typically millennials, who earn six figures but still feel broke, Melkorka Licea reported for the New York Post.
- Business Insider spoke to two experts who work with Henrys to get an idea of who the typical Henry is.
- According to the experts, the typical Henry earns over $100,000, is in their early 30s, and struggles to balance a comfortable lifestyle with saving for the future.
- Visit Business Insider's homepage for more stories.
Are you a millennial who earns six figures and still feels broke? Then you might be a "Henry" - short for "high earner, not rich yet."Melkorka Licea first reported on the Henry millennial for the New York Post. Shawn Tully invented the acronym in a 2003 Fortune magazine article, and it's come to characterize a certain group of six-figure earners who are mostly millennials, Licea wrote.Advertisement
Business Insider spoke to two experts to find out who, exactly, the typical Henry is: Priya Malani, founder of financial firm Stash Wealth, which bills itself as "Home of the Henrys"; and Gideon Drucker, CFP at Drucker Wealth and author of the upcoming book, "How to Avoid H.E.N.R.Y. Syndrome."
While there are certain markers to identify Henrys, such as earning over $100,000, they're ultimately defined by how they live their life: They live a comfortable lifestyle above their means and struggle to balance it with saving for the future. It's a combination of habits that puts them on a slow path to wealth building and leaves them feeling financially strapped.Meet the typical Henry, according to Malani and Drucker.
Henrys are typically individuals earning over $100,000 or couples earning over $150,000, according to Malani.
Henrys can be any age, but they're typically millennials.Advertisement
Henrys are pretty evenly split between males and females.
Henrys work across a range of industries, but Drucker sees a lot of clients in the tech and creative or advertising industries.Advertisement
When it comes to geography, Henrys are primarily located where the high-paying jobs are: in cosmopolitan areas on the coast.
The typical Henry has saved between $15,000 and $20,000, Malani said.Advertisement
That might be because Henrys typically live above their means and are victim to the lifestyle creep, according to Drucker.
But many Henrys also have student debt: They owe $80,000 in student loans on average, Malani said.Advertisement
Henrys' biggest financial issue is finding the balance between living for the now and setting money aside for the future, Drucker said.
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