Are you a HENRY™ ?
[High Earner, Not Rich Yet]
Does This Sound Familiar?
Day in and day out you work to advance your career/small business and achieve even more success. You’re not sure you’d call yourself wealthy, but you’re definitely not thinking too hard before making day to day purchases. You have a general idea about how much you should be saving but whether or not you’re actually doing it is a different story. You probably feel a little guilty from time to time but nothing that’s keeping you up at night.
If any of this sounds similar you’re most likely a H.E.N.R.Y.™. Here are 5 more signs that you are a “high earner, not rich yet“…
You work hard, play hard.
You make good money but don’t have anything to show for it. “Income-wise”, you’re in solid six-figure territory, but it seems like every time your paycheck hits, it gets spent with little to nothing left over at the end of every month. A few years ago you thought if you made what you made today, you’d have SO much extra money. But as your income has increased, so has your lifestyle #lifestylecreep
You find yourself having to #adult
Although you haven’t quite given up the ways of your 20s completely, you find yourself in the middle of balancing larger priorities like saving up for a wedding, planning for a family, or supporting aging parents. You might be making decisions about whether you should move in with or merging finances with your significant other.
Compromise isn’t in your vocabulary
It’s a general trend of our generation because we’ve seen our parents and grandparents sacrifice for decades to make sure we didn’t have to. And although it’d be a stretch to say we aren’t earning everything we have, we also know that we aren’t giving as much thought to our future as they’d probably like us to – YOLO.
Technology is in your DNA
HENRYs™ span the Millennial and GenY generations. Part of what defines us is that we grew up around technology and are very comfortable utilizing it to streamline our life and our finances. We trust the advice we receive online and are very good at cross-checking facts and referencing multiple sites before coming to our own conclusions.
Work/Life Balance is very important
Technology was created to make our life better and we expect it to do just that. One study found that Gen Y employees want to spend 30%-70% of their time at home. Whether we work for someone else or for ourselves, we’re all seeking a better balance and more flexibility.
If you’re a H.E.N.R.Y.™ or “future” H.E.N.R.Y.™, it’s important to get your financial sh*t together as soon as possible. The sooner you do, the less you’ll have to compromise. By building a solid foundation you’ll be able to keep your lifestyle while planning for the future.