Are You a HENRY? – NerdWallet

No, we are not asking your name. And we promise that we are not trying to offend you.

Henry is not insulting. It is a nickname that has been given to a particular settler in the world of personal finance. If you earn decent income, but feel that you are not making enough money, you can be Henry.

Henry is an abbreviation that means “high earners, not yet rich.” But what is the meaning of much earning? The definition is different, depending on whom you ask.

We worked through Reddate Forums to get a Plus check that users say about Henry. People post anonymous, so we cannot confirm their individual experiences or situations.

R/Henry Finance Subsidate on reddate, Henry is defined as “as people who earn more income, in general, between 000 250,000, 000 500,000, but they have not made enough savings or investment to be considered rich.”

Trever Ausen, a certified financial planner in Minnesota’s Minopolis, says Henry often has an assets of about $ 10 million, thanks to a negative pure value, thanks to student loans or career costs. “

These figures indicate the income or the scales towards the “rich” more than that of these figures.

Henry is often business professionals, doctors, lawyers or tech employees who pay for equity, Auson says.

He added that many people live in places like New York or Bay Area, where high -cost life can be difficult to collect, despite high salaries. They are usually in their 20, 30 or 40s.

In some cases, Henry is also in his family who also earns his first income in his family. It can come up with additional pressure to provide relatives and generate wealth from generation to generation.

Now that you know what Henry is, let’s see if you are fit on the bill.

“If you are earning well but still feeling that you are getting financially, you may be Henry,” said a CFP, a CFP, a CFP, in Florida, Florida.

If you: If you can be Henry

• Earn average income (usually in the mid -six figures range).

• Lives in a high -cost area.

• Most of your revenue is spent on housing, students’ loans, children’s care and discretionary costs.

• Don’t feel financially safe.

But not all Henry are the same.

Although many people have difficulty generating wealth because students’ loans or residential expenses eat their income, others are offensive, Osin says.

He says, “They have just earned more for a short time, and they don’t really have time to prepare these assets and save them enough where they can be considered rich.”

Auson says his Henry clients usually have a lot of cash. After To maximize their 401 (k) Or other retirement accounts, they are not putting their extra money to work in the investment account.

If you are A lot of cash parking In a normal savings or checking account, this is a sign that you can be a hunter.

“Although there is definitely an argument on how much emergency funds, basically, after a particular point, it does not begin to be as effective as it may,” says Auson.

Like most people, Henry also wants more money and maximum financial freedom. Online conversations in R/Henry Finance and other forums often focuses on strategies for lifestyle renovating, increasing career, investing options and tax burden.

Henry is also looking for immediate guidance and assurance that he is on the right path.

“These young professionals can live in their careers, get responsibilities, and have less opportunity for a long time,” said Yasinia Realjo, a CFP, a CFP, along with Tobias Financial Advisers in the planting of Florida.

“Maybe they are starting to families, buying homes, saving their children’s college. With a lot of their plates, they may know that they are saving, but they have no plans for financial direction.”

If you are Henry, you may feel stuck. It seems that you are not making so much progress towards your financial goals.

But Henry must emphasize “Y”. You are not rich Even then – This does not mean that you will Never Be rich.

“With smart planning, management of costs, and focusing on long -term goals, Henry is a great opportunity to make real wealth on the road,” said Londover.

“Without this focus, it is easy to get stuck in pay checks, despite high income.”

Make your own, or start to look back Financial plan. If you are not sure where to start, consider seeking help from the financial adviser. Being rich can soon think.