What's a HENRY?

From the leading financial services marketplace for high performers, earners, and business owners

What is a HENRY? —> High Earner Not Rich Yet

The term HENRY was coined in a 2003 Fortune Magazine article to refer a group of families who earn between $250,000 and $500,000. These households, despite the significant income they took in, did not have much after taxes, housing, vacations, schooling, family costs and discretionary spending.

In other words, they earn a lot, but most of their income is allocated to expenses than investments and savings.

HENRYs make up over 30M households in the U.S. Many entered the work force during the financial crisis, they grew up with intuitive technology, they’re comfortable with online communities, but also express social anxiety and less willing to ask for help.

We interviewed and surveyed nearly a thousand HENRYs before Habits. Here’s what we learned.

Are you a HENRY?

  • 80% indicate social media as their primary source of financial education.

  • They earn between $155,000 - $250,000 (individuals) or $300,000 - $600,000 (households).

  • They leverage AI or robo-advisors for operational support, but don’t (yet) qualify for private wealth advisors at big institutions like JPM, GS, or UBS.

  • 72% of them would like to work with a financial advisor, but have no idea where to start.

  • Overwhelming majority consider themselves high-performers or on a fast track to leadership.

  • They live a fast paced life both personally and professionally.

  • Many consider themselves the “social organizer or event planner” for their family & friends.

Do you work with a financial advisor?

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In The News

Veera Budhi, CTO & Co-Founder of Habits Inc. at the Nasdaq exchange with TiE New York

Congratulations to TiE New York on their 25th Anniversary! As a board member, Veera joined the rest of the executive team as they rang the opening bell for Nasdaq stock exchange.

“pLaN fOr ReTiReMeNt”

We have a glamorous mindset about retirement... ⛱️ ⛳️ 🌵 🍹🧳 

WSJ published a study how retiree's spend their time. It struck me as a call to action, especially when 20% of US citizens will be 65+ by 2030.

If you think your hard work today is for a retirement on the beach with an endless supply of pina coladas, you're kidding yourself.

You will (statistically) not have the energy or physical health to do those things. The WSJ report found that most retirees spent 4.5+ hours of the day in front of the television. They were bored, lonely, and tired.

Retirement planning is important, but there is a balance. Be present. You will never be this young. Take (calculated) risks like leaving the corporate rate race, going on a sabbatical, move to a new city, coach your child’s little league team, become the organizer for your neighborhood block party, etc.

I stumbled upon the video that I thought many of you would enjoy. It’s a series of brief interviews where seniors share advice to their former (younger) self.

At Habits, we recognize ignoring your finances and future is not a realistic strategy. We like to re-think traditional financial planning, which is why we hand-select every advisor on our platform.

Some last minute tips from the Habits team:

Your physical, mental, and spiritual health is your #1 asset, treat it like so.
Purchase a good mattress and consider insurance. Good sleep, safety and security lead to peace of mind.
Spend money to save time. It’s one of the few examples where money can buy happiness.

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