If you're a millennial earning six figures but still feeling broke, you might be a "Henry" short for "high earner, not rich yet."
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BUILDING WEALTH: How to tell if you're a 'Henry,' based on your salary, savings, and lifestyle
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The acronym wasinvented by Shawn Tully in a 2003 Fortune magazine article and popularized by Melkorka Licea for The New York Post , who wrote that the term has come to characterize a certain group of high-earning millennials.
To find out, who, exactly, the typical Henry is, Business Insider spoke with two experts: Priya Malani, the founder of Stash Wealth , a financial firm that bills itself as "Home of the Henrys," and Gideon Drucker, a certified financial planner at Drucker Wealth and author of the book "How to Avoid H.E.N.R.Y. Syndrome."
According to Drucker and Malani, there are certain markers identifying Henrys, but this cohort is ultimately defined by how they live their life. Do you live a comfortable lifestyle full of brunches and Soul Cycle but have nothing left over from your paycheck at the end of the month?
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You might be on a slow path to building wealth, and it could leave you feeling financially strapped until it's too late.
Subscribe here to read our feature and find out if youre a Henry: High earner, not rich yet: How to tell if youre a Henry, based on your salary, savings, and lifestyle
See Also:
- 3 common money mistakes you might be making if you're earning a 6-figure salary and still feel broke, according to experts who work with 'Henrys'
- Davos isn't glamorous for everyone. Here's what it's really like to attend the exclusive economic conference that brings billionaires together with business and political leaders from across the globe.
- Millennials are destigmatizing 2 topics their parents viewed as taboo and it says a lot about the world they've grown up in
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SEE ALSO: Meet the 'Henrys': The millennials making 6-figure salaries who have 'pleasure funds' and enough money to travel but still say they feel broke
NOW READ: Here's why so many millennials making 6-figure salaries still feel broke
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