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If you’re a millennial earning six figures but still feeling broke, you might be a “Henry” – short for “high earner, not rich yet.”
The acronym was invented 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?
You might be on a slow path to building wealth, and it could leave you feeling financially strapped until it’s too late.