Know any HENRYs?
Cast your mind back a decade or two. Remember YUPPIEs: Young Urban Professionals? And DINKs: Double-Income No Kids? What about NIMBYs: Not In My Backyard? They protested anything getting built, if I remember correctly.
It seems like acronyms were all the rage, before generation-naming (Boomers, Gen X, Millennials, and my favorite: Boomerangs) came along and replaced them. I was reminded of the acronym craze recently, though, when I discovered one that has been kicking around since 2003. My son (Henry) and Karl & Stacey's son (Henry) share a name with this financial acronym that makes me chuckle: HENRYs. Fortune Magazine created this from "High Earners, Not Rich Yet."
HENRY's Top 3 Financial Planning Tips:
1. Create a budget and stick to it. Budgets are changeable. You can adjust it, but without a budget, there's no baseline.
2. Pay your future-self first. Tuck away 10% or more!
3. Pay for your kids' education (as appropriate) after you save for your retirement and not before!
If you, or someone you know, is a HENRY, then reach out to the wealth managers at A&I for a Discovery Interview. We know how to bridge the gap between high earning and wealth building.