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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

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Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

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Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

  • Writer's pictureSummit Puri
    • Aug 12
    • 2 min read

HENRY - High earners, not rich yet

What is a HENRY?

The acronym HENRY, "high earner, not rich yet," encapsulates a demographic segment often associated with millennials residing in metropolitan areas. These individuals, typically in their early thirties, earn six-figure salaries but frequently grapple with feelings of financial insecurity. Despite their substantial incomes, HENRYs encounter challenges in accumulating wealth and achieving a sense of financial stability.

 

The Struggle

One defining characteristic of HENRYs is their struggle to balance their current lifestyle with long-term financial goals. While they earn comfortable incomes, they often find it challenging to save and invest adequately for the future. This struggle can be attributed, in part, to their tendency to elevate their standard of living in tandem with rising incomes, a phenomenon referred to as "lifestyle creep." As their incomes grow, HENRYs may find themselves spending more on housing, travel, dining, and other discretionary expenses, leaving less disposable income available for savings and investments.

 

The Debt

Adding to their financial strain, HENRYs often carry substantial student loan debt, averaging around $80,000. This debt burden, significantly higher than the national average, can impede their ability to accumulate savings and make significant financial strides. Furthermore, HENRYs residing in expensive metropolitan areas face high housing costs, further limiting their saving capacity. These factors contribute to a sense of financial vulnerability despite their above-average incomes.


Sources emphasize that HENRYs often grapple with a lack of concrete financial planning. Without a well-defined roadmap outlining their financial goals and strategies to achieve them, HENRYs may find themselves saving and investing inconsistently. This lack of direction can lead to missed opportunities for wealth accumulation and exacerbate feelings of financial insecurity. Seeking professional financial guidance can be instrumental in helping HENRYs develop a comprehensive financial plan tailored to their individual circumstances and goals.

 

The best way forward!

The current economic climate, characterized by factors like slower wage growth for high earners and potential layoffs in high-paying industries, poses unique challenges for HENRYs. While we acknowledge these difficulties, we would also like to highlight the importance of adopting prudent financial habits, such as consistent saving, investing, and resisting lifestyle inflation, to navigate these challenges effectively. Our team at Whitaker-Myers Wealth Managers can help navigate any investor’s complexity while walking with you with the heart of a teacher. If you’re in baby steps 1-3 and need guidance with your monthly expenses, reach out to our Financial Coaches to show you the most effective methods to get out of debt. If you have questions about creating a financial plan, contact one of our Financial Advisors to put a plan in place for you.

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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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