Are you a millennial who earns six figures and still feels broke? Then you might be a “Henry,” short for “high earner, not rich yet.”
Melkorka Licea first reported on the Henry millennial for the New York Post in October. The acronym, invented by Shawn Tully in a 2003 Fortune magazine article, has come to characterize a certain group of six-figure earners who are mostly millennials, Licea wrote.
Business Insider spoke with two experts to find out who, exactly, the typical Henry is: 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 who wrote the book “How to Avoid H.E.N.R.Y. Syndrome.”
While there are certain markers to identify Henrys, such as earning over $100,000, they’re ultimately defined by how they live their life: They have a comfortable lifestyle above their means and struggle to balance it with saving for the future. It’s a combination of habits that puts them on a slow path to building wealth and leaves them feeling financially strapped.
Meet the typical Henry, according to Malani and Drucker.