Are You a HENRY? Find out Now.

Article Summary

• What is a HENRY? It stands for “high earner, not rich yet.”
• Wealth takes intentional practice, adjusting financial habits to align with long-term goals.
• Many women find that they are able to build financial confidence by working with an experienced financial advisor.

Are You A HENRY? Find Out Now.

Henry is a pretty common name. But HENRY means something else entirely. What is a HENRY? If you are not familiar with the acronym, it stands for “high earner, not rich yet.” For many women, that position can feel like a bit of a quandary.

How is it possible to earn a high income and still feel stretched? How is it possible to feel stretched while earning good money and still find ways to plan for the future? The truth is, a high income does not automatically translate to wealth. High incomes have the potential to create the illusion of financial security. 

However, it is common to carry more financial responsibility related to lifestyle choices as your income increases. Put simply, high earners often have more expensive lives. From monthly obligations, like car payments and credit card bills, to expenses of convenience, it is easy to quickly max out even high incomes.

Building wealth is an intentional exercise, and the potential for financial freedom that it brings is attractive for many women who want to build financial confidence and stability. 

Build Your Wealth With Purpose

Before getting started, many women find it useful to explore what wealth actually means to them. Does it mean having the ability to afford luxury experiences? Does it mean flexibility or the freedom to make work optional? Or does it mean support for your immediate or extended family?

It takes time to honestly evaluate those priorities, and sometimes the weight of it prompts many women to delay the process. Taking steps to reduce debt and plan for retirement takes work, which is why it is easy to avoid. Making a choice to build your wealth is a forward-looking endeavor that may include decisions about investing, asset ownership and financial discipline. 

It is not only about investing in the future, building wealth is an investment in you.

Improving Women’s Financial Confidence

Similar to starting a new workout routine, financial changes feel best when positive results can be measured. When muscles become more toned and your favorite pair of jeans fits just a little more comfortably, it is all the reinforcement that is needed to continue with early morning workouts. Results matter just as much when it comes to financial fitness. 

The only difference is, financial progress can not always be seen or felt. Real wealth is not always visible and it often takes time to build. Many women find that measuring progress, on their own or with the guidance of a financial expert, provides the opportunity to help build financial confidence. It is always easier to continue with certain habits if you know they are paying off. 

Not everyone understands how to plan for their financial futures. It can be complicated. Many times, guidance can make the process seem less overwhelming, particularly when investing and asset allocation is involved. At Svvy®, we understand the value of planning for the future, and also understand that not everyone is equipped to do it on their own.

This is why we have built a network of female-vetted financial advisors who understand the common challenges and goals women have to navigate. Our financial advisor matching quiz, available for free, allows women to connect with advisors who best align with their goals and their priorities.

If you are looking to build your wealth, and you think that connecting with a female-vetted financial advisor may be a good idea, get started by taking our free quiz. To get connected with a financial expert who is right for you, get matched with a Svvy® expert today. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy® acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy® Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.