176. Why You Make Good Money But Still Don’t Feel Wealthy
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
25 min
1 speaker
3 chapters
transcribed 1 month ago
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What is the main topic discussed in this episode?
You are listening to the Becoming the Wealthy You podcast with Jermaine Foley.
If you're a woman who makes good money in your career or business, but you're not building wealth like you want to, then you're in the right place. In this podcast, you'll learn how to stop overspending, break free from the cycle of debt, save lots of cash and become the wealthy woman you were born to be. Let's dive in. Well, hello, everyone. Welcome back to the podcast. Today, we are talking about a term or an acronym you may have never heard of before, or maybe you have. That acronym is HENRY. HENRY stands for higher earner, not rich yet. And today, we're going to talk about why so many successful, hardworking women are find themselves in this position and what to do about it. Before we dive in, I want to invite you to something special.
I am hosting a brand new free masterclass called How to Get Out of Debt Without Giving Up Your Summer Vacation. Because yes, it is possible to stop the cycle of debt without canceling your travel plans or giving up the fun you have on the books. OK, I'll show you how to make real progress with your money this summer without feeling restricted or stuck. There will be two classes for you to choose from. The first one will be on Sunday, June 22nd at 1 p.m. Eastern Standard Time. And the second one will be on Monday, June 23rd at 7 p.m. Eastern Standard Time. You can sign up by going to the show notes or by visiting germanefoley.com slash debt. That's germane with a G, foley.com slash debt. Now, there will be two classes, but the exact same content will be shared during each class.
So pick the time and the day that works best for you. I just wanted to give you options just in case one of those dates and times did not work. for your schedule. Okay, so let's get into this acronym, Henry, right? Remember, it stands for high earner, not rich yet. This is a term that is used in financial circles and even in marketing. To describe people, now these people are often millennials and Gen Xers who earn a high income. So typically between 100K a year and 250K or more. But these people, despite earning this really good money, they don't feel financially secure or wealthy. And this is because they are living paycheck to paycheck or close to it. They carry high credit card debt or student loan debt.
They have limited savings or investments. They spend heavily on lifestyle and experiences and they delay or under-prioritize wealth building. This concept really helps explain why a high income doesn't necessarily equal wealth and why so many high-earning people still feel financially stuck. you all. This is real.
What does HENRY (High Earner, Not Rich Yet) mean and who does it describe?
And remember, I said that this term is used in financial circles and in marketing. Believe me when I tell you this, marketers heavily target those who are in this Henry group because they know that they are Our spenders, they know that they are all about the look sometimes, the status, and they're willing to spend on luxuries and experiences and they under-prioritize wealth building. So that's where their money goes. It goes to a lot of things that are marketed to them. Now, let's look at some real numbers. So I did some research and here's what I found. More than half of Americans earning over $100,000 a year live paycheck to paycheck. And a third of six-figure earners have less than $1,000 in savings.
So we hear that stat a lot, right? It says that the average American don't have at least $1,000 in savings. Well, this one is going deeper into six-figure earners. So they're not looking at the average American. They're actually looking at people who earn six figures. And a lot of them, over a third, have less than $1,000 in savings. According to the site Smart Asset, 45% of people earning $150,000 or more say that they are stressed about money. And almost one in three six-figure households carry credit card debt from month to month. That means they're not using their cards and paying them off every month. They're actually carrying that debt from month to month, which means they're paying that high interest on those cards.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
189. How to Build Wealth Without Giving Up the Life You Enjoy
188. The Biggest Financial Mistake Women Make After Getting a Raise
187. Making Good Money Isn’t the Same as Building Wealth
186. Why Making More Money Can Still Leave You Feeling Behind
185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out