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42: The Dangers of Being a HENRY
Manage episode 426970107 series 3561987
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Most of us equate being rich with a high income. If we're earning well into the six figures, we're rich. But cash flow is not the measure of wealth. Wealth is measured in net worth - the difference between what we own and what we owe. And for many high earners, that difference can actually lead to a negative net worth.
A HENRY is a High Earner who's Not Rich Yet. A HENRY has the potential of being wealthy due to a high income. But that won't happen automatically. Realizing that potential takes vision, discipline, and a sense of priorities.
The doctor fresh out of medical school, with tens of thousands of dollars (or more!) in school loans, is a good example of a HENRY. And there's danger here. A HENRY often feels rich and acts rich - spending to chase a lifestyle that might suit their income, but that doesn't reflect their actual net worth.
Join us as podcast host James Lenhoff speaks to the dangers facing HENRYs and outlines some key choices to help HENRYs build a lifestyle of stewardship.
To learn more check out www.GoodSenseMovement.org
Email James at: JamesLenhoff@GoodSenseMovement.org
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