{"id":1525,"date":"2025-03-25T06:27:09","date_gmt":"2025-03-25T06:27:09","guid":{"rendered":"https:\/\/www.tnadvisory.sg\/?p=1525"},"modified":"2025-04-03T04:07:49","modified_gmt":"2025-04-03T04:07:49","slug":"so-you-are-a-h-e-n-r-y-what-now","status":"publish","type":"post","link":"https:\/\/www.tnadvisory.sg\/index.php\/2025\/03\/25\/so-you-are-a-h-e-n-r-y-what-now\/","title":{"rendered":"So You Are A H.E.N.R.Y., What Now?"},"content":{"rendered":"\n

HENRY Introduction Ideas: <\/strong><\/h4>\n\n\n\n

Are you amongst a growing group of people in the workforce today who can hold your head up high in saying you\u2019re drawing a higher-than-average income? Yet for some reason, your savings or assets never seem to be growing significantly year after year? <\/p>\n\n\n\n

Believe it or not, there is indeed a name for people like that, \u201cHENRY\u201d. The \u201cHigh Earners, Not Rich Yet\u201d<\/strong>.  For a name like that, how are we going to define the HENRYs of the world? The typical definition according to Investopedia for the US is: <\/p>\n\n\n\n

High earners, not rich yet are individuals who currently have significant discretionary income and strong chance of being wealthy in the future: in the US \u201c2003 fortune magazine article refers to a segment of families earning between 250k \u2013 500k, but not having much left after taxes, schooling, housing and family costs, not to mention saving for an affluent retirement\u201d<\/em><\/a> [1]<\/strong><\/sup><\/em><\/sup><\/a><\/p>\n\n\n\n

In Singapore, the average income as of Jan 2021 stands at S$5,877\/month, or about S$70,000 annually. There are many different definitions and benchmarks of HENRY\u2019s across the world. In this case, when we hear someone earning about a S$100,000 annually, we generally assume they must be doing well enough in life. Though the benchmarks vary, HENRY\u2019s have some characteristics that are agreed upon regardless of occupation, age or income. [2]<\/em><\/sup><\/a><\/p>\n\n\n\n

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HENRY\u2019s In Singapore And Money<\/u><\/strong><\/p>\n\n\n\n

Did you know that 1 in 2 high-income earners (up to $20,000\/month) have money problems? A poll revealed that the monthly income, as high as it can be, is in fact insufficient to cover their equally high expenses. True to a HENRY, around 1,000 Singaporeans aged 25-54 with a higher-than-average income do not have savings. As a result, about half of them are not confident that they will have enough money to fund their desired lifestyles when they retire. <\/p>\n\n\n\n

The same poll also revealed that even with a high monthly income, it is still insufficient to cover a HENRY\u2019s expenses. Aftermath needing to dig into their savings, just to cover their monthly expenses. <\/p>\n\n\n\n

These high monthly expenses typically come from a few factors:<\/p>\n\n\n\n

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  1. High dependency on loans (business\/lifestyle) <\/li>\n\n\n\n
  2. High personal expenditure (lifestyle) [3]<\/em><\/sup><\/a><\/li>\n<\/ol>\n\n\n\n

    It\u2019s strange, isn\u2019t it? Turns out, living on paycheck to paycheck is not just a problem for majority of the people in the workforce. Even people who earn high income ALSO faces the same problems that prevents them from building up their net worth, making them feel poorer than they should.  <\/p>\n\n\n\n

    The problem is that high income earners should not face such problems, but about 1\/3 of them confessed to having poor discipline when it comes to managing their money. <\/p>\n\n\n\n