After rising through the ranks of the recruitment industry, Sinead Connolly struck out on her own in 2015 at age 27, founding recruitment firm Lotus People. With earnings exceeding $180,000, Connolly is an example of a HENRY – or high earner, not rich yet.in 2003 to describe an individual or couple who, while well paid, have little in the way of net assets to show for the money they earn.
Data from the Australian Bureau of Statistics and social research firm McCrindle shows that the highest income earners in Australia are aged between 35-64, and that HENRYs are most likely to be younger Gen Xers, aged 35-44. The latter are approaching the height of their earning powers, with average household income just $10,000 below the highest-earning cohort – older Gen Xers aged 45-54 – but the difference in net wealth between the two groups is stark.
But before investing to build wealth, HENRYs need to clear any high-interest debt. “There’s no point paying 20 per cent on a credit card and earning 5 per cent on your savings account,” Hare adds.David Currie, financial adviser and founder of Wealthy Self, says most of his clients are couples aged between 34 and 45 who fit the HENRY bill.
He prompts clients to consider whether they could be using some of the equity they’ve created in their home to buy another property or diversify into the sharemarket.
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