High-Earners-Not-Rich-Yet, the “HENRY” demographic defines the new middle-class, mass-affluent consumer group made up of households with incomes in the top 80% of all U.S. households, which comes in between $100,000 to $250,000 annual income. They haven’t quite reached the level of ultra-affluent, but are well on their way. This group typically falls between the ages of 35 – 54 and are self-sufficient and financially savvy. Already knowing that there are many resources out there to help them decide how and where to spend or save their money, why would they need to hire a financial planner?
Here are 6 good reasons why HENRY’s should consider it now.
- Make a plan. As you get older and accumulate savings, be it for retirement, kids college accounts, etc., it is wise to prepare an overall financial plan to help you to both set and achieve your goals. Having assistance from someone well-versed in making sure you’re not leaving anything out can save a lot of time and money in the long run.
- Where your savings should go. There are many places you can put your money, but you need to determine what’s right for you. What proportion of your savings should be going into your HSA, 401(k), 529, ROTH IRA, stocks, or real estate investment?
- You have debt you need to get rid of before you can start to think about saving… Should you pay down all your debt first, or should you have some savings to rely on? You obviously don’t want to pay a lot of interest, but what options are available to reduce any interest payments? Are there some creative options you haven’t considered?
- It’s never too early to plan for retirement. As you start to near your retirement age, how much should you have in your retirement accounts before you can even begin to consider retiring? When should you consider taking Social Security? Is it better to wait?
- Eliminate the unknown. There might be some pieces of the puzzle you just haven’t thought about. Having an outsider review your overall situation, who is well-versed in helping people achieve their lifelong financial goals, can help you feel confident that you are not overlooking anything important and are considering all possibilities.
- Fee-based or pre-paid time options make it affordable. With the option for hourly assistance or an annual subscription for services, we work together to come up with a plan that you can implement yourself and then schedule periodic, as-needed reviews to monitor your progress and simply to answer questions that may arise along the way.
