Fortune Magazine’s So Called HENRYs are Getting It All Wrong

by David Ning · 26 comments

HENRYs are rich enough for most american standard

In the November issue of Fortune magazine is a featured article about the HENRYs (high earners, not rich yet). The writer argues that while they account for only 2.3% of the all American tax payers, they pay 17% of the total taxes paid. The author believes that it’s not fair that they pay a high amount of tax because they are hard working individual who aren’t even rich yet.

It’s a Matter of Choice and Everything Depends on Your Reference Point
The HENRYs are families with incomes of $200,000 to $500,000. According to the article, these people don’t buy a luxurious lifestyle and don’t spend a lot of money on extra stuff. On the other hand, the article claims that they are adamant on paying for child care and saving for private schools. They also spend on piano and swimming lessons.

For the HENRYs, these are absolute necessities but many of us probably believe that those are all luxuries. I can understand that child care is important but what about private school? Piano lessons?

Perhaps they believe that they aren’t rich, but if you ask me, someone who can afford a house, put $4,000 into their retirement savings, raise 2 private schoolers who have a baby sister supervising their piano lessons are considered rich.

If you are a HENRY and feel that you aren’t rich, the first thing you need to do is stop complaining. Then, realize that you can save even more money if you cut down some of your so called necessities. Putting away $4,000 is not shabby at all because one day, you will be living comfortably.

So keep working hard because no one is trying to punish you for your hard work. You are already much luckier than many of us.

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