Are you a Henry (High Earners Not Rich Yet)…
…Or a Sherwin (Successful High Earners Retired With Impressive Net-worth)?
(Short for “high earner not rich yet,” the term Henry was coined by Shawn Tully at Fortune magazine nearly 20 years ago)
5 easy steps to start you on your path to success
- Reach out for guidance early on (do not let fears and insecurities hold you back).
- Learn the importance of saving and compounding interest.
- Make savings automatic.
- Have an emergency fund and cash policy.
- Build a financial plan and review your financial situation regularly.
Develop Financial Values to Follow
If you are earning, saving and of the right mind set – living with less now for more later, being budget wise and long-term focused – you can become a Sherwin in your own time. Practice the above financial steps and you will be on your way to achieving financial independence.
Financial values drive the success of one’s retirement. Henry’s who are financially aware of how to save and invest their current earnings wisely will grow their wealth. Those who take advantage of high touch advisor guidance and recommendations over the years have the potential to grow their wealth more. Creating and following a plan helps you stay the course.
Make Time for Check-Ups
We have several young families that have already come a long way on their paths to success because they have a plan in place, refer to it when decisions are at hand and are chart their progress. They take the time to perform quick regular check-ups on their retirement investments, college savings accounts (529’s) and other financial questions that pop up such as buying a new home or changing jobs.
Updating your account values and keeping your Net Worth statement current builds confidence along the way. Having an emergency fund on hand for the unexpected is more important than most people realize. If you have a larger emergency expense arise and you know exactly where the funds are coming from either at that time or at the end of the month (when the credit card is due) you don’t need to stress or pay high interest for the interim. It was part of the plan and this predetermined rainy-day fund saves you from making a wrong decision.
WPC advisors focus on financial planning, guiding individuals in making decisions and building your wealth. We are here to take you from the Henry stage to the Sherwin stage over the course of your life. Check out our full range of next generation financial planning and investment management services Services – Wealth Planning Corporation.
