HENRYs earn big bucks, but that doesn’t mean they’re rich.
Short for high earner, not rich yet, Henrys are typically successful millennial professionals who live in a cosmopolitan area on the coast, have student debt, and fall victim to “lifestyle creep” — or spending more as you earn more, as higher levels of luxury and convenience start to feel normal.
Henrys live comfortably above their means, but struggle to balance it with saving for the future. This combination of habits can create a slow path to building wealth and leave these high-earning millennials feeling financially strapped.
Business Insider has rounded up several personal finance books to help Henrys get on the right financial track. Some are classic get-rich books, some are aimed specifically toward young professionals getting a hold of their finances, and others are all about shifting your money mindset to build more wealth — important for the Henry who often lives in the now.
Here are some of the best books for the six-figure millennials still living paycheck to paycheck.
Drucker, a certified financial planner, works with Henrys at Drucker Wealth Management in New York City. His book draws upon his experiences helping high-earning young professionals getting a grip on their finances, from creating a financial plan to getting started with investing and taxes. If you allocate more of your budget to Seamless than to your 401(k), this is for you.
‘Nudge: Improving Decisions About Health, Wealth, and Happiness’ by Richard H. Thaler & Cass R. Sunstein
Small, every-day spending decisions are partly responsible for Henrys feeling broke. Thaler, who won the Nobel Prize in economics for his work in behavioral economics, and Sunstein, a Harvard Law professor and former informal advisor to Barack Obama, dive into the emotional and psychological roots behind our choices and how we can overcome them to make better decisions with our money. For example, automatic enrollment in a retirement plan is a subtle push to building retirement savings.
‘You’re So Money: Live Rich, Even When You’re Not’ by Farnoosh Torabi
This book is all about what every Henry wants: living their best life. Torabi is all about doing that within your means, teaching you when it’s worth splurging on something, the best ways to grow your money, and how to have it all. It’s a realistic look at how to prioritize expenses based on what you want the most.
‘The 30-Day Money Cleanse: Take Control of Your Finances, Manage Your Spending, and De-Stress Your Money for Good’ by Ashley Feinstein Gerstley
Everyone needs to start somewhere, and a 30-day money cleanse is a good place to do it. Gerstley’s money management book, complete with journaling prompts, is an engaging way for you to take control of your finances and develop positive money habits. It even claims that readers of the book save $950 a month on average. It’s the perfect tool for helping Henrys create a clean slate for their mindset and bank accounts.
‘You Need a Budget: The Proven System for Breaking the Paycheck-to-Paycheck Cycle, Getting Out of Debt, and Living the Life You Want’ by Jesse Mecham
Despite typically earning six figures, Henrys often find themselves living paycheck to paycheck as they try to fund their dream lifestyle. Mecham breaks down how to create a budget with four simple rules in a way that doesn’t restrict your life, but helps you get more out of it. It’s a book that will help you adjust your money habits and relieve financial stress.
‘Smart Women Finish Rich’ by David Bach
This book may be targeted to women, but anyone can take a bit of advice from its pages — especially Henrys. Bach begins by helping readers explore their values around money, then examine their spending to see if the two align. In a nine-step plan, he teaches readers small tweaks and investments that can create hefty savings down the road and stop the paycheck-to-paycheck life.
‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together’ by Erin Lowry
Lowry’s book has become a classic for any millennial who feels broke. It captures the financial problems plaguing the generation and what they can do get their financial act together. In an approachable tone, Lowry details money basics for those trying to plan for the future and pay off their debt.
‘Secrets of the Millionaire Mind’ by T. Harv Eker
Eker’s book is a personal finance classic, but today’s Henrys will benefit from its emphasis on commitment to creating wealth. In the first part, Eker lays out how to discover your money blueprint, or subconscious beliefs about money, and how to revise it for more financial success. In the second part, he walks you through the mindset of the rich and how it differentiates from the non-rich. By looking at why some people become rich easily while others struggle to do so, Eker helps readers discover their money pattern.
‘Get a Financial Life: Personal Finance in Your Twenties and Thirties’ by Beth Kobliner
This New York Times bestseller has been around for 20 years, but it consistently undergoes revisions to cater to the latest cohort of young Americans. In the most recent version, Kobliner teaches millennials how to make the most of the murky financial waters the economy put them in, from navigating student-loan debt to budgeting.
‘Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life’ by Farnoosh Torabi
Another by Torabi, this books dives into the mindset behind getting rich, combining personal finance with psychology. It’s a good starting point for Henrys trying to create a foundation for getting into financial shape, filled with advice on defining what rich means to you, establishing short-term and five-year goals, and crafting your own money philosophy. (a line about why 2 Torabi books?)
‘I Will Teach You to Be Rich’ by Ramit Sethi
Sethi’s book, which was updated in 2019, is a modern-day classic for everyone who wants to build wealth, including Henrys. In it, he details a six-week modern-day financial plan, backed up with psychological insights that will help you lay the foundation for getting rich and more. That includes paying off debt, paying for a wedding, and negotiating a raise.
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