Before you can even be on your way to H.E.N.R.Y. status, you need a steady income and a money focused mindset. If you don't care about your finances, no one can convince you to.
Future H.E.N.R.Y.s have money on their mind and want to learn how to manage it like a professional.
If you're a Future H.E.N.R.Y., it's likely that you are successful in your career and are making good money but are not ready to start growing your wealth yet. Mostly because you're still building a foundation. You might even be paying off your student loans or dealing with credit card debt, which is leaving you with less money to put towards expenses and goals. Invibed's Wealth Coaching program helps Future H.E.N.R.Y.s overcome any obstacles that are slowing them down from reaching their goals.
H.E.N.R.Y.s are further along in their careers, have crushed any debt they had (or never accumulated any), and are ready to start building wealth. They have a healthy emergency fund, liquid assets to invest, and are ready for a Stash Plan. At Stash Wealth, they help H.E.N.R.Y.s develop an investment strategy and focus on optimizing that 401(k) and other financial accounts.
You'll get a better understanding of your quiz results below by seeing how each category is broken down and what your answer was. These are the main factors that determine if you're a Future H.E.N.R.Y. or H.E.N.R.Y. You can also schedule a free consultation to discuss your results further.
How much money you are making helps determine your current stage. Future H.E.N.R.Y.'s typically earn less than $100k, while H.E.N.R.Y.s are bringing in six figures.
H.E.N.R.Y.s have started saving for retirement pretty aggressively, and likely have retirement savings over $25,000. Future H.E.N.R.Y.'s have some money saved for retirement but maybe are newer in their careers, or are just now ready to start contributing more.
When you add up all of your investment assets, what is the total value? Future H.E.N.R.Y's typically have less than $10k and H.E.N.R.Y.s have $10,000 or more.
Having an emergency fund is a game changer and allows you stop working for a few months if you need (or want) to. Future H.E.N.R.Y.s have just started saving or might have one to three months set aside. H.E.N.R.Y.s have hit or exceeded the three-month mark.
Whether you have a little debt or a lot, in most cases it is best to pay off your debt before investing. Future H.E.N.R.Y.s are ready to tackle their debt and take control of their spending, while H.E.N.R.Y.s have a very manageable debt load or are already debt-free. (If you are debt-free but are still a Future H.E.N.R.Y., that's awesome! Once you conquer the other categories, you'll have achieved H.E.N.R.Y. status!)
These categories are the biggest factors in determining whether you are a Future H.E.N.R.Y. or H.E.N.R.Y. And remember, both results mean you are on track to becoming financially independent. If you don't hustle hard and focus on your finances, you'll never become a H.E.N.R.Y., no matter how much money you make.
To learn more about your results, schedule a free consultation.