Latest news with #HENRYs
Independent Singapore
4 days ago
- Business
- Independent Singapore
'Salty' high earner's complaint over missing out on BTO ‘lottery money' draws criticism from fellow HENRYs
SINGAPORE: A 'salty' high-income earner's complaint about being unable to secure a Build-To-Order (BTO) flat due to income caps has drawn criticism from fellow 'HENRYs'—high earners, not rich yet—after he compared the potential profits from flipping a BTO flat to winning hundreds of thousands in the lottery. Posting on r/SgHENRY, he asked if other high earners like him also felt upset about missing out on what he described as 'state-sponsored moneybags of a couple hundred grand.' 'Yes, on one hand, we will benefit over the long run because of our higher earning capacity, but I still feel frustrated that the government didn't hand me a couple of hundred thousand dollars, too. I worked hard for years to get to where I am today, while others receive a few hundred thousand for free. If I had taken it easy instead, I might be worth as much now as if I had just gotten a BTO,' he said. He further lamented having to pay much higher income tax compared to those who can get a BTO, take on higher housing debt, and serve as 'exit liquidity' to these BTO owners. 'Am I crazy or entitled to feel this way?' he asked. While the responses came quickly, many did not share his view. One commenter wrote, 'This is like me driving a Porsche, and I complain that petrol prices are super expensive, not subsidised by the government. How come the people getting public transport can get subsidised fees? If only I am poorer and don't buy a car, then I can enjoy the subsidy!!' Another commenter admitted feeling 'salty sometimes' but called it a matter of entitlement. 'It is a privilege to be earning higher income. I don't know about you, but if you are above the income ceiling, you probably don't have to look at the price tag at most places you eat. This is something that I greatly appreciate. The extra disposable income for you to invest and save is exponentially higher than others, too; what you save in a year may take someone up to 10 years to save.' Meanwhile, another remarked that just like how luck played a role for BTO flippers, luck played a role in his situation, too. 'You're salty because you feel your high earnings were a product of your hard work, while the BTO flippers just got lucky. You need to realise how much luck was involved as well for you to be a high earner — from the family you were born to to the environment or opportunities you had.' He added that way more people work as hard but have never earned as much. 'Once you stop thinking your earnings are all your hard work, then it's just a different lottery that you won, so why again are you salty about others winning when you won as well (and arguably it's way better to be a high earner than a one-time BTO profit),' he added. He also pointed out that not all BTO flippers make hundreds of thousands flipping, adding that the majority do not make such an amount, and this is after years of holding their flats. Last year, the Housing and Development Board (HDB) announced that from October 2024, new BTO projects launched would be classified as Standard, Plus, or Prime flats, based on their location and features. While Singaporean technopreneur and 1M65 movement founder Loo Cheng Chuan said Standard flats generally bring higher profits, he noted that returns still depend on location, with some expensive flats reselling at high prices but making lower profits of under S$100,000. Last month, under the current BTO income ceiling, another Reddit user asked if anyone had ever quit their job just to qualify for housing, though most responses advised against it. /TISG Read also: 'We're fast becoming like Hong Kong now': Wing Tai Holdings' 88% sold River Green condo draws flak over 'very small' 980 sq ft four-bedders
Business Insider
4 days ago
- Business
- Business Insider
I earn over $260,000 as a CEO, but I'm still a HENRY. Big titles don't always mean big wealth.
This as-told-to essay is based on a conversation with Shaun Michael Lewis, a 42-year-old real estate CEO in Whitefish, Montana. It has been edited for length and clarity. Growing up in the '90s, I saw how my father and grandfather spent their entire careers at a single company. My dad worked at PG&E for decades, and my grandfather was an engineer at HP his whole life. That was the promise then: a pension, job security, and retirement. I'm part of what may be the first generation that doesn't broadly believe Social Security will be there when we need it. That shaped many of my early career choices, and I gravitated toward federal government work because it felt safe. After a few jumps around industries and the globe, I'm now a CEO. My personal income is about $264,000 a year. Combined with my wife's income, we're solidly high earners. However, if you asked if we could retire tomorrow and maintain our current standard of living, the answer would be no — we're considered HENRYs. I started my career in the military and for the government I joined the Navy and spent almost a decade working for the US Department of Justice and the Department of Veterans Affairs. I was doing well — I hit six figures in my early 20s and managed large teams — but there was a nagging feeling that something was missing. Love Business Insider? Log in to Google and make us a preferred source. Seven or eight years into my federal career, I asked myself, "Is this really what I want to do for the rest of my life?" I felt an enormous, crushing feeling that this wasn't the right path for me. I took a chance and switched tracks. I left stability to get my MBA I enrolled at the University of Washington to pursue my MBA and subsequently completed Harvard Business School's Executive MBA program. Leaving the federal government was unheard of among my peers. You just didn't walk away from a guaranteed pension — but I did. My first major private sector role was as COO at Clearwater Properties, a large, multi-state real estate company, in 2016. That was a massive leap from the safety net of federal work to the volatility of the private sector. I'm proud of that decision because it marked a complete shift in how I thought about risk. Previously, I was quite risk-averse. I then realized I could bet on myself and come out ahead. In 2020, I accepted a global executive position with Cofix, an international coffee retail chain based in Europe. When I quit my job in the US, I didn't even have the offer in hand. I just packed up, put my stuff in storage, and went to Tel Aviv, Israel, the headquarters, for the in-person interview. Following discussions with the CEO and Board of Directors, we mutually agreed that Moscow would be the optimal location for my role. The CEO was based there, and Russia represented our fastest-growing market at the time. My wife and I relocated there together. Life abroad was challenging in a new way That international role came with its own set of challenges. I led seven countries, including Russia. When the conflict in Ukraine broke out, sanctions made things very difficult, and the reputational damage was significant. The same happened when the Israeli-Palestinian conflict flared up; our company was founded in Israel. It was a massive learning curve: managing dual households across continents in Moscow and Warsaw, Poland, converting currencies, and trying to build real purchasing power amid volatility and geopolitical risk. After spending five and a half years in Europe, I returned to Clearwater Properties as CEO in 2025. In hindsight, that chaotic time abroad was exactly what prepared me to lead this company. Why am I a 'HENRY' at 42? A few reasons stand out. First, every strategic career pivot I made required a reset. New cities, new homes, and new costs. I was always building, not accumulating. Second, living and working abroad means maintaining more than one home. I spent years flying back and forth, paying for housing in multiple cities, and absorbing the higher cost of living in major cities. Third, lifestyle inflation is real. As your income grows, so does your spending, especially when you run in elite circles. I'm a Harvard Business School alum, and keeping up with that network comes with a cost: private club memberships, alumni events in far-flung places, and international travel. Fourth, my wife and I make big bets. She left an impressive corporate career to launch a startup that we fully bootstrapped ourselves. It's doing well, but the conflict in Europe has definitely changed the market's dynamic and what would've likely been dramatic growth. These choices have kept us building I'm passionate about my work when I have the autonomy to execute my vision, which is certainly the case in my current role. My philosophy is that retirement should be a choice driven by personal fulfillment rather than financial necessity. As long as my passion and work-life remain aligned, I could envision working well into my late 50s or beyond. However, I would ideally like to have the flexibility to step back in my early to mid-60s to focus on travel, passion projects, and leisure pursuits. From the outside, people assume that big titles mean big wealth. I run a multi-state real estate company that handles over half a billion dollars in annual transactions. But you don't get to pocket all that, and the reality is that you're working because you have to, not just because you want to. Do I sometimes feel behind my peers? Sure. However, I believe that the calculated risks I took — such as the zigzags, career resets, and geopolitical curveballs — will pay off. I'm not there yet, but I can see it on the horizon.
Scottish Sun
31-07-2025
- Business
- Scottish Sun
I'm a HENRY – I earn £101k but 5-star lifestyle leaves me with £225 a month & I have to ask my dad to help with bills
Yvette Turner says she feels broke despite earning £4,555 a month - here's what she spends her money on POOR YOU I'm a HENRY – I earn £101k but 5-star lifestyle leaves me with £225 a month & I have to ask my dad to help with bills Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) YOUNG professional Yvette Turner earns more than £100k a year but says she's 'broke' - because she's part of a growing group of HENRYs (High Earners, Not Rich Yet) who say they're on the breadline. Despite making £4.5k a month through her full-time IT job and various side hustles, the 38-year-old has just £225 spare after paying her bills. 4 Yvette Turner may earn £101k, but her whopping tax bill and big living expenses leave her with £225 each month 4 'I have five-star tastes but need to start living a one-star lifestyle,' she says There could be as many as three million HENRYs - typically professionals in their thirties or forties - in the UK, according to research from YouGov. They have solid, six-figure salaries - but still feel skint due to the UK tax system and the high cost of funding their lifestyles. 'I'm rich on paper, broke in reality' Yvette, who lives in a rented one-bed flat in London, earns a base salary of £85,000 plus a £6,000 bonus from her job as an IT manager. She has also set up a lucrative side hustle, earning £10,000 from building wedding websites and planning weddings. That brings her total annual income to £101,000 - but says that while she is rich on paper, she feels 'broke in reality'. She even occasionally asks her dad for money to help pay her bills. 'I am a HENRY and not afraid to admit it,' Yvonne, 38, from London, said. 'I know people on an average wage will think I'm moaning, I'm not. It is so unfair. The more you earn, the less you can save. 'My dad had to help me pay council tax twice due to my outgoings." In 2008, Yvette graduated inBusiness and Computer Science at Edinburgh University and the University of Milano. 'When I started earning a base salary of £85k I was thrilled,' she says. 'I felt confident it was the key to me finally being able to save for a deposit for a house. 'Then I saw my payslip and cried.' Her base salary of £85,000 works out at £7,083.33 a month - but that's not what she gets in reality. She pays £1,786 in income tax, £309 in National Insurance, and £433 for her student loan, which leaves her with £4,555 a month. She paid £6,600 in tax alone on the additional income she made from her bonus and side hustles, and £21,432 in tax on earnings from her main job in the 2024/25 tax year. 'I worked hard for that bonus and to build a second income stream, but the tax system punishes me,' she says. 4 Yvette said she's cutting down on her spending to save money and is looking for a third side hustle 'I have five-star tastes but need to start living a one-star lifestyle' After bills, she is left with just £225. Rent for a pokey one-bed flat in Shepherd's Bush costs her £2,400 a month, and council tax is £180. Her energy and water bills combined are £250, while the cost of commuting is £150. She admits she spends a lot on her food bills and subscriptions like Netflix, wedding magazines and Disney Plus, which costs £400, and she budgets £500 on going out and clothes. She also puts £350 into her pension. 'Saving for a flat or house deposit is impossible. I work late, grab yellow label bargains at the supermarket and have to upcycle my old work outfits with charity shop bargains because buying a designer is now out of the question," she says. 'If I have one unexpected cost like a dental bill, a hen do or have to use my credit card, it wrecks my whole month. 'The government wants us to hustle, to earn big but as soon as we do, we are hit hard. It's demoralising.' Yvette has decided to start fighting back, and this year did a 'financial reality check' so she could properly start budgeting and work out ways to save money and cut costs. She is now looking for a cheaper flat to rent and has stopped spending so much on expensive dinners and new clothes. With these savings, she aims to put away around £400 a month into an ISA and an emergency fund. She still goes out and still books holidays - but only if she is flying with the cheapest airlines and she can get the cheapest holiday deals. 'I have realised I have five-star tastes but need to start living a one-star lifestyle,' she says. Yvette's monthly pay slip and bills Salary before tax: £7,083 Salary after tax: £4,555. The following is deducted from her pay: Income tax: £1,786 National Insurance: £309 Student loan: £433 Bills that she pays: Rent: £2,400 Council Tax: £180 Energy and water: £250 Travel: £150 Food and subscriptions: £400 Going out and clothes: £500 Private pension: £350 What's left over: £225 'People think I moan about being poor for attention' 4 Yvette wants to take on a third side hustle to boost her income, and she's considering moving to a cheaper flat to save more money Predictably, Yvette has has had pushback from friends who earn substantially less than her and can't understand why she's struggling. 'Some tell me to stop complaining because they earn £30 or £40k," she says. 'They reckon I moan to get attention. I'm not doing that. They would do the same thing if they were grafting like me and never having proper time off. "I know people will troll me, but please don't. We're all under attack from the high cost of living. 'My dad was an electrician, and mum was a part-time teaching assistant. They didn't earn big salaries and wanted me to make the most of my university degree and career. 'They're as shocked as I am.' Now, Yvette is looking for a THIRD side-hustle, despite the fact it will push her into a higher tax bracket. Under current tax rules, most people get a personal allowance - which is the amount you can earn tax-free - of £12,570. After that, you start paying income tax. You pay 20% on income between £12,571 to £50,270, and 40% of the chunk between £50,271 to £125,140. Anything earned above £125,140 is taxed at 45%. On top of that, higher earners start to lose their personal allowance once they earn over £100k. This personal allowance drops by £1 for every £2 earned between £100,000 and £125,140. That means your personal allowance is completely lost when your income hits £125,140, so you're effectively paying a 60% tax rate on the chunk of your income above this threshold. Yvette loses £500 of her personal allowance because she earns above £100k. 'I know I'll pay 60% tax from my third side-hustle, but that money will go into my house fund," she says. "Sometimes I feel like giving it all up to become a digital nomad, living in a van and blogging about how earning six figures forced me to quit. "I am a HENRY, and I want to stop feeling broke."
The Sun
31-07-2025
- Business
- The Sun
I'm a HENRY – I earn £101k but 5-star lifestyle leaves me with £225 a month & I have to ask my dad to help with bills
YOUNG professional Yvette Turner earns more than £100k a year but says she's 'broke' - because she's part of a growing group of HENRYs (High Earners, Not Rich Yet) who say they're on the breadline. Despite making £4.5k a month through her full-time IT job and various side hustles, the 38-year-old has just £225 spare after paying her bills. 4 4 There could be as many as three million HENRYs - typically professionals in their thirties or forties - in the UK, according to research from YouGov. They have solid, six-figure salaries - but still feel skint due to the UK tax system and the high cost of funding their lifestyles. 'I'm rich on paper, broke in reality' Yvette, who lives in a rented one-bed flat in London, earns a base salary of £85,000 plus a £6,000 bonus from her job as an IT manager. She has also set up a lucrative side hustle, earning £10,000 from building wedding websites and planning weddings. That brings her total annual income to £101,000 - but says that while she is rich on paper, she feels 'broke in reality'. She even occasionally asks her dad for money to help pay her bills. 'I am a HENRY and not afraid to admit it,' Yvonne, 38, from London, said. 'I know people on an average wage will think I'm moaning, I'm not. It is so unfair. The more you earn, the less you can save. 'My dad had to help me pay council tax twice due to my outgoings." In 2008, Yvette graduated inBusiness and Computer Science at Edinburgh University and the University of Milano. 'When I started earning a base salary of £85k I was thrilled,' she says. 'I felt confident it was the key to me finally being able to save for a deposit for a house. 'Then I saw my payslip and cried.' Her base salary of £85,000 works out at £7,083.33 a month - but that's not what she gets in reality. She pays £1,786 in income tax, £309 in National Insurance, and £433 for her student loan, which leaves her with £4,555 a month. She paid £6,600 in tax alone on the additional income she made from her bonus and side hustles, and £21,432 in tax on earnings from her main job in the 2024/25 tax year. 'I worked hard for that bonus and to build a second income stream, but the tax system punishes me,' she says. 4 'I have five-star tastes but need to start living a one-star lifestyle' After bills, she is left with just £225. Rent for a pokey one-bed flat in Shepherd's Bush costs her £2,400 a month, and council tax is £180. Her energy and water bills combined are £250, while the cost of commuting is £150. She admits she spends a lot on her food bills and subscriptions like Netflix, wedding magazines and Disney Plus, which costs £400, and she budgets £500 on going out and clothes. She also puts £350 into her pension. 'Saving for a flat or house deposit is impossible. I work late, grab yellow label bargains at the supermarket and have to upcycle my old work outfits with charity shop bargains because buying a designer is now out of the question," she says. 'If I have one unexpected cost like a dental bill, a hen do or have to use my credit card, it wrecks my whole month. 'The government wants us to hustle, to earn big but as soon as we do, we are hit hard. It's demoralising.' Yvette has decided to start fighting back, and this year did a 'financial reality check' so she could properly start budgeting and work out ways to save money and cut costs. She is now looking for a cheaper flat to rent and has stopped spending so much on expensive dinners and new clothes. With these savings, she aims to put away around £400 a month into an ISA and an emergency fund. She still goes out and still books holidays - but only if she is flying with the cheapest airlines and she can get the cheapest holiday deals. 'I have realised I have five-star tastes but need to start living a one-star lifestyle,' she says. 'People think I moan about being poor for attention' 4 Predictably, Yvette has has had pushback from friends who earn substantially less than her and can't understand why she's struggling. 'Some tell me to stop complaining because they earn £30 or £40k," she says. 'They reckon I moan to get attention. I'm not doing that. They would do the same thing if they were grafting like me and never having proper time off. "I know people will troll me, but please don't. We're all under attack from the high cost of living. 'My dad was an electrician, and mum was a part-time teaching assistant. They didn't earn big salaries and wanted me to make the most of my university degree and career. 'They're as shocked as I am.' Now, Yvette is looking for a THIRD side-hustle, despite the fact it will push her into a higher tax bracket. Under current tax rules, most people get a personal allowance - which is the amount you can earn tax-free - of £12,570. After that, you start paying income tax. You pay 20% on income between £12,571 to £50,270, and 40% of the chunk between £50,271 to £125,140. Anything earned above £125,140 is taxed at 45%. On top of that, higher earners start to lose their personal allowance once they earn over £100k. This personal allowance drops by £1 for every £2 earned between £100,000 and £125,140. That means your personal allowance is completely lost when your income hits £125,140, so you're effectively paying a 60% tax rate on the chunk of your income above this threshold. Yvette loses £500 of her personal allowance because she earns above £100k. 'I know I'll pay 60% tax from my third side-hustle, but that money will go into my house fund," she says. "Sometimes I feel like giving it all up to become a digital nomad, living in a van and blogging about how earning six figures forced me to quit. "I am a HENRY, and I want to stop feeling broke." Be a Henry and earn more than £100k WANT to be a HENRY and earn over £100k? Here's five easy ways to boost your income. Wealthy people rarely have just one source of income, so start up a side hustle like Yvette did. You could start small, for example by pet-sitting, then save up the money to start your own business. Make sure you declare your earnings to the taxman to avoid a nasty tax bill sting. Wealthy people value their time as they know they can use it to earn money. Every time you want to say yes to something, stop and think about whether it is a good use of your spare time and if you can afford it. Wealthy people invest in the stock market to make their money work harder. The longer you invest for, the more time your money has to grow due to a concept called compound interest. This means that you make money from the interest you earn on your savings. Lots of wealthy people send their children to private school for free - did you know you can too? If you can't afford the fees, you can apply for a means-tested bursary, which could cover the full cost of the school fees. Or if your child is particularly smart or good at music, sport or art, then you may be able to apply for a scholarship, which can save you some money on the fees. You can find a list of schools offering scholarships and grants by visiting Shield your money from the taxman by saving it in an Individual Savings Account (Isa). You can save up to £20,000 into these accounts every year without needing to pay tax. This means that any money you earn from your investments or interest you earn on your savings is tax-free. Wealthy people will hire financial advisors to help them manage their money in the most tax-efficient way. But you don't have to pay big fees for this advice - follow our tips for free instead. A great way of keeping yourself below a higher tax bracket is to pile more money into your pension. That's because the £100,000 threshold is based on something called your 'adjusted net income', which is your income after your pension contributions are taken off. That means you can essentially reduce your salary, and your tax bill, by funnelling your money into your pension instead. Wealthy people who are married will often look into tax allowances to save on their tax nill, such as the marriage tax allowance. This tax relief allows you to boost your personal allowance by applying for marriage tax allowance. This allows your spouse or civil partner (as long as they earn less than £12,570) to hand over £1,260 of their own allowance to their other half, which could save you up to £252 in tax per year. Use government childcare help schemes to save even more. Families can claim up to £2,000 a year from the government through the tax-free childcare system. You can put up to £500 per quarter (every three months) into a tax-free childcare account, and for every £8 you pay in, the government will add £2. The cash can be used to pay your nursery or childminder.
Finextra
30-07-2025
- Business
- Finextra
Vennre opens the door to high growth startup deals for qualified individual investors
Vennre, a digital wealth creation platform enabling access to private market investments, has announced the launch of Venture Capital Co-Investments, a first of its kind offering that opens the door to high growth startup deals for qualified individual investors, with entry starting at just $5,000. 0 The launch marks a major milestone in Vennre's growth, following the platform's achievement of over $25 million (SAR 100 million) in Total Transaction Value (TTV) across both income and growth oriented deals - reflecting the sharp rise in investor demand. With over 50% of investors reinvesting and all deals' income was distributed in line or exceeding the scheduled budgets, the platform's strong repeat engagement highlights growing trust in Vennre's curated and high-impact opportunities. Targeted at Vennre's global community of HENRYs (High Earners, Not Rich Yet), including a growing base of Shariah conscious investors in Saudi Arabia and the wider GCC, this offering finally delivers access to deals long gated behind institutional walls. Ziad Mabsout, CEO of Vennre commented, 'Crossing $25 million in transactions is a proud milestone for our team - and a clear signal of growing investor confidence in our mission. With the launch of venture capital investments, we're unlocking access to high-growth opportunities that were once reserved for institutions - especially for the next generation of qualified HENRYs in Saudi Arabia and across the globe.' The product is fully digital and Shariah compliant, removing the traditional barriers to venture capital investing including high minimums, lack of transparency and limited accessibility, as well as delivering a seamless experience that is tailored to next generation investors. The move also signals a deeper strategic commitment to Saudi Arabia and Vennre is cementing its regional presence in alignment with Vision 2030, which emphasises greater individual participation in investment and wealth creation. By opening the door to curated and high growth startup investments, Vennre is helping reimagine what is possible for qualified investors across the region. This is just the beginning of a broader vision to make private markets smarter, fairer and truly global.
