Latest news with #ShawnTully
Business Insider
10 hours ago
- Business
- Business Insider
Meet the Gen Z HENRYs: They're making $565K on average but still renting
Earning six figures but living paycheck to paycheck — that's what it means to be a HENRY. As Gen Zers approach 30, a very small subset of the generation is aging into this acronym, which stands for high earners, not rich yet, and was coined by Fortune's Shawn Tully. With inflation biting extra hard during their young adult years, younger Americans increasingly think they need to earn more to achieve stability. In a 2024 Bankrate survey, Gen Zers said they'd need to make $200,000 a year to feel financially secure. At the same time, Gen Zers deal with " money dysmorphia," or an unrealistic perception of their own financial soundness and feeling stressed over money, largely due to social comparison and outdated ideas of what's affordable. Indeed, middle-income Americans have been living more like their lower-income counterparts, indicating that for Americans to feel middle-class, they actually need to be high-earning. To figure out who in Gen Z is actually earning above that threshold — and may exemplify the HENRY title — we delved into Census Bureau microdata from the Current Population Survey's 2024 Annual Social and Economic Supplement. We only looked at adult Gen Zers with a total income of $250,000 or more. Though Gen Z birth years span from 1997 to 2012, we only looked at those ages 18 to 27 in 2024. On average, these Gen Z HENRYs made just above $565,000 a year, compared to around $28,700 for all Gen Zers reflected in the microdata. They also skewed slightly more male than the wider Gen Z cohort. On average, Gen Z HENRYs were around 24 years old in 2024. They were also more likely to be married than their wider Gen Z cohort, and those marriages seem to be sticking so far — essentially 0% of Gen Z HENRYs were separated or divorced. Demographically, Gen Z HENRYs were also less likely to be white than their cohort peers, and more likely to be Asian or Pacific Islander. Gen Z HENRYs were also more likely to have a bachelor's degree or a master's degree and beyond, both of which can contribute to a wage premium. And HENRYs might have the entrepreneurial bug: They're more likely than the rest of Gen Z to be self-employed, although the vast majority held wage or salary roles in the private sector. Gen Z HENRYs were less likely to be homeowners than the wider Gen Z cohort, with 40% of HENRYs owning homes compared to around 53% of all Gen Zers. Conversely, HENRYs were more likely to be renters. However, homeowning HENRYs were more likely to live in more valuable properties — their estimated current property values were around $455,000 compared to around $441,000 for all of Gen Z. That tracks with a larger trend: Some high-earning Americans, especially younger ones, are opting for rent — it's increasingly become a better deal than maintaining and buying a home for many, and many higher-earners like the flexibility and amenities that come with a rental.
Yahoo
21-04-2025
- Business
- Yahoo
Musk under pressure to quit DOGE as crucial Tesla earnings call looms
In today's CEO Daily: Shawn Tully on the U.S.'s use of non-tariff barriers. The big story: Musk under pressure to leave DOGE as Tesla becomes tainted with politics. The markets: The dollar and the S&P 500 are down but Asia looks OK. Analyst notes from Apollo on recession, Oxford Economics on tariffs, and Goldman Sachs on stocks. Plus: All the news and watercooler chat from Fortune. Good morning. For weeks I've been digging into the tariff war reverberating around the globe and affecting virtually every industry there is. To me, a major mystery of the Trump tariff crusade is this: The 'Liberation Day' reciprocal duties he's threatening are completely disconnected from what other nations are charging the U.S. on our exports. In virtually all cases, Trump's tariffs are multiple times larger. How does he justify this giant gulf? The president claims we're getting 'ripped off' not by excessive tariffs but blatant 'non-tariff barriers' (NTBs), such as quotas and technical standards that systematically block our goods from foreign markets, while we naively open America to the 'cheaters' who lock us out. But the data show a different story. When I dug in, it became clear that the U.S. is utilizing many of the strategies that we've slammed trading partners for enforcing. Here's what leaders should know about the policies underlying this chaotic debate: A highly respected guide to where different countries' trade policies stand on the spectrum from open to restrictive is the International Trade Barrier Index compiled by the Tholos Foundation, a Washington, D.C., think tank focusing on tax reform and policy research. For 2024, the Tholos data placed the U.S. as the 24th most protectionist economy in the world from a list of 88 countries, based on the number of restraints on trade each nation imposes. Overall, we're about 10% above average in overall restrictions—on a roster featuring lots of bad actors. NTBs come in a wide variety of forms. They encompass such practices as quotas, technical standards, and packaging, labeling, licensing, and safety requirements. In a 2024 study, the St. Louis Federal Reserve reported that across 15 manufacturing sectors, NTBs covered well over two-thirds of the imports of components, commodities, and finished products. The U.S. is an avid user of a protectionist tool called the 'tariff-rate quota.' Despite its name, the TRQ is really a non-tariff barrier because it doesn't actually impose duties. TRQs typically allow products or commodities to enter the country duty-free to a certain level, and once the imports hit that bogey, trigger prohibitively high tariffs, effectively halting the flows of rival products and commodities from abroad, and enforcing a fixed quota to shield domestic producers. A top example: the sugar market, where, by law, the USDA rules restrict production to keep minimum prices generally higher than on the international markets. 'The U.S. government is the leader of a nationwide sugar cartel,' a Cato Institute study can read the full story about how NTBs work and which industries are the most protected here. — Shawn Tully More news below. Contact CEO Daily via Diane Brady at This story was originally featured on
