The HENRYs are a coveted demographic. They’re young, educated and tend to be concentrated in big cities. They are High-Earners with an asterisk. Not Rich Yet. HENRY. HENRY’s are typically in their late 20s and 30s and earn between $300,000 and $500,000. Just as I familiarized myself with this acronym, I discovered a new term: The NENRY. ![Blog post image](/images/blog/henry.jpeg) __Not Earning,__ Not Rich Yet. ## New to RadReads? Hi, I’m Khe Hy. Nearly a decade ago [I quit my 7-figure job on Wall Street]() to become a writer. I explore topics like [money](), [happiness](), [ambition](), [relationships](), [productivity]() and [more](). I also host [The Examined Life Podcast]() where I explore life’s thorniest questions with a different guest each week. My newsletter is the best way to experience my work. Sign up here: ## Counting your chickens before they hatch During the go-go days of ZIRP (zero interest rate policies) I came really close to hitting it big with a SPAC. No, I didn’t get seduced by the drivel that was peddled by Chamath Palihapitiya – aka the “SPAC King.” Despite typically opting for a very simple portfolio of ETFs, earlier in my Wall Street career I’d fallen for the promises of angel investing. And while the results weren’t pretty, there was one outlier. There was one investment (made in 2014) that was inches away from going public via a SPAC. This would’ve generated a windfall for us. Not life-changing money, but real money. The SPAC was weeks away and I was already plotting about ways to use the money. Despite not being a “watch guy,” I poked around at some Rolexes. Our lease for our Acura had just ended, so I perused the next tier of luxury SUVs (despite not being a “car guy”). And my business spending became [less disciplined and more profligate.]() But then the Fed raised rates, the SPAC market dried up and the only path for liquidity went away. Today, the position is marked down by 25% and I genuinely have no idea when (if ever) we’ll get the proceeds. ## The dangers of a straight-line projection As the NENRY warning above suggests, I’ve been hearing more anecdotes of folks in big tech and finance getting laid off. There’s a similar story in the hedge fund industry, where much of the hiring has come from the “pod model” (Millennium, Citadel, Baly Asny). I know of a few hedge funders, who had a few massive earning years – only to get laid off after a subsequent down year. In some cases, the entire team is fired. Now these analysts are in their 40s and can’t land a comparable job – because there are just fewer of them out there. And whether you’re banking on unvested RSUs, exiting private investments or continuing to outperform, when your plan gets sidetracked there’s a new game in town: __staying solvent.__ And as Keynes warns us: > “Markets can stay irrational longer than you can stay solvent” So remember: Keep some emergency cash. Don’t buy too much house. Don’t straight-line your earnings. Don’t live off unrealized/unvested games. And don’t get burned… by your burn. ## Are you a high-earner going through a career transition? Find purpose, navigate money scarcity and reimagine ambition with our Group Coaching program. [Apply today]()