When Millionaires Can't Afford Their Own Lives

I'm living so far beyond my income that we may almost be said to be living apart. E.E. Cummings. >> In investment management circles, it's very common to talk about the class of people known as HENRYs, which is high earners not yet rich. These are people like doctors, lawyers, finance professionals, investment bankers, people who own

a high salaries or total comp, but they don't really have very high net worth, whether that's to pay off graduate school debt, whether that's just because they're young and early in their careers, and have a lot of upfront expenses such as marriage or buying their first house or starting a family. But in general, this class

is what is very known in just the financial industry in general. They're people who have a lot of income, but are not yet rich. And usually the solution for that is just patience and increasing savings rate and cutting down excess discretionary savings. It's a very straightforward issue with a very straightforward solution. However, in this edition of Analyzing

Finance with Nick, I'm going to be talking about the opposite situation. I'm going to be talking about people who have high net worth, but low incomes or they're rich on paper, but they cannot live like a wealthy person in practice. Welcome to Analyzing Finance with Nick. Before we jump into this video, we got a

quick disclaimer. I'm a partner at a wealth management firm in Newport Beach, California called Spearhead Advisors. This communication is for informational educational purposes only and is not investment advice. Please do your own due diligence or have an advisor help you before making any specific investment decisions. If you have any direct questions for me about your