By Lauren Schwahn, NerdWallet

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

No, we’re not asking your name. And we promise we’re not trying to offend you.

HENRY isn’t an insult; it’s a nickname given to a certain demographic in the personal finance world. If you earn a decent income, but feel like you aren’t building enough wealth, you might be a HENRY.

What is a HENRY?

HENRY is an acronym that stands for “High Earner, Not Rich Yet.” But what does it mean to be high earning? The definition varies depending on who you ask.

We sifted through Reddit forums to get a pulse check on what users say about HENRYs. People post anonymously, so we cannot confirm their individual experiences or circumstances.

Over on Reddit in the r/HENRYfinance subreddit, HENRYs are defined as “people who earn high incomes, usually between $250,000 to $500,000, but have not saved or invested enough to be considered rich.”

Net worth is another key number to consider.

Trevor Ausen, a certified financial planner in Minneapolis, Minnesota, says that HENRYs often have “somewhere between negative net worth, thanks to student loans or early career costs, to around $1 million in assets.”

Having an income or net worth above these figures tips the scales toward “rich.”

Who is the typical HENRY?

HENRYs are often business professionals, doctors, lawyers or tech employees with equity compensation, Ausen says.

Many live in places like New York or the Bay Area, he adds, where it can be hard to accumulate wealth even with a high salary due to the high cost of living. They’re usually in their 20s, 30s or 40s.

In some cases, HENRYs are also the first in their families to earn a higher income. That can come with added pressure to provide financial support for relatives and create generational wealth.

How do you know if you’re a HENRY?

Now that you know what a HENRY is, let’s see if you fit the bill.

“If you’re earning well but still feel like you’re just getting by financially, you might be a HENRY,” Flavio Landivar, a CFP in Miami, Florida, said in an email interview.

You might be a HENRY if you:

• Earn an above-average income (typically in the low to mid six-figure range).
• Live in a high-cost area.
• Spend most of your income on costs such as housing, student loans, child care and discretionary expenses.
• Don’t feel financially secure.

But not all HENRYs are the same.

While many have trouble building wealth because student loans or living expenses eat up their income, others are saving aggressively, Ausen says.

“They’ve only been high earning for a short amount of time, and just have not had the time to really build up those assets and save enough where they can be considered rich,” he says.

Ausen says his HENRY clients generally have too much cash. After maxing out their 401(k)s or other retirement accounts, they aren’t putting their extra money to work in an investment account.

If you’re parking a lot of cash in a general savings or checking account, that’s a sign you might be a HENRY.

“While there certainly is an argument for how much emergency fund, essentially, someone should have, after a certain point, it starts to become not as efficient as it could be,” Ausen says.

What do HENRYs care about?

Like most people, HENRYs want more money and greater financial freedom. Online discussions in r/HENRYfinance and other forums often focus on lifestyle creep, career growth, investment options and strategies for minimizing tax burdens.

HENRYs are also looking for quick guidance and reassurance that they’re on the right track.

“These young professionals may be settling into their careers, gaining responsibilities and have less leisure time than they used to,” Yesenia Realejo, a CFP with Tobias Financial Advisors in Plantation, Florida, said in an email interview.

“They may be starting families, buying homes, saving for their children’s college. With so much on their plates, they may find that they’re saving, but have no planned financial direction.”

Is being a HENRY good or bad?

If you’re a HENRY, you may feel stuck. It might seem like you aren’t making enough progress toward your financial goals.

But it’s important to emphasize the “Y” in HENRY. You’re not rich yet — that doesn’t mean you’ll never be rich.

“With smart planning, managing expenses and focusing on long-term goals, HENRYs have a great opportunity to build real wealth down the road,” Landivar said.

“Without that focus, though, it’s easy to stay stuck living paycheck to paycheck despite a high income.”

Start by making, or revisiting, your financial plan. If you’re not sure where to begin, consider getting help from a financial advisor. Getting rich may happen sooner than you think.

More From NerdWallet

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• Here’s How I Made $360 Selling Stuff on Facebook Marketplace

Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn.

The article Are You a HENRY? originally appeared on NerdWallet.

Both my father and father-in-law were small business owners. Small businesses are the backbone of this nation. Not only do the owners have to be experts in their chosen field, they must also wear many other hats. They’re the HR department, the bookkeepers, the salespeople and PR department, all the while keeping a watchful eye on a multitude of regulations and red tape.

To this day I can hear my father pounding away at his adding machine, eventually tearing away a foot-long tape, then carefully reviewing the list. At the time I didn’t understand his occasional frustration, but I eventually realized it was because some days ended up in the red.

I was not as familiar with the inner workings of my father-in-law’s business, but I did observe that, as with my father, he seemed to have a multitude of duties and deadlines on his plate. Both were juggling a lot of balls on any given day and were extremely dedicated and hard working. Lessons learned.

No matter how busy, both men knew the importance of carving out time for their families. My dad rarely missed any little league games, or anything remotely important to a child. I’ve striven to carry their examples with me throughout my life, and I believe I’ve successfully passed their strengths and values on to my sons.

The days of those old adding machines spinning out small rolls of paper are long gone. Laptops, iPads and iPhones are far more powerful and efficient than our fathers could ever imagine. Being a small business owner today is much different than it was years ago. But even as technology explodes, the life lessons remain constant and valuable.

Many of the lessons I learned from my father and passed on have great financial relevance. Here are some of the lessons I’m confident my sons will pass on to their children.

Listen carefully. Whether it’s school or work, be attentive and respectful. Listening is a financial trait because far too many people have financial issues because they don’t listen to good advice.

Work hard. That doesn’t necessarily mean putting in more hours than everyone else. Just give it your very best effort when you’re assigned a task. Working smarter is more important than just putting in long hours. Take pride in your work.

Have a piggy bank. Sure, it’s a bit more difficult today because so many people use credit cards. I think the convenience of plastic instead of cash is one reason so many have financial issues. That being said, teach your children the value of regular saving. They need to understand the importance of paying themselves first.

Manage your debt. Financially, there’s nothing worse than carrying the burden of credit card debt. It’s not only a financial drain; it can also create serious mental strain. Money issues are the root of far too many divorces.

Be honest. The most important thing I learned from my father transcends finances. Honesty is important in every part of your life, but it’s front and center in financial transactions. Simply stated, do the right thing. Not only with your money, but in all aspects of your life.

Happy Father’s Day to all. Hopefully, you also have fond memories and have passed on some valuable lessons from your dad.

Email your questions to kenmorris@lifetimeplanning.com

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Society for Lifetime Planning is not affiliated with Kestra IS or Kestra AS. https://kestrafinancial.com/disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.

A Reddit user recently asked for advice on ways to stop thinking about money nonstop.

It’s hard, the user explained, to avoid fixating on personal finances. Comparing yourself to others can be tempting, even though doing so doesn’t feel good or productive.

Other users jumped in to offer tips, such as talking to a therapist, finding a new hobby, scaling back on social media and saving enough for a sufficient safety net.

Financial experts say focusing on your own financial plan is the best way to avoid thinking too much about what other people might be doing.

Make a plan

“Something about having a plan in place takes a lot of the stress off,” says Dwayne Reinike, a certified financial planner and founder of Valiant Financial Planning in Kirkland, Washington.

Similar to how writing down everything on your to-do list can make it easier to sleep at night, he says creating a basic financial plan allows you to relax. That plan can include a budget, retirement goals and other savings targets.

You might hear that the markets are down or concerns about a coming recession, “but it’s OK, because you have a plan,” Reinike says.

Pick one goal to focus on

Picking one goal to focus on — such as saving up for a house or setting limits for spending — can give you a greater sense of control over your financial life, says Stephanie Loeffel, a CFP and founder of Ascend Financial in the Boston area.

If you don’t have a goal to guide you, she says, then it’s easy to bounce between different ideas based on the day’s news. If interest rates fall, you might wonder if you should buy a house. If the stock market fluctuates, you may question whether it’s time to shift your retirement investments.

She recommends zeroing in on what you can control: your own spending, saving and other financial habits.

“You take the emotion out of the equation and it’s easier to not obsess about the noise around you,” Loeffel says.

Designate a specific time to focus on money

Setting aside time at least once a year to map your financial plans can ease your mind the rest of the time.

Use that time to think about what you want to achieve with your money. You can also set short-term and long-term goals, says Reinike.

“If you have your emergency fund set up and on auto-deposit, then you can go a year or so without thinking about it,” he says. (You may want to conduct quick check-ins throughout the year to check for any errors.)

Similarly, a retirement savings account with automatic deposits from your paycheck doesn’t need to be constantly monitored.

If unexpected events pop up, such as a new baby or a job loss, then you can revisit those plans and adjust. Otherwise, you can maintain your current course.

“People tend to make changes when they’re really happy or really upset, and that’s not the time to make changes. It’s the time to stick with the plan you already established,” Reinike says.

Build up savings and pay off debt

Another way to gain more control over your finances is to double down on saving money and paying off debt, Loeffel says. Many of her clients are surprised about their expenses once they start tracking them.

Monitoring your cash flow for six months is a good place to start. Then, make adjustments to eventually achieve a goal of putting around 10% into savings. That can help build up an emergency fund.

“Once you have an emergency fund, you’re not as vulnerable,” Loeffel says.

That makes it easier to worry less about negative events that can hurt your finances.

“It takes away that emotional vulnerability because you have a cushion and you have control,” she says.

Similarly, paying off debt is something you can control. You can make a plan for paying off debt — perhaps using the avalanche or snowball method — then watch your progress as the weeks tick by, Loeffel says.

The avalanche method involves paying the debt with the highest interest rate first. The snowball method refers to building momentum by paying off the smallest debt balances first.

Avoid comparisons to others

“Compare yourself to the you of yesterday, not everyone else,” suggests Reinike.

Just as in sports, you should strive for a personal best — not necessarily doing better than others.

You really can’t compare your financial situation to others based on social media. Posts don’t tell the whole story or how people are funding their lifestyle, Reinikehe adds.

“Everyone’s journey is individualized.”

Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like saving and budgeting, so we sifted through Reddit forums to get a pulse check. People post anonymously, so we cannot confirm their individual experiences or circumstances.

Kimberly Palmer writes for NerdWallet. Email: kpalmer@nerdwallet.com. Twitter: @kimberlypalmer.

The article Asked on Reddit: How to Stop Obsessing About Money originally appeared on NerdWallet.

By Ariana Arghandewal, Bankrate.com

Credit cards are widely accepted in most parts of the world, which is great for those who want to maximize rewards on their trips abroad. Not only do many cards offer generous rewards on travel spending, but they also provide convenience and an added layer of protection in case your trip doesn’t go as planned.

Using a credit card is better than using cash in most cases. However, you may still encounter issues when attempting to use your credit card abroad, so make sure to plan accordingly.

Can I use my credit card abroad?

In most cases, yes! The country you’re visiting may have different banks, but many of the payment networks common in the U.S. are widely accepted around the globe. Some credit cards, most commonly travel credit cards, even have no foreign transaction fees and earn rewards on specific purchases worldwide, such as restaurants. This helps you save money and earn more in rewards when you travel.

However, it’s important to know that while your card can be used abroad, it doesn’t mean it will always work. If your card is worn down or tends to be a little faulty at home, it can be just as finicky outside the country. Or if your credit card issuer is unaware that you’re traveling, they may assume your identity is stolen and decline your purchases. Some payment networks are also less common abroad. Luckily, there are workarounds to a few of the most common issues you may come across.

Bankrate tip

See Bankrate’s Travel Toolkit for tips and insights to boost your savings and maximize your travel.

How to make sure your credit card works abroad

A handful of factors may prevent your credit card from working overseas. Most of them have simple solutions and require just a bit of advance planning.

—Use a widely accepted issuer. Visa and Mastercard are the most widely accepted credit card payment networks worldwide. While American Express and Discover can come in handy in many situations, you may want to bring a backup Visa or Mastercard while traveling abroad, just in case.

—Use chip and PIN cards or a digital wallet. In many countries around the world, chip and personal identification number (PIN) cards are the norm. These cards use a microchip and PIN to validate transactions, instead of a cardholder’s signature. Rather than swiping the magnetic stripe through the card reader, consumers insert the card into the machine and enter the PIN associated with the chip. If you have a card with a chip in your wallet, set a PIN so you don’t run into trouble using it abroad.

Digital wallets are also becoming the norm for storing credit cards, debit cards, and even boarding passes for your flight. They often lead to faster, more secured payments with a lower risk of being lost or stolen. So, it may be beneficial to set one up and add your card. This way, you can keep the physical card tucked away as a backup.

—Notify your bank of your travel plans. If you’ve booked any part of your trip on your credit card, notifying your bank isn’t usually required. If you did not use your credit card for any bookings, then providing advance notice of your travel plans reduces the odds of your bank declining your transactions abroad. Knowing that you’ll be in Paris for a week, your bank is less likely to reject your purchases at patisseries. They’ll know your credit card isn’t compromised — you’re just being a tourist.

Is it worthwhile to use a credit card abroad?

Yes, using your credit card abroad provides security and convenience that cash does not. You’ll potentially earn rewards on every purchase, which you can save and redeem toward future travel experiences. The items you buy may also be covered by purchase protection, giving you extra peace of mind. More importantly, you won’t have to carry large amounts of cash and worry about the security risk it poses.

While you should bring some cash for smaller purchases or in a city where it’s the main form of payment accepted, a credit card provides stronger protection and other added benefits.

Are there fees for using a credit card abroad?

You’ll encounter two types of fees when using a credit card abroad — foreign transaction fees and merchant fees. Foreign transaction fees are around 3% and can be avoided since many travel rewards cards waive them.

Merchant fees can include surcharges or convenience fees for using your card. These fees help to offset the merchant’s processing costs and can vary from 3% to 8%. These fees help offset the costs of the added protection you receive from a credit card.

Unfortunately, there isn’t much consumers can do about these fees. You can either pay the fee, use cash or shop somewhere else to get around them. Still, there is a small way to save some money when using your card.

If a merchant asks whether you want to pay in U.S. dollars or the local currency, always opt for the local currency. Your credit card issuer is likely to give you a much better conversion rate than the local business owner will.

Also, always opt out of dynamic currency conversion, which allows cardholders to handle transactions in their home currency when shopping or taking money from an ATM. While you may be able to know the actual price of your purchase, the additional fee often makes the purchase higher than it would be otherwise.

The bottom line

What you pack in your wallet matters as much as what you put in your carry-on when you travel abroad. You’ll want to bring one or more credit cards with a widely accepted payment network. Even better, bring one that offers purchase and travel protection, generous rewards and travel perks. You may encounter a few issues when using a credit card to pay for purchases, but there are workarounds. By following safe use practices, you won’t have to carry large sums of cash or worry about your transactions getting declined.

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

The Trump administration recently announced a plan for steep port fees on Chinese-built vessels, which dominate global trade and are frequently in San Diego Bay.

The idea is to limit China’s dominance in the seas by making it more expensive to use their vessels and, in theory, push the nation’s importers into the arms of the comparatively small U.S. shipbuilding industry.

The new Chinese levies, which wouldn’t take effect until mid-October, could cost an importer roughly $150 a car, according to estimates from the Port of San Diego. There is concern from the shipping industry that the levies, on top of tariffs, could significantly impact global trade.

U.S. shipbuilding is practically nonexistent compared to China and others. Critics argue there is no way (at the moment) for the U.S. to catch up and the whole plan will just mean increased costs for consumers. President Donald Trump has argued it is vital for national security that America builds up its shipbuilding industry.

Question: Is the Chinese-built vessel levy proposal a good one?

Economists

Caroline Freund, UC San Diego School of Global Policy and Strategy

NO: It will act as yet another tax on the U.S. consumer without spurring investment in shipbuilding. Shipbuilding is a huge, complex endeavor and expanding capacity would take many years. Trump’s record of on-again, off-again tariffs means that this policy is unlikely to promote any new investment, since the levy could be gone tomorrow. Moreover, China would likely retaliate with a tax on U.S.-built aircraft, hurting the U.S. aerospace industry and its workers.

David Ely, San Diego State University

NO: The U.S. cannot quickly create the capacity to produce ships at a volume sufficient to replace Chinese-built vessels that are now docking at U.S. ports.  A levy imposed now would drive up transportation costs that will be passed onto consumers. Policies to incentivize capital investment in the U.S. shipbuilding industry, and grow the workforce, should be emphasized in the near term. The levies should be delayed until the restoration of the industry is underway.

Ray Major, economist

YES: The vessel levy is another tool in the tool box that the U.S. can use to encourage China and other countries to adopt a more fair trade policy. They can easily be removed when a trade deal is in place. The levy amounts to 0.00375% of the value of a $40,000 car.

Kelly Cunningham, San Diego Institute for Economic Research

NO: Attempts at micromanaging the economy are unproductive and detrimental. Top-down manipulation of shipping production will cause unintended consequences and dysfunction. Imposing complicated rules and tariffs for shipping goods and services makes trade more expensive and lessens productivity of all. Voluntary exchanges of “free trade” benefit all participants and facilitate the specialization and division of labor. Economic development is not zero-sum where one gains at the expense of others losing. Put “free” back into free trade.

Alan Gin, University of San Diego

NO: The economic infrastructure is not here for more shipbuilding in the U.S. One problem is that not enough steel is produced in this country. Another is that labor is more expensive here, and there is less desire to work in manufacturing. Those situations could improve in the future, but it would take a long time, and the U.S. is not likely to approach China’s shipbuilding capacity. In the meantime, consumers will be hurt as prices for products carried by Chinese ships will increase.

James Hamilton, UC San Diego

NO: It would be hard to find a business or consumer in America who would not be affected through the goods they try to produce, buy or sell by this policy. Any effects on U.S. shipbuilding would be years down the road. And the very long-term investments that are required to build more ships are difficult to influence with policies that come out of nowhere and may have changed by the time these words hit print.

Norm Miller, University of San Diego

YES: Nothing says “free market economy” like a special fee slapped on vessels built somewhere else. It’s a genius idea. Why compete by building better and bigger ships or planning ahead? Who needs cheaper shipping and global trade stability anyway? After all the tariffs, consumers and businesses will barely notice the extra costs. Of course, I’m sure China will just graciously accept the new levy with no retaliatory measures that could hurt the U.S. exporters. (Sarcasm noted).

Executives

Phil Blair, Manpower

NO: All tariffs and “port fees” will clearly increase the cost of goods for Americans. Both new expenses will be passed on directly to consumers. The U.S. shipbuilding industry is so expensive compared to the rest of the world due to very high wages compared to wages paid in other countries for equal skills. That spread in wages may be acceptable to Americans to encourage well paid jobs, but consumers need to know why certain industries in the U.S. cannot compete with other countries on price.

Gary London, London Moeder Advisors

NO: I am sympathetic to measures that are designed to reduce Chinese dominance across broad sectors. However, the more realistic approach would be policies that incentivize shipbuilding elsewhere across the globe. This is not different than the other tariff-led domestic manufacturing goals. The economics of manufacturing mostly don’t work here, primarily due to the cost (and shortage) of labor. Why don’t we spread more business to other nations rather than indiscriminately slap everyone with tariffs?

Austin Neudecker, Weave Growth

NO: A levy on Chinese-built vessels will raise costs for U.S. importers and consumers without offering any strategic benefit. China dominates shipbuilding due to infrastructure that our domestic producers abandoned decades ago. Rebuilding a competitive ship industry would take years, require major government subsidies and yield higher-cost products. Punitive fees will not change these fundamentals, they will further disrupt trade and shift demand to other low-cost countries, not revive U.S. shipbuilding.

Jamie Moraga, Franklin Revere

YES: If it’s being used as a negotiation tactic in the trade war. If not, while national security, stability, and local shipbuilding growth are important, adding levies to tariffs this year may not be wise. A measured approach is needed — too much too soon risks U.S. supply chain disruptions, higher costs, job losses, and higher prices. Rebuilding U.S. shipbuilding requires significant time and investment. Implemented too soon, new levies could do more harm than good without strong domestic infrastructure.

Chris Van Gorder, Scripps Health

NO: Like many of President Trump’s ideas, it could be very good as a long-term strategy, but not good as a short-term economic decision. It would take many years to build up our own ship construction capabilities and in the meantime, prices consumers pay now will be increased. Let’s develop a long-term strategic plan, not a short-term reaction that will not benefit the average person or business.

Bob Rauch, R.A. Rauch & Associates

YES: The levy aims to revive U.S. merchant shipbuilding, which has declined in recent decades. With China controlling more than 50% of global shipbuilding, the policy could encourage diversification and counter market abuses. While industry stakeholders worry about costs and trade disruptions, fees apply only to Chinese-linked or Chinese-built vessels. The long-term impact remains uncertain, but the policy signals a strategic shift toward reducing reliance on Chinese-built ships.

Have an idea for an Econometer question? Email me at phillip.molnar@sduniontribune.com. Follow me on Threads: @phillip020