High earner shares struggles of financial satisfaction

Young professional Jack Kim shares how high earnings don't equate to wealth satisfaction.

Living rich on paper but feeling poor in London

Jack Kim, a 28-year-old strategy consultant in London, earns a six-figure salary but expresses that he does not feel rich. Despite taking home around £6,000 per month, Jack identifies as a 'HENRY'—high earner, not rich yet. He highlights how living costs in London devour much of his income. Monthly expenses for his two-bedroom flat amount to £2,630 in mortgage and council tax, along with £420 on utilities and £250 on groceries. In efforts to manage his finances, he has downgraded his gym membership and swapped luxury vacations in Asia for European trips. Following the trends of many young professionals, Jack feels the pressures of London’s cost of living.

Jack Kim’s experience sheds light on a troubling reality faced by many high earners in urban settings. While expected to enjoy a certain lifestyle, many find their higher salaries quickly diminished by rising living costs and lifestyle inflation. Kim's reliance on public transport, avoiding luxury brands, and minimized dining out illustrates a growing trend where young professionals feel financially strained despite lucrative earnings. His situation reveals not just personal choices but broader economic challenges affecting a generation balancing ambition with financial realities. The concept of 'HENRY' encapsulates the struggle of a segment of society that appears wealthy but faces a multitude of financial pressures.

Highlights

Jack's story reflects the shifting perceptions of wealth among young professionals today.