About 14% of American households make $200,000 or more every year, according to the U.S. Census. But many of them, dubbed “HENRYs,” or High Earners, Not Rich Yet, still don’t feel rich. More than 60% of people with salaries over $300k a year struggle with credit card debt. These figures could be signs of the inescapable nature of lifestyle creep, which is the phenomenon of unconsciously spending more as a person earns more. Watch the video above to learn how those spending habits can leave even high earners feeling like they’re on a never-ending hamster wheel.
Chapters:
0:00 Introduction
1:52 Getting on the hamster wheel
4:08 Why high earners don’t feel rich
8:35 Getting off the hamster wheel
Produced, Shot and Edited by: Charlotte Morabito
Additional Camera: Kaan Oguz
Animation: Emily Park, Jason Reginato
Intern: Kae Park
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images, Marie Incontrera
Correction: At 0:41, this video mischaracterizes the number of Americans earning $200,000 or more annually. About 14% of U.S. households earn at least $200,000 every year, according to the U.S. Census.
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Why Even High Earners Are Living Paycheck To Paycheck
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