You Can Make Six Figures and Still Feel Broke-Here’s Why

Millennials Making Six Figures Still Feeling Broke; 10 Cities Where Millennials Are Actually Owning Homes; and Why Millennials Don’t Actually Like the Term ‘Millennial’.

Millennials Making Six Figures Still Feeling Broke

Back in October, Melkorka Licea made a report about “Henrys” for the New York Post. In the article, she explained that the acronym stood for “high earner, not rich yet.” This acronym was invented by Shawn Tully in 2003, and it has quickly become a term used to describe millennials who earn six-figures but still struggle to get by. A typical Henry earns more than $100,000, according to experts, and is in their early 30s. Unfortunately, they have trouble trying to balance both their spending and savings habits, which results in them being behind in wealth-building and unable to meet their financial goals. The biggest culprit? Living above their means and falling victim to “lifestyle creep,” which is when someone’s standard of living improves while their finances fail to support it.

10 Cities Where Millennials Are Actually Owning Homes

While becoming a homeowner can feel out of reach for many Millennials, who are defined as being between 24 and 39 years of age, 33.7% of people under the age have been able to make their dream of buying a home actually happen. So, where are these Millennials buying their homes? Here are the top 10 cities, according to SmartAsset:
  • Gilbert, AZ
  • Peoria, AZ
  • Cape Coral, FL
  • Sioux Falls, SD (TIE)
  • Palmdale, CA (TIE)
  • Moreno Valley, CA
  • Garden Grove, CA
  • Anchorage, AK
  • Midland, TX
  • Hayward, CA
What is the main reason preventing Millennials from being able to buy their own homes? Rising housing prices are suspected to be one factor, while expensive student loans may also be playing a part.

Why Millennials Don’t Actually Like the Term ‘Millennial’

Although Millennials are known for being financially behind, there is one group of Millennials, coined “mega-llennials,” by Jason Dorsey, president of the Center for Generational Kinetics—who are ahead of the game. Dorsey said that it is this group that claims that they don’t identify with the term “Millennial.” Dorsey explained, “They’ve been working and doing normal work-related stuff, but often are not getting attention for it.” He also explained that this group feels that they don’t “fit the typical Millennial meme” and feel that they don’t “match the negative stereotypes.” Beyond that, it’s pretty easy to see why most people wouldn’t want to be labeled the way Millennials have been labeled. They are often described as being sensitive, entitled, lazy, and special. In a 2017 interview with Forbes, generational expert Neil Howe said: “To focus just on these traits in a negative way typically leads to associated claims about Millennials that have no basis in fact. And it tempts us to overlook genuine millennial strengths that will likely hugely benefit our country in the years to come.”
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