'High earner, not rich yet': How to tell if you're a 'Henry,' based on your salary, savings, and lifestyle

While the typical Henry is a millennial, there is no age limit. The average Henry is 32, according to Malani. Sometimes her millennial clients ask her firm to work with their parents, so she ends up with clients ranging from ages 22 to 68.

Drucker personally works with those ages 25 to 40.

Malani said her female to male client ratio is 50:50, while Drucker said his is 60:40. He sees a lot of couples and "single independent women in their 30s who want to make sure they're financially independent," he said.

"They're smart and often doing well right out of the gate," he said.

Malani said the industries Henrys work in range vastly, from software engineering and digital marketing to architecture and journalism. He's also worked with small business owners and Instagram influencers.

Both Malani and Drucker also see clients in high-paying industries, such as finance, medicine, and law.

But you can find Henrys in any state, Malani said. While she's worked with Henrys in more than 35 states, most are located in New York, followed by California, and then the Washington D.C. area, she said.

There are also many Henrys in Texas, Florida, and Colorado, she added.

That may sound like a lot to the average millennial, who has less than $5,000 saved, but $20,000 is 20% of a $100,000 income.

Consider this: Malani helps clients make a plan to save 20% of their salary — if they don't have debt. On that guidance, a client earning $100,000 every year should be saving almost $20,000 every year (after taxes and given that they don't receive a raise in this hypothetical scenario), not over several years. With that perspective, a Henry's total savings of $20,000 max is actually not so hefty after all.

Drucker said one of the biggest issues Henrys face is not having a plan to make sure they're saving consistently and automatically. He helps them set up a bucket plan, which segments money based on each Henry's purpose into now, later, and last "buckets" — liquid money, growth-oriented money, and retirement money, respectively.

Lifestyle creep is when one increases their standard of living to match a rise in their discretionary income.

But just because a Henry's income keeps going up doesn't mean they have to spend more money, Drucker said. In fact, they shouldn't spend more. If they get used to living off $3,000 or $4,000 a month, they might wake up a decade later and find they're spending $10,000 a month, he added.

Avoiding lifestyle creep is often touted by experts as one of the key ways to build wealth.

That's about $50,000 more than the national average. Malani said about 40% of Stash Wealth's Henrys are dealing with student debt. She once had a couple as clients who owed more than $500,000, she said.

"They need to make it a fair fight between the steak dinner or vacation and planning for the future," he said.

As such, some Henrys make the mistake of remaining too focused on the moment and waiting too long to start thinking about their finances, Malani said. "The longer you wait to get your financial [act] together, the more you'll have to compromise."