Americans making under $50,000 said they needed an average $157,000 a year to live comfortably

High earners are increasingly feeling financially constrained, weighed down by rising expenses, debt, and lifestyle inflation. Many of these individuals fall into the category known as “HENRYs” — short for “high earners, not rich yet” — who may still live paycheck to paycheck or carry significant credit card debt despite their substantial salaries.

Roughly 14% of U.S. households earned $200,000 or more in 2023, according to Census data. Yet for some, a high salary hasn’t translated into a sizable net worth. BHG Financial’s latest survey found that nearly two-thirds — 62% — of people earning more than $300,000 a year struggle with credit card debt. Other studies show that even many six-figure earners face the challenge of living paycheck to paycheck.

“Earning doesn’t actually make you feel rich; spending it does,” said clinical psychologist Sabrina Romanoff. “If most people spent 99% of their paycheck, they’d feel quite rich. That’s the paradox — when we’re focused on accumulation, it’s difficult to feel wealthy.”

According to a 2024 Bankrate survey, Americans say they would need to earn an average of $520,000 annually to truly feel rich. The more people earn, the higher their perceived threshold for financial comfort: those making under $50,000 said they would need $157,000 a year to feel comfortable, while those earning $100,000 or more said $246,000 would be their target.

Experts suggest that creating a budget, tracking net worth, and setting clear financial goals can help high earners feel more secure and in control of their finances.