• Jennifer Castillo is an attorney, blogger, and self-proclaimed “Henry” — an acronym that stands for “High Earner, Not Rich Yet.”
  • Henrys are millennials with six-figure incomes who are using investment and savings strategies to meet their future financial goals.
  • Castillo shared with Business Insider how she spends her monthly income, which includes saving for emergencies, investing in real estate, and purchasing a gym membership. 
  • She wishes there was a “greater appreciation for the aspirational sentiment” of the term Henry.
  • As an Afro-Latina immigrant, Castillo said she hopes to showcase other BIPOC Henrys on her blog, Jenny the HENRY, to cultivate a more inclusive definition.
  • Visit Business Insider’s homepage for more stories.

Jennifer Castillo is a Washington, DC-based attorney by day and a blogger by night. Castillo, 33, is a self-described “Henry,” a term (and acronym) that she said encompasses “a subset of millennials that have six-figure incomes, but are not quite rich yet” (“High Earner, Not Rich Yet”). 

The acronym first appeared in a 2003 Fortune magazine article describing families with an income between $250,000 and $500,000. Since the Fortune article, Castillo said that the term Henry has evolved to describe households that command an annual income between $100,000 and $250,000, but have not amassed investable assets of $1 million.

Pamela N. Daniger, author of the 2019 book “Meet the HENRYs: The Millennials That Matter Most for Luxury Brands,” writes that Henrys have high incomes now but aren’t resting on their laurels — they have even higher projected incomes for the future. 

“Investable assets include cash, funds in your bank accounts, money held in retirement accounts, among others, and [do] not include physical and tangible assets like real estate,” Castillo said.

She added that Henrys like herself have disposable income and generally would spend those funds on experiences, dining, travel,

WAUKESHA, WI— Waukesha County Board of Supervisor’s Finance Committee will hold a public hearing on the 2021 budget at 8:15 a.m. Wednesday. The public hearing will be held in the County Board committee room which is located at 515 W Moreland Blvd Room AC130, according to a news release.

If the public cannot attend the hearing, they are encouraged to submit comments on the budget by emailing: 2021BudgetComments@waukeshacounty.gov. Comments received will be distributed to the County Board of Supervisors.

County Board Supervisors have until November 4 to propose amendments to the budget. The budget is adopted at the board’s November 10 meeting.

If the Waukesha County 2021 budget is approved, the tax rate will drop to the lowest level since 2009.

Waukesha County Executive Paul Farrow announced his 2021 executive budget to the Waukesha County Board of Supervisors in late September.

The budget invests in public safety and economic development while falling under the state levy cap and cutting the county tax rate for the seventh consecutive year. The Board of Supervisors is expected to pass the final budget in November, according to a news release.

“Our history of conservative budget practices and AAA bond rating has allowed us to weather the COVID-19 storm with little change to revenue,” Farrow said in a previous news release. “This budget supports Waukesha County’s goals of creating a safe, economically vibrant community for residents while keeping taxes low. More than half of new tax levy will go toward public safety. Infrastructure projects geared toward long-term safety, efficiency and economic development are also heavily supported.”

If the budget is passed as-is, the tax rate will drop from $1.82 to $1.76 per thousand dollars of home value, the lowest since 2009.

The 2021 budget allocates a large portion to public safety, including $600,000 in new

By Steven Scheer and Ari Rabinovitch

JERUSALEM (Reuters) – Israel’s finance minister promised on Sunday the long awaited 2021 state budget would be ready in December amid accusations the government was dragging its heels for political reasons and after a third senior economic official quit in three months.

Failure to pass last year’s budget was a big factor in the unprecedented political turmoil in Israel that led to three elections in a year, the last one held in March.

Uncertainty regarding 2021’s budget has again threatened to topple Prime Minister Benjamin Netanyahu’s fractious emergency government, which he formed with rivals to help the country weather the coronavirus crisis.

Finance Minister Israel Katz said they are now starting to prepare the 2021 budget with discussions in the coming days to determine budget goals and targets.

“The budget will address the need to deal with the continuing coronavirus pandemic as well as the need to lead the economy back to full employment and activity and growth,” Katz said in a statement.

Israel’s economy has been hit hard from the COVID-19 outbreak and is expected to contract in 2020 for the first time in nearly two decades. It still using a pro-rated version of the 2019 budget, although lawmakers have approved more than 100 billion shekels ($30 billion) in state aid to help businesses and households hurt by the virus.

Shortly before Katz announced progress on the budget, the ministry’s director-general, Keren Turner-Eyal, said she would be stepping down in the coming weeks. No reason for her departure was given, and Katz named Eran Yaacov, the head of Israel’s tax authority, as interim director-general.

Turner-Eyal was appointed to the post in May by Katz, but disagreements between the two quickly became apparent, culminating in a public censure after budget chief Shaul Meridor resigned

By Padraic Halpin

DUBLIN, Oct 9 (Reuters)Ireland’s budget deficit is set to hit 6.1% of gross domestic product this year, Finance Minister Paschal Donohoe said on Friday, a narrower than forecast shortfall likely to give him room for more generous measures in Tuesday’s budget.

The government will look to support those hit hardest by COVID-19 restrictions in the budget for 2021, helped by state tax revenues having held up much better than expected and Ireland’s big export sector limiting the economic damage.

The finance ministry estimated early in the pandemic that a big fall in tax receipts and a huge increase in spending could lead to a deficit of 23 to 30 billion euros or between 7.4% to 10% of GDP.

Donohoe said the deficit would reach 21 billion euros, provided current COVID-19 restrictions were not tightened. A no-policy-change estimated deficit of 14 billion euros or 4% of GDP for 2021 will be updated next week when the government announces its budget stimulus measures.

“I want to emphasise that these figures are subject to an unprecedented degree of uncertainty with potential further change within 2020 and clearly the potential for significant change in 2021,” Donohoe told a news conference.

Next week’s budget figures will include a scenario outlining the impact of tougher restrictions to contain the novel coronavirus, he said. The government rejected a recommendation by its health chiefs to enter a second national lockdown on Monday.

In updated forecasts on Friday, Donohoe’s department expects to collect 18% more income tax than when they revised them down sharply in April, keeping the year-on-year decline in the overall tax take to 4% versus the 16% initially feared.

Bucking the trend in most tax categories, corporate receipts are forecast to jump by 14% year-on-year to hit a record 12.4

By Kaori Kaneko and Izumi Nakagawa

TOKYO (Reuters) – Japan may need to consider compiling another extra budget to help its economy if the current reserve fund is not enough to respond to the coronavirus pandemic, a senior ruling party lawmaker said on Friday.

Hakubun Shimomura, the policy research council chief for the Liberal Democratic Party (LDP), said the reserve would likely be enough to cover support for the economy in 2020. A third extra budget could come as early as next year if reserve funds become insufficient.

“If 10 trillion yen of budget reserve is not enough, the government may need to compile a third extra budget,” Shimomura said in an interview with Reuters.

Japan’s economy suffered its biggest slump on record in the second quarter due to impact of the coronavirus. To soften the blow, the government has delivered two stimulus packages this year totalling 234 trillion yen ($2.21 trillion), or about 40% of Japan’s gross domestic product.

The government is tapping a pool of funds, set aside under the packages, to meet the cost of battling the pandemic. But some lawmakers are calling for another spending package as the economic pain persists.

Shimomura said that the party was not discussing a possibility of cutting the sales tax, which the government raised to 10% last October from 8%.

Nor had the party discussed whether the BOJ should cut its already negative interest rates further, Shimomura said, but he believed the party’s research commission on the finance and banking systems would discuss the issue.

The Bank of Japan has ramped up stimulus twice so far this year and created a lending facility to channel funds via banks to cash-strapped smaller firms.

Shimomura dismissed speculation that Prime Minister Yoshihide Suga would call a snap election to secure his own mandate