I earn £100,000 a year but I don’t feel rich

He might well earn a six-figure salary, but Jack Kim doesn’t consider himself a wealthy man. The 28 year-old, who works in strategy consulting and lives in London, uses the term 'HENRY' (High Earner, Not Rich Yet) to describe his financial reality. Despite being one of the elite top 4% of UK earners to pull in a wage of £100k or more, Jack says the rising cost of living means that his income doesn’t stretch as far as people might assume it does (Picture: James Linsell Clark/SWNS)

Jack lives in East London with his partner in a two bedroom flat they bought for £550,000. On paper, it’s the kind of lifestyle that many people aspire to – professional job, property ownership, decent salary. But after the bills are paid and everyday expenses are accounted for, he says there’s really not very much left over at the end of the month at all (Picture: Jack Kim/SWNS)

With a monthly mortgage and council tax payment of £2,630, plus £420 on utilities and another £250 on food shopping, most of the essentials are covered before they’ve even considered going out. Socialising comes in at £400 a month, which he admits adds up quickly. He also puts £1,500 towards saving and investments each month. All of it makes for a lifestyle that feels anything but indulgent, Jack says (Picture: James Linsell Clark/SWNS)

Holidays have changed too. The couple have swapped long-haul trips to Asia for shorter breaks in Europe. While their weekly food shop has moved from M&S to Sainsbury’s. Even their gym membership has taken a hit. The more expensive Gymbox having been replaced by PureGym in a bid to keep their monthly spending down (Picture: James Linsell Clark/SWNS)

And yet, to outsiders, Jack’s job title and salary might suggest a rather affluent lifestyle. He insists that’s not the case, however. ‘Even though I'm on a six figure salary, I don't feel rich at all. Everyone knows living in London is extremely expensive. It comes [down] to four main things - higher tax rate for people on six-figure salaries, higher living costs, lifestyle inflation and debt. As income rises, so does your lifestyle’ (Picture: Jack Kim/SWNS)

He’s not one for big brands or designer gear, either. ‘I don't wear flashy, high-end clothes or own expensive watches, I opt for high street brands like Uniqlo. We try and live below our means by limiting eating out to once a week at a good quality restaurant. Other than a drink at special occasions like weddings, I don't drink alcohol, which is very expensive. We feel the cost of living just like anyone else. I don't feel upper-middle class’ (Picture: James Linsell Clark/SWNS)

Jack studied at the London School of Economics, completing both a bachelor’s and master’s degree in management. His education alone cost £99,000 in tuition fees, but it set him on the path to a high-growth industry. He landed his first role in 2019 on a £21,000 salary and moved up to £45,000 within a few years (Picture: James Linsell Clark/SWNS)

That increase gave him and his partner the chance to start saving for a property. They managed to put away enough for a deposit in just two years. ‘We collectively needed roughly £82,000 for a deposit and we did that in two years with some help from our parents. It meant we stopped eating out and primarily cooked at home. During that time, it was Covid which helped because it meant we weren't spending as much or travelling at all’ (Picture: Jack Kim/SWNS)

In December 2021, they bought their first home. Jack says their dual income made a big difference, but he’s aware many others won’t be in the same position. ‘Being on a combined income helped us for sure, but alongside our own drive and determination. I can only imagine how hard it is for young people to get on the property ladder now. Especially if they're single and doing it alone. Affordability and the goalpost for a mortgage have changed - even in the last four years. It's not affordable to get a mortgage these days - unless you have generational wealth’ (Picture: James Linsell Clark/SWNS)

His upbringing shaped much of his outlook. Jack grew up in Seoul in a lower-income family, sharing a small studio flat with his parents and brother when he was seven. While his circumstances have changed, he doesn’t see himself as living a wealthy lifestyle today. ‘Growing up, my family and I were considered a lower-income family. From the ages of seven to eight, my mum, dad, brother and I lived in a studio flat in Seoul, South Korea. Since gaining my education and career in London, I'd say as a whole, my family are middle class. But we certainly don't feel it in the grand scheme of things' (Picture: James Linsell Clark/SWNS)

'I don’t have an expensive watch or a car. No luxury yacht or Monaco, St Moritz holidays like my friends who are bankers. Consulting is an industry where you can see fast income growth. Even though my income has increased, our lifestyle hasn't changed that much’ (Picture: James Linsell Clark/SWNS)

He may have left behind the cramped flat of his childhood, but he says he hasn’t picked up any particular outlandish or flashy spending habits. Jack and his partner keep things modest, focusing on value and savings over luxury and status symbols. For him, feeling rich isn’t about the number on his payslip (Picture: James Linsell Clark/SWNS)

Jack's monthly expenses

Mortgage and council tax: £2,630
Utilities: £450
Groceries: £250
Transport: £100
Savings/ investments: £1,500
Subscriptions: £100
Socialising: £400

Total: £5,430

(Picture: James Linsell Clark/SWNS)