Life Money Balance® Podcast
The Life Money Balance® podcast helps you “let your life lead your money, not your money lead your life” and engage with your journey to create your life's design. The podcast uses compelling conversations that combine money psychology with personal finance topics to improve your well-being and achieve your life aspirations.
Your host Dr. Preston D. Cherry (“Dr. Cherry”), interviews guests and performs solo shows to provide an emotion-safe space where real people engage in real talk and share authentic moments. Let’s chop! Learn more by following @drprestoncherry, Certified Financial Planner, Certified Financial Therapist, University Professor, and Founder & President of Concurrent Financial Planning, www.concurrentfp.com.
Episodes
89 episodes
Are Social Security Benefits Taxable? Gen X Are Shocked About the Tax Traps
Dr. Preston Cherry explains why many Gen Xers are caught off guard when they find out—yes, your Social Security can be taxed. Up to 85% of your benefits could be taxable if your income crosses certain thresholds—thresholds that haven’t kept up ...
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6:57
Should Gen X Take Social Security at 62? Smart or Risky?
Should You Claim Social Security at 62?Dr. Preston Cherry challenges the idea that you have to wait until 70 to claim Social Security. For Gen Xers juggling aging parents and kids, claiming at 62 could offer more than just a check—it co...
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8:53
Why High Earners Still Feel Stuck Financially
In this episode, Dr. Preston Cherry breaks down why many high-income Gen Xers still feel stuck financially. Even with good paychecks, lifestyle creep and unclear goals can cause stress. Dr. Cherry explains how aligning your money with your valu...
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6:22
NUA Tax Strategy: The Secret to Saving BIG on Company Stock
In this episode, Dr. Preston Cherry breaks down how Gen X professionals can use a smart tax strategy called Net Unrealized Appreciation (NUA) to turn company stock in their 401(k)s into tax-efficient income. He explains how the right moves can ...
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7:04
Inherited IRAs Explained: What Heirs Need to Know to Avoid Costly Mistakes
In this episode, Dr. Preston Cherry breaks down the often confusing world of inherited IRAs. He explains how taxes, rules, and recent law changes (like the SECURE Act) can impact your inheritance. Whether you're a spouse or a non-spouse heir, k...
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4:54
Healthspan vs Lifespan: Why Gen X Must Rethink Retirement
In this episode, Dr. Preston Cherry talks about why Gen X should focus on health span—how well you live—not just lifespan—how long you live. He explains that many people over-save for retirement and miss out on living fully now. Instead of trea...
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6:38
Why More Money Needs Smarter Planning (And How It Builds Wealth Faster)
In this episode, Dr. Preston Cherry sheds light on why even high-income earners need solid financial education. Earning more doesn’t mean knowing more about money. He explains how true financial literacy helps people make smarter decisions, avo...
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12:50
Sell in May and Go Away: Smart Move or Tired Myth?
In this episode, Dr. Preston Cherry breaks down this old investing rule and why it might not work anymore. Originally tied to London’s horse racing season, the idea was to cash out in May and return in November. But in today’s fast-paced, data-...
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8:14
HSA Secrets: How to Retire Wealthier & Pay Less in Taxes
In this episode, Dr. Preston Cherry breaks down why Health Savings Accounts (HSAs) are a powerful tool—not just for today’s medical bills but for building your retirement nest egg. With big tax perks and long-term flexibility, HSAs can do more ...
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13:49
Choosing the Right Retirement Account: Roth 401(k), Roth IRA, After-Tax 401(k)
In this episode, Dr. Preston Cherry breaks down key retirement accounts like 401(k)s, Roth IRAs, and traditional IRAs. He explains where to save, invest, and withdraw money for retirement — and why taxes matter. The talk covers contribution lim...
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19:11
The Truth About Global Diversification and the S&P 500
In this episode, Dr. Preston Cherry breaks down a common mistake investors make: thinking the S&P 500 is enough. While it’s a strong index, it’s mostly U.S.-focused and tech-heavy. This “home bias” can hurt your returns, especially during U...
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14:34
There’s No Such Thing as a Self-Made Millionaire: Unpacking the Realities of Wealth
In this episode, Dr. Preston Cherry challenges the “self-made millionaire” myth, revealing that wealth is rarely built alone. Real success comes from more than just hustle—it’s shaped by support systems, relationships, and access to resources. ...
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23:14
Gen X Alert: Student Loan Collections Restart—What to Do Now
In this episode, Dr. Cherry breaks down why Gen X is struggling the most with student loans—and what you can do about it. From confusing repayment plans to the fine print of forgiveness programs, understanding your options now can save you thou...
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16:12
Buffett Retires: What You Miss About His Wealth Wisdom
In this episode, Dr. Cherry honors Warren Buffett by breaking down his famous investment strategies and clearing up common myths. She explains why understanding frugality, cash flow, and thinking long-term are crucial for growing wealth. Dr. Ch...
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19:15
Retire Wealthy: Essential Tax and Bonus Tips for Oil and Gas Executives
In this episode, Dr. Cherry breaks down the financial challenges oil and gas executives face—like managing complex pay packages, stock units (RSUs), and big tax bills. He shares smart strategies to avoid tax surprises, protect wealth, and plan ...
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14:04
Tax-Smart Investing: Using Taxable Brokerage Accounts to Boost Wealth, Flexibility, and Reduce Taxes
In this episode, Dr. Preston Cherry breaks down why taxable brokerage accounts are a smart tool for building long-term wealth. While the word “taxable” might sound like a disadvantage, these accounts offer surprising benefits: flexible withdraw...
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12:47
Discussing Legacy and Long-Term Care with Aging Parents
In this episode, Dr. Preston Cherry opens up the conversation Gen X needs to have—with their parents and grandparents. From healthcare decisions to family legacies, it’s time to stop avoiding the tough talks and start planning with heart and cl...
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16:28
Lump Sum vs. Dollar-Cost Averaging: Which One Makes You More Money?
In this episode, Dr. Preston Cherry breaks down two popular ways to invest: dollar cost averaging (investing smaller amounts over time) and lump sum investing (putting all your money in at once). He explains how emotions like fear and regret in...
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21:40
Is Gen X Taking Mortgage Debt Into Retirement? Pros, Cons, and Smart Payoff Strategies
In this episode, Preston Cherry talks about how Gen X is facing big financial pressure from mortgage debt—especially as they near retirement. He shares smart, simple ways to tackle that debt early, like making extra payments or using surprise m...
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17:20
What Is Comprehensive Financial Planning? (And Why It Matters Now More Than Ever)
In this episode,Dr. Preston Cherry shares why financial planning should go beyond just investments. Many people feel let down by traditional advice that doesn't reflect their real lives. He explains how the best financial plans connect your mon...
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18:19
How Geographic Arbitrage and Retiring Abroad Can Transform Your Financial Future
In this episode, Dr. Preston Cherry dives into geographic arbitrage—how moving to a different state or country can stretch your income and improve your quality of life. Dr. Cherry covers key factors like retirement locations, managing Social Se...
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18:24
Why High-Income Earners Need Spending Plans Instead of Budgets
In this episode, Dr. Preston Cherry challenges traditional budgeting and introduces reverse budgeting, a method that prioritizes personal values and guilt-free spending while ensuring financial security. He outlines a five-step approach: knowin...
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19:44
Is $1 Million Still Enough? The New Wealth Benchmarks Explained
In this episode, Dr. Preston Cherry dives into how the concept of wealth is evolving and why being a millionaire isn't what it used to be.With inflation and rising living costs, the financial landscape has shifted. He shares key insight...
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16:30
Executive Compensation Mastery: RSUs, Stock Options & ESPPs Explained
In this episode, Dr. Preston Cherry breaks down the essentials of equity compensation—RSUs, ISOs, NQSOs, and ESPPs. He explains how taxes and behavioral biases can influence your decisions and offers smart strategies to maximize your equity ben...
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13:37
Tax-Efficient Retirement Strategies for For High-Income Business Owners
In this episode, Dr. Preston Cherry breaks down how business owners can choose and use retirement plans to boost income, cut taxes, and maintain their lifestyle. He covers Simple IRAs, SEP IRAs, Solo 401ks, and cash balance plans while explaini...
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18:07