Life Money Balance® Podcast

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 with inflation. If you've saved diligently or have extra income from side gigs or investments, you could be looking at a smaller Social Security check than expected. The surprise? It’s a...

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 could bring peace of mind, flexibility, and better use of your money now. The key? Making the choice that fits your life, not someone else's rule of thumb.

Takeaways:
• More...

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 values—not just chasing more—can lead to real peace and freedom. It's not about starving your present for your future. It’s about balance.

Takeaways:
• Lifestyle creep adds stre...

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 help you retire earlier and keep more of your money—and how one wrong step can cost you big.

Takeaways:
• Company stock matters
• NUA lowers taxes
• Don't rush to IR...

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, knowing the rules is key to avoiding costly mistakes. With smart planning, an inherited IRA can help grow your wealth and honor your loved one’s legacy.

Takeaways:
• Know the...

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 treating retirement as one big block of time, he encourages planning for different life stages. The key is to spend in ways that match your current life and values—so you can enjoy life while bui...

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, avoid costly mistakes, and feel more confident. Using real-life examples, he shows that financial wellness is not just about managing money—it’s also about understanding it, emotionally and prac...

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-driven markets, that strategy is losing steam. Dr. Cherry explains why staying invested and using smarter tactics beats trying to time the market.

Takeaways:
• Old rule, outdated...

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 than you think. Learn how to use them smartly now and in retirement.

Takeaways:
• Triple Tax Advantage
• Max Out Contributions
• Invest for Growth
• Cover Future Heal...

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 limits, tax perks, smart strategies for high earners, and common planning mistakes to avoid.

Takeaways:
• Know where to save
• Use employer plans
• Roth vs. traditional
...

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.S. market downturns. Adding international stocks spreads your risk and gives you access to different economies, industries, and opportunities. History shows: global diversification works.

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. Using real stories, he reminds us to stay humble and grateful for the help we receive along the way.

Takeaways:
• Success takes support
• Hustle isn't enough
• Netwo...

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. Cherry also points out how individual investors differ from big institutions, especially when it comes to risk and timelines. The talk ends with a powerful reminder: mindset and education are t...

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 thousands later. If you're feeling stuck or overwhelmed, this conversation can help you take back control of your financial future.

Takeaways:
• Gen X = Highest debt
• Know ...

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 clarity. Dr. Cherry shares how to begin these discussions, what documents matter most, and why talking now can save a lot of confusion later. It’s not just about the money—it’s about meaning, v...

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 withdrawals, lower taxes on gains, and smart strategies like tax loss harvesting. They're also great for estate planning, giving your heirs a valuable step-up in cost basis. When used right, the...

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 for a secure retirement.

Takeaways:
• Plan for tax hits
• Watch RSU timing
• Limit company stock
• Max out 401(k)
• Think long-term

Want to learn more? C...

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 influence our choices, and why understanding your own goals and risk tolerance is key. Backed by real data, this conversation helps you figure out which strategy might work best for you.

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 money (windfalls) to get ahead. He also warns against common mistakes and encourages being financially ready for retirement.

Takeaways:
• 38% Gen X in debt
• Debt-free = peace...