Preston D. Cherry, Ph.D., CFP®
Founder & President
Session Title: Spend Shame to Spend Success: A Modern Life Stage Dialog
Description:
The money psychology of spending can tremendously affect our financial and life well-being. Harmful emotional and behavioral practices such as impulse, frivolous, and unaccounted-for spending can derail and delay life aspirations and financial goals. These increased levels of uncertainty increase the "fear narrative" around spending. The "YOLO" (you only live once) approach to spending is a pendulum swing from the restrictive "savings-plan narrative" and thus the adoption of the "spending-plan narrative." Another narrative is the "badge-of-honor" narrative, such as the potentially increased future life and financial well-being from the trade-off of near-zero utility from tangible good consumption. We discuss how to modify the YOLO narrative, reduce the fear narrative, reframe the saving narrative, and stop the spend shaming derived from the badge of honor narrative to form a relatable life-stage-centric spending plan.
About Dr. Cherry:
Dr. Preston D. Cherry, AFC®, CFT-I™, CFP®
Dr. Cherry is the Founder & President of Concurrent Financial Planning, Head of the Financial Planning Program, and Director of the Charles Schwab Center for Personal Financial Planning at the UW – Green Bay. Preston empowers individuals to share stories that inform their financial resources and life’s design to achieve financial wellness and freedom that cultivates life wholeness. Preston has over 15 years of financial services and academic experience, including financial planning and investment management, published research in top journals, such as Personality and Individual Differences and Journal of Personal Finance, and extensive leadership in the planning profession. His current research surrounds personality traits and financial uncertainty risks and he specializes in financial psychology. Preston has been cited by the New York Times, Forbes, the Wall Street Journal, CNBC, and Yahoo Finance. He is an Investopedia 100 Top Financial Advisor, 2022 ThinkAdvisor LUMINARY Finalist, WealthManagement.com Ten to Watch in 2023, 2022- Past President of the Financial Therapy Association, practitioner editor of the award-winning Journal of Financial Planning, and Board Member of the FinServ Foundation. Preston is currently engaged, a cool Uncle who writes poetry, and has a vinyl record collection.