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Diary of a CFP® Pro: News from Marguerita Cheng, November 2022

Listen to the podcast on Inkandescent Radio Diary of a CFP® Pro: News from Marguerita Cheng, November 2022 November 2022: Hello, and welcome to this month’s issue of my newsletter, which I hope will give you some financial food for thought as you make your way through November. I am excited to share this month's podcast interviews, media mentions, and other information to help you flex your financial muscles. Click here to read all about it!

Hello, and welcome to this month’s issue of my newsletter, which I hope will give you some financial food for thought as you make your way through November.

Above, you’ll find my interview from Episode 67 of my podcast and video show, Margaritas with Marguerita, featuring Amy Wirtz, an expert in Exit Planning. Don’t miss our conversation, and be sure to listen to our podcasts on, and watch all of our TV episodes:

Please scroll down for information on some of the articles I am quoted in and have written to national media outlets.

Also, check out my new book, Diary of a CFP® Pro, which will be available in 2023.

Do you have questions about planning for your financial future?

Click here to contact me today!

This month on the Margaritas with Marguerita Cheng, CFP® Pro ShowAbove, you’ll find our most recent interview on my podcast and video series that shines a light on experts from around the world who are helping us flex our financial muscles.

  • This week we interviewed Lina AbiRafeh, a global women’s rights expert, author, and speaker who creates innovative solutions to global women’s rights challenges.
  • Last week, our spotlight was on Exit Planning expert Amy Wirtz (pictured right).
  • Click here to listen to all of our podcast interviews:
  • And click here to watch our video interviews on

Stay tuned for more episodes in the coming week!

Kiplinger: “Before Living Together, Couples Should Get on the Same Page Financially”

Knowing where each partner stands in financial discussions will go a long way toward keeping the peace in the relationship, even when it comes to issues like long-term care insurance.

November 20, 2022, Kiplinger While money discussions might not be as important when two people are only dating, once they decide to take the next step, financial discussions before living together – as married or unmarried partners – must begin to take center stage.

Yes, some issues are more important to partners than money. But the recent experience of one of my clients has once again reminded me why potential partners should talk about money before moving in with each other. While Susan has robust insurance coverage that will protect her and provide care in the event of a long-term care event, Mike has an aversion to insurance and planning for the unexpected.

Such differences in opinions and attitudes become more significant when the responsible partner must bear the burden of the irresponsibility or indifference of the other party. Who pays when the partner indifferent to long-term care ends up needing it? Such situations can strain whatever love and affection started the relationship in the first place.

My client’s situation is often the experience of those in their second marriages or cohabiting with another partner after leaving their marriage. However, this situation is not unique to new partners, as married couples can also have conflicting attitudes toward financial planning.

What can financial advisers do to help potential partners or people who are already living together avoid, or resolve, these difficult situations? Click here to read more!

Marguerita Cheng, CFP® Pro, is elected to the Certified Financial Planner Board of Directors

November 15, 2022, CFP® Board – The Certified Financial Planner Board of Standards, Inc. (CFP Board) today announced that its Board of Directors elected three new members: Marguerita (Rita) Cheng, CFP®, Richard Shaw, CFP® and Steve Wallman. The Board of Directors is the policymaking and oversight body of the CFP Board and acts on behalf of the public, CFP® professionals, and other stakeholders.

“We are excited to have these three talented and accomplished individuals join the Board of Directors,” said CFP Board chair-elect Dan Moisand, CFP®. “Rita, Richard, and Steve bring diverse perspectives and insights to the Board. I look forward to working with them to benefit the public and uphold CFP® certification as the recognized standard of excellence for competent and ethical financial planning.”

Click here to read more!

The Big Reveal Show: Today’s Spotlight is on Marguerita Cheng, CFP® Pro

November 11, 2022 — On today’s episode of the Big Reveal, host Suzanne Siracuse interviews Marguerita Cheng, CFP® Pro, who offers advice on building her practice from scratch to becoming referrable to the importance of empathy, ethics, and risk.

Suzanne explains: “In this episode, the CEO of Blue Ocean Global Wealth shares how she used her life experience to jumpstart her career as a planner, the keys to making yourself referrable, and the undeniable power of empathy. She also shares practice management tips, why she teaches ethics, and her methods for communicating with clients during uncertain times.”

Plus: Rita’s Big Reveal is certain to leave an impact! Click here to watch!

Rethinking 65: “When One Partner Plans for LTC — and the Other Doesn’t”

Devastating, unforeseen financial and emotional strains can result. All the more reason advisors should raise these issues with clients.

By Marguerita Cheng, CFP® Pro

November 5, 2022: As a CFP® professional, your clients typically come to you because they want to plan for their futures. But what happens if one partner wants to plan and the other doesn’t? What if a couple has different financial situations and needs long-term care? Who will take care of them? These are challenging scenarios to navigate, but here are a few guideposts to help you on the way.

Paying for the partner who didn’t plan: What happens if the partner who didn’t plan for long-term care winds up needing it? The partner who planned ends up burdened with the financial and physical needs of the partner who didn’t. This is a recipe for a relationship breakdown, among other things. A married couple may need to spend down assets to qualify for Medicaid. Similarly, an unmarried, cohabitating couple may need to spend down one partner’s assets. In each case, what may conserve assets and solve some of these issues is if the healthy partner is willing to take on some of the caretaking cost and labor. On the other hand, the physical and financial strain could lead to the relationship ending. Spouses and partners should address who will take responsibility for the “what if” scenarios when either needs long-term care. They might need legal documents like trusts, wills, or prenuptial agreements to proactively address these scenarios.

Click here to read the entire article.

Financial Advisor: “Powerball Math: Winner Faces Inflation Dilemma On $1.5 Billion Payout”

 who writes, “The Powerball jackpot swelled to an estimated $1.5 billion after no winner was declared in Wednesday’s drawing, nearing a record payout. As Americans flock to buy tickets for the next drawing on Saturday, it’s a good idea to think about how you would manage that much cash in the extremely unlikely chance — about one in 292 million — that you win. It’s no small task, and inflation, interest rate hikes, and a looming recession make it that much harder.”

explains that the lucky winner will have to choose between 30 annual payments that grow 5% each year and average $31.54 million after federal taxes or an immediate cash payout of $745.9 million, which would drop to roughly $470 million after federal taxes. There’s an argument for each strategy.

Marguerita, chief executive officer of Blue Ocean Global Wealth in Maryland, says: “The exact composition of that portfolio is really a function of the person’s risk tolerance and their time horizon. A lottery windfall is a great opportunity for impact investing as well as charitable or philanthropic giving.”

Click here to read the entire article, which was provided by Bloomberg News.

Blue Ocean Global Wealth headquarters:

9841 Washingtonian Blvd., #200
Gaithersburg, MD 20878
301.502.5306 / 888.731.3117 (fax)

About Marguerita M. Cheng:

Rita is the founder and Chief Executive Officer of Blue Ocean Global Wealth.  She has also been a spokesperson for the AARP Financial Freedom Campaign and a regular columnist for Investopedia & Kiplinger. Previously, she was a Financial Advisor at Ameriprise Financial and an analyst and editor at Towa Securities in Tokyo, Japan.

Her certifications include: CFP® professional, Chartered Retirement Planning CounselorSM, Retirement Income Certified Professional® and a Certified Divorce Financial Analyst. As a Certified Financial Planner Board of Standards (CFP Board) Ambassador, Marguerita helps educate the public, policy makers, and media about the benefits of competent, ethical financial planning. She serves as a Women’s Initiative (WIN) Advocate and subject matter expert for CFP Board, contributing to the development of examination questions for the CFP® Certification Examination.

Rita volunteers for several organizations including: CFP Board Disciplinary and Ethics Commission (DEC) hearings, she has also served on the Financial Planning Association (FPA) National Board of Directors from 2013-2015 and is a past president of the Financial Planning Association of the National Capital Area (FPA NCA).

Her awards include: Ameriprise Financial Presidential Award for Quality of Advice and the prestigious Japanese Monbukagakusho Scholarship. In 2017, she was named the #3 Most Influential Financial Advisor in the Investopedia Top 100, a Woman to Watch by InvestmentNews, and a Top 100 Minority Business Enterprise (MBE®) by the Capital Region Minority Supplier Development Council (CRMSDC).

Click here to learn more about Blue Ocean Global Wealth and email Marguerita today!