Diary of a CFP® Pro: Fall 2024 News from Award-Winning Financial Planner Marguerita Cheng

Can you feel it? The cool breeze of fall has arrived here in the Washington, DC metro area — marking the prefect season to consider your financial future.

This month: I am thrilled to announce that Money magazine has named me one of the nation’s best financial planners. Money surveyed more than 1,000 financial planners to arrive at the 80 best, who all earned high marks for qualifications, trust, services and customer service. Scroll down for details, and learn more here.

It’s my privilege to serve you: If you have visited my website before, you know it is filled with podcasts, videos, and articles about ways to harness your financial savvy, including:

Margaritas with Marguerita: On my podcast and video show, Margaritas with Marguerita, we’ve conducted more than 100 conversations with leaders in the finance world who are determined to help you grow your confidence and wealth for your entire lives. Click here to listen to the podcasts and find all of the video versions of the interviews on MargueritaCheng.tv.

Diary of a CFP® Pro: I can’t think of a better gift to women than to get a handle on our finances. Some may want to save more or invest more wisely. Others may need to learn to find ways to work better on money issues with their partners or make sure there’s enough money for their kids to attend college. Whatever your financial goal, click here for monthly ideas and insights in my latest book, Diary of a CFP® Pro.

In the News: Below, you’ll find my media interviews and articles I’ve penned for publications including Kiplinger, USNews, and CNBC. I hope these will give you insights into what you need to do in the coming year! Click here to read all of the media mentions, and scroll down for some of the latest entries from 2024

Awards and Honors: Last was a big year for my firm, Blue Ocean Global Wealth, as we won some top honors.

To book me to talk about lessons learned and how you can maximize your financial plan, click here to contact me today! — Rita

Marguerita in the News

Scroll down to read some of the articles I’ve been quoted in this month. These stories contain great information that you can apply to your financial plan.

Money magazine, September 19, 2024 — At the FPA Annual Conference 2024, leaders announced the launch of the 2024 Best Financial Planners list, a collaboration between FPA and Money. This list recognizes 80 exceptional financial planners who have demonstrated expertise, trustworthiness, and outstanding service. Click here to explore the list to see the honored CFP® professional members of FPA and join us in celebrating their recognition.

Professional Perspective, a series by the American College of Financial Services: In this 4-part video series, Marguerita Cheng, CFP® Pro, explains why long-term care planning is critical for families, explains the importance of building client trust, how to achieve client action through motivational interviewing, and shares the steps to harnessing the power of empathy. Click here to watch all of the videos on MargueritaCheng.tv.

US News & World Report, Aug. 19, 2024: “Women and Investing: Statistics Show Progress, Not Parity” — “Women’s Equality Day is Aug. 26, and here’s what top studies have to say about gender equity in investing,” writes Marguerita Cheng, CFP® Pro, in today’s article. “According to a 2021 survey by Fidelity Investments, 67% of women were investing outside of their retirement accounts, up from 44% in 2018. The participation rate of women in the financial markets has been on a steady increase in recent years. Increased interest in women’s investing trends has resulted in many surveys by different organizations. Here, U.S. News highlights the most recent and relevant of these surveys, pointing out major statistics and trends regarding women’s investing participation and behavior in the U.S. The results show how much progress has been made toward closing the gap between men’s and women’s investing participation and how much work remains to be done.” Click here to read the entire article!

Investopedia, Aug. 1, 2024 — “Introducing the Investopedia Advisor Council” — An editorially-selected group of independent U.S.-based financial advisors who showcase a commitment to making financial education more accessible for all, and are dedicated to empowering fellow advisors, their clients, and Investopedia readers. These founding 25 Advisor Council members applied to this program and are paid Investopedia contributors sharing their expertise by writing articles and contributing to other editorial initiatives on an as-needed basis to further our joint financial literacy missions.

Click here to learn about the founding cohort of the Investopedia Advisor Council, including Marguerita Cheng, CEO of Blue Ocean Global Wealth.

US News & World Report, June 25, 2024: “8 Free Investment Classes and Resources for Adults and Teens” — In today’s article by Marguerita Cheng, she writes, “The most important investment you can make is in yourself,” Warren Buffett, one of the greatest stock market investors of all time, once said. Becoming a successful investor is not a matter of luck; it is the result of knowledge acquired and applied over time. When asked about the secret to his success, Buffett once answered: “I just sit in my office and read all day.”

Just like stocks, investing in knowledge yields compound interest. In fact, according to Benjamin Franklin, an investment in knowledge pays the best interest.

However, the information overload that exists in the digital space may make it difficult for you to know where to start. To solve this problem we have compiled a list of eight investment classes and resources for adults and teens. Whether you are just learning about personal finance management and investing or seeking to sharpen your knowledge, you will find these resources useful. Read more.

NerdWallet June 13 2024 — “Women face different challenges, and some advantages, when it comes to managing their money over the long term,” writes Kimberly Palmer in today’s article pointing to Jessica Spangler’s newly released “Invest Like a Girl.”

“I think there’s an irony when it comes to investing for women. We have ballpoint pens for women and razors for women,” Spangler says. “You see products that are supposed to be different because they’re for women, and a lot of that is hokey-pokey garbage.”

Likewise, she adds that investing fundamentals don’t change based on gender identity. However, there are significant gender differences in investing that are important to explore: Women tend to live longer, for example, which means they need more money to support themselves post-retirement. They are also more likely to experience career breaks because of caregiving responsibilities and earn less because of the wage gap in this country, all of which can impact their investing strategy, Spangler says. “We’re often behind when it comes to saving for retirement. We have to think about investing early, investing often, and investing aggressively as much as possible,” Spangler says. “Investing is the most efficient way to become financially independent, and we’re actually great at it.”

Financial experts, including Marguerita Cheng, CFP Pro, suggest these steps for getting started including: Begin wherever you are.

“People think you need to have a lot of money to invest, but the opposite is true,” shares Marguerita. “When you invest, you build wealth.” Since investments can gain or lose value over time, you want to choose an amount that is comfortable for your budget. If you’re working with a financial professional, Cheng says it’s important that you don’t feel pressured to make decisions before you’re ready. She says she provides her clients with all of the information they need, including necessary paperwork and any government deadlines for funding retirement accounts. Then she gives her clients the space they need to process that information. “If women express hesitancy, it’s really important for advisors not to be pushy,” Cheng says. Read more!

CNBC Your Money, June 12, 2024 — In today’s article by Stephanie Dhue, she explains that almost three-quarters — 70% — of people turning 65 will need long-term care in their lifetime, according to a report by the Urban Institute and the Department of Health and Human Services. How to pay for that care is worrisome for many families.

Finding benefits to pay for care: Understanding what benefits you have or may qualify for is a critical part of planning for long-term care, financial advisors say. Figuring out where you want to receive long-term care, who will be your caregiver, and how you’ll pay for the care should all be part of the planning process, said certified financial planner Marguerita Cheng, CEO and founder of Blue Ocean Global Wealth in Gaithersburg, Maryland.

“Long-term care insurance can be helpful because it allows you to transfer some of the risks,” said Cheng, who is a member of the CNBC Financial Advisor Council. She notes that long-term care insurance typically pays for care if you have a chronic illness, have dementia or a severe cognitive decline, or can’t do at least two out of six “activities of daily living” without assistance: bathing dealing with incontinence, or simply dressing, eating, getting on or off the toilet or getting in or out of a bed or chair. Read more!

June 3, 2024, Investopedia: “What I’m Telling My Clients About Investing in AI”

From the popularity of ChatGPT, fracas involving OpenAI and Sam Altman, project investments from big companies like Microsoft and Alphabet, and ongoing concerns about the impact on jobs, artificial intelligence has become a hot topic in the global public square. Naturally, if AI is going to be the next big thing, like railroads in the 19th century and the internet in the 20th century, investors don’t want to be left behind.

I’ve received many requests from clients asking how they can invest in AI and position themselves to benefit from rising value and growing importance. Here’s what I’ve been sharing with my clients. Read more!

MoneyGeek, April 17, 2024 — After a divorce, you might need to buy life insurance or update your existing policy. This process may include changing your beneficiary or cashing out a permanent life policy to divide the cash value with your ex-spouse.

This report by Mandy Sleight, which includes insights from Marguerita Cheng, CFP® Pro, you’ll learn that when you own life insurance and get divorced, it might require court-ordered life insurance changes. For instance, you may be required to keep life insurance on an ex-spouse, continue to list them as a beneficiary or buy a policy to cover the former spouse. If you have permanent life insurance, the settlement may require you to share part of the cash value with your ex.

“If there’s no alimony or child support requirement, consider updating your beneficiary to someone other than your ex-spouse,” Marguerita says. “Regardless of the changes a divorce causes, nothing will happen automatically. You must complete all updates and changes yourself and ensure they satisfy the terms of a court-ordered divorce life insurance agreement, if applicable.” Read more.

CNBC, April 3, 2024: “Op-ed: How to navigate premium increases for long-term care insurance”

By Marguerita Cheng, CFP® Pro

KEY POINTS
  • While long-term care insurance rate increases can be expected, most people are shocked by how much rates can go up over the long term.
  • The National Association of Insurance Commissioners has reported rate spikes as high as 500%.
  • For those with limited financial means, a significant premium increase can be overwhelming and devastating, often forcing people to choose between financial security and compromising their parents’ quality of life and access to quality care. Click here to read all about it on CNBC.com.

Blue Ocean Global Wealth headquarters:

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

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!