Welcome! I am excited to share the love all month in this issue of my newsletter. I hope will give you some financial food for thought as we honor all those we care about.
Margaritas with Marguerita: I invite you to listen and watch the most recent interview from my weekly podcast and video show, Margaritas with Marguerita! You’ll find our conversation on MargueritaChengRadio.com and our TV episodes of the interviews on MargueritaCheng.tv. Scroll down to learn about our upcoming guests.
In the News: Also scroll down to read some of the articles I am quoted in and have written to national media outlets this month, which are packed with information that I hope will help you understand more about your financial future.
Hot off the presses: My newest book, “Diary of a CFP® Pro” is available! I’m thrilled to share my newest book, Diary of a CFP® Pro. Get a preview of the 12 chapters at DiaryofaCFPPro.com. And to order your book copy, send my team an email!
To book me to talk about lessons learned and how you can maximize your financial plan, click here to contact me today! — Cheers to you, Rita
This month on the Margaritas with Marguerita Cheng, CFP® Pro Show — Above, you’ll find the most recent interview in my podcast and video series that shines a light on experts from around the world who are helping us flex our financial muscles.
- In this week’s podcast: Meet Shannon Baker, podcaster and business strategist. Please check out our podcast and video interview above!
- Coming next:
- Feb. 10: Tandy Pryor, Personal Empowerment Coach (pictured right),
- Feb. 17: Claudia Porter, CFP®, Personal Economic Advisor Financial Reserve
- Feb. 24: Tony Steuer, insurance expert and author who is a champion for financial wellness and financial inclusion
- March 3: Fiona Simon, entrepreneur and author of “Gambling on Granola”
- If you missed it — in January we introduced you to:
- Jeannie Dougherty, money expert, and mental fitness strategist
- Pamela Jackson Sams, a strong voice in personal finance for women
- Carol Cho, CLU®, ChFC®, who is obsessed with helping her clients unravel and demystify financial planning through education
- John O’Connell, author of “Rise of the Activist Investor.” In our interview, you’ll discover how Millennials are making, saving, and investing their money — and what other gens need to be aware of regarding the future of investing! Learn all about it in the video and podcast above.
- Click here to check out all of the podcasts from 2022.
- Listen to all of our podcast interviews: MargueritaChengRadio.com.
- Watch our video interviews on MargueritaCheng.tv.
Marguerita in the News: Scroll down to read some of the articles I’ve been quoted in this month. I think there’s some great information in these stories that you can apply to your financial plan.
Kiplinger, Feb. 4, 2023 — In this month’s column for Kiplinger, Marguerita Cheng, CFP® Pro, explains: “Being intelligent like a rabbit by making smart choices about spending and saving, paying attention to details and exercising patience in investing can help increase financial security.”
Here’s why: The year 2023 has started on a strong and positive note after the turbulence of 2022. According to a Forbes Advisor survey(opens in new tab), 43% of Americans are optimistic their finances will improve this year as we look to increase our financial security and prosperity. Let’s explore some personal finance tips based on the Year of the Rabbit.
What is the Year of the Rabbit? The Chinese celebrate their new year on different dates. The Chinese calendar is based on solar and lunar cycles. The lunar calendar describes the 12-year repeating cycles of the Chinese zodiac and is named after an animal every year. On Jan. 22, the Lunar New Year began in earnest. It is also called the Year of the Water Rabbit.
Most animals in the Vietnamese zodiac are the same as those in the Chinese zodiac. However, this year has unique differences(opens in new tab) since the Vietnamese will celebrate the Year of the Cat. In contrast, other Asian countries, such as China, Taiwan, Singapore, Indonesia, and Korea, will celebrate the Year of the Rabbit. Tibetan and Mongolian cultures also celebrate the Lunar New Year one month later, in February.
Some of the unique characteristics of the cat include speed and acuity. Cats are fast and sharp with every detail since they will see things you may not readily notice. They move with speed and are intelligent and honest. They have a fast thought process that allows them to quickly perform a lot of work. Click here to read the entire article!
Fortune, Feb. 3, 2023 — Marguerita Cheng, CFP® Pro, is featured in today’s article by Lucy Brewster, who explains that the power of compound interest can help you make huge gains in the market when saving for retirement.
“For young people, saving for retirement may be low on your list priorities—somewhere between cleaning the bathroom and going to the DMV. Yet according to financial advisors, investing early in retirement accounts is your best bet to becoming a millionaire,” Lucy explains, noting that for investors who have some extra cash or don’t have an employer match, opening up a Roth IRA can take your retirement savings to the next level.
Marguerita says: “If you have dollars left over and you qualify, it can be helpful to have both a Roth IRA and a 401(k) pre tax account. When I’m working with individuals and families, I want them to get some tax savings today, but I also like them to have some tax savings in the future so the benefit of having both is they get some tax diversification.” Click here to read more!
AARP, Jan. 24, 2023 — Marguerita Cheng CFP® Pro is featured in today’s issue of AARP magazine as reporter Bruce Horovitz offers practical ways to approach sharing parents’ long-term care expenses.
Here is how Marguerita advises siblings on how to best walk this often prickly financial walk:
- Acknowledge the challenge. A critical first step is acknowledging and validating how difficult long-term care is for all involved. Not only is it difficult for the parent, but it’s also difficult for siblings trying to support long-term care emotionally and financially.
- Accept that some siblings may refuse to help. If a sibling doesn’t want to participate financially in any way, offer them a list of other ways to help, such as running errands. If they still refuse, don’t waste more of your time or energy fighting with them.
- Consider hiring a mediator. If paying the costs of long-term care for a parent gets contentious among the siblings, consider hiring an elder care attorney or elder care social worker to mediate.
- Remember the loved one. In the end, what’s most important are the wishes of the parent who needs long-term care. It’s about them being safe and comfortable.
US News, Jan. 20, 2023 — An article by Marguerita Cheng, a contributor to US News, is featured in today’s issue that offers tips on how advisors can aid in vetting financial caregivers and help clients avoid financial elder abuse. Click here to check out her writing in this prominent national publication.
A Place for Mom, a caregiving resource website, recently reported that 17% of the U.S. adult population provides unpaid care to an adult over the age of 50. It’s clear that caregiving is a very important part of the U.S. social fabric. Since financial caregiving is a large part of caregiving, financial advisors must ensure that their clients are getting the best value from it.
This is especially important given that up to 5 million Americans suffer from financial elder abuse each year, according to the National Council on Aging, and family members or financial caregivers are often the ones responsible for elder abuse.
Purse Strings, Jan. 16, 2023 — No matter if you are just starting your retirement fund or working on bulking up your savings, Marguerita Cheng from Blue Ocean Global Wealth will give the tips you need to save for a fearless financial future!
CNBC, Jan. 11, 2023 — Marguerita Cheng, CFP® Pro, is featured in today’s CNBC article by Mike Winters, who writes, “With January comes a new tax year for most people. But it’s not too late to max out your retirement savings accounts for 2022 if you haven’t already. While the Dec. 31, 2022 deadline for 401(k) contributions has passed, you can still put money into either traditional or Roth individual retirement accounts (IRAs) up until the tax deadline of April 18, 2023.”
Mike adds: Contributions can also be made to employee-based plans, including simplified employee pension plan (SEP) IRAs and savings incentive match plan for employees (SIMPLE) IRAs. You have up until the due date of your business’s income tax return for the year, including extensions. For most businesses, that will be April 18, but it’s a good idea to check with your employer.
Marguerita shares this tip: “If you are making 2022 IRA contributions after Jan. 1, 2023, specify that it’s for 2022 with your IRA custodian. This will avoid possible confusion or human error.”
41 Top Influencers for Financial Advisors in 2023 — “What an honor it is to be on this list,” exclaims Marguerita Cheng, CFP® Pro, who is #10 of 41 top influencers, according to the Indigo Marketing Agency.
The decision-makers at Indigo explain:
“As a financial advisor, your job requires you to stay on top of leading industry information, the evolving ways to connect with clients, and new strategies for managing money. With so much going on, it can be challenging to keep track of everything. That’s why we’ve identified the top 41 financial influencers we believe will greatly impact the industry in 2023.”
#10: Marguerita Cheng — As a CFP® professional and CFP® Board Ambassador, Marguerita helps educate the public, policymakers, and media about the benefits of competent, ethical financial planning. Click here to check out the entire list!
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).