Fortune: “The average net worth of Americans at every age, and 5 ways to boost yours”
Sept. 28, 2022, Fortune — Marguerita Cheng, CFP® Pro, is featured in today’s article by Ivana Pino, who explains, “While it might feel like your paycheck allows you to make the occasional splurge, there’s more to your financial life than the present moment. It’s important to check in on your finances so that you can adjust your spending, saving, and investing habits to make sure you’re on track for a more stable future. One way to better understand your financial health: Learn about your net worth and what you can do now to help it grow.”
How can you build your net worth?
Marguerita suggests: Build your emergency savings
“Saving for life’s curveballs can help you avoid taking out a loan or putting the charge on a credit card when you’re unable to pay for an unexpected expense,” says Marguerita Cheng, CFP professional and CEO at Blue Ocean Global Wealth. “Depending on how much you need to borrow and what interest rate you qualify for, you can end up paying more through interest or fees. It’s important to take steps to protect, grow, manage, and transfer wealth,” “Too much debt or a poor credit score can affect the cost you pay to service your debt. These can hurt your net worth because it costs you more to borrow money. That extra money can be used to buy or invest in assets that can appreciate over time, increasing your net worth.”