Diary of a CFP® Pro: Winter 2024 News from Marguerita Cheng, CFP® Pro

Winter 2024: Celebrate Financial Literacy this year — Hello friends! From the bottom of my heart, I wish you a very happy holiday season and a magnificent new year. I hope you find useful information on my website, which is filled with podcasts, videos, and articles about ways to harness your financial savvy, including:

Margaritas with Marguerita: My podcast and video show, Margaritas with Marguerita, we’ve had 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.

In the News: You can read articles I am quoted in and have written to national media outlets, which are packed with information that I hope 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.

Diary of a CFP® Pro: As we embark on a new year, 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.

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! — Happy 2024, Rita

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.

January 2024: Financial Planning Association — “It is remarkable to be named the Financial Planner of the Year by the Financial Planning Association,” says Marguerita Cheng, CFP® Pro, who was notified about the honor by Sam Boyd, CFP®, 2024 President of FPA NCA.

“Our Outstanding Membership Awards have been presented to our Outstanding Chapter members since 2001,” Sam explains. “The criteria for the Leadership Awards were developed in 2003 and refined by subsequent committees. For 20 years, these Awards have been presented to the individuals who have been nominated by the members and selected by the Award Committee. In 2020, we added a new Award called the Emerging Leaders Award to recognize new planners for their valuable contributions to our chapter and in 2022 we added a new Award called the Peggy Nelson Service Award.”

Click here to learn more about the organization: financialplanningassociation.org

Investment News, December 12, 2023 — Good planning means clients can live their own stories, explains Marguerita Cheng who says her father taught her a valuable financial lessons – that planning is a way of showing love for others.

“I believe that financial planning transforms lives,” says Marguerita Cheng, CEO of Blue Ocean Global Wealth, as she reflects on a moment seared into her memory. At the tender age of 10, as the oldest of three girls, she was taught an invaluable lesson by her father amid family trauma. Her aunt died with no life insurance, and her uncle subsequently asked Cheng’s dad for a loan to pay for the funeral. “My dad wasn’t a jerk,” Cheng says. “He said, ‘No; I’ll pay for the funeral because you shouldn’t have to mourn the loss of the mother of your four kids and experience financial distress.’” Click here to read the entire article.

Kiplinger, November 25, 2023 — Marguerita Cheng explains: “These strategies can help you spread the love even more to charities you trust while also taking advantage of different kinds of tax benefits.” Millions of people give to charity to support various causes that have had a positive effect on their lives, their loved ones and their communities. According to the National Philanthropic Trust, Americans donated $499.33 billion in 2022.

Individuals formed the largest source of charitable giving, which amounted to $319.04 billion, representing 64% of the overall donations. Other donations included foundation giving, corporate and giving by bequest. Most of the charitable dollars went to religion, followed by education and human services, then grantmaking foundations, while the health sector took the least allocation. Click here to read the entire article.

USNews, November 9, 2023 — Some trusts are better than others for avoiding probate, minimizing taxes or keeping the peace, writes Marguerita Cheng in today’s feature article.

Estate planning is an integral part of financial planning for high-net-worth clients, and a critical component involves the use of trusts. The decision whether to choose a revocable or irrevocable trust for the protection of assets can have lasting implications and profoundly impact a legacy, so it’s not something to be taken lightly. “Trusts can be a powerful vehicle to accomplish a client’s goals, but (they) do come with some risks and drawbacks,” says former estate planning attorney Steven Schoenberger, a certified financial planner (CFP) professional and founder of Open Door Financial in Minneapolis, Minnesota.

This guide outlines the nuances of revocable and irrevocable trusts to help you sharpen your insights and know when you are receiving precise and appropriate guidance from a financial advisor. Click here to read the entire article.

Investement News, November 9, 2023 — Insurance can be expensive, and clients should be aware of all options and how to use coverage when the time comes, explains Marguerita Cheng in today’s article by Emile Hallez.

The problem isn’t just that they don’t want to think about it — it’s that more than half of people don’t think about it at all, even while conceding the topic’s importance. And while nearly half of people say they have plans to pay for long-term care through insurance policies, less than a quarter of them actually have such coverage, according to data this week from Transamerica’s Extended Care Report.

It can be hard enough for people to think about retirement on its own — but throw in the concepts of mortality and dependent care, and it’s a topic that they will actively put out of mind. Add in the cost of care or even long-term care insurance, and the subject becomes both scary and expensive. Financial advisors say they tend to broach the subject with clients as early as their 40s, a time when some already have experience caring for parents.

Advisor Marguerita Cheng’s dad was diagnosed with Parkinson’s disease before she gave birth to her third child, and the topic of long-term care is important and personal to her.

She asks clients where they would like to be cared for, by whom and how to pay for it, which allows the subject to be addressed with sensitivity, Cheng, CEO of Blue Ocean Global Wealth, said in an email. “I think before rushing into recommending a product solution,” she said. “I encourage clients to think about creating a plan for long-term care.” Click here to read the entire article.

USA Today, September 10, 2023 — “If it seems as if nearly everyone has gone on vacation this summer, you’re right,” writes Eve Chen in today’s article featuring Marguerita Cheng, CFP® Pro. “The average American household is expected to spend $2,830 on summer vacation this year – nearly 40% more than in 2019, according to an Ipsos poll for Allianz Partners USA. And 1 in 5 Americans expect to increase leisure travel spending over the next three months, according to a survey from U.S. Travel Association and Ipsos.”

“I’m actually leaving for Australia tomorrow,” Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth, told USA TODAY. “I don’t hold myself as a travel expert, but I do love travel. And I love helping people realize their goals to be able to enjoy travel.” Of course, she budgeted for her trip way in advance, but not everyone prepares for big expenses. “When people do a lot of holiday shopping, and they charge it and they get the bill, they have what I call holiday hangover,” she said. “They’re still paying that in July.”

There’s no need to go into debt for a vacation. Here’s how to budget for any trip. Click here to read the entire article.