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January 2023: Diary of a CFP® Pro: News from Marguerita Cheng, January 2023 — Happy New Year!

Listen to the podcast on Inkandescent Radio Diary of a CFP® Pro: News from Marguerita Cheng, January 2023 — Happy New Year! Margaritas with Marguerita: Friday, January 27, 2023 — When is it time to call in a coach? Jeannie Dougherty explains the biggest money mistakes individuals and couples make and how money coaching money boot camp can help. Don't miss this interview!

Hello, and Happy 2023! I am excited to usher in a new year and share this month’s issue of my newsletter with you. I hope will give you some financial food for thought as you spring into January.

Margaritas with MargueritaI also 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 and our TV episodes of the interviews on Scroll down to learn about our January guests, including this week’s podcast interview with John O’Connell, author of the important new book, “Rise of the Activist Investor.”

In the News: 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.

I’m so proud: I learned at the end of last year that I was the 2023 Comcast RISE Award recipient, given to a woman-owned business that is making a difference in her community. I couldn’t be more proud! I invite you to view the commercial, which was part of the prize: Click here to watch.

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 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

Last week on Margaritas with Marguerita: Pamela Jackson Sams, a strong voice in personal finance for women

This month on the Margaritas with Marguerita Cheng, CFP® Pro ShowAbove, 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.

Hello 2023: Here are some media mentions from January

AARP, Jan. 24, 2023Marguerita 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.

Click here to read the entire article in AARP magazine.

US News, Jan. 20, 2023An 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.

So, what can financial advisors do to help their clients get the best out of financial caregiving? Click here to read all about it!

Purse Strings, Jan. 16, 2023No 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!

Watch the video interview now!

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.”

Click here to read the entire article for more information!

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!

In case you missed it: Here are some of my media mentions from last month!

Yahoo Finance, Dec. 27, 2022 Marguerita Cheng, CFP® Pro is featured in today’s article by Yahoo Finance Senior Columnist  who writes: “As 2022 nears a wrap, a trend is emerging that’s expected to gain traction next year — actively managed investment strategies — along with a custom strategy for people who like the idea of investing in a basket of companies, but want more control of what they invest in. Assets in direct indexing are expected to climb to $825 billion by 2026, from roughly $462 billion now, according to Cerulli Associates, a global research and consulting firm, based in Boston, Mass. That tops growth forecasts for exchange-traded funds, mutual funds and separately managed accounts.”

Marguerita explains: Direct-indexing enters the mainstream. Direct indexing lets investors cherry-pick which stocks to buy in a benchmark index instead of owning a fund that tracks a specific gauge like the S&P 500. A hands-on approach allows for you to adjust for changing market conditions in a turn-on-the-dime manner, something that is not in the cards for investors in passively managed retirement portfolios that mimic the ups and downs of whichever index is being tracked. Click here to read more.

AARP, Dec. 19, 2022 Marguerita Cheng, CFP® Pro, is featured in today’s article by Bruce Horovitz who writes, “With 2023 just days away, could there be a more confusing time for investors? On one hand, the discussion is all about the upcoming recession — but is there actually going to be one? On the other hand, the discussion is also about the inflation monster, which has seriously impacted all of our wallets. But are there signs that the monster is finally getting tamed, or is that just an illusion?”

Marguerita says: Create a business owner retirement plan. “More than 54 percent of America’s small business owners are age 50 and over, according to the Service Corps of Retired Executives. Those who are self-employed can still have access to a retirement plan although many don’t realize it. The benefit to them is additional savings for retirement and tax savings either today or in the future. For those who have employees, the options include Simple IRA, SEP IRA or 401(k).” Click here to read the entire article.

Bloomberg: “Investing Lessons From 2022 to Boost Your Portfolio Next Year”

Dec. 19, 2022 Marguerita Cheng, CFP® Pro, is featured in today’s article by  and  who asked advisers and analysts to look back on their best and worst calls of the year — and offer ideas on ways retail investors should position themselves heading for 2023.

“To say the past year has been a disappointment for retail investors would be an understatement,” the reporters write. “Many were drawn into the markets by the pandemic-era exuberance that fueled by low interest rates: Stocks surged, crypto boomed and markets popped. And then 2022 landed with a thud.”

Not only that, but “consumers also struggled with the Russia’s war in Ukraine, persistent inflation, rising interest rates and fears of a recession shifted the landscape, with the S&P down nearly 20% and the Nasdaq slumping more than 30% as the year comes to a close. Bitcoin has been even worse, plunging more than 60%.”

The questions to Marguerita: What did you get wrong this year? What did you get right? How are you telling clients to position themselves for 2023? Click here to read the entire article in Bloomberg

Time: “A Recession Is Widely Expected. Here’s How to Prepare”

Dec. 10, 2022 — Marguerita Cheng, CFP® Pro is featured in today’s article by ANNA-LOUISE JACKSON who writes: “Speculation about a potential recession has plagued much of 2022, and is now seen as all but inevitable in 2023. Asset management giant BlackRock recently wrote in its 2023 Global Outlook report that a recession is ‘foretold,’ while in December, JPMorgan Chase CEO Jamie Dimon reiterated a prediction that a recession is coming in 2023. A survey published by business-focused think tank The Conference Board in October found that 98% of CEOs were preparing for a U.S. recession in the next 12 to 18 months.”

Marguerita Cheng suggests: Prioritize paying off high-interest debt. Update your résumé. Get creative about saving. Click here to read the entire article in Time

Chief magazine features Marguerita Cheng: “Can Women Leaders’ Perceived ‘Flaws’ Be Their Secret Weapons During a Crisis?” 

December 6, 2022 — When Marguerita Cheng first started out in finance years ago, her superiors gave her some very direct advice. “I had leaders tell me I’m not cut out for this, I spend too much time building relationships and asking too many questions. I had people say that I wasn’t aggressive enough, that I didn’t have a backbone, that I needed to focus on sales,” recalls Cheng, Founder and CEO at Blue Ocean Global Wealth.

As a financial advisor in a competitive eat-what-you-kill industry, Cheng knew the score. She also knew her own strengths, and so she faced a conformity double-bind familiar to many women in corporate America, and in particular to women of color like Cheng. Refuse to adapt to a male-dominated corporate culture, and your differences may be a liability that costs you a promotion. Drop the focus on collaboration, adopt a more competitive, assertive, and stereotypically masculine approach, and risk being perceived as too “aggressive” or inauthentic. Despite the pushback, Cheng had confidence in her leadership potential. She also knew her power. Click here to read more!

CNBC: “‘A lot of people are going to see less money in their pocket.’ Here are must-know tax changes for 2022”

December 2, 2022 In today’s article by Kate Dore, CFP®, we learn, “After another year of tax law changes, there are significant updates for the 2022 season, with the possibility of a smaller refund or bigger bill for many taxpayers, experts say. With many Americans facing reduced tax breaks, it’s important to be proactive with year-end planning before the calendar winds down.”

Here are some of the biggest changes taxpayers need to know, according to financial experts including Marguerita Cheng, CFP® Pro, who says: “You won’t get a charitable tax break in 2022 if you don’t itemize deductions on your return.” Here’s why: Congress gave charities a boost in 2021 by allowing single donors to claim a deduction for up to $300 for cash donations or $600 for married couples filing together, regardless of whether you itemize, said Cheng, who also is part of CNBC’s Financial Advisor Council. Click here to read more.