October 2022: Diary of a CFP® Pro: News from Marguerita Cheng, October 2022
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Diary of a CFP® Pro: News from Marguerita Cheng, October 2022
October 2022: Hello, and welcome to this month's issue of my newsletter, which I hope will give you some financial food for thought as you progress through October. Please scroll down for information from the guests on my podcast/video series, Margaritas with Marguerita, as well as some of the media outlets I have been quoted in and/or had the privilege of being a columnist.
Hello, and welcome to this month’s issue of my newsletter, which I hope will give you some financial food for thought as you make your way through October.
Above, you’ll find my interview from Episode 66 podcast and video show, Margaritas with Marguerita, featuring Angela Randolph, CPA, MBA, who with me about “The Importance of Knowing Your Numbers for Entrepreneurs.” Don’t miss our conversation, and be sure to listen to our podcasts on MargueritaChengRadio.com, and watch all of our TV episodes: MargueritaCheng.tv
Please scroll down for information from the guests on my podcast/video series, Margaritas with Marguerita, as well as some of the media outlets I have been quoted in and/or had the privilege of being a columnist.
Also, check out my new book, Diary of a CFP® Pro, which will be available in 2023.
Do you have questions about planning for your financial future?
Click here to contact me today!
Oct. 24, 2022, Yahoo Finance
“The U.S. tax system is not a flat tax system. It is progressive, it’s graduated,” explains Blue Ocean Global Wealth CEO Margarita Cheng in today’s episode of Yahoo Finance.
US News & World Report: “Even Advisors Get the Blues: Managing Stress as a Financial Advisor”
Down markets can bring investors and their advisors down as well, so it’s important for advisors to manage stress effectively.
October 2022: Financial advisors may be more stressed than their clients. According to a study by the Financial Planning Association, 63% of investors experience high or moderate stress, while 71% of advisors admit to being stressed out. The amount of stress also appears to be increasing for a large chunk of the profession: 28% of financial advisors reported having more stress than they did in the prior year, and 44% said they had more stress than five years earlier. These numbers were also lower for clients.
The health effects of stress are one area that may have worsened in recent years. In the FPA study conducted just before the COVID-19 pandemic, 46% of respondents said stress negatively affects their health. Other studies have shown that up to 90% of doctor visits in the U.S. are for stress-related conditions, ranging from anxiety and depression to heart disease. The pandemic, recent inflation, and market volatility have only increased the population’s stress levels.
Click here to read the article online.
Money Without Math: “The Heartbreaking Reality of Romance Scams,” with Marguerita Cheng, CFP® Pro
Sept. 19, 2022, Karen Coyne’s “Money Without Math” podcast — “Romance or sweetheart scams occur when a criminal adopts a fake online identity to gain a victim’s affection and trust,” explains podcaster and financial advisor Karen Coyne, CFP®, in today’s podcast featuring Marguerita Cheng, CFP® Pro.
“The scammer then uses the illusion of a romantic or close relationship to manipulate and steal from the victim. These criminals appear on dating sites, but can also creep up in your social media messages, in email or other apps. Seniors tend to be the most vulnerable and those age 70 and older reported the highest median losses.”
According to data from the Federal Trade Commission (FTC), victims of romance scams lost a whopping $547 million in 2021. And because victims often feel ashamed, these loss numbers are underreported.
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.”