Marguerita Cheng: From Multiracial Upbringing to Successful Financial Planner

The Urban Income Show

Marguerita "Rita" Cheng, CEO at Blue Ocean Global Wealth, shares her journey to becoming a certified financial planner and the importance of empathy and communication in building relationships with diverse clients. A personal finance expert highlights the benefits of starting early, automation, and investing for retirement. Cheng also discusses the importance of advocating for oneself in the workplace and seeking advice from allies.

Marguerita Cheng, the Chief Executive Officer of Blue Ocean Global Wealth, is a prominent figure in the financial industry. Leading with expertise and passion, she spearheads comprehensive financial planning and wealth management solutions. Additionally, Marguerita is actively involved in promoting girl empowerment as a key contributor to Girls on the Run International. Here are a few of the topics we’ll discuss on this episode of The Urban Income Show:

• Blue Ocean Global Wealth's strategy focuses on providing financial advice and wealth building opportunities to clients of all portfolio sizes, not just those with large sums of money.
• Build cash reserves and pay down variable debt to recession proof finances
• Start investing with small amounts, either through a retirement plan or a dollar cost averaging arrangement
• A Roth IRA offers tax-free benefits in the future
• Advocating for oneself is important in achieving financial goals
• Women may be wired differently when it comes to advocating for themselves in the workplace
• Seeking advice from male allies can help overcome apprehension about asking for raises or other opportunities

Resources:

• Blue Ocean Global Wealth
• Urban Income
• Growth Skills

Connecting with Marguerita Cheng:

• LinkedIn

Connecting with Lavall Chichester:

• LinkedIn
• Twitter

Quotables:

• 05:14 - “Dad felt that it was important that it wasn't just for boys, it wasn't for girls, it wasn't for men, it wasn't for women. It is for everyone. Everyone needs to know about money. Dad felt that money doesn't necessarily buy happiness, but managing your money well is very important because money can bring opportunities.”
• 07:23 - “People do business with those they like and trust, and people feel safe when you get them, when you understand them, when you take the time to understand their story and where they're coming from.”
• 25:55 - “And when you, when you think about why do you think that some people don't take control of their finances, right? I think it's taught, you know, a lot of us are taught about finances and that primes them. But, and I said I think some people have fear about, oh it's like I'm already in a trap, like I can't get out of it. Why else?”
• 32:03 - “When I was starting out too, I realized that if the money does not come into your, your check, and it just goes automatically into savings, like you said, you don't have to think about it. And two, you, you're, you are, you get trained on living within the lower amount, right? So if you take 50, 50 bucks out of your paycheck, let's say every month, you get used to living without that 50 bucks, right?”
• 30:56

Lavall: “Why can you explain the benefits for the audience of a Roth IRA, what it is and, and why it's beneficial?

Marguerita: Sure. So a Roth IRA can be very helpful. Now each year the IRS does raise the income guidelines as well as the maximum amount you can contribute. But the benefit to the Roth IRA is while you do not receive any tax savings today, the money can go tax-free in the future. So that's beneficial. Anybody, it's never too late.”