Rita Cheng, CRPC®, CFP®
Rita Cheng, CRPC®, CFP® is a Certified Financial Planner TM based in Bethesda, MD.*
She works with individuals and families to help them identify, clarify, and quantify their life financial goals and objectives. Through her personalized approach, she educates and empowers her clients to plan for their financial future.
She proudly serves as a CFP Board Ambassador to help raise awareness in the public, policymakers, and media about the benefits of competent, ethical financial planning.
For more information, visit www.ameripriseadvisors.com.
Executive Summary by:
Rita Cheng, CRPC®, CFP® Financial Advisor and Certified Financial Planner™ practitioner Ameriprise Platinum Financial Services
Stuart H. Armstrong II, CFP®, ChFC®, CLU®, CLTC, ADPASM Centinel Financial Group, LLC
Joshua T. Hatfield Charles, CFP®, ChFC®, CLU®, CEP®, CLTC, ADPASM
SPC Financial, Inc.
According to a study from the U.S. Census Bureau, more than 7.5 million unwed couples are living together without officially tying the knot. The number of unmarried couples has increased significantly, and each of these groups has unique financial planning concerns.
Because the Financial Planning Association (FPA) seeks to raise awareness and promote an environment that embraces diverse communities of consumers and professionals, members have created the FPA Diversity Initiative. Its mission to exemplify the reality that diversity and inclusion is a defining feature of the future of our profession, one that strives to create opportunities for all to thrive and prosper.
What did the survey find? Click inside to learn more.
“Although many people know that saving for their financial future is important, many don’t know what steps to take to accomplish their goals,” Cheng says.
Click inside for a primer that fianncial planner Rita Cheng uses to help her clients understand the playing field of financial planning.
“My hope is that it will make taking the first steps in the planning process easier for you, too.”
“Even if you already have a 529 plan, you may want to consider establishing a Coverdell Education Savings Account,” says financial planner Rita Cheng.
Why? Because it is one of the best-kept secrets and often overlooked when establishing a college savings plan.
“Investors have more flexibility and control of the investments—they can select any qualifying investment, including certificates of deposit, mutual funds, and tech stocks.”
“Discussing financial matters can be stressful for couples, because it pulls up a lot of emotional baggage and fear, and may shine a light on fundamental differences that the couple isn’t aware of,” says financial planner Rita Cheng.
Hard as this conversation is, the key is to a happy marriage is to address money issues long before a conflict, or financial crisis, emerges.
Click inside for three things you should know the money habits of your partner—before you marry.
“My father emigrated from Taiwan in the 1960s with only $17 to his name and the clothes on his back. Even though he was poor in the material and financial sense, he never considered himself poor,” explains financial planner Rita Cheng.
“His mantra was that financial wealth alone did not represent one’s ‘true wealth,’” she adds. “He stressed the fact that he was rich in spirit and blessed with his education.”
As a result, the most valuable financial advice that Cheng’s dad instilled was not to define herself by what she has—but by her professional accomplishments and education. “He insisted that while money did not buy happiness, it did provide peace of mind, freedom, and flexibility.”
What did your parents teach you?