Marguerita Cheng, CFP, the founder and CEO of Blue Ocean Global Wealth, is a highly regarded Certified Financial Planner and personal finance expert. Recently, she shared her insights on “The Exit” podcast, which caters to entrepreneurs. Cheng provided valuable advice for business owners, but her insights are applicable to anyone looking to enhance their wealth and overall quality of life.
Prioritize Work-Life Balance
Cheng often refers to a poignant mantra: “Many individuals trade their health for wealth, only to later spend their wealth trying to recover their health.” While she doesn’t claim it as her own, Cheng strongly embraces this philosophy in her life. While the urge to work tirelessly for financial gain is strong—especially in youth—maintaining a balanced life is essential to prevent burnout and enhance overall well-being.
According to LendingClub, mental burnout can lead to financial mismanagement, causing impulsive spending or neglecting important financial commitments. Therefore, indulging in self-care and ensuring a healthy work-life balance can ultimately lead to better financial decisions and improve one’s health.
Seek Financial Guidance
Navigating your financial journey doesn’t have to be a solo endeavor. Cheng emphasizes the importance of seeking expert advice. “You have expertise in your field, but there are many knowledgeable individuals who can assist you,” she noted. This is particularly relevant for women, who may feel pressured to have all the answers and fear that asking for help equates to a weakness.
Consulting a financial advisor can be a wise choice to help achieve monetary goals. As per Fidelity, these professionals can assist in crafting tailored investment strategies, identifying wealth-preserving opportunities, and more. Instead of overwhelming yourself with the complexities of investing, leverage the expertise of others. Ensure that any costs associated with seeking guidance are outweighed by the value gained.
Embrace the Option to Pivot
Cheng encourages flexibility, stating, “While perseverance is essential, there are moments when it’s perfectly fine to pivot or even quit.” She advises giving yourself permission to explore new avenues; if something isn’t working, it’s okay to change direction. This principle can apply to both entrepreneurs and individual investors alike.
When trying out investment strategies or portfolio allocations, don’t hesitate to make adjustments if things aren’t aligning with your financial goals. Although it may be helpful to commit to a strategy for a certain period, be wary of the “sunk cost fallacy”—the notion of clinging to an unproductive investment merely because of prior investments.
The Importance of Self-Care in Financial Success
Cheng’s insights aren’t just relevant to entrepreneurs or financial planning; they have broader applicability to various aspects of life. Prioritizing self-care—such as balancing personal needs with financial objectives and putting oneself first—can significantly benefit everyone.
In summary, adopting a holistic approach that includes personal well-being can create a solid foundation for financial success. This perspective not only enhances life satisfaction but also contributes to sustainable wealth accumulation.
For more insights, explore the original article on GOBankingRates: 3 Ways a Little Self-Care Can Lead to a Lot of Money, According to a Top CFP.
