Jacky Kuk, young asian financial planner in sweater leaning on wall

Canadian Financial Planner and Rising YouTube Star Jacky Kuk

Jacky Kuk is leaving a positive impact on people daily. From helping Canadians in his financial Facebook group to his quickly growing YouTube channel, and working at his financial planning practice 1 Degree Planning,  Jacky is leading people in a positive direction during this confusing financial period. From real estate to retirement, everything is fair game in Jacky’s group.

Jacky caught my attention early on in his Facebook group with his quick responses and honest opinion as no question went unanswered. While his YouTube channel continues to grow, his videos are constantly tackling the hottest and most debated topics in finance.

His fundamental and up-to-date content is a great start for any teenager looking to learn about finance and his Facebook group is a huge learning opportunity… for free!

Today I’m privileged that Jacky spent some of his precious time with me to help my readers get started with some basic advice. Thank you, Jacky, for taking the time to reach a slightly different demographic.

How to Get Started with Finances From Jacky Kuk

What exactly does your financial planning company do for clients?

Our company helps clients plan on how to approach handling their money so they can hit all their life goals like buying houses, vacation, kids, retirement, etc. because everyone’s situation and preference are different so our plans need to be customized towards each client.

What role do you hold at 1 Degree Planning?

I’m the owner and also the main Advisor for clients for our company.

What education did you complete to get into this role?

I studied Finance and Marketing while in university, later obtaining Certified Financial Planner.

Where did you start your career, then how did you end up in your current position?

I started during university year 2, it was basically a lot of trial and error plus following my mentor’s teaching. Eventually, I developed my own style and system then built my own company.

Where do you see opportunities arising for somebody young, like a teen, looking to get into your field?

New generations require someone who resonates with them, from culture to mindset. This is why clients around my age tend to prefer me over someone 50+ since I “get” them. But younger generations will prefer someone much younger than me for the same reason.

Technology is also evolving very quickly and some countries have even adopted AI in part of their system. Canada is slower but that also means younger tech-savvy advisors have tons of opportunity to implement something newer and possibly better.

Do you have any personal finance principles that you follow or that guide your decisions?

Yes here’s a couple:

1)  Inaction is the worst type of decision. An action, even based on incomplete info, is likely still better even if it doesn’t work out because as long as you are taking a step forward you are learning and opening up more steps for the future. This is crucial when it comes to investments and making big decisions like buying a home, etc.

2)  Always focus on cash flow, not just the potential return. Many people get sucked into making big moves, investing lots of money because of the potential big return far in the future while ignoring the fact their current cash flow is not sustainable. This results in a lot of additional stress for people. They may still make that return in the end but the cost of the mental and emotional stress makes it not worth it.

3) Have a general-purpose for your money. Is it for vacation? For retirement? For spending? For fun? Have a general guideline on how to allocate your money and a good rule is 50/30/20. This means your money is divided into 50% on needs (necessities like paying rent, buying groceries, etc), 30% on wants (fun stuff i.e. shoes, gadgets), and 20% on saving for the future (investments, education). You can adjust from there.

Also, you should have multiple bank or investment accounts, each for a specific allocation so you can separate your money every month. Keep your future savings invested, out of sight out of mind.

If you could go back to being a teenager, what is something that you would change about your decision-making knowing what you do now?

I would start investing as soon as I can by legally opening an investment account. I started maybe around 25-26 which is still considered pretty early, but investing early is important not just for compounding. Its also important for learning from mistakes, developing discipline, and a general strategy/plan to handle different markets and situations.

What is one thing every teenager should start or do today to begin a successful financial future?

There are several but if I had to pick one it would be:

Learn how debts work (especially credit card) and how can the interest owed can become unbearable very quickly if you don’t pay attention to it.

Do you have any advice you would like to pass on to any teenager reading this?

Finance can seem very scary because unlike school, there is really no guideline or step by step. For many people the task is so daunting they do not even start. I highly encourage you to tackle it head-on as you don’t have to do everything today but you should do something every day to move towards being financially literate.

Reach out to your parents or even go online to learn. Keep your mind open and don’t reject or just accept everything right away, listen more and see which style fits you the best, then craft your own game plan. Your plan doesn’t need to be perfect, in fact, it doesn’t even need to be complete! You just need to start.

You WILL make mistakes it’s inevitable, but the cost of ignoring it and just waiting will far outweigh taking tiny steps. The power of compound works wonderfully when you are growing money but also has the same power on waiting. The longer you wait, the more it will cost you in the future.

Thank you so much Jacky for taking the time to respond to these questions, your impact continues to help Canadians. Hopefully our youth will get started on their financial journey today.

Thank you Robert for doing this wonderful interview! For everyone reading, just know that everybody starts off confused and scared, it’s okay to feel those feelings, just know that there are many resources out there to help you through!

Where you can find Jacky Kuk:

1 degree planning company logo

Please check out Jacky on his Youtube channel and join his Facebook group. When the time comes for your next financial step, Jacky can be found on his company website 1 Degree Planning, and you can also find him on his personal website at JackyKuk.com

By: Robert Puharich | January 20, 2022 |