My life is filled with love and laughter thanks to the amazing people I get to hang out with. As well as being awesome moms, they’re creative, talented, generous, and fun! I thought you might like to meet them so I’ve asked them to come and give us a behind-the-scenes look at what they’re passionate about. I have to warn you though – creativity is contagious!
My guest today is Henry Kauf, financial advisor with a flare for sound advice! I love to talk to Henry about the global economy and investment strategies. Not that I understand it all – but it’s fascinating to hear him talk about world trends!
Henry, how did you become interested in financial planning? H: My journey to being a ‘finance guy’ started when I was 14. I discovered that I had the type of head that could, and liked doing peoples income tax returns. I have always felt that we are all ‘made’ to do something well. Our biggest job in life is to discover what that thing is that we would love and comes easy. In my 20s I tried most aspects of finance and at 29 (30 years ago) a friend said that I had a good financial mind and should try being a stockbroker. It all grew from there.
It’s funny how one thing leads to another and sometimes we can’t see what we were meant to do as easily as others. What do you love about it? H: What I love about finance is that, at this point in my life, I have been doing so many facets of finance that I find that financial solutions come to me quite easily. I truly feel that I help and truly care about other’s financial security. I was one of those kids that needed to take my parents watch apart because I love to know how all the pieces interact. So, I don’t just invest money but look at all aspects of financial strategy. Retirement planning is my favourite part of finance as this the time when people see their financial reward.
And you have a knack for explaining it clearly! What do you think is the most important thing for people to think of in terms of finances and retirement planning? H: One of the keys at any time in ones financial life is to look at finance simply. You have a choice to spend it now or later. If you want more money – either make more or spend less. It’s really quite simple. I was a Retirement Specialist for almost 10 years and I love this area. I think it is best to invest early and discover one’s risk tolerance and learn with a smaller amount of money rather than a bigger amount later in life.
I like that – don’t spend what you don’t have. Any tips for saving income tax? H: Taxation is really complex. Probably the best way is to find someone who is a tax strategist, as most people cannot keep up with yearly tax changes. At least twice a year the federal and provincial governments change tax rules and to understand the impact you need to know how all the parts of taxation work.
Probably the best piece of advice is to file your taxes on time! The penalties can be stiff. If someone wanted to become a financial advisor what should they do? H: If someone is thinking of entering the financial field they must pass the Canadian Securities Course (CSC), as a minimum to practice finance anywhere in Canada. More and more companies require that one has the CFP (Certified Financial Planner) designation as the minimum on top of the CSC. Personally, I don’t think anyone should give financial advice without having at least the 2 courses: CSC, and CFP. Both are challenging.
Any funny moments? H: I can’t think of any one story but I am always amazed at how many very smart people have a mental block for finance. It isn’t that they cannot understand it, they just don’t like it. A client, who is very smart gave me a T-shirt that says: “I can explain it to you, but I can’t understand it for you”.
You could wear that T-shirt when you talk with me! J If you had to pick a song to be your theme song what would it be? H: “What a Feeling” – the theme song for the movie Flashdance. I especially love the line “Take your passion and make it happen. (looks like you did this also Linda.)
It’s true – I did! What would you pick as a superpower? H: I would like to have 2 superpowers, 1 – a perfect memory because I always feel “the more I know, the more I realize I don’t know”. I would also like to be indestructible probably because of all the joint problems that I have had to overcome, especially since I thought I was indestructible when I was younger.
What’s your favourite dessert? H: I usually will pass on dessert to have more of a main course, and there are many favourites in that category.
I’ll eat your portion J! Henry, thank you very much for dropping by and sharing your financial advice. It’s such a big part of our lives and we all need a smattering of knowledge about it. Don’t forget – tax time is upon us. The returns are due April 30. If you’d like to contact Henry, he’s on LinkedIn. Click HERE. Happy spending (or saving)!