Debt Help And Advice Blog

Life In a Box

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Last Tuesday I lived a dream come true: I spent two hours on a private tour of the New York Stock Exchange (NYSE).

Since 9/11, visitors to the Stock Exchange must go through a background check, pass a security inspection, present ID, and go through metal detectors. The visitor’s gallery is closed now, so guests must be sponsored by a floor broker or director and escorted their entire visit. Director, Kevin G. McCarthy, sponsored my tour. How did I know Mr. McCarthy? I didn’t. My introduction to him was facilitated by Denis Walsh, President of Money Concepts, my broker dealer. Mr. Walsh in turn, made a request to Pershing, the world’s largest custodian of stock and bonds (owned by the Bank of New York) and they made my introduction to Mr. McCarthy.

what had I now learned?

1. No one makes it through life alone. It’s who were connected to that helps make our dreams come true. It is said that everyone in the world is only six degrees of separation apart. Kevin McCarthy was only three degrees away from me and he helped one of my dreams come true. So, stay in touch with the people you know and don’t be afraid to tell others what you’re hoping to do. I stay connected through LinkedIn.

2. Change is inevitable, be prepared. Change is happening faster than ever and affects everyone. Kevin shared with us that Pershing, Bank of NY brokerage, and Sunguard brokerage used to have over 40 employees each on the floor of the exchange. employee count has been reduced from 120 to just 4. Mergers, advances in technology, and new business practices have completely changed the character of the exchange floor. Kevin survived all these changes by treating each new change as a challenge to be mastered. Through visits like this, industry conferences and continuing education courses, I stay on top of the changes that are happening in the world. When I sit down with my clients, we talk about more than taxes; we talk about how they can master the changes challenging their world.

3. Invest in yourself upfront. Kevin shared with us that when he started as a floor broker, the price of owning a “seat” on the NYSE cost about $350,000. That same seat is worth millions today. Kevin wished he would have been able to buy that seat then, but it just seemed too much of a risk at the time. One of the most rewarding things I do is help individuals and small business owners decide when and where they should invest in themselves and their dreams.

4. Work with people who know how to make things happen. You know them, they’re connected, informed - and they know the rules inside and out. Taking pictures on the exchange floor is not permitted any more. I did not want to break any rules, but I really wanted to bring home pictures of me IN the NYSE. I expressed my desire to Kevin. With a grin, he escorted me to areas in the NYSE that pictures could be taken. First, we went into the director’s private board room. It was fantastic! I would not have thought to ask for a picture there. Then, he took me to the walkway overlooking the exchange floor where the bell is rung. I could see so much of the Exchange floor from here. He said, “We are not on the floor here, so go ahead and take a picture.” It is good to know people that know the rules and how to work within them. I do the same thing when I help folks with their taxes. It’s my job to know the IRS rules inside and out. I help my clients reduce taxes and navigate the complexities of tax laws. That’s what I do; that’s my arena and it’s where I can make a difference for my clients.

Getting real answers to life’s questions requires that you step out of your comfort zone and find people you trust to walk with you. When you do, you will be connected to new opportunities, prepared for changes, invested in your unique future, and introduced to new ways to make your dreams come true. I want to thank Kevin for a wonderful tour that I will remember for the rest of my life.

Nick Hodges, President of NCH Wealth Advisors, provides US expatriates with the best tools, strategies and planning techniques to help expats manage their tax and financial goals and dreams on a day-to-day basis regardless of their location. To claim your free gift, ExPat Life Portfolio Kit, visit his site at http://www.ExpatCFO.com.