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ESPPs allow employees to buy company stock for the low low. Basically, you get an insider discount.
The company does most of the legwork for you as you can contribute money to buy the stock via payroll deduction. Your employer then uses your deductions to buy the stock on your behalf
In case you’re wondering how much of a ‘discount’ you could get on the stock, it could be up to 15%. Imagine what that would do for your portfolio if the value of the stock continues to rise in the future? You could be on your way to being rich rich.
ESPPs can be lucrative for employees. Just make sure you’re not in the dark about the taxes you need to pay when the stocks are sold, you don’t want Uncle Sam to come and rain on your parade come tax season. As I shared before, tax strategies will be your best friend, if this is out of your wheelhouse – it’s time to hire a professional.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.