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Financial Strategist for STEM Professionals

Name: Financial Strategist for STEM Professionals
Address: 120 19th Street North Suite 222, Birmingham, AL, 35203, US
Telephone: +12053789352

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Financial Strategist for STEM Professionals

You're good with numbers and have the mind to invest on your own, but without a professional you are probably falling short of what you could have.

We are here to get you the most bang for your bucks. If you work for a small firm or you've taken entrepreneurship route, you are more than likely on your own when it comes to life’s financial challenges. We are here to help you achieve your financial goals for you, your family, and your company.

04/26/2024

If you're juggling older federal student loans with variable interest rates, and the current rates are at a low point, consolidating might just be the smart move for you.

When you consolidate, your interest rates become the weighted average of your existing loans. Just keep in mind, that if your loans have fixed rates, consolidation won't do much for your interest rate – in fact, it might even nudge it slightly higher.

Now, consolidating isn't necessarily a must for everyone. These days, the Department of Education usually handles all your student loans through one servicer, making management a breeze. Plus, features like automatic payments can simplify things even further, even if you have loans spread out across different places.

But here's where consolidation shines: if you're eyeing Public Service Loan Forgiveness and have Federal Family Education Loan or Perkins loans, consolidating can open up that opportunity for you.

And if you're dealing with Parent Plus loans, consolidation could make you eligible for the income-contingent repayment plan. It's also worth noting that consolidation can be a lifeline if your federal loans are in default.

So, while it might not be for everyone, there are definitely situations where it's worth considering.

📣 Worth noting:

When you consolidate, you're essentially trading in your existing loans for a shiny new one. But here's the thing: any progress you've made towards forgiveness through income-driven repayment plans or Public Service Loan Forgiveness won't carry over to this new loan.

Yep, it's like hitting reset on your payments for those forgiveness programs.

But hold on a sec! If you're thinking about consolidating before April 30, 2024, there's good news.

Thanks to a one-time account adjustment, your counts won't reset to zero. Instead, they'll be restored later in 2024 after the adjustment kicks in.

So, if you're in the process of consolidation or planning to do it soon, you'll get a weighted average of the counts from your existing loans. Keep that in mind as you weigh your options!

Stay tuned for what's happening with and !

04/25/2024

✨Join Nurses In Tech!

On Thursday, May 2, 2024, at 10 am Eastern "Nurses in Tech" will chat with Tesiah Coleman, MSN, AGPCNP-BC, WHNP-BC, CLC the founder of Together.

I'm excited to speak with Tesiah and even more excited for you all to have a chance to hear about her amazing journey personally and professionally.

One of the things I love about Tesiah is her heart for community which I can fully relate to and her love for her son whom she is traveling the world with.

Register for this live event here: https://us06web.zoom.us/meeting/register/tZUuce2prz8qEteGjMC3YDapxW2LJwBDr7jw #/registration

04/12/2024

Earlier this week, I had the privilege of assisting a client with managing their tax liabilities related to RSUs from their company. As we delved into their financial situation, we discovered something truly exciting—she realized she's a millionaire! But being a millionaire isn't just about hitting a specific number in your bank account. It's about understanding wealth in a broader sense.

If you haven't already, I highly recommend diving into "The Millionaire Next Door: The Surprising Secrets of America's Wealthy." It offers invaluable insights into the mindset and habits of the financially successful.

And to help you get a clearer picture of your own finances, feel free to grab my Personal Financial Statement template! Let's embark on this journey to financial empowerment together.

Grab it here: https://exceptional-artist-5669.ck.page/40ae6b523e

04/08/2024

Biden aims to initiate a new student loan forgiveness initiative by November 1.

04/03/2024

BREAKING NEWS!

Beginning May 1, 2024, the Public Service Loan Forgiveness (PSLF) Program and the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program will be administered by the United States Department of Education (ED) through StudentAid.gov, replacing MOHELA. This implies that whether you are already working toward PSLF, are interested in PSLF, or are a TEACH Grant recipient, you will collaborate directly with ED.

In other words...

Mohela will no longer handle PSLF, the Department of Education will start handling it in July.

Please, please, take screenshots of all your information on the Mohela website that pertains to your Public Student Loan Forgiveness (PSLF) progress.

BTW, now would be a great time to start consolidating your federal student loans.

03/29/2024

I just read an article about Tiger Woods expecting to play in Augusta for the Masters Golf Tournament...

It reminded me to tell you about the Augusta Rule.

What is the Augusta Rule?

The Augusta Rule was originally created to protect Augusta, Georgia residents who rented out their homes for the Masters golf tournament, but now it applies to all taxpayers who own a home in the United States, provided that the home isn't your primary place of business.

Did you know about this rule? Have you or will you apply it?

Make tax laws work to your advantage!

03/25/2024

📢 Attention 🎓

Are you navigating the labyrinth of student loans? 📚💸 The April 30, 2024 deadline is fast approaching, and it’s a game-changer for those seeking student loan forgiveness. 🚀

Here’s the scoop: If you have multiple federal student loans, listen up! 🗣️ The U.S. Department of Education has revamped income-driven repayment plans, and there’s a golden opportunity. 🌟

🔑 Consolidation is the Key: By requesting a consolidation by April 30, you’ll merge your loans into one larger loan. 🤝 This move could bring you closer to that coveted student loan forgiveness. 🎉

** Please note: this isn't a one size fits all type of forgiveness. Contact a professional to determine if this is the right move for your situation.

03/04/2024

🎓 Are you drowning in student loan debt?

Do you feel like there's no relief in sight? Well, I've got some good news for you! 🎉

🔍 Have you heard about employer educational assistance programs?

They're not a new concept, but they're a game-changer when it comes to alleviating the burden of student loans. Here's the scoop: These programs can help you pay off your student loans, at least for a while. But here's the kicker: You've got a limited time to take advantage of this opportunity.⏳

📆 The clock is ticking! This benefit will only be available until December 31, 2025. That gives you just over two years to make the most of it. So don't wait, act now!

💰 And here's the cherry on top: Not only can these programs help lighten your financial load, but they also come with some fantastic tax benefits. In most cases, the assistance provided by employers that meets specific requirements isn't subject to tax. That means more money in your pocket and less stress about Uncle Sam knocking on your door.

📚 But wait, there's more! The IRS doesn’t consider this assistance taxable income for you, the employee. And the best part? The maximum annual exclusion for educational assistance per employee is a generous $5,250.

That's money you can put towards your education without worrying about the taxman.

Here is a list of some companies participating in the program:
Aetna, Ally, Anderson Global, and Chegg!

Check with your employer to see if this type of assistance is available to you!

🎓 Are you drowning in student loan debt?

Do you feel like there's no relief in sight? Well, I've got some good news for you! 🎉

🔍 Have you heard about employer educational assistance programs?

They're not a new concept, but they're a game-changer when it comes to alleviating the burden of student loans. Here's the scoop: These programs can help you pay off your student loans, at least for a while. But here's the kicker: You've got a limited time to take advantage of this opportunity.⏳

📆 The clock is ticking! This benefit will only be available until December 31, 2025. That gives you just over two years to make the most of it. So don't wait, act now!

💰 And here's the cherry on top: Not only can these programs help lighten your financial load, but they also come with some fantastic tax benefits. In most cases, the assistance provided by employers that meets specific requirements isn't subject to tax. That means more money in your pocket and less stress about Uncle Sam knocking on your door.

📚 But wait, there's more! The IRS doesn’t consider this assistance taxable income for you, the employee. And the best part? The maximum annual exclusion for educational assistance per employee is a generous $5,250.

That's money you can put towards your education without worrying about the taxman.

Here is a list of some companies participating in the program:
Aetna, Ally, Anderson Global, and Chegg!

Check with your employer to see if this type of assistance is available to you!

02/16/2024

Hey techies, amidst the hustle and bustle of this season, I'm knee-deep in helping clients—new and old—navigate the complexities of bonuses, RSUs, and the aftermath of layoffs. Here are two nuggets of wisdom to help you keep more of your hard-earned cash come tax time:

Tip 1: Get a handle on your RSU vesting schedule and the tax implications it carries. Remember, RSUs aren't just free money—they come with tax obligations, especially on the vesting date.

Tip 2: Check if your tax withholding adequately covers your RSU tax liability. If not, it's time to craft a plan to avoid any nasty surprises down the road.

Stay savvy, stay proactive. Let's make tax season a breeze. 💼💰

02/15/2024

🚀 As tax and bonus season approaches, here are 6 savvy strategies to leverage the tax code to your benefit:

1️⃣ Boost Retirement Contributions: Max out your 401(k), 403(b), or IRA to trim taxable income and potentially drop into a lower tax bracket.
2️⃣ Embrace HSAs: With a high-deductible health plan? Channel funds into an HSA for tax deductions, tax-free growth, and withdrawals for medical expenses sans taxes.
3️⃣ Deferred Compensation Plans: Explore options to delay a portion of your bonus until retirement, slashing taxable income during high-earning years.
4️⃣ Smart Investments: Allocate some bonus cash into tax-efficient vehicles to minimize tax burdens.
5️⃣ Tax-Loss Harvesting: Strategically sell investments at a loss in taxable accounts to offset gains and slash taxable income.
6️⃣ Geographic Arbitrage: Think about relocating to areas with lower or no state income taxes for substantial tax savings.

02/12/2024

🎓 Discover the New Way to Tackle Student Loan Debt! 🎓

🌟 Here's why the Saving on a Valuable Education (SAVE) Plan is a game-changer:

🟢 Affordable Payments: Say goodbye to hefty monthly payments! With the SAVE Plan, your payments are capped at just 10% of your discretionary income. And guess what? Starting in the summer of 2024, undergraduate loans will have an even lower cap of 5%!

💰 Potential for $0 Payments: Yes, you heard it right! You could earn up to $32,800 (or $67,500 for a family of four) without putting a penny towards your loans on the SAVE Plan.

💡 No Interest Surprises: Worried about hidden interest charges? Don't be! Once you've made your monthly payment, no sneaky interest lurks around. No surprises, just peace of mind.

🎉 Forgiveness in 10 Years: Dreams Do Come True! Starting in 2024, if your principal loan balance is $12,000 or less, you could be looking at loan forgiveness after just a decade of payments on the SAVE Plan.

👫 No Spousal Signature Needed: It's all about independence! With the SAVE Plan, you don't need your spouse to co-sign your application. Take control of your financial journey solo!

There are some cons to the plan as well and we will talk about them tomorrow!

02/07/2024

In the realm of tech, there's a plethora of monetary incentives awaiting those in the field. Among the sought-after rewards are:

1️⃣ High Salaries
2️⃣ Bonuses
3️⃣ Stock options
4️⃣ Profit sharing
5️⃣ Signing bonuses
6️⃣ Salary increases
7️⃣ Employee Benefits

One of my clients had been striving to enter the tech world for a few years, and last year, he finally succeeded.

Just recently, he got wind of what his bonus will be, and let me tell you, he's over the moon.

Why?

Because it means he can finally tick off one of his big dreams: buying five acres of land!

Having a solid plan and sticking to it can pave the way to achieving even your most extravagant aspirations.

Not bad for a guy whose grandparents were sharecroppers. 👏🏽

Address

120 19th Street North Suite 222
Birmingham, AL
35203

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

+12053789352

Website

https://iamjackiewhitehead.com/the-stem-financial-group/

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