Potential Financial Steps for T-Mobile Employees in July

Hello, I’m Kevin - a financial planner who helps tech professionals and their families live great lives.

Make yourself at home - we'll get to potential steps for July in a moment.

But first - here are some links you may want to save for later.

How to Use Credit Reports to Improve Credit Scores

Transactions in Retirement Accounts Aren't Taxed… Yet

Schedule Your PTO ASAP

Now, let's get on to the blog! 😀

Summer!

There’s a heat wave across America. The 4th of July is in just a few days. It’s definitely summer!

Potential Steps for T-Mobile Employees This Month

Financial steps T-Mobile employees might take in July include:

1. Check credit reports

2. Review / rebalance investment portfolio

3. Take summer vacation, attend camps

4. Submit dependent care reimbursements

1. Check Credit Reports

Summer expenses may be heavy and span multiple states. Fraud risk may rise while the chance of catching it falls.

Now’s a good time to check credit reports to

• validate the information is correct,

• check for fraud, and

• maintain financial flexibility.

2. Review / Rebalance Investment Portfolio

Investments drift over time. That can be especially true after:

• bonuses,

• Restricted Stock Unit (RSU) vesting,

• Employee Stock Purchase Plan (ESPP) buys, and

• big market swings.

Employer Stock

Holding employer stock can be challenging. An investment can have more risk with a similar expected return.

Employer stock can be tied to other finances like:

• income,

• health insurance, and

• home value.

For more, check out: Is It Worth Holding Employer Stock?

3. Take Summer Vacation, Attend Camps

Rest is a critical and often overlooked part of work.

Summer Vacation

Fall was the busiest season when I worked in management consulting and corporate finance. That was in part because it was end of year planning season.

It was also because many great ideas came:

• when people were on vacation or

• after they returned to work refreshed.

Schedule Your PTO ASAP!

Summer Camp

Camp offers wonderful growth opportunities. Children get to:

• break out of their routines,

• connect with peers,

• develop new skills, and

• learn from different adults.

Our daughter attended camp for years on an island near Seattle.

When we were waiting at pickup, another parent mentioned:

The first year our daughter went to this camp, she was in tears coming off the boat.

My thoughts immediately went to worst case scenarios.

When I finally got to her, she cried: ‘I don’t want to leave!’

4. Submit Dependent Care Reimbursements

Daycare expenses can be heaviest in the summer. Submitting receipts quickly may help fund a summer vacation.

Also, it’s good to know early if there’s a problem. That gives everyone more time to resolve it - well before year end!

A dependent care Flexible Spending Account (FSA) generally cannot be used for:

• overnight camps

• 13+ year old children

There are some exceptions.

Hey, thanks for reading my post on potential financial steps T-Mobile employees can take in July.

Just a reminder, I share a lot of resources that can help you.

Disclaimer

In addition to the usual disclaimers, neither this post nor these images include any financial, tax, or legal advice.