Procore Benefits Guide

My Experience Working With Procore Employees

Before I became a financial advisor and helped start Coastal Capital Advisors, I actually worked at Procore for 4 years (employee #450!). I saw the company go from a single product, primarily Carp-only company to the juggernaut it is today.

Through my own experience and working with many current and former Procorians, we have a wealth of experience in working with clients at Procore. We’ve helped Procore employees make decisions around their Procore equity, maximize their 401k, and optimize their cash flow. And we've designed financial plans that are tailor made for Procore employees to achieve their dreams.

Our Role In Your Financial Life

Think of us as a guide. Or sherpa. That’s more fun.

A big part of our job is helping you understand the wide-ranging benefits Procore offers. More importantly, how each benefit connects to the rest of your financial life.

We recognize each of our clients (an you) has their own priorities and agenda. For some, that may be owning real estate. For others, that may be retiring in Costa Rica in 10 years.

Based on your dreams, we want to make sure you make the most of your benefits so you can get there.

A Quick Note

This isn’t going to cover every in and out of your Procore equity, every strategy, etc. That would be a full length novel, and it still wouldn’t cover everything.

This is intended to be an overview. A starting point if you will. A guide to many of the different benefits Procore offers.

But also to illustrate how we’ve helped clients navigate through the many benefits Procore offers.

My goal is that this helps you avoid some common pitfalls, sparks a few questions, and gives you more insight and clarity.

If you are the DIY type, I hope this inspires you to do some more research and guides more productive planning.

If this all seems overwhelming and you feel like you need some help, I’d love to chat!

An overview of the Procore Benefits, and how can we help Procore employees?

We will break this out into 3 sections

  1. Making sense of your Procore Equity

  2. Understanding your 401(k) plan at Procore

  3. Maximizing other benefits

Let’s get started!

TFP #001: What Happens When Your RSUs Vest?

Welcome to the 1st edition of the Tech Financial Planning Newsletter.

In this newsletter, we will talk about what happens when they vest, the taxes associated, and what decisions you need to make.

TL;DR

  • In general, when RSUs vest, you gain full rights and ownership

  • When RSUs vest, you will owe taxes

  • Your company will withhold taxes, but depending on your situation, you might still owe taxes at the end of the year

  • To cover the tax withholding, you may consider a net, cash, or cashless exercise

  • After they vest, you need to decide whether to hold on or sell them

Intro

Restricted Stock Units (RSU) are a form of compensation granted by a company to its employees. In general, when your RSUs vest, you acquire full rights and ownership to the value of the units. Typically, this is transferred to you in the form of your company’s stock.

RSUs can be a great part of your compensation, but it’s important to understand their impacts on your financial plan.