From Filing to Feeling: What Comes After Tax Season

It’s May, and here at Bluestem we are coming up for air after the busyness of tax season, and the energy of the office has shifted.

Those of you working in higher education may be feeling this as well. Classes are wrapping up, campus energy shifts, and there’s a natural pause before summer really begins.

It’s one of the few times in the year where things feel just a little less compressed, and that creates space.

A Different Kind of Planning

Tax season asks you to think with your head. It’s about accuracy, compliance, and making smart, informed decisions.

But what comes next? That’s where your heart gets a voice again.

This is the season when we check in with clients to review their portfolios and cash needs, but it’s also when we have conversations about the year ahead, considering such questions as:

• What do I want my money to do?

• What big life events or plans are coming up this year?

• Where do I want to make a difference?

• What would feel meaningful to support this year?

Those questions may be shaped by the work you do every day, supporting students, contributing to research, and being part of something bigger than yourself. Or they could be shaped by recent life experiences, family dynamics, or passions outside of your vocation.

Let It Simmer

Here’s the good news. You don’t have to answer any of those questions today. In fact, we’d argue you shouldn’t.

This is a season for letting ideas sit in the background. Paying attention to what resonates. Noticing the organizations, causes, and conversations that stick with you over the next couple of months. Sometimes the best financial decisions aren’t the fastest ones, they’re the ones we’ve given time to take shape.

A Practical Layer to Keep in Mind

As you’re thinking about all of this, there are also tools that can help you be intentional when the time comes.

One example here in Illinois is the Illinois Gives program. It allows you to receive a state income tax credit for certain charitable contributions made to qualified endowments. In other words, it can be a way to support causes you care about, including many tied to education and community impact, while also being thoughtful about the tax side of things.

If you want to explore how it works, check out our article about the program.

It’s not something you need to act on right now. But it’s worth keeping in mind as you think about your giving for the year.

Where This Fits In

At Bluestem, we spend a lot of time helping people make smart decisions with their money. That part matters. But just as important is making sure those decisions line up with the life you’re trying to build, both on campus and at home. This stretch of the year, right after tax season and heading into summer, is one of the best times to reconnect those dots.

So, take a breath.

Enjoy the shift in pace.

And when you’re ready, we can help you turn those “someday” ideas into a plan that reflects both what you’ve built and what matters most to you.

Want some further reading about using your money in meaningful ways? Check out our Money and Happiness series.

Bluestem Shares: What Financial Decision Made a Positive Impact on Your Life

This month, instead of our usual Tip of the Month, I invited our team to reflect on financial decisions, big or small, that have had an overall positive impact on their lives. Note: These situations are personal to each individual. Your advisor will always work with you to make decisions that work for your unique situation.

nick

When I went to grad school, I had no money. I took out a $10,000 federal loan, used $8,000 to live off of for the year and concentrate on my studies, then after graduation used the remaining $2,000 to travel to Japan with a friend. It was a risky move to spend basically the last of what I had (and debt-financed too!), but those experiences and new perspectives have stuck with me my whole life. I did have a job lined up which started after the trip, so that paycheck to helped me financially recuperate and pay off the loan. More recently, refinancing my family’s mortgage to 2.75% in 2020 was a positive decision.

Sam

One of the most impactful financial decisions I’ve made was opening a Roth IRA at age 16 when I got my first job. My dad encouraged me to start early and taught me the basics of saving and investing. More than the dollars, it built the habit. Contributing consistently from a young age helped me understand discipline, long-term thinking, and the power of compounding. Looking back, the biggest benefit was the mindset it created. Starting early made investing feel normal and approachable.

rachel

Hiring Bluestem as our Financial "marriage counselor" was a great decision for my husband and me. You may not know this, but Jeremy and I were clients at Bluestem for several years before I started working here. When we started as clients, I had 6 - 8 TIAA CREF contracts from different previous employers, Jeremy and I both had SURS RSP plans, and we had kids and wanted to make sure we were on track in terms of paying for their college, etc. I am a worrywart who wants to understand everything. My husband is a little more laissez-faire. Hiring Bluestem allowed us to stop discussing things that neither of us knew how to answer to the others satisfaction. Bluestem gave us an impartial third party to listen to our thoughts and ideas, and this proved very valuable as we navigated Jeremy's time at the National Science Foundation and our recent sabbatical. I am very thankful for the additional peace of mind that Bluestem has provided us.

Joe

The most impactful financial decision my family has made was for my wife to leave a full-time job and start working for herself at about half time. There were a lot of other decisions that made this possible. For example, we searched for over a year for a house that was in our desired area and well under our preapproved cost so that our budget wasn't strained. We were also fortunate to buy at a time of low interest rates and before the housing market ballooned to current values. The overall theme for us has been choosing time and flexibility over things like a bigger house or extravagant vacations.

Julie

For me and my husband, it was the decision to remain in the first house we bought—our "starter" house if you will. There were several times we contemplated moving to a different neighborhood and a bigger house but ultimately decided that our current house was sufficient for what we needed. Not upgrading has given us financial breathing room to travel and do other fulfilling things (though after the last couple of weeks I do wish we had a basement!). Now, with our kids in college, I kind of love that our house is filled with memories of every stage of their childhoods.

Josh

Last summer my wife Jen and I decided to purchase a small lake cabin in Pana, IL, the town where we grew up. It was such a unique experience going through what often comes up in my work with clients when they are contemplating the purchase of a second property. The property is walking distance to my in-laws and in the same locale as many other family members, and it was owned by family friends of my in-laws. Having "the cabin" has given us the gift of more frequently visiting family and connecting with them, somewhere we can get away to and be closer to nature and outdoor activities on our own time, and a getaway others can use when they need it too. Going through the process was invaluable in growing a deeper appreciation for what clients go through when they are weighing decisions like this. Like with most real estate transactions, the emotions run strong, so it's good to have an objective partner in your corner to make a confident and informed decision.

Tim

For me, it was building literacy around credit scores when I was in high school. The best way to build good credit is to be responsible with the credit you have (making your payments / not overspending), but another key factor is the length of your credit history. I got started early on, and that resulted in a great credit score when it was time to buy my first house, which has saved me a significant amount on interest.

Shaping the Future of Financial Planning: A Resident's Perspective

Last year, Bluestem published a blog highlighting our Financial Planning Residency Program, a two-year opportunity designed to bridge the gap between graduation and becoming a client-ready financial advisor. As a current resident, I’d like to share what the experience has meant to me personally.

Over the past year, the residency has allowed me to grow in ways that go far beyond technical knowledge. I have built financial plans, participated in client meetings, and learned the inner workings of firm operations, all while earning the experience hours required for the CFP® marks. I even passed the CFP® exam during tax season, an achievement made possible by the program’s structure and support.

The residency also encourages creativity and leadership. One highlight for me was leading a project to research and integrate AI notetaking into client meetings, improving both training and efficiency. Opportunities like this, where you can take ownership and make an impact, are one of the many benefits of working in a small, collaborative firm.

What truly sets Bluestem’s residency apart is the intentional mentorship and structured development. The environment is supportive and team-oriented, with every member invested in your success. By the end of two years, residents ideally graduate with their CFP® marks, meaningful client experience, and the confidence to step into an advanced advisor role.

For students or recent graduates, this program is more than a first job. It is a launching pad for a rewarding career in financial planning. If you are looking for a place to learn, grow, and make a lasting impact, Bluestem’s Financial Planning Residency is worth exploring.

Books on Personal Finance: Bluestem Recommendations

Here at Bluestem we relish the opportunity to guide you in all of your financial endeavors, and share our knowledge with you. If you’ve ever felt compelled to explore topics related to personal finance on your own, we can help with that too! Here is a list of recommendations for some additional reading.

Money and Happiness: A Guide to Living the Good Life by Laura Rowley
Explores the connection between financial well-being and happiness, offering practical advice for aligning your money with your values.

The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money by Carl Richards
Uses simple sketches and stories to highlight common financial mistakes and how to avoid them by understanding our own behavior.

Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael Norton
Reveals how thoughtful spending — on experiences, others, and time — can lead to greater happiness and life satisfaction.

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel
Blends storytelling and behavioral science to show how our emotions and experiences shape financial decisions more than logic.

Why Smart People Do Stupid Things With Money: Overcoming Financial Dysfunction by Bert Whitehead
Identifies financial personality types and offers tailored strategies to overcome money-related blind spots and build lasting wealth.

The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Uncovers the surprising habits of America’s wealthy, emphasizing frugality, discipline, and long-term planning over flashy lifestyles.

A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy by Burton G. Malkiel
Offers a broad overview of investment strategies and market theory, encouraging informed, long-term investing over speculation.

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John C. Bogle
A timeless classic that champions the power of low-cost index funds, offering a clear and compelling roadmap for building long-term wealth through simple, disciplined investing.

Shaping the Future of Financial Planning: Inside Bluestem’s 2-Year Residency Program

At Bluestem, we’re not just passionate about providing top-tier financial advice — we’re also dedicated to shaping the future of financial planning. Our Financial Planning Residency program, launched in 2021, is a testament to this commitment. Designed as a two-year immersive experience, this residency is not only a unique training ground for aspiring financial planners, but also a strategic initiative to meet the evolving needs of our clients. 

Why We Created the Financial Planning Residency 

The financial planning profession is dynamic and growing, but the pool of skilled, fee-only financial planners is limited. We saw an opportunity to address this gap while supporting our firm’s growth by creating a program that cultivates the next generation of financial planners. By offering structured, hands-on training, we aim to enhance the quality of advice we provide to clients while helping launch the careers of promising professionals. 

This program serves as both a recruitment tool for emerging talent and a way to ensure our clients receive personalized, expert guidance as they navigate their financial journeys. 

What the Residency Offers 

The Financial Planning Residency is designed to develop a well-rounded, capable financial planner through a phased approach. Over two years, residents gain foundational technical skills and client-facing experience, ensuring they’re prepared to serve clients effectively and confidently. 

Year One: Foundational Experience 

In the first year, residents focus on learning the inner workings of financial planning. From supporting the creation of financial plans to mastering essential tools and processes, residents build the technical and operational skills needed to succeed. This phase is primarily back-office focused but lays the groundwork for a deeper understanding of client needs. 

Year Two: Client-Facing Development 

The second year transitions residents into more client-facing roles. They begin to lead client meetings, present financial strategies, and build relationships. This year is all about honing communication and leadership skills, preparing residents to not only offer advice but to guide clients with confidence. 

Graduation: What Comes Next? 

Upon completing the two-year residency, our residents have multiple paths forward. Some may choose to stay with Bluestem as full-time financial planners, contributing to our mission of delivering client-first advice. Others may use the experience, skills, and connections they have built during their residency to launch into the next phase of their careers, with Bluestem’s full support and network at their disposal. Whether they stay or move on, our goal is to help each resident succeed and thrive in the financial planning profession. 

Meet the Residents 

We are proud to highlight our current and past residents, each bringing a unique background and perspective to Bluestem Financial Advisors: 

• Sam Wesley – In the first year of his residency following a robust undergraduate education at the University of Illinois, Sam is already contributing positively to engagements with our clients. He is busy mastering the technical side of financial planning while starting to work on the intricacies of leading a client relationship. Read more about Sam on our website here. 

• Tim Lee – Currently in his second year, Tim has been a tremendous asset to the team and is focused on continuing to solidify his technical financial planning skills while focusing more on developing strong client relationships and leading financial planning sessions. Read more about Tim on our website here. 

• Sue Plisch – As many of you may remember, Sue started as an intern with our firm in 2020, helped develop and launch our Residency Program, and graduated from the program to start her own firm in 2023. She has always shown the ability to connect deeply with clients, bringing advanced relational skills to every interaction. Sue’s success story is a testament to the impact of the program and Bluestem’s commitment to fostering future leaders in financial planning. You can learn more about Sue and her new firm by checking out her firm’s website here.  

At Bluestem, we believe that nurturing the next generation of planners is crucial for the long-term success of both our clients and the profession. Our Financial Planning Residency is just one of the ways we are investing in that future, offering our clients the best of today’s expertise and tomorrow’s potential. 

If you or someone you know might be interested in our open position for June 2025, please check out our job posting!  

Tip of the Month: Schwab’s Website

As accounts have transitioned from TD Ameritrade to Schwab, familiarizing yourself with Schwab's website can make your monitoring easier. Here are some tips to maximize the features now available through Schwab's platform.

Customize Your View

If the standard account names are causing confusion, you can easily change them. Navigate to the Account Groups section by clicking on the Profile icon and selecting it from the dropdown menu. Here, you can add and edit account nicknames and group accounts together for better organization.

Schwab App

Download the app for quick and easy access to view your accounts. Our favorite feature? The app makes it easy to deposit checks without running to the bank or Bluestem’s office with the mobile deposit feature.

Granting Account Access

Want to give your spouse access to your Schwab accounts through their login? It’s simple! Click on the Profile icon and select Account Access from the dropdown menu. This will take you to the Account Access page where you can initiate the process by clicking on the green button. If you encounter any difficulties, reach out to us, and we can prepare a form for you to sign instead.

Go Paperless

Missed an email from us to sign account paperwork? Most documents requiring a signature or approval can be accessed conveniently in the Message Center. Look for this icon on the Schwab website:

Reduce clutter and environmental impact by going paperless. Whether through the app or website, it's easy to update your preferences. Simply click on the Profile icon, select the paperless option from the dropdown menu, and make the switch.