H-1B Visa New Job? How to Succeed Financially

How to achieve financial success on an H-1B visa. This applies to other work visas as well –  TN, E-3, L-1, or O-1.

(Updated with more resources for 2023)

starting a job on h-1b visa-financial-success

If you are starting a job on a work visa, there are a couple of things you want to do to achieve financial and long-term success.

Achieve Financial Success On H-1B Visa – Getting Started

This post references the H-1B visa, but the same thing applies to other work visas as well. These are TN, E-3, O-1, and L-1.

There are two ways to get the H-1B visas – the non-cap version (no limit) and the capped version.

Every year, the government conducts an H-1B lottery to determine who will get a chance to actually file and process their H-1B working visa.

There is a cap of 65,000 and another 20,000 for those with master’s degrees.

If you are one of the lucky ones to be selected and approved, you’ll be starting at your new job in October of the following fiscal year.

The H-1B visa gives you the right to work and earn a living initially for 3 years. It can be extended for a further 3 years for a total of 6 years.

There is a possibility to have a longer extension, but that only happens under special circumstances while waiting for your green card to be processed.

During those 3 or 6 years, you’ll have a US address, a social security number, and the right to make the most of your income.  

The first two are key to becoming a participant in the US financial system and achieving financial success on the H-1B work visa.

Most of the H-1B visas end up with people working in the STEM space.

This means you are likely going to be making 6 figures or very high 5 figures.

If new to the country, it can be very confusing on what to do first or what to sign up for. It’s possible to waste a lot of time trying to figure things out.

Free Resource (eBook) – Achieve Financial Success On H-1B Visa

To help you out, I have created a FREE resource that will address the top 6 things to do to get started on the road to achieving financial success on the H-1B work visa.

This starts with setting yourself up financially.

The post refers to achieving financial success on the H-1B visa, but it’s applicable to any type of work visa. This includes TN, L-1, E-3, O-1 etc.

It’s especially important if you are coming from a country with a financial system different from the US. 

In this FREE resource, I highlight a couple of areas that will lead to financial success. Some of the areas, I discuss include, workplace benefits, career guidance, integrating into the community, etc.

Achieve Financial Success On H-1B Visa  – Workplace Benefits

I discuss some of the common workplace benefits, like FSA accounts, retirement vehicles, legal help, etc. which are available to everyone.

But even more critical to somebody starting out fresh.

Achieve Financial Success On H-1B Visa – Career Success

There are certain things you want to do to ensure that you not only keep your job but that you also thrive and succeed. I discuss a few of these items, including how to relate to your boss and other people in the company.

I go into detail on company culture and the actual definition of success.

Once you get the job, it’s important to ensure you keep it and that you are always prepared for the worst.

 How To Prepare For A Possible Layoff On A  Work Visa

If the worst ever happens and you are laid off, you want to jump into action mode ASAP to ensure you get another job and/or are able to stay in the country.

How To Get Back On Your Feet After Layoffs On A Work Visa

Achieve Financial Success On H-1B Visa –  Integrate Into The Community

This last one will be a key factor in being able to adapt quickly to your new country.

It will also be vital in helping you make connections that are key to not only good mental health but your overall well-being.

It’s a lot easier to mix with people from your background especially when you are starting out.

But it’s very important to know the local community and become a part of your neighborhood.

We fear what we don’t understand, and we sometimes discriminate against those we don’t know. Hence, it’s important to become a part of your local community to help mitigate some of these issues.

Other Areas Of Finances To Address

There are other areas of finances to investigate, like

I’ll be addressing more of this in future posts, but in the meantime, grab this free resource for yourself and get started right away.

6 Top Things To Do To Set Yourself Up For Success If Starting A Job On H-1B Visa

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Disclaimer:  This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for the purchase or sale of any security, investment advisory services, or legal advice. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Jane Mepham and all rights are reserved. Read the full disclaimer here.

Jane Mepham, CFP® is a Fee-Only financial planner who loves simplifying the complexities of the U.S. financial system for immigrants and foreign nationals on work visas and those in tech. She’ll work with you to map out a personal strategy that addresses all areas of your financial life while avoiding key financial mistakes that could derail your American dream.

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