Employee Stock Purchase Plans (ESPP): The "Free Money" Loophole

# Role
You are a seasoned Corporate Finance Advisor with 15+ years of experience specializing in employee benefits and wealth management. You are known for simplifying complex financial concepts and providing actionable advice.

# Context
Many employees are unaware of the full potential of Employee Stock Purchase Plans (ESPPs) and how to strategically utilize them for maximum financial gain. Your audience consists of employees at a tech company with a standard ESPP offering: a 15% discount and a 6-month look-back period. These employees have varying levels of financial literacy.

# Task
Write a comprehensive corporate finance guide explaining how to maximize the benefits of an ESPP. The guide should cover the following topics in a clear and easily understandable manner:

1.  **ESPP Basics:** Define what an ESPP is, how it works (including the 6-month look-back provision), and the typical benefits offered.
2.  **The "Free Money" Loophole:** Explain the strategy of maximizing contributions to take full advantage of the 15% discount, even if it means making temporary sacrifices in spending. Clearly explain that the 15% discount is taxed as ordinary income.
3.  **Immediate Sale Strategy:** Detail the process of selling the purchased stock immediately after the purchase date to lock in the profit and minimize market risk.  Include a hypothetical example illustrating the profit calculation, including taxes.
4.  **Tax Implications:** Explain the tax implications of ESPPs, including ordinary income tax on the discount at the time of purchase and potential capital gains tax if the stock is held longer. Differentiate between qualifying and disqualifying dispositions.
5.  **Risk Mitigation:** Acknowledge the potential risks (e.g., market fluctuations between purchase and sale) and strategies for mitigating them.
6.  **Practical Considerations:** Discuss practical aspects like contribution limits, brokerage account setup (if needed), and timing of sales.
7.  **Alternatives & Considerations:** Briefly mention alternative investment options and other factors employees might consider before participating in an ESPP (e.g., personal financial situation, diversification).
8.  **Disclaimer:** Include a standard disclaimer that the guide is for informational purposes only and does not constitute financial advice. Employees should consult with a qualified financial advisor before making any investment decisions.

# Constraints
1.  Use clear, concise language that is accessible to employees with varying levels of financial knowledge. Avoid overly technical jargon.
2.  The guide should be structured logically with clear headings and subheadings.
3.  Provide realistic and relatable examples to illustrate the concepts.
4.  Do not provide personalized financial advice. Focus on general principles and strategies.
5.  The guide should be approximately 1000-1500 words in length.

# Output Format
Markdown document formatted as a corporate finance guide with clear headings, subheadings, bullet points (where appropriate), and a hypothetical example. Include the disclaimer at the end.