Wouldn’t it be a great time to find some extra cash, with the holidays around the corner? You might be in luck after reviewing Georgia’s Unclaimed Property website. States maintain an unclaimed property database of accounts held by financial institutions and businesses that have lost contact with the account owner of record. That means, you may have unclaimed financial accounts, refundable escrow accounts, insurance payments and more.
In less than 5 minutes, you can search your name through https://dor.georgia.gov/unclaimed-property-program (and other states’ websites if you have moved), and you’ll see results of lost accounts/property in your name. Be sure to review the frequently asked questions (FAQ) section and proceed if you’ve found property that you believe is yours. Sometimes, people with common names, such as John Smith, come across property that appears to be titled in their name, but is not actually theirs.
Additionally, lost 401(k) accounts have become commonplace, according to a recent study by Capitalize. It’s estimated that $1.35 trillion dollars in assets have been left behind, or forgotten about, across 24.3 million accounts. That means, on average, these forgotten accounts are approximately $55,000 in value! You can search for lost 401(k) accounts on Georgia’s Unclaimed Property website. But, aside from relying on that database, you also should think about previous jobs you’ve had. Look for old statements, and try to recall if there was a plan you were contributing to.
It’s easy to have accounts or valuables lost in the shuffle of our busy lives. We tend to focus on the present, not the future, which means we push our personal finances to the side. We need to remind ourselves that we are running a family business, and treat our personal finances as such. We have financial goals, and we need to plan for life’s next chapter, such as retirement. We have income, expenses, people on payroll (the kids!), and we need to manage all this.
We’re not all doctors, but we need to understand the basics to keep our health on track. Personal finance is a similar concept. Keep it simple, stay organized, have a plan, and stick to it. Remind yourself that, when it comes to time and money, it’s not about how much you have; it’s about how you use it.
Advisory services offered through Veracity Capital, LLC, a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategy.
– Michael Collopy, CFP®, is a partner and financial advisor with Veracity Capital, LLC. Michael recently relocated to Canton from South Florida with his wife, Kathryn, and 1-year-old son, William.