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EPISODE 45 ~ FIND YOURS: Unclaimed Money: People Just Like You Are Finding Five Figures Worth Of Unclaimed Money

Find unclaimed money with The Easy Money Show

Imagine getting a letter from your state saying that a relative left behind a big pile of unclaimed money and you need to claim it.   That’s exactly what happened to my guest.  His father passed away in 2013 and left behind a tangle of financial accounts that were hard to sort out …and one of them went missing.  My guest is named Harry.  We’re skipping his last name and where he lives.  You would too if you had suddenly come into such a nice chunk of money.  Welcome, Harry!

People are often skeptical that they would ever lose track of their money and it would become unclaimed.  How did it happen to your family?

My father died in 2013 and he had a complex array of accounts. He had dementia and lost his span of control over everything. So I had to do my best to track everything down and apparently I missed an account.

Your dad died in 2013.  How long did it take before you heard that their might be unclaimed money out there for him?

2017, so 4 years.

And what actually prompted the state to let you know about the unclaimed money?

It was triggered by my mother dying. Her death was announced in the newspaper and the state put two and two together.

Are you impressed that your state actually does research like that to try to get people’s money back to them?  I can tell you that a lot of states would be perfectly happy if nobody ever claimed their money, because they USE our money until we do.

In this case they were terrific. Very easy to work with.

How did you get the news?

I received a letter from the unclaimed property unit of my state and they reported there was unclaimed money for my father.  It had been one of his accounts.

Most people I talk to think it’s a scam when they get a letter like that.  Did you believe it?

I did believe the letter – I was used to surprises. It took me a year before I thought I had found all my father’s accounts and then I learned I hadn’t. this was something else that popped.

As part of your research, after your father passed, did you check unclaimed money sites?

I don’t think I did look at unclaimed money sites when I was looking for his records after his death.

What did you have to do to claim the money?

All I had to do was file some paperwork.  Copies of his death certificate and my mother’s death certificate. They contacted me as representative of her estate. They were incredibly efficient.

Once you had done your part, how long did it take before you received your father’s unclaimed money?

It was about 3 months start to finish and one day the check just arrives in the mail.

OK, now the question everybody’s been wanting me to ask: Harry, how much unclaimed money did you receive?

It was around $85,000.  The amount was surprising to me. I had no expectations.

And that was divided between you and two sisters?

It didn’t come to me personally. It came into the estate account and is being parceled out to heirs. There are 3 siblings.

What would your father have thought about his money being lost and then found?

I would like to hope my father would have been happy.

And what about you?  Is this meaningful money for you?

I retired in a little over a year ago, so it was very nice in building the nest egg.

Harry, thank you for sharing your story on Easy Money.  It proves that unclaimed money can be in the five-figure range like yours was — or even more.  And I hope your example inspires other people to check MissingMoney.com and unclaimed.org, both free websites, to see if they, too, have unclaimed money out there.

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EPISODE 44 ~ TOP TIP: Layover: Extend And Save On Your Vacation By Adding An Extra Stop

You may be able to travel to 2 different destinations for the price of one.  When I was planning a trip to Asia,  I figured I would use miles to fly to Hong Kong and then I’d buy a ticket to go on to Bangkok.  But then a savvy travel agent —remember them?— told me that many international airlines allow you to “lay over” for a week in one location and then fly on to another at no additional charge!  Iceland Air even advertises this as a perk, even though many airlines do it!  Here is a list of airlines that allow you to lay over in one city and then travel on to another for one price:  www.travelandleisure.com/airlines-airports/airlines-with-free-stopovers

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EPISODE 44 ~ MAKE MORE: How To Ask For A Raise: Make More By Using These Killer Tips To Literally Increase Your Salary

Our featured topic today is our make more segment and today I mean that very literally!  Let’s talk about how to MAKE more money by asking for and getting a raise.  So many of my “make more” topics are side hustles or entrepreneurial ideas, but I also want to give you ways to make more money at your existing job. Getting a raise is the main way, but so many of us get nervous just thinking about approaching our boss for a raise.  Not my guest!  Steve Robbins is a Harvard MBA, a former CEO, an executive coach and host of the “Get it Done Guy” podcast.  And he has promised me killer strategies for asking for a raise.

Talk about the three motivations most bosses have and how to exploit them: power, affiliation and achievement.

The late Harvard psychology professor David McClelland had an easy framework you can use.  McClelland said motivation comes in three flavors: power, affiliation, and achievement. Power People want things to happen their way. Affiliation People want to be popular and liked. And Achievement People want results. We’re all part power, part affiliation, and part achievement.   Interestingly, we are taught that American business is all about achievement; it’s all that matters.   But guess what—people don’t actually behave that way. They’re also driven by power and affiliation. “Working smart” means getting results, but even more, it means satisfying your boss’s needs for power and affiliation as well. 

Do you actually bring up how you’re helping your boss with the 3 motivations when you ask for a raise?

we rarely acknowledge power and affiliation goals out loud. Those goals are considered unprofessional, even though they drive so many of us. So you need to frame your job in terms of achievement goals that will get you paid, while making it clear that you’ll meet your boss’s power and affiliation needs along the way. Trust me—as long as you’re helping a power-oriented boss expand their empire, you’ll be able to find a meeting of the minds about what you need to do to get paid and move ahead.

Notice that I’ve said very little about meeting the organization’s needs. That’s because only an executive who understands the link between their own needs and the organization’s needs will value your attempts to do the right thing for the business. In the final analysis, it isn’t between you and the company; it’s between you and the people who will promote and pay you.

That group consists of more than just your boss. Your boss’s boss and other senior managers may be watching. Your Power boss may report to an Achievement executive. If your efforts are visible to the exec, helping your boss achieve in a way that her boss recognizes might be your best strategy.

Listen to more of Steve’s excellent strategies at EasyMoneyShow.com/44.

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EPISODE 44 ~ SAVE MORE: Savings Account: Use Your Emergency Savings For A Real Emergency – Credit Card Debt

Save more money with The Easy Money Show

Time now for our save more segment of the show:  I know lots of smart people who have a good-sized savings account and credit card debt. And that is just dumb.

Oh, did I say that out loud? Refusing to use a savings account to pay off credit card debt is like barricading your front door for security, but then letting thieves waltz in and out your back door.

I know, I know, people feel it’s important to save for emergencies. Trust me, credit card debt is an emergency. It is sapping your financial strength.  Think of it this way: You can instantly make a “profit” by using low-interest savings to pay off high interest credit card debt.  Hey, maybe this should have been a “make more” segment! 

Here’s the rationale: If your credit card charges 17 percent interest and your savings account yields just two percent interest, you can make a 15 percent “profit” —I have my fingers up in air quotes right now— by using the savings to pay off the debt. Money managers would kill to make that kind of gain in the stock market!   

Still not convinced?  let me do the math for somebody who has $10,000 worth of credit card debt.  That $10,000 at 17 percent credit card interest, will cost you $1,700.  AND that $10,000 in a savings account at 2 percent interest will only earn you $200.  SO, you can SAVE —or “make” $1,500 by using the savings to pay off the credit card debt.

Rate

Interest

Credit card debt @ 17%:

$1,700 charged

Savings account @ 2%

$   200 earned

BIG SAVINGS=

$1,500

If this numbers-based argument didn’t convince you and you are STILL clinging to the idea that you need a large savings account in case of an emergency EVEN when you have credit card debt, then here’s another way to think of it: You should take the sure savings and gamble on the possible costs. You are guaranteed to save money by using your savings to pay your debt. You can gamble that you may or may not have a future emergency. And, If you do, guess what?  You can use your credit card to pay for it.  Still squeamish?  Let’s compromise.  Keep $1,000 in your savings account as your comfort blankie.  Send the rest to your credit card company and immediately save big money.

A couple of caveats: I am not talking about tapping into a 401k or IRA here. If you already have money in one of these retirement accounts, don’t withdraw it, because the penalties could well be worse than the credit card interest. If you are contributing to retirement accounts WHILE you have credit card debt, you should stop and pay the debt first. The one exception is if your employer makes a match, in which case you should consider contributing just the amount that is matched to get the free money.  Then, use the REST of your available money to pay off that credit card. 

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EPISODE 44 ~ FIND YOURS: Boy Scouts: Find Money For Your Favorite Scout Troop

Find unclaimed money with The Easy Money Show

Hundreds or even thousands of boy scout and cub scout troops across the country are owed unclaimed money.  That is our find yours topic for today.

Many thanks to the Bryan on Scouting blog, where I first spotted this information.  I have told you before how to search for unclaimed money for religious groups, charities and schools.  I hadn’t thought to look for scouts.  But now I have and this is great inspiration for anyone who’s been putting off a search for themselves or an organization they’re involved with.

I chose to search the state of California unclaimed money database because it’s one of the only ones that tells you, right online, how much unclaimed money there is for somebody.  And what a bonanza!

First I typed “cubscout” as one word into the last name field and got 9 hits.  Cubscout troops in Vacaville, Santee and Pasadena California each have $100 worth of unclaimed money.  Troop 301 in Fresno California has a total of 6 unclaimed money accounts with the state!

Then I typed in cub. scout.  Two words and I got another 10 pages worth of results.  That’s a good reminder to always try every different spelling of your name or the group’s name  Using the separate words cub and scout, I found unclaimed money for boys in California from A to Z, literally!  —Alameda to Tarzana.

Next, still on JUST the California site, I tried a search for boyscout —all one word— and got 5 hits.  Then, I tried the proper spelling, with boy and scout as separate words and got another 11 pages of unclaimed money listing and each page contains 25 accounts!

And some of those accounts are BIG!  For example, in 5 minutes of searching, I found out that General Electric turned over $2,500 for the Boy Scouts of America.  And Troop 223 in Pacific Palisades California is owed $3,535!

Here’s an idea: If you lead a boy scout or cub scout troop, why not assign your boys this project as a way to earn a merit badge?  Have them search MissingMoney.com and unclaimed.org, just as I did and see how many different unclaimed money accounts they can find for their fellow scouts?

Of course, Easy Money is an equal opportunity podcast, so on another show soon, I will search for unclaimed money for GIRL scouts and let you know what I find!

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EPISODE 44 ~ GUEST BLOG: Understand Your Boss For The Best Chance of Getting A Raise

By Stever Robbins

Why do you go to work? If you’re one of the lucky few, your work ignites your passion. It challenges you. It lets you accomplish what you find most worthwhile, provides community, and helps you contribute in a meaningful way. You’d keep working even if you won the lottery. Chances are, that’s not you. Even if your job does some of that, you wouldn’t do it if it weren’t for the paycheck. That’s fine. Almost everyone works for the money. So face that. Roll it around in your brain for a few minutes. Repeat after me: At the end of the day, even if you enjoy your job, you’re there to get paid. So “working smart” means working in whatever way gets you paid.  Understand first that people decide what you get paid.

Read More

Guest Bio:Stever Robbins is an executive coach and communications consultant. His work combines business savvy, “life hacking,” and personal development to help people achieve extraordinary results. He is a serial entrepreneur, executive coach, and executive curriculum designer. He co-founded the early internet success story FTP Software, served as COO of Building Blocks Interactive, CEO of JobTacToe.com, and has been an initial team member of ten start-ups, including four IPOs and three acquisitions. He was project manager at Intuit, where he co-led the development of the award-winning Quicken VISA Card. He serves as business plan judge for the Harvard Business School business plan competition, the MIT $100K competition, the Pete Conrad Spirit of Innovation Awards, the William James Foundation social enterprise competition, and the Mass Challenge entrepreneurship competition.  His Get-It-Done-Guy podcast has spent weeks as #1 in the iTunes business category and has been downloaded more than 30 million times.

Guest Contact:

Website: SteverRobbins.com

Facebook: www.facebook.com/stever777

Twitter: twitter.com/GetItDoneGuy

twitter.com/SteverRobbins

Podcast:

Get it Done Guy on iTunes: apple.co/2pxxIkd

Get it Done Guy Show Notes: www.quickanddirtytips.com/get-it-done-guy

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EPISODE 43 ~ TOP TIP: Locksmith: Hop Online To Find Substantially Cheaper Prices For New Locks Compared To A Locksmith

Never buy a lock from a locksmith! This tip comes courtesy of my producer, Woody. Woody’s niece recently bought her first condo and wanted to change the locks. The locksmith quoted her $75 for a non-name brand lock. Woody jumped online and found a better, name-brand Schlage lock available at Walmart for $17 bucks. Now, why would I harp on this locksmith example? Because the same principle applies to buying ANY product when you’re a captive audience. Don’t panic. Shop around real quick and you may well get a much better deal.

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EPISODE 43 ~ MAKE MORE: Make Money Online: Learn Why This New Site Is An Even Better Marketplace Than Craig’s List

What if there was a more targeted, refined way to sell stuff you no longer need?  And to BUY stuff you want, at a good price, from people you trust?  There is!   It’s called Facebook Marketplace and it is both my make more AND save more topic for this show.  My guests are Deb Liu, VP of Facebook Marketplace. Also joining us is Katie Mundo a successful Facebook Marketplace user.  

Here’s a sample of questions of what I asked our guests:

  • What makes selling on Facebook Marketplace different from Craig’s List?
  • Is Facebook Marketplace one big store like Ebay or are there regional sections?
  • I always ask, so that people understand how it works: how does Facebook make money when somebody sells something on Facebook Marketplace?

You can find Facebook Marketplace here.

To find out more, check out EasyMoneyShow.com/43!

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EPISODE 43 ~ SAVE MORE: Online Shopping: Find Better Online Deals For Anything You Could Image With This Great Site

Save more money with The Easy Money Show

What if there was a more targeted, refined way to sell stuff you no longer need?  And to BUY stuff you want, at a good price, from people you trust?  There is!   It’s called Facebook Marketplace and it is both my make more AND save more topic for this show. For the Facebook Marketplace user perspective, let’s turn to Katie Mundo.  Katie is an interior designer in Bergen County, New Jersey whose business is called Highwood Home.

Here’s a sample of questions I asked Katie:

  • I understand you have had great success purchasing unique home goods for your interior design business.  Is it just that they’re unique?  Or is it also sometimes that they’re delightfully cheap?
  • Can you give us a couple of specific examples of unique finds that were also good deals?
  • Any tips for people listening, as to how to find great things at great prices on Facebook Marketplace?  There must be tricks for sorting through the thousands of things offered and honing in on what you want.

You can find Facebook Marketplace here.

To find out more, tune check out EasyMoneyShow.com/43!

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EPISODE 43 ~ FIND YOURS: Unclaimed Money: How The Government Might Claim Your Money That Isn’t Missing

Find unclaimed money with The Easy Money Show

What if the government seized an account of yours as unclaimed money, even though it wasn’t unclaimed?  It happens all the time and that’s today’s “find yours topic.” 

For Carla Ruff of San Francisco, it was her safe deposit box that was drilled, opened and turned over the the state of California.  When I did a story about this for Good Morning America, we started calling them “not-so-safe” deposit boxes after we heard Carla’s story.

  Her case was particularly egregious.  She lived about 6 blocks from the bank and had a checking account there.  She received monthly statements for that account, so clearly the bank knew who she was and even knew her address.  And yet, for some, reason, the bank decided her safe deposit box was abandoned and handed the contents over to the state.

Once the state had the contents, it auctioned off Carla’s great grandmother’s precious natural pearls and other jewelry for 18-thousand dollars.  That, even though her own appraisal showed they were worth more like 82-thousand.  It hurt because she and her great grandmother had been very close.

So what’s going on here?  Why would a bank turn over somebody’s account to the state when it really wasn’t unclaimed?  It’s a combination of sloppy record-keeping and responding to pressure.  Yep, I mean that. 

Many states are facing budget crises and so they are grabbing money anywhere they can get it.  That’s why they put a lot of pressure on banks and other financial firms to turn over abandoned property.  They want to USE that money.  In California, unclaimed money is pumped into the General Fund.  Which means if everybody decided to claim their missing money at once, California would struggle to come up with the cash.  Frankly, they want as much as money as they can get and they’re hoping you won’t ever claim it.

Back when I did my investigation, I obtained a secret memo written by California’s then-head of unclaimed property in which he argued against expanding programs to let citizens know about their unclaimed money.   “It could well result in additional claims of money that would otherwise flow into the general fund,” he wrote.

It’s come to this.  States originally started forcing private industry to turn over abandoned accounts on the pretense that they would be better stewards of citizen’s money and hold it for safekeeping.  Some states do a great job of that.  Others, not so much.

That’s  why I urge you to search for and claim your missing money as soon as possible.  Or… listen to Episode 18 where I talk about how to keep your  money from becoming unclaimed money in the first place. 

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