November 11, 2024
Hidden Treasures & Forgotten Funds
"Don't wait for luck – go out and find your own treasures."
- Challenge Type: Income Generation
- Challenge Level: Easy to Moderate
- Time Required: 1 Day
- Savings Potential: $100+
Challenge Description
There’s money scattered in various corners of our lives, waiting to be found.
It’s thrilling to stumble upon unexpected treasures. Whether it’s finding a forgotten $5 bill in a jacket pocket or discovering a long-lost family heirloom tucked away in the attic, these serendipitous moments have a way of brightening our day and sparking a sense of temporary joy.
While we may not all be lucky enough to stumble upon a treasure map leading to buried riches, there are still plenty of funds waiting to be found in forgotten bank accounts, employer matches, and around the home. These riches aren’t scattered across distant lands or locked away in vaults. Instead, they are hiding in plain sight, overlooked or forgotten, right under our noses.
Roll up your sleeves and challenge yourself to find as much as you can exploring the various avenues through which you can uncover hidden cash and assets to transform overlooked resources into valuable financial gains.
Forgotten Fortunes by the Numbers
- The average household in the United States contains $113 in loose change scattered in and around the home.
- Almost half of all Americans have unused gift cards tucked away in their homes worth an average of $128.
- Less than seven percent (7%) of employees fully utilize the benefits offered to them by their employers.
- Thirty percent (30%) of an employee's compensation is tied to benefits and non-compensated perks.
- Americans only use half of their paid time off (PTO) each year.
- On average, employees who max out their 401(k) contributions see a yearly increase in earnings of $1,336.
- One in four employees do not participate or do not max out their 401(k) contibutions.
- 1 in 7 Americans have unclaimed assets and property. The average value of each claim is $2,080.
- The typical American household has around $7,000 worth of unused or unnecessary items.
Keys to Success
Start Here
Benefits
Unclaimed
Unloved
Other
Start Here
Start by focusing on three simple areas – money owed to you, loose change, and unused gift cards. It may seem obvious to start here, but you’d be surprised at what you’ll find.
More than half of Americans have extended financial help to friends and family members. On average, outstanding debts from these loans amount to $400 per person. Moreover, many individuals may have unclaimed earnings from work or services they’ve provided but haven’t received compensation.
Scour your home and vehicles for loose change and forgotten dollar bills; households contain an average of $113 in money under couch cushions, hidden in drawers, and laying around in the laundry room.
Finally, don’t forget to gather any unused gift cards lying around, as the average American has approximately $128 worth of them tucked away at home. With a little effort and attention to detail, you could uncover a significant sum of money that you forgot you had.
Benefits
For those who have benefits, thirty percent (30%) of an employee’s compensation is tied to benefits and non-compensated perks. Yet, less than seven percent (7%) take full advantage of the benefits offered to them.
An employee with a $30,000 salary could effectively be leaving nine thousand dollars on the table in benefits alone through 401(k) matches, tax-free savings accounts, and employee discounts.
Be honest and ask yourself, “Are you leaving money on the table by not taking full advantage of employee benefits?”
Unclaimed
There is over $70 billion dollars in unclaimed assets and 1 in 7 Americans have unclaimed property held by state governments, ranging from forgotten bank accounts to uncashed payroll checks. While most unclaimed assets are small amounts, some claims can reach figures in the six and seven digits.
By checking online databases or contacting your state’s unclaimed property office, you may uncover assets waiting to be reclaimed.
Unloved
Think about it – how many times have you glanced around your home and thought, “I really should get rid of that”?
Now is the perfect opportunity to turn those idle thoughts into action and cash in on the clutter. From forgotten gadgets to outgrown clothes, the unloved and unwanted stuff lurking in the corners of our homes may hold the key to unlocking a treasure trove of cash.
So, how do you get started? Begin by taking a tour of your home and identifying items that no longer serve a purpose or bring you joy. Then, set up a designated selling area and start listing your items online or hosting a garage sale.
Other
Have you overlooked any cash sitting idle in a mobile app account, credit card rewards program, or rebate that needs to be redeemed?
Mobile payment app users typically leave an average of $316 in their accounts, often without the benefit of FDIC insurance. The rise of mobile payment apps, app based side gigs, and cashback apps has led to an increase in the accounts we hold that are easy to be forgotten with time. List these accounts out and inspect each one for any dormant funds waiting to be claimed.
After discovering all your hidden treasures and forgotten funds, consider depositing these newfound resources into a high-yield savings account. By doing so, you will earn interest on money that was previously sitting idle and watch your savings grow even further.
Pros
- Most tasks are easy to complete
- No money required
- Most tasks do not require too much time
- Does not require constant attention
- Could yield hundreds or thousands of dollars
- Cash collected can be used to pay down debt or saved to collect interest
Cons
- Most funds do not come instantly
- May take months to receive cash and assets
- Some tasks require education and analysis
- Not all employee perks benefit everyone
- Collecting money owed to you may damage personal relationships
- Collecting money owed to you may not be recoverable
- Many employers do not offer employee benefits
- Unclaimed money and employee benefits may require hours to research and to gather necessary documents
Reclaim Your Money
Learn More:
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