“For every minute spent organizing, an hour is earned.” – Ben Franklin
Have you ever put on an old pair of jeans and found a wadded up $5 bill in the pocket? That is a pretty cool feeling, huh? Imagine finding $64,000.
A new client signed up with me last week. As many of you know, we use Fidelity Investments to custody the assets. Mr. New Client created a log in to see his new accounts. Fidelity links all accounts related to his social security number. At the bottom of his new sign in page, was a hyperlink to his old employer plan. He clicked it. He found that he had an old plan from a former employer from 20 years ago. $64,000!!!!
I joked with him that we made him $64k in the first 12 hours of being a client. 😊
Before you say that would never happen to you, there is currently over $700 MILLION dollars in unclaimed property in South Carolina. Many people fail to let every institution know the new address when they move. I mentioned in Finger Financial Five #9 about www.unclaimed.org You can check each state where you have lived to see if you have any property unclaimed. Please email me if you find any MONEY! Would love to hear about it.
What are the lessons here?
Keeping track of everything related to financial planning is not as easy as it may seem. You live your life, you work hard at your work, you raise your children, you buy houses, you move, you change jobs, you take vacations, people die, children are born, and you need to make sure everything financial is in order along the way. Not easy.
Good financial advice is not just asking how much income you need to live and how much money you have. It is making sure that everything you have is tracked, adjusted, and kept up with as you live your life. As your life changes, your financial plan should change too. How much relief would you have knowing this is done for you? How many hours gained?
My exercise coach Stu and my business coach Steve, track the progress of each workout and business activity. We can review where we have been and our progress along the way.
Our process at Riverbend is similar, in that we track where you are, what needs to get done, what you want to accomplish, and where everything is. We update this regularly for our clients during our client reviews.
If you would like a free secure digital app, feel free to click here. You can put as much information into this system as you would like and update it, as needed.
On the lighter side, I am doing a half Ironman in Wilmington, NC October 23rd. Should be a lot easier with shorter distance and hopefully NO JELLYFISH!
Hope all is well with you and your family,
Jeremy
Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information. My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.
1 https://www.wmbfnews.com/2021/08/04/sc-treasurer-announces-return-35-million-unclaimed-funds/
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.
This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
