Reclaim Your Money: Stop the State from Earning on Your Assets
Are you aware that the State of California might be making money from your unclaimed property? Each year, millions of dollars in forgotten assets such as bank accounts, dividends, insurance payouts, and more accumulate interest that benefits the state’s coffers, not the rightful owners. It’s time for you to take action and ensure these funds are working for you, not the government.
How the State Profits from Unclaimed Property
The California State Controller’s Office is tasked with safeguarding unclaimed properties until claimed by their rightful owners. What many don’t realize is that while these assets sit unclaimed, they are often placed in interest-bearing accounts. The interest generated from these accounts contributes to the state’s general fund, used to finance various state programs and administrative costs.
Interest is earned when money is invested in accounts that accrue an annual percentage yield. For instance, if $1,000 is held in an account with a 3% interest rate, it will earn $30 in a year. Over time, this effect compounds, meaning not only does the initial amount earn interest, but the accumulated interest earns more interest over time.
Compound interest is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Considered the most powerful force in finance, compound interest could significantly increase your wealth over time. By not claiming your property, you are missing out on this powerful financial tool that could be working to your advantage, rather than that of the state.
Act Now: Check If You Have Unclaimed Property
It is crucial for every Californian to make sure they do not have any abandoned property. Recovering these assets not only puts them back in your control but also stops the ongoing benefit to the state at your expense.
The money that could be building your future is currently bolstering the state’s budget. Every dollar sitting as unclaimed property is a lost opportunity for you to invest in your dreams, be it starting a business, growing your retirement nest egg, or funding an education. It’s time to take back what’s rightfully yours and ensure your money is serving your interests, not just those of the state.
Order your guide today — check for unclaimed property and start making your money work for you!