The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Archive for August, 2012

FAQ: What is Unclaimed Property?


 

Generally, any financial asset that has had no activity by its owner for a period of 1 year or more. This includes savings accounts, checking accounts, uncashed dividends, stocks, customer deposits or overpayments, certificates of deposit, credit balances, refunds, matured life insurance policies and uncashed death benefit checks. The law also requires that utility deposits, unclaimed wages and property resulting from business dissolutions be reported as unclaimed property after one year of inactivity. The Unclaimed Property Act does not include real estate.

For more information or to see if we have missing money for you,  visit www.wismissingmoney.com

 

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The Economy & You #48: Milwauke Picked as Best City for Incentives


English: Flag of Milwaukee, Wisconsin

English: Flag of Milwaukee, Wisconsin (Photo credit: Wikipedia)

Global Trade Magazine listed the top 50 cities for global trade in its August/September issue.  The overall city rankings lists the 50 largest metropolitan areas by export volume. The metropolitan areas can include multiple communities, multiple counties, and even multiple states. The total export volume is compiled by the International Trade Administration.Milwaukee was listed as the 34th largest city by export volume.  The Milwaukee region includes Waukesha and West Allis. Machinery, computer and electronic products and transportation equipment were identified as the main export products sent out from the Milwaukee area. Milwaukee has historically been recognized as a metal fabrication center. The main trading partners were Canada, Mexico, and China.

In addition to the objective rankings (export volume), the editorial board at Global Trade Magazine reviewed a wide variety of reports, analyses and other materials to create a special designations for a number of cities on the list.  Under these subjective set of criteria , Milwaukee was designated as the city with the best incentives.

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Treasurer’s Top 5: Ozaukee County


This week, we travel to the beautiful Ozaukee.  Here’s a look at the Top 5 people and businesses there with unclaimed assets. Do you see anyone on this list you know?  If so, have check out  www.wismissingmoney.com and search their name to make a claim.  They can also call 855-375-CASH (2274)

Ozaukee County

H H Spake

Mike Lotman

Myron W Haack

The Gilbert Shoe Company

Mary E and Marlies M Maloney


Money Matters: How to establish a Budget


This post is from our friends at Practical Money Skills and offers a great deal of information on how to establish your BUDGET.

A budget is a plan for your  guideline for spending and saving. The majority of Americans routinely spend more than they can afford. The key to spending within your means is to know your expenses then spend less than you make. A good monthly budget can help you pay bills on time, have funds to cover emergencies, as well as reach financial goals.

To create or rework your budget, follow the simple steps outlined below to get a clear picture of your monthly finances. You can also use our free online budgeting calculators below to budget for certain specific purchases or events.

1. Add Up Your Income
To set a monthly budget, first determine how much income you have. Using the worksheet at the bottom of this page, write a dollar figure next to each relevant income source. Make sure you include all sources of income such as salaries, interest, pension and any other income–including a spouse’s income if you’re married.

If you get a salary, be sure to use your take-home pay rather than your gross pay. Taxes are usually taken out automatically, but if they’re not, remember to include them as another expense. If you receive money from somewhere not listed, enter the source along with the amount under “other income.”

2. Estimate Expenses
The best way to do this is to keep track of how much you spend for one month. The worksheet below divides spending into fixed and flexible expenses. Fixed expenses are those that generally do not change from month to month, such as rent and insurance payments. Flexible expenses are those that do change from month to month, such as food or entertainment. If some of your expenses for one or more categories change significantly each month, take a three-month average for your total.

3. Figure Out The Difference
Once you’ve totaled up your monthly income and your monthly expenses, subtract the expense total from the income total to get the difference. A positive number indicates that you’re spending less than you earn–congratulations. A negative number indicates that your expenses are greater than your income. This means you will need to trim your expenses in order to begin living within your means.

Well done–you’ve created a budget. The next step is to track your budget over time to make sure you’re sticking to it. If you find you aren’t able to follow your budget successfully, it may mean that your plan isn’t flexible enough. It can take revisiting your budget a few times to find the balance that works for you.

Download Budget Worksheet (pdf)

Access Budgeting Calculators


FAQ: How Much Debt Does a Student Carry Post Graduation?


The answer to that and some other fun facts about Edvest and 529 Programs: 

250,000
The number of accounts in Wisconsin’s College Savings Program

$22,000
The average amount of debt a student carries upon graduation from college

$15
 You can open an EdVest account for as little as $15 a month

$2 Billion
The amount of money invested in Wisconsin’s College Savings Program

 $1 Million
How much more a college education is worth over the course of a lifetime

$170,000
How much a child born today will pay for college at a public institution

8%
The average tuition inflation rate each year (more than double the general inflation rate

For more fun facts and useful information on Wisconsin’s Edvest Prgoram, click www.wismissingmoney.com

 


The Economy & You #47: The Manufacturing Paradox


Manufacturing Jobs

Manufacturing Jobs (Photo credit: Leader Nancy Pelosi)

For all of the importance that we say as a nation that we place on manufacturing, there are data that suggests that the U.S. may not truly view manufacturing as a vital part of our economy.

I recently read a report from Deloitte titled “Manufacturing Opportunity” that examines the challenges that face American manufacturing and offers recommendations to help return the United States toward global manufacturing competitiveness.

According to Deloitte, the U.S. has lost 6 million manufacturing jobs since 2002, 2 million since 2008 alone.  Yet today, there are 600,000 jobs that cannot be filled because manufacturers can’t find the workers with the necessary skills.  When asked how to create a 1,000 new jobs in their community, Americans point to manufacturing as the best route. Yet when 18 to 24 year olds are asked which industry they would choose in which to start a career, manufacturing is last. So if manufacturing is so important, why is it held in such low regard?

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Treasurer’s Top 5: Outagamie County


Outagamie County, Downtown Appleton

This week, we travel to the beautiful Outagamie County nestled in the Fox River Valley.  Here’s a look at the Top 5 people and businesses there with unclaimed assets. Do you see anyone on this list you know?  If so, have check out  www.wismissingmoney.com and search their name to make a claim.  They can also call 855-375-CASH (2274)

Outagamie County

Kerry Baumgartle

Shirley Kane

Robert and Carol Hausserman

Bruce Wolberg

Harrison and Lillie Kollath