Making Money by Giving it AWAY with Spencer Vann: An EOFire Classic from 2022
Entrepreneurs on Fire Podcast Recap
Published:
Duration: 23 min
Guests: Spencer Vann
Summary
This episode features Spencer Vann discussing how to generate income by helping others recover unclaimed money, known as surplus funds. The most useful takeaway is the process of identifying and connecting people to their lost money while earning a finder's fee.
What Happened
Spencer Vann delves into surplus funds investing, a process where individuals can recover unclaimed money held by the government. He explains that there is nearly $100 billion of lost money owed to 1 in 10 Americans. By connecting individuals with their unclaimed funds, he earns a finder's fee, typically between 10-30% of the recovered money.
Vann describes the 'Find, Connect, Collect' process as the core method for surplus funds recovery. This involves locating people owed money, contacting them, and facilitating the collection of their funds. He encourages listeners to explore government websites for unclaimed property in their state or country, as they often list money waiting to be claimed.
A personal anecdote is shared about his grandmother, who was owed $7,000 from an insurance payout dating back to the 1960s. Vann used his expertise to help her claim this money, further demonstrating the tangible impact of surplus funds recovery.
Vann highlights the potential increase in surplus funds opportunities with the anticipated rise in foreclosures due to economic downturns. When a foreclosed property is sold, any excess money after the mortgage is settled should go to the original homeowner, but banks often transfer this money to the state, where it becomes unclaimed surplus.
He shares a success story of a former student, Stephanie, who transitioned from a postal worker to a surplus funds recovery agent. She managed to recover $487,000 from a single deal, earning a significant finder's fee that transformed her financial situation.
Vann emphasizes the importance of specialized knowledge in this field, comparing it to other professional services where expertise is crucial for success. He acknowledges the risk of scams due to the industry's lack of regulation and stresses the need for transparency and honesty in transactions.
Spencer Vann recounts his journey from aspiring basketball player to real estate professional and eventually discovering surplus funds. His story illustrates the value of being open to new opportunities and learning from unexpected sources.
For those interested in starting with surplus funds recovery, Vann recommends visiting his YouTube channel for free training and resources. He stresses the importance of being open and ready to learn, as the field offers significant income potential while helping others.
Key Insights
- Surplus funds represent nearly $100 billion of unclaimed money, affecting 1 in 10 Americans. Individuals can earn a finder's fee by helping reconnect people with their lost funds.
- The 'Find, Connect, Collect' process is central to surplus funds recovery. This involves locating owed individuals, contacting them, and facilitating the recovery of their funds, often through state government websites.
- Foreclosures present significant opportunities in surplus funds recovery. When properties sell for more than the owed mortgage, the excess should go to the original owner, but often remains unclaimed, providing a niche for recovery agents.
- Spencer Vann's journey from basketball to surplus funds highlights the importance of adaptability and openness to new opportunities. His success stories emphasize the transformative financial potential of this industry.