4 Things You Can Do Once You Sell Your Structured Settlement
According to recent surveys, playing the lottery is the most popular and widely practiced form of gambling in the United States … though some don’t even consider playing the lottery gambling. Those that win the lottery often believe that their lives will instantly change; however, they usually don’t receive lottery winnings upfront. Rather, these individuals, and those that win large amounts of money in lawsuits end up with annuities or structured settlements, with payments being allocated over the course of a long period of time. If you sell your structured settlement or fixed annuity, however, you can get cash quickly. There are many things you can do with this money; the sky is the limit.
1. Purchasing A Home
In the current economy, owning a home is considered a pipe dream for some. This is partially because most mortgage lenders require a down payment of 5%, 10%, or 20% of the house’s sale price. If you receive lottery winnings or settlement money quickly rather than waiting, you can take care of that down payment quickly, and move into your new home sooner rather than later. While selling fixed annuities for lump sums can be intimidating at first, it can ultimately allow you to move on with big plans faster.
2. Pay Off Debts
The total number of debts that American owe is $11.91 trillion. That’s a scary number, and it’s virtually impossible to live in the United States without accumulating some amount of debt, especially with over 40% of American families spending more than they owe. Selling lottery payments or structured settlements can allow you to pay off a large portion or even all of your debt at once. The less you have to worry about debt, the better your life will be.
3. Paying Off Medical Bills
To be more specific, a lot of debt often has to do with medical bills. Not only would being able to receive lottery winnings or other cash amounts earlier allow you to pay off medical bills you already owe … it also gives you a comfortable cushion in case the worst should happen. This way, you don’t have to worry about being secure in case of an emergency. Furthermore, some companies that buy annuities and settlements can offer lower … level financial advice, helping you handle your money.
4. Buying Luxury Items and Experiences
When you choose the cash for annuity option, the fact is that once practicalities are taken care of, you can have the experiences you’ve always associated with a windfall. That could mean investing in a luxury car; it could also mean vacationing in an exotic locale. The point is that this is your money, and you should be able to do with it what you see fit as soon as possible!
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