Everybody daydreams about what they would do when they win the lottery, but few people actually have a plan as to how they spend the money until they actually receive it. If you have a structured settlement, you can sell your fixed payments for a huge lump sum. The best part is, you know when it’s happening, and can start to plan for the future.
When you get your settlement cash, you will finally have the ability to pay off all your monthly living expenses and focus more on life itself rather than your finances. In fact, a recent American International Group (AIG) survey showed that 65% of the people said that they would rather have a lump sum payment instead of structured payments.
A huge lump sum will cover all of your cash needs, and you won’t have to worry about money for a long, long time. Here are three of the endless ways to improve your quality of life with a huge lump sum payment:
Pay off your home. Nobody likes a mortgage, and you are in the unique position of being able to avoid a monthly house payment. When you get cash for your settlement now, you can pay off most (if not all) of your mortgage and never have to worry about monthly payments again.
No more living check-to-check. You can finally say “goodbye” to spending your entire check on monthly living expenses. Also, by receiving a lump sum, you can eliminate debt and start to rebuild your credit. The average U.S. household has a credit card debt of $7,200, and most people would do anything to be in your position and start from scratch.
Take that vacation you’ve always dreamed of. After you cover all your living expenses, you’ll probably have a lot of money left over from your lump sum payment. How about escaping to a tropical island and taking your mind off of things for a while? You can set aside a portion of your lump sum payment for some “me time” and spend it on whatever leisure items you wish. The choice is yours.
These are just three of the thousands of great things you can do with your lump sum payment. Consult an expert to get a quote on your settlement and see how much it’s actually worth.