Congratulations! You’ve won the lottery! And you can’t wait to begin making all the positive changes in your life that you’ve dreamt of for so long. But lottery winners typically wait for a long time to receive lottery winnings. But if you decide to sell your structured settlement, you could have the cash on hand to begin to invest your money, getting out of debt, or taking that round the world luxury cruise.
The lottery is the most popular and widespread form of gambling in the US. People may also have received a structured settlement from an insurance payment or lawsuit. At the same time, there are all kinds of urgent expenses to be paid. The average amount of revolving credit owed to lenders by the average adult is $3,761. More than 40% of American families spend more than they earn.
Selling your structured settlements frees up a chunk of cash for you to meet your obligations and beyond that, to follow your dreams. Annuities typically pay you fixed sums over a certain period of time, most commonly over 25 years or until death. In 2013, in the US there were 34.8 million annuity contracts worth a total of more than $2.58 trillion.
Instead of receiving that money in a slow trickle month to month, selling your structured settlement gives you cash in hand. To buy a car, or a home, you need to make a sizable down payment. According to the Kaufman Foundation, it takes around $30,000 to start a new business. By selling your structured settlement you can receive lottery winnings as a lump sum, when you need it most.
What would you do with the money? Some of the most common uses are:
- Buying a home
- Buying a luxury car
- Getting out of debt
- Paying off medical bills
- Starting your own business
- College tuition
So if you have a structured settlement, think about selling it to a responsible and experienced buyer and start living your dream.