It’s never something you plan for–but once you are named the recipient of a structured settlement annuity, you want to be sure to spend that money wisely. Whether you are a lucky lottery winner or a not so lucky victim in a lawsuit, your annuity settlement needs a plan that puts you in control.
A structured settlement is a payment plan that stretches a lump sum payment out over the course of many years, or even a lifetime. There are usually tax breaks for both you, the payee, and the person paying out, but what if you’d rather get settlement money now? By selling a structured settlement annuity, you can manage your finances directly and invest your money in ways that will pay off more in the long run.
Here are three great plans for selling a structured settlement that will build more wealth down the line.
Roughly 26% of Americans struggle with bills and debt payments. If you have credit card bills or personal loans that are eating away at your paycheck, then a small annuity payment won’t feel like much help.
By selling a structured settlement, individuals can reduce debt and their monthly expenses. Getting out of debt will allow for a start fresh. Not only will paying off credit cards and late medical fees improves your credit rating; it will also save you thousands and thousands of dollars in interest payments. Because loan interest accrues over time, those loans are actually growing more expensive the longer you take to pay them off. Paying off your debt is a smart and financially savvy way to use the cash for your structured settlement.
Did you know that it costs an average of $30,000 to start a new business? Even with a great business model and some enthusiastic investors, it’s very hard to come up with that kind of funding. Selling an annuity settlement can cover that initial investment and start that business.
If cash for an annuity settlement lets you start that company you’ve always dreamed of, then it could also be a great way to take control of your finances. As a business owner, you’ll have control of your financial management and you’ll be able to directly control the revenue and expenditures for your business on a monthly basis.
Perhaps the best way to ensure financial health over the long term is to invest in education. But tuition is expensive and it can be a real financial challenge. Selling a structured settlement annuity can often cover the cost of several courses.
Look for classes at a local community college that will be cost effective and will help you stretch that annuity settlement cash far. This is especially beneficial in coursework that lead directly to a job market, like nursing, or mechanics. Get cash for a structured settlement and turn it into a life long career.
If you’re the recipient of a structured settlement annuity, consider your options carefully. If you’d like more control of your annuity, then selling a structured settlement annuity might help. There are lots of different ways to invest your money that can help ease financial stress over time. Consider what is important to you and your finances and then make a plan that works for you.