Now it might be a little hard to contain yourself. After all, you just won the jackpot, literally. You were probably expecting one of those over-sized checks with the lump sum printed on them, but in reality, you’re only receiving a fraction of your winnings in each drawn-out installment. Who has time for that? You have bills that need to be paid and dreams to pursue.
When you sell your structured settlement, it means cash now. By having a third party company pay you based on the value of your annuity, you’re free to spend your money immediately. With all that freedom, you might not know where to start.
To make sure you make the most out of your annuity settlement, start small. Think about the present or maybe even the past and move slowly towards the future. We’ve highlighted three major investments to start you on the road to your new life with your annuity settlement.
1. Pay Your Bills
It might sound obvious, but nearly half of all US families spend more than they earn, which means bills oftentimes go unpaid. Before your big break, you might’ve been living month to month, or maybe you left an unpaid balance on a utility payment. You don’t want to forget the little things now that you have the means to erase your debt. Speaking of which…
2. Pay Off Your Debt
Did you know the average American home uses 13 payment cards? That comes out to almost $1,000 in interest each year. Now that you have extra cash, you don’t want to keep throwing it away on interest.
And while you’re thinking of debt, remember that an adult American on average owes $11,244 in student loans and $8,163 on their vehicles. Whether or not those numbers apply to you, it’s likely you need to pay off a loan or medical bill. In fact, 35% or 6.5 million Americans were still paying off overdue medical bills in 2014.
3. Invest in You
Now that your bills are paid and your credit score is recovering, it’s time to think about the big picture. Wouldn’t you like to see yourself as a homeowner? With your annuity settlement, you now have the funds to pay the 5, 10, or 20% of the sales price most mortgage lenders require you to pay down in cash on a new home.
From there the world is your oyster. Would you like to go back to school or start your own business? Now you can. With your lottery lump sum payout, you don’t have to be intimidated by the average cost of starting a business ($30,000) or attending college ($31,231 for private, $9,139 for public).
It’s that simple. You could be using your cash to start your new life today. Contact us to learn how to get money from a settlement now.