If you’re in possession of an annuity or a structured settlement — whether you won it as lottery winnings, you have an annuity settlement from a lawsuit, or you simply decided to purchase an annuity and you’ve since changed your mind — it might be a good time to consider selling your annuity in exchange for a lump sum of cash. Many people have already chosen to their annuity payments and selling your annuity might just be a great choice for you, too! If you need some ideas, here are a few things you’ll be able to do when you sell your annuity:
- Go back to school. If you’re thinking about going back to college and finishing (or starting) a degree, this is definitely a good use of your money! The average college tuition today costs around $31,231 for private colleges and $9,139 for state colleges, though, so it really helps to have the money upfront instead of taking out thousands of dollars in student loans.
- Starting up a business. Many people have realized that the traditional office environment just isn’t the right place for them, and starting a new business is a great way to earn money doing something you love. The initial cost of starting a business can be pretty high — around $30,000, depending on how much equipment you need — so having the money available first is definitely helpful!
- Paying off debts. Instead of investing or spending your money, simply paying off your credit card debts can be a great use of your money. The average American home pays well over $900 per year just in interest fees, and the average adult owes about $3,700 in revolving credit to lenders at any given time. Paying down these debts will help you focus on the future.
Regardless of how you’ll end up spending your money, selling your annuity for a lump sum of cash can be a great idea!