4 Great Things You Could Do With a Lot of Money


Lump sum lottery winnings

Receiving a structured settlement payment means that there are a few decisions that you have to make. One of those is how you are going to get your money and another is what you are going to with it. You have a couple of options here. Depending on your plans and goals for your money, you could potentially sell your structured payments and get all of your money right now. This is beneficial if there are immediate things that you need the money for. The purpose of an annuity is to give you a chance to get used to the larger sums of money that you will have. However, it can be frustrating if there are things you need to pay off or buy. Here are a few examples of why you may want to sell your annuity settlement.

Paying Off Debt
Most Americans are in some sort of debt. Whether it’s already gone to collections or you are still paying off credit cards and loans that are accruing interest. While the purpose of an annuity is to give you payments over a long period of time, that can make it almost impossible to pay off debt that is still adding interest. You could pay one month and by the time the next month comes, the interest has made the payments go back up to what they were as if you paid nothing the previous month. This can be very discouraging and down right annoying. The best thing to do in these situations is to sell your annuity, get the lump sum payment and use to it pay off your debt in full. You will end up paying a lot less because of paying it off quicker. The interest won’t be able to keep adding up. However, you may want to make sure that you will not have any early pay off fees for anything that you are going to be getting rid of.

Paying Medical Bills
Sometimes you can not receive treatment until your medical bills are paid. If your insurance is not covering a treatment that you need, than the purpose of an annuity is lost. You need to pay those medical bills so that you can begin your procedures or treatments as soon as possible. You don’t want your body to start healing incorrectly. If your settlement is coming from a car accident you may need physical therapy or medications or other types of treatment that are directly related to the accident. A court case can take a long time to grant you the money but if you choose to sell the settlement, you could receive your money before the case is even resolved.

Making a Large Purchase
If you have your eye on a house or a new car or even a boat or a plane, you’ll want to snatch up that opportunity. Waiting years for your payments to add up enough so that you can afford the large item may not work out in your favor. The item may be gone by the time you are ready to buy it. However, if you can manage to sell your annuity and get all of your money at once, then you will be able to buy the item out right and it will be a great investment of your money for the future. Many times, interest and fees will be lower if you pay an item outright rather than making payments on something like this.

Who wouldn’t like to see the world? It’s just not on the forefront of everyone’s mind because it can get very expensive. However, getting a lump sum will allow you to see wherever you want to. Several places, if that’s your dream! Don’t let settlement payments stop you from experiencing everything that you’ve ever wanted to.

If a purpose of an annuity is to help you manage your money properly, and you are not very good with finances then you may not want to sell your annuity so that you aren’t tempted to spend it all at once. But, you could hire a financial adviser that will assist you in making sure that your money is allocated and used wisely.

Leave a Reply