3 Awesome Ideas For Your Structured Settlement Payout
If you’re one of the 37,000 Americans who receive and use payments from structured settlements every year, you may find that the monthly amount you’re getting isn’t enough to make a big difference in your life, especially if you are struggling with your school debts, car payments, or even making your rent. However, receiving these insignificant monthly payments isn’t your only option. When you choose to sell monthly payments from your structured settlements, you will receive a cash payout that can help improve your life in significant ways. But if you don’t need to pay off expensive medical bills or crippling debts, some people aren’t sure how to best spend their payout. Here are three great ideas for spending that money in a way that will continue to benefit you for years to come:
Pay for college
The number of current students and recent college graduates who are struggling to make their student loan payments is staggering. In today’s economy, a college education is nearly a necessity, but most people can’t afford it without taking on hefty loans. A lump sum payment can help tremendously with the price of a college education, and will leave you free from crippling student debts. Once you graduate, you won’t have to use your job wages to pay off your schooling!
Buy a new car
Purchasing a car may not be the best financial investment, but in many locations, owning a car is essential. Do your research and purchase a safe, reliable car that gets excellent gas mileage — and treat yourself to a couple of fun features, too. Having a car gives you independence, and because you can pay cash, you won’t need to worry about monthly payments or financing fees. And if you decide to sell your car later on, you can do so more easily.
Purchase a house
You might not have considered buying a house, but since the average payout for structured settlements is around $324,000, purchasing a home may be well within your reach. Owning your property, rather than renting, can help you build wealth over time, and if you buy the house outright, you won’t have to worry about a mortgage payment. As long as you can afford the house and the upkeep, owning your own home is actually fiscally smarter in the long run than renting.
When you consider payout options, you can reap the benefits, live much more comfortably, and have a secure financial future. Contact us today to find out how to get cash for your settlement.