3 Important Tips to Ensure a Secure Financial Future
It’s hard to tell someone to stop receiving money every year. Who in their right mind would give up free money, after all? For those who receive annuity payments every year, those extra few bucks in their pocket that can be used on groceries, a nice night out, or thrown into savings, and there is nothing wrong with that. However, there’s another option that might benefit people a little bit more.
Selling your structured settlement payment means that you will no longer be receiving those yearly annuities, but instead, you will receive a one-time lump sum payment. If you decide to get cash for your settlement in lump sum form and not a small yearly check, you have the potential and opportunity to really take advantage of your financial situation. Some of these lump sum payouts are well over $100,000 and can truly set you up for a secure and financial future.
It doesn’t matter how much money you have if you plan on spending it recklessly, though. That’s why once you get cash for your settlement, it’s important to use that money in a responsible way and not just at the casino the following weekend.
No More Debt!
In the U.S., the average home carries roughly $15,355 in credit card debt and approximately $129,579 in total debt. Outstanding debt is one of the most stressful parts of life, because it follows you wherever you go and in whatever you do, forever. If you are fortunate enough to come into a serious amount of money that could significantly decrease or completely erase your debt, you should absolutely do that. Don’t let your debt control you anymore. Get cash for your settlement payment and take out that debt once and for all.
Once you’ve paid off your debt, you can start thinking about your debt-free financial future. Investing is a dangerous game that should absolutely be handled with caution, but it can be a very lucrative opportunity if you’re careful. Make sure to talk to a financial advisor before making any investing decisions, as they can steer you in the right direction of successful investment opportunities.
One option you have, which might not be as exciting as buying a flashy new thing, is to simply put the rest of your money into a savings account. Once you’ve sold your structured settlements, paid off all your debts, and invested, do the responsible thing and save it. You never know when that extra cash might come in handy.