Congratulations! You’re finally out of college. All those years of schooling finally paid off. Now, unfortunately, the stresses really begin. You don’t have to worry about homework anymore, which is great, but now you have to worry about your finances.
It’s important to not only organize your finances so that you can live comfortably in the present, but focus on planning for a secure financial future as well. Everyone’s situation is different, but you need to spend time planning and organizing your finances to avoid trouble down the road. Consulting with financial professionals can help give you the information you need for your future.
There are many expenses that college graduates begin to think about after graduation. Some of these expenses are extremely pricey but there are payout options that can help. Deciding between lump sum and annuity payments can be tricky. It’s a decision that depends on your situation, but there are plenty of benefits for selling your structured settlement and annuity.
Lump sum and annuity payments can help certain financial situations. You may prefer to receive annuity payments every year to stay organized, or you might want to receive cash for settlement payments. Selling your payments can provide you with a lump sum that can be used (responsibly) to pay off various important expenses: purchasing a home, buying a new car, paying off medical bills, travel, starting your own business, and paying for college.
Getting out of debt is also one of the greatest benefits of receiving a large lump sum payment. Of all young Americans ages 18 to 24 years old, about 20% of them qualify themselves as being in “debt hardship.” Not taking care of your debt can destroy your finances down the road. Receiving a large lump sum to take out a chunk or all of your student debt can be great for college graduates.
Every year, more than $6 million is paid through structured settlements and more than 37,000 U.S. citizens utilize these payments. Lump sum and annuity payments can be tough decisions for college graduates. Working with experienced financial consultants can help assist you with these difficult decisions. Make sure to be responsible with your finances.