Handling your finances right out of college can be overwhelming. It might have been something you thought about in college, but you really didn’t spend too much time and energy on it because it was college and you had better things to do.
Now you’re out of college, however, and your money is pretty much the only thing you can think about. It’s stressful, sure, but there are a few things you can do to help get you out of trouble and ensure a secure financial future for yourself.
If you are currently receiving annuity payments, great! But those payments might only offer you just enough to get by. Many times, the payments aren’t enough to cover the insane amount of student debt you might have or other large payments that are piling up.
One thing that that you can do is sell annuity payments. By doing so, you will no longer receive those yearly payments. Instead, you will be getting a lump sum of money that should enable you to handle all your debt and large payments at once.
Of all the people who have received structured settlements and elected to sell their payment for a large lump sum, 92% reported being satisfied by their decision.
Even if you think your student debt is unimaginably high, selling your structured settlement payments can give you a great deal of money to handle all of your debt, or at least a gigantic chunk of it, and take care of other bills as well.
The average payout for those who sell a fixed annuity is about $324,000. That should allow you to cover most — if not all — of your student debt.
Receiving that amount of money in your bank account can be extremely tempting. It’s important to remain responsible with that money because if not handled correctly, you could fall into even more debt. After all, just over 25% of people admit to not paying their bills on time in the United States. If you have that much money stored away for payments, it will be completely unacceptable to miss any payments.
Everyone’s financial situation is different, but it’s important to handle every situation in a responsible manner. Talk to an experienced professional today if you receive an annuity and wish to adjust your finances.