Winning money or coming into a lot of money can be a very exciting time. But, it can also be a trying time. Making sound financial decisions can be difficult if you are not in the habit of doing so. If you have won the lottery or a settlement or are going to be receiving an inheritance, these are all times to think about what you are going to do with that money. Investments are important but there are still cash needs that need to be considered. If you need extra cash for something, then consider getting cash for a settlement instead of the yearly payments that will ensue. Here are a few reasons that you may prefer cash for a settlement:
- Debt Elimination
If you need to eliminate debt, this can be a very opportunity to do so. The fact is, the longer that you decide to wait to pay off debt, the higher the debt climbs due to interest rates and other factors. If you can get cash for a settlement right now, this may be one of your best options for being able to pay off all of your debt right now and get it out of your hair. Debit can be such a burden and being able to get rid of it is such a relief. Then, the rest of the money is truly your money and you can leave peacefully knowing that no collectors are going to be after you, any longer.
- Living Expenses
If you are getting cash for a settlement involving some sort of accident, chances are that you are out of work. You will need something to keep you going and pay your bills until you can get back to work. Getting cash for annuity payments is a good option because you can pay your bills in advance so that you know you will be taken care of, no matter what happens. Especially if your claim is going to court, it could be a drawn out process that doesn’t allow you to work during this time. Knowing that your rent and utilities and even car payments and phone bills are all paid up for a few months will give you time to focus on your case.
- Large Purchases
Maybe you just want to purchase that house or boat or new car that you have had your eye on. It’s a good idea to snatch it up if it’s a good deal, before someone else swoops in and buys it out from under you. Especially when making large purchases, the deal can change if you wait to long to purchase so being able to get all your money at one time can be beneficial to being able to make that large purchase that you’ve been wanting to. If you wait to save up your yearly payments, the item that you want will most likely be gone before you are able to afford it. Get your payments now and start living the life you’ve always wanted!
- Medical Bills
Many times, a settlement will involve an accident whether in car or at work or something like that and the case will be going to court. However, you usually do not receive your payments until the case is closed and resolved. If you need medical attention then you will need to pay the medical bills sooner than than when the case closes. Getting money right now will be helpful so that you can continue your treatment without pausing. Pausing can be dangerous because your body can begin to heal itself without being set properly and cause even more damage than before. Get those medical bills paid off so you can continue being treated in a manner than you deserve.
Getting a lot of money isn’t always a good thing or because of a good reason. If you have lost of a loved one or had an accident that awarded you money, you may see the money as less than fortunate but whatever the case may be, try to make the right decisions regarding it. Contacting a financial adviser that you trust is always a good idea so that he or she can help you make the correct decisions that will impact your life positively.