If you have come into a lot of money, you have a lot of decisions ahead of you. No one receives a large sum without their life changing, either for the better or the worse. You have quick cash options, structured payment options and other logistical things to consider but other than those, there are also some things to think about that you may not have considered yet. Getting cash for a settlement and opting for the quick cash option might seem like one of the best options to access your settlement cash if you need to eliminate debt or make a purchase, but here are some things to consider before making any final decisions.
- Family and Friends
Unfortunately, not everyone is as genuine as they seem. If you go for the quick cash option, you may find people pop up in your life that you haven’t heard from for a long time. They may even seem authentic and really want to get back in touch. Do not be cynical and push people away but be wary that money can make anyone want to become a close friend if they think they might be able to get a slice of the pie you’ve been served. Hold off on handing money out like candy, even if you have enough. You want to find out who is truly there for your benefit and not just for their own selfish agenda. Take the time to get to know people again even if they are long lost friends.
There’s no way to remain completely anonymous when you get a large sum of money. Everyone wants to hear the story about the underdog who received good luck. It gives them hope for themselves. However, this means you may be hounded by the media for interviews and statements. You’ll want to decide if you are going to be the one to make the statements and give the interviews or if you are going to have a spokesperson do it for you. Whatever you decide, make sure that you know exactly what you are going to say at each interview and for each comment so that there is continuity through all of your statements.
Going for the quick cash option is great and everything but you have to consider the fees involved to do that. You may end up getting more money if you wait for the structured payments. Getting your money out early could raise your tax bracket or ensue fees and interest for early extraction. However, if you know exactly what you want the money to go towards and it is a noble cause, then by all means, go for it. But, do not get your money out right away if you are not sure what you are going to use it for. Enlisting the help of a financial adviser is a good idea to help you make the right decisions and steer you in the right direction.
- Have a Plan
Whether it’s how to invest your money, how to respond to your family and friends, what to say to the media, how to receive your money- you should always have a plan. Writing it out is not a bad idea so that if you ever find your deviating, you can return to your written statement and remember what your original goals were. If you find that you don’t agree with your original goals, try to figure out what changed and why you have different opinions now before making any drastic life changes.
Keep in mind that you may change as a person along the way as you rise to fame and fortune but never lose sight of who you are deep inside. Be true to yourself and to your values without lowering your standards from what they were before you had money. Money changes people, but it doesn’t always have to be a bad change. You just have to remember where you came from and who you are and who you were. Don’t forget those that were there for you before you had money. They are not the ones who will be sponging off you. They will have your back no matter your fortune.