If you have a structured settlement or annuity, you have the option to sell it for cash. By doing so, you can get the funds in a lump sum payment up front. It might be tempting to spend all the money on lavish vacations and any item you’ve ever dreamed of, but having that lump sum can be greatly beneficial if you’re smart with your spending. Fiscal responsibility is of the utmost importance when you have a lot of money on your hands. Here are three ways you can use your settlement money in the best way possible.
- Buy a house.
If you choose to sell your annuity, you can use the funds to make big purchases that will be beneficial to your future. Imagine how much easier life will be if you buy your home outright: you?ll have no mortgage payments to worry about! As with any purchases that require several monthly payments, you?ll be able to take care of them up front and have more money to allocate towards other expenses in the future. Purchase a house, a car, or even a boat if you so desire!
- Pay off student loans.
One of the greatest financial challenges for young people comes from student loans. The average student loan debt is upwards of $25,000, but those who sought higher education past an undergraduate degree could see loan amounts in the hundreds of thousands. Sell your annuity to take care of the burden of student loans and start paying off your debt. Once your loans are paid, you can save for the future and focus on your career without the debts of college looming over your shoulder.
- Be set for the future.
Depending on the size of your annuity or settlement, selling it for a lump sum can set you up for a prosperous future. The money may be enough to allow you to stop working or finally give your family the luxurious lifestyle they deserve.
If you?re investment savvy, the cash you receive for your annuity can grow into something greater. Investing your money could bring a return much larger than your original settlement amount!
The possibilities for what you can do with your annuity are endless, but you can’t begin to use it until the money is in your hand. Sell your annuity today to take control of the money that’s rightfully yours!