You double check your lottery numbers and then you triple check them again. You just cannot believe that the winning lottery numbers announced on the TV actually match the winning lottery ticket that you are holding in your hands. You begin to register that you have actually won the lottery, and you begin going through all the things you can do with your money. You might find yourself disappointed when you are offered a structured settlement, or smaller monthly payments in lieu of a large lump sum of money. Settlement recipients are limited as to what they can do with their money. There are so many advantages and ways to improve a settlement recipients life should they be able to access your settlement cash.
The first step to improving your life is to eliminate any debt or outstanding payments. You can pay off any high interest credit cards or debt payments, saving you money monthly easily. You can also evaluate your cash needs and decide on your best options for ways to improve your lifestyle. Eliminating debt will allow settlement recipients to improve their credit ratings and obtain better interest rates for loans and mortgages. Better credit cards can also provide more benefits, including air miles and gift cards to everyday eating and shopping locations. With cash back rewards card, card holders typically receive between 0.5% and 2% of their net expenditure (purchases minus refunds) as annual rebate, which is either credited to the credit card account or paid to the card holder separately.
Settlement recipients can also reinvest their money into another money making plan. They can open a business up, purchase a money-making franchise or invest into the stock market. All of these options give the settlement recipient more chances at further increasing their money and their income. They can also loan out their funds, with smaller interest rates than the banks and credit card companies offer, but still increasing the amount of money they have. In fact, personal loan rates are often 10-20%, but can sometimes be as low as 5-6% If you have very good credit. Moving from 18% interest on a credit card to 10% on a personal loan is a good deal for you. You?ll also get one set monthly payment, and pay off the whole thing in 3 to 5 years.
The concept of structured settlements emerged in the mid- 1950s and 1960s. Although it was once a great idea, a way for people to continue their current lifestyle, while still receiving funds owed; it doesn?t serve the same function that it once did. People have more debt and people have more opportunities to earn additional income off of their lump sum payments. Once you are able to get approved for pre-settlement cash, you are well on your way to improving your lifestyle with the money that is currently owed to you.