There are several obstacles that pop up along the path of life that we do not ever quite see coming. Accepting these obstacles as learning experiences is a healthy mindset, but that of course does not mean that things might not get a little difficult along the way. The most important thing to do is to keep in mind that the difficult times will pass, and looking for the best way to get through the rough period will only make you stronger. And, naturally, there will also be surprising bonuses along the way.
If you find yourself looking at a structured settlement agreement, whether it is the result of winning a lottery or something more unfortunate such as a lawsuit, the fact of the matter is that you now have some money coming your way that you did not have before. The question then becomes how to handle it and what exactly to do with it.
Sell my annuity payments lump sum options
There are certainly structured settlement annuity benefits, but chances are if you have structured settlement payments you may be tossing around thoughts like, “Sell my annuity payments lump sum?” Naturally there will be a thought to trading in those payments for a lump sum, and it is a decision that should not be made lightly. Every person is different, with different needs and spending habits. Probably the best thing that you can do for your future and for your bank account is to first speak with a financial planner and lay out all of your options. Once you have figured out a good system, stick to it.
Carefully consider your options
Naturally you have a lot to consider, and there will be a lot of possibilities tumbling around in your mind. “If I sell my annuity payments lump sum could take care of my looming medical bills.” “If I sell my annuity payments lump sum could cover tuition I haven’t yet been able to afford.” It is an attractive thought to have all of that money come to you at once rather than spaced out in smaller increments over time. But proper planning must be part of the process, or you will likely run out of that money altogether, before you get a chance to pay for what you planned on using that money for.
Maneuvering in a money-driven world
Debt is a very difficult thing to avoid, particularly in a society that encourages lots of spending before you have actually had a chance to make a significant amount of money. Between continued education costs, the need for reliable transportation, various types of insurance, and the desire to buy a home instead of rent, the debt can very quickly add up. All of these things cost money that is almost never there from the get-go, and requires taking a loan or going into some other kind of debt.
Finding good ways to reduce debt
If you find yourself in debt, know that you are not alone by any stretch of the imagination. As a total, consumers in the United States owe almost $12 trillion in debt. Over one quarter of Americans can say that they are not able to pay their bills on time, and almost one in every five young people between the ages of 18 and 24 would label themselves as experiencing debt hardship of some kind or another. More than 40% of families in the United States regularly spend more money than they are earning.
There is debt everywhere, as this society has built itself on it. But if you have a structured settlement, and decide to sell your payments for a lump sum, that money well invested can turn it all around. Go back to school or start a small business. Pay off the debt you currently have. Buy a reliable car that allows you to get to a job that was previously out of your reach.
There are ways around the debt that builds up around us. You just have to find the right path.