While a structured payment plan can be reassuring and sound safe to most people, you do have the option to get cash for structured settlement payments instead. When you win a court case or come into an inheritance or even win the lottery, you are normally granted an annuity settlement to be paid out over the course of a number of years. While this sounds like a good plan; extra income for the a couple decades, many times the payments are so spread out that they end up being so small that they hardly make a difference to your life. Here are some other reasons that you may want to opt to get cash for structured settlement payments instead.
- Eliminate Debt
if you are a typical American, you probably have a good amount of debt that needs to be taken care of. Debt can weight so heavily on us. If your debt is not yet in collections, it is still accruing interest and can be very frustrating when trying to make payments. It probably feels like every month you make a payment but by the time the next payment due date comes around, the amount due is the same because interest has brought it back to where it was last month! It’s a vicious cycle that you are much better getting out of. Getting cash for structured settlement payments can allow you to pay off any debt that you may have so that your money can start truly being your money.
- Start a New life
We’d all love the opportunity to start again. As we get older, it gets harder to look back on life sometimes and be proud of our accomplishments. We’d all love to have already bought a house by now or maybe we would have liked to finish school and get a degree. Whatever the case may be, you now have the chance to either of those things. Or maybe you always wanted to travel but never thought you’d be able to. With a lump sum of cash for structured settlement payments, you can jet off around the world, or buy your dream house, or finally get that master’s degree you wanted to get, years ago.
- Start a Business
Every business needs capital and with your new found funds you have the perfect opportunity to be able to build your own little empire from scratch. If you invest your money into your business, you will begin to make a return immediately because you will not be having to pay back business loans. Donations won’t be necessary and you won’t need investors so you can solely be in charge of running the business or the company just how you want to. If it’s always been your dream to be a business owner, then that dream could become a reality if you just get cash for structured settlements instead of waiting for them to divvy them out to you periodically.
- Purchase Something Big
If you are like any other run of the mill, average person, you probably have never splurged on a huge item all for yourself. Depending on how much you have coming to you, you could buy a yacht or an airplane, just because you can! If you don’t have a lot of debt to pay off or medical bills and can’t think of anything responsible to do with your money, why not make a big purchase and invest your money that way? You could always sell it if one day you get bored of it. If you have enough, you could buy your own island and then purchase a small jet to get you there and back whenever you need to get away.
The possibilities are endless if you get your money in a lump sum although you may have to pay extra fees or taxes for early extraction; that’s something you will want to look into before you dive in, This site explains. Retaining the advice of a financial adviser is always a good idea when it comes to dealing with a large sum of money. At the end of the day, it is your money and you get to choose what you want to do with it.