The list of things to do on the house is growing:
- refinish the wood floors in the kitchen
- replace the siding on the house
- purchase a new refrigerator and freezer
- replace the carpeting
- restain the kitchen cabinets
- rebuild the deck
- finish the basement
After 19 years in your current home, the entire space is beginning to show its age. Years of neglecting small projects that now require major attention has created an expensive to-do list. And while some of the changes are more cosmetic, the fact that the siding on the house has become spongey and will no longer hold paint means that this project requires immediate attention. As a family who has tried to remain fiscally responsible, you simply have not found the cash to complete the tasks on this growing list of home repairs.
What Would You Do with the Funds from Selling Fixed Annuities?
Getting the cash you need upfront means that you can start crossing home improvement and renovation projects off your list. In fact, many would argue than rather than having slow structured settlement payments spread across many years, the wiser idea is to begin selling fixed annuities and use the money that is rightly yours.
In addition to making home repairs, there are many other reasons for selling fixed annuities and taking your cash from lottery winnings or an insurance settlement. In fact, many investors would suggest that there are far more reasons for taking an annuity settlement upfront in almost all situations:
- Reduce Debt. It is impossible to imagine why anyone with high interest credit card debt would agree to a structured settlement agreement. While someone else is earning interest on your money, you are paying interest on high credit cards. In fact, the average U.S household pays as much as $950 in interest every year. This interest is paid on the average U.S. debt of $15,355 in credit card balances and $129,579 in total debt.
- Start a New Business. Getting access to cash that is rightly yours could be the secret to starting that business that you have always dreamed about. Whether it be a new lawn service company or an accounting firm for non-profits, every business requires an initial investment. While waiting for structured payments, however, your opportunity for fulfilling your dreams are going no where. Instead of using the money yourself, you are allowing someone else to reap the benefits of the interest on your own money.
- Pay Off Medical Bills. Even with insurance, major medical procedures can leave families with enormous debt. This debt, like any lingering debt, can lower your credit score and prevent you from achieving other goals that you may have. A
Healthy Living2014 publication indicated that as much 40% of all debt in collections accounts is due to medical bills.
- Complete a College Degree. although studies indicate that a college degree translates into a larger earning potential, many Americans have started, but not finished college. In fact, a 2014
International Business Timesreport indicates that as many as 31 million Americans have unfinished college degrees. These incomplete degrees mean lost earning potential and less opportunity for advancement. Getting cash by selling fixed annuities, however, allows you to access the cash you need to finish your degree and apply for a better paying job.
- Purchase a New Home. Instead of paying rent for years on end, many financial advisers recommend buying a house. Understanding that most mortgage lenders require a cash down payment somewhere between 5% and 20% of the sale price, getting a lump sum for an annuity can help you become a first time home owner. In the year 2010, the average cost of a new home was $272,900. This means that a 5% deposit would be slightly more than $13,500. A 20% down payment could be as much as $54,500. In some cases selling a fixed annuity would allow you to make that down payment and then, instead of paying monthly rent to someone else, your payments could be going toward the purchase price of your own home.
Unfortunately, Americans have more debt than they can handle. Getting access to cash can help eliminate some of that and help Americans move on to bigger dreams.