16 Mar What Can I Do with Cash for Structured Settlement Payments? 3 Wise Ways to Spend Your Lump Sum
Everyone has their own set of goals and aspirations in life, but unfortunately, most don’t have enough money to turn these dreams into reality. Whether you dream of clearing your debt or buying that sports car you’ve had your eye on, all of these things are impossible without being in the right financial situation.
With cash for structured settlement payments, you are in complete control of how your money is spent. A structured settlement annuity forces you to wait for your money, which can really inhibit your plans in life. By receiving cash for structured settlement payments in the form of a lump sum, you can access this cash for settlement now and start living the life you’ve always wanted.
It’s truly a no-brainer to sell structured settlement payments, but some settlement recipients have questions as to how they can spend their lump sum. Here are three of the wisest things that you could ever do with cash for structured settlement payments:
- Eliminate debt
It’s quite easy to bury yourself in a hole of debt, and sometimes it can happen in the blink of an eye. The average American home has 13 payment cards, and this is usually just the beginning. In total, American consumers owe $11.91 trillion in debt, including credit card debt, medical bills, overdue mortgage payments, and much more. In order to achieve your goals in life, you need to clear this debt first, and you can do just that by selling a structured settlement.
- Start a business
If you have lofty goals of turning your dreams into reality with a business venture, you’ll definitely need some startup capital. The Kauffmann Foundation recently found that the average cost to start a business is approximately $30,000. If you’re stuck receiving fixed payments, it will take you years to raise these funds. A lump sum can provide you with this startup cash in one fell swoop.
- Live out your dreams
Perhaps you only have a small amount of debt and don’t wish to start a business. In this case, the choice is completely yours when it comes to spending your settlement cash. Invest in a house on the beach, buy a fancy car, or just stock your significant other’s closet with trendy clothes. You should be in control of your financial destiny, and you can achieve this with the help of a lump sum.
If you have a structured settlement, talk to an experienced company that will buy your fixed payments in exchange for a lump sum. You have the right to access your cash now to live out your dreams, and the only way to do this is by selling your settlement.