Do you have a structured settlement? What about an annuity? Have you won the lottery? That has been shown to be the most popular form of gambling in the United States today. Most people think that when they win the Mega Millions jackpot or other large lotteries, they will get a giant check for millions of dollars. People are often disappointed when they learn they will get one decent sized check followed by 30 annual payments. For some people with structured settlement, selling makes sense. If you are interested in selling your annuity payments, you have to have a good reason.
How You Can Improve Your Life by Selling Your Annuity Payments:
- You want to avoid bankruptcy. Avoiding filing for bankruptcy is a great reason for selling your annuity. In February 2015, there were an average of 3,422 bankruptcy filings each day. This has become all too common in the United States where at least 20% of the population is considered to be in “debt hardship.” If after you look at your debts and evaluate your finances, you find that the only way to avoid bankruptcy is to sell your structured settlements, that is what you should do. No court in the nation would deny that this is a great reason for selling your annuity payments.
- You have to may medical bills. If you or someone you love becomes seriously ill, selling your annuity payments to cover their medical expenses is a great way to spend that money. Nearly 60% of personal bankruptcy filings in the United States are due to medical debt. There are a lot of illnesses and injuries that cost a lot to treat. Plus, if you have to take your family member or yourself to another state for treatment, being able to have family stay nearby can make a big difference. The medical bills are not the only costs that come along with a major injury or illness.
- You want to start a new business. Many people in the United States dream of opening a retail store, hair salon or other business. The initial costs run about $30,000, according to the Kaufmann Foundation. Many new businesses fail because of a lack of start up capital. Selling an annuity settlement to fund a new business is a great way to make an investment in your future. This can give you some room to fund your new venture until it can start to make a profit. That can make a huge difference in its chances to succeed.
- You want to pay for someone’s college education. College is great for increasing a person’s earnings potential but it is expensive. For the 2014-2015 academic year, private schools cost about $31,000. Public schools were cheaper for that same time period but $9,000 is nothing to sneeze at. There is currently $1.3 trillion in outstanding student loan debt. If you want to go back to school or if you have kids who want to go to college, if you have an annuity, it may be hard or impossible to get financial aid. Selling your annuity payments might be the best way to pay for this. There are few gifts as special as a debt free college education.
- You want to buy your dream home. If you want to buy a home, this can be a great way to invest in your future. Most of the time, buying a house is a great investment. You should do your research into the area where you want to buy and time your purchase carefully. Selling your annuity payments may give you enough to buy it outright or at least put a sizable amount down to lower the interest rates you will pay on your mortgage.
- You want to travel. You can also use the cash you get to take that trip around the world. If you have always wanted to climb the seven peaks (the highest mountain on each continent), you can do that when you sell your annuity.
Everyone’s situation is unique to them but if you look into it, you may find that selling your annuity payments and getting that cash right away may be the best thing for you.