• 3 Long Term Investments What to Know

    Investing your money

    You’ve heard it all your life — “Go to college,” they said. Making an investment in your future, according to society, has always including seeking higher education of some kind or another, which certainly makes sense when you think about the specialized knowledge and training it takes to earn a high income. Maybe you have just inherited some money or received cash for a structured settlement and are ready to invest. But knowing all the facts when it comes to your financial future never hurt anyone, and sometimes what seems like a smart investment in your future can be a shortcut to snowballing debt. Here are some common goals to strive for and the hard facts about the financial booby traps hidden along the way:

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  • Reasons to Get Settlement Money Now

    Cash for annuity now

    If you have won the lottery or a lawsuit, you may be thinking about selling your sell your structured settlements. People do not always realize that when you win a big lottery, like the Mega Millions prize, the way they normally pay that out is to give the winner one big payment and then spread the rest out over 29 years. Each year, the winner receives a payment. Each year the payment is 5% larger than the last payment. For many people, this is fine but not for everyone. Some people prefer to get settlement money now. More than 90% of the people who sell their annuity or lottery payments are happy they did it.

    If you decide you want to get settlement money now rather than wait, you have to have a good reason for the court to approve your sale. There are many different reasons people sell Continue Reading

  • 5 Benefits of Selling Your Lottery Annuity

    What would you do if you won the lottery? That is a question many people have considered. Many who do win stay at their jobs (48%).  If you do win a large lottery, like the Mega Millions, you receive one payment and then 29 more annual payments. Each yearly payment is about 5% more than the one before it. If you do not like paying taxes, it might upset you that the government takes up to one quarter of your winnings. Some people opt instead to get a lump sum lottery payout. At the end of the day, the people who go this route do receive less than the people who have the yearly payments but for some, it makes more sense.

    If you won the lottery and did not receive a lump sum lottery payout, you can still work out something so that you can have access to their money when they need it. What do they do? Anyone can sell structured settlement payments for cash. If you want to do this, you do have to show the court that you have a reason to do this.

    Some Benefits of Selling Your Annuity 

    • Start a business. It costs a lot of money to start a business. Most new businesses that fail go under because they do not have adequate funding at the beginning. Even if you did not receive a lump sum lottery payout, you can sell your structured settlements and use that money to start a new venture. This is a great way to use your lottery winnings.
    • Pay for an education. Higher education is very expensive. It is also really valuable to the people who get it. People who have at least a bachelor’s degree make a lot more than those who do not. Having structured payments can impact your ability to get any financial aid. If you or your children want to go to college, selling your annuity may be your best option. Going to college without incurring a huge student loan debt is one of the best things is the best case scenario for getting a higher education.
    • Diversify your portfolio. Most financial experts recommend having no more than 25 to 30% of your assets in an annuity. If you are looking at your portfolio alone, you might opt to take a lump sum lottery payout. If you did not do this initially, selling lottery payments can be the next best option. Doing this can allow you to keep working which will make your social security fund increase and grow as you use your other funding to live.
    • Pay your medical expenses. Nearly half of all bankruptcies in the United States are caused by medical bills. If you or your family have a medical crisis, you can sell your lottery annuity to pay these bills and avoid bankruptcy. Most Americans are just one medical crisis from bankruptcy. This does not have to be your fate. If you did not get a lump sum lottery payout you can use your lottery winnings to pay these bills.
    • Pay off your home or make repairs or renovations. If you own your own home, you can pay off the rest of your mortgage or make any repairs or renovations you need or want to make. This can be a great way to get your dream home. Renovations and major repairs are very expensive. If you do not own a home, you can sell your annuity and buy a house you have had your eye on.

    There are a lot of good reasons to accept the lottery payments as an annuity. Some people really like the security that comes with having these regular payments coming in for a long time. At the end of the day, these people do receive more of their winnings than the people who receive the lump sum lottery payment or those who sell their lottery payments.

    Every person’s situation is different and unique. What works for one lottery winner may not work as well for another. You need to spend some time with the people close to you and with an accountant or financial advisor to work out the best plan for you and your situation.

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