Control over your money gives your control over your future. This is a lesson people learn sooner or later. Controlling your money can mean many different things: paying off your debt, investing your money, saving or using your money for a college education or to start a business. If like thousands of Americans you are receiving money from a structured settlement, you may be able to sell your annuity and get settlement money now. With access to your money all at once instead of over a long period of time, you can make plans for a better future.
Waiting for the payout
Most people don’t have piles of cash lying around for major investments or even for emergencies. That’s once of the reason why the lottery is one of the most popular forms of gambling in the country. For the lucky ones who strike it rich, it can still be a long wait for your money. Most lottery winnings pay out the money in annual installments, which can last for up to 25 years or for the entire lifetime. This means that you never get to see your money all at once, and if you have any major investment plans, you can’t use your settlement money for those.
However there is a way to access your money and that is by selling your annuity so that you can get settlement money now. What would you do with your money if you had full control of it?
Investing in your future
Most people have serious goals in life, but not the means to fulfill them. If you decide to get settlement money now, you could invest in your future with sound financial management. Some popular types of investment include:
- Starting a business
Perhaps you have a talent for baking or automotive repair and engineering. Maybe you’re an inventor. Whatever your particular goal, you need an initial investment to get started in your business and it isn’t easy to get business loans in this economy. The average initial investment needed to start a business is around $30,000, according to an estimate by the Kauffmann Foundation.
- Paying for college
A college education is still the single best investment you can make for your future. Or your kids’ future. It affects your earning capacity throughout your career, and people with a four-year college degree still earn higher wages than those with only a high school diploma or some college education. But college isn’t cheap, and the College Board reports that the average annual in-state tuition and fees for 2014?2015 were $9,139 at public colleges. At private colleges, average annual tuition fees were $31,231.
- Buying a car
A car is so much more than just a means of transportation, though that in itself is a vital function. It can be a lifeline, a statement of who you are, a way of keeping yourself and your family safe on the road. A reliable, safe car is an important investment. As of January 2015, the estimated average transaction price (ATP) for cars and light vehicles was $33,993 in the U.S.
- Buying a house
Buying a house is still part of the American Dream, even though it is getting harder to achieve. The average new home price in 2010 was $272,900. If you are planning to buy a house, you should be aware that most banks and mortgage lenders insist on a down payment in cash, which can be worth of 5, 10, or 20% of the price of the home.
So if you are thinking of making an investment in your future, you may want to explore ways to get settlement money now. Once you have control of your money, you can make responsible financial choices to secure a better future for yourself and your family.