Many people dream of winning the lottery. It is what makes people stop by the local convenience store on the way home from work to purchase a lottery ticket. It is what makes them tune into the channel, awaiting the numbers to be read. It is also what encourages us to stop and read the story about the person who did actually win, and how their life will be changed. However, you rarely see news about the big lottery winner, months or years after they have won the lottery. In fact, many of these lottery winner lives have not been changed, because they have online increased their monthly income.
Most lottery payouts occur in a structured settlement form. This means that the lottery winner will receive their lottery winning over many years. The exact amount of years usually depends on the specific lottery and how much was won. The person will receive smaller, monthly payments in lieu of their full lottery winning at once. Although an increase in your monthly income can be beneficial, it may not be enough to successfully change your life.
Most Americans are in some type of debt or live well outside of their means. A large amount of money to a lottery winner can help them increase their financial wellbeing. Across the average household, American adults owe $11,244 in student loans, $8,163 on their autos, and $70,322 on their mortgage. In addition to these large amounts of debt, many Americans are also stuck in high interest rate situations. They are actually paying up to two and three times the amount of their homes and cars in interest charges.
When you receive lottery winnings, you probably dream of the many ways you can improve your life financially. That is, until you find out you will not receive it all at once. You may not have the ability to increase your financial situation. You may not have the ability to avoid those high interest charges. That is, unless you choose to get cash for your structured settlement payments. When you get cash for settlements, you are taking charge of your financial challenges and getting in charge of your financial management.
When you receive lottery winnings all at once, you have many options to use your money. You can pay off debt, purchase large things like house and car in cash, avoiding high interest payments. You can even pay for your college tuition or your children?s college tuitions in full. According to the College Board, the average cost of tuition and fees for the 2014 to 2015 school year was $31,231 at private colleges, and $9,139 for state residents at public colleges. Paying for you or your child?s college education in full can relieve a lot of stress and allow them to be debt free upon college graduation.
When you receive lottery winnings in one large payment, you also have the ability to grow your money when you invest your money. Investing in the stock market often provides you with some type of a return. This return is on money that you won, further increasing your profits. Investing your money can also set you up for retirement. This is one of the biggest worries of the aging population in the country.
The lottery is a very popular game, because of the chances it offers. Surveys show that lottery play is the most popular and widely practiced form of gambling in the United States. However, most payments are in the form of structured settlements, which prevents you from doing the many life changing things you dreamed of. When your receive lottery winnings, you can pay off debt, fund your children?s college education and prepare for your retirement.