Do you ever wonder about the lives of people who won the lottery? Sure, you see them on the news sometimes with their life size checks, but what about the years after? Do they quit their jobs or purchase homes all across the globe? The truth is unfortunately not that glamorous. This may come as a shock, but nearly half of all lottery winners still have to work after winning. The main reason for this is that the payout for lottery winners comes in the form of a structured settlement or annuity. This means that instead of receiving their winnings in a lump sum, the lucky people who win the lottery receive small payments every month for years. The good news is that there is a way to sell your structured settlements to get your money in a lump sum. Here are some of the things you could do if you got cash for annuity payments:
1. Pay off Debt – If you get cash for your structured settlement then you’ll see the money in a lump sum instead of having to wait for a small payment each month. Many people who receive cash for annuity payments often use it to pay off debts that have been holding them back in life such as mortgages, auto loans, medical bills or student loans. Think of what your financial life would be like without making payments on those bills every month. By selling a structured settlement you could be one step closer to living debt free!
2. Travel – Perhaps your debts are small and you could be one of the lucky lottery winners that would be able to quit their job (or at least take an extended vacation) and travel to all the places you’ve dreamed of going. Maybe you have always wanted to hike the Swiss Alps or lay on a beach in Greece. No matter what your travel dream may be, you could make it happen with the cash you’d receive from selling your annuity. Right now, the average structured settlement payout is $324,000 – you could see plenty of the world with that sort of money!
3. Invest and Save – Some lottery winners are overwhelmed after they get cash for annuity payments that they have sold. If you think that you may be in this category then it may be a good idea to speak with a financial adviser before making decisions on how to spend your new found fortune. The adviser may tell you to do exactly what you were thinking or give you an idea that you may not have thought of yet. That’s why they’re the experts!
There is a reason that 92% of people who choose to sell their structured settlement are satisfied with their decision – it’s simply a great option! When you decide to sell structured settlement payments you’ll have opportunities to pay off debt, travel, or invest and save for your future. The choice is yours!
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