Published on July 5th, 2016 | by Day Trader
How to Sell a Portion of Your Annuity Payments
Were you the victim of a lawsuit who fought for justice? Were you successfully awarded, only to find that you would receive an annuity, instead of all of your money up front? You thought that you would be able to pay off all of your bills, and do whatever you wanted with your money, only to find that the amount of money you received each month would be controlled. This amount of money may not even be enough to change your life or to pay off any outstanding debts. Fortunately, you do have an option. You could sell a portion of your annuity payments to better your life and to utilize your money in better ways.
Debt is a common problem among Americans. They may have overextended their credit or they suffered a hardship, such as job loss or a medical problem that caused them to go further into debt. Being in debt can affect the way you live your life and the way you feel about your life. In fact, 64 million people, or approximately 35% of the U.S. population, said they had trouble paying bills or were stuck paying off medical debt in 2014. It is also likely that if you received an annuity settlement, that you have your own share of medical bills.
When you sell a portion of your annuity payments, you have a larger amount of cash free, allowing you to pay down or to completely pay off your debt. This can improve your credit ratings and can free your money. You will also feel better about not owing so much. Getting out of debt provides you with a sense of freedom unlike anything else. Medical bills can be pricey and they never go away, even with a bankruptcy. Nearly 20% of credit reports are hurt by overdue medical bills. If you get cash for lottery winnings or if you sell a portion of your annuity payments, you can essentially start over and be debt free. You will also likely still have money left over to cover further medical costs that you may incur.
Another beneficial option for your money is to invest it in some way. Investing your money puts your money to work, creating further income. It is a great way to stretch out a large amount of money and is a great way to start a business or an investment stock. If you invest your money, you are creating money off of your current income. This is easier to do if you have a larger lump sum of money available. When you sell a portion of your annuity payments, it is a great idea to invest the money. An example of an investment could even be purchasing your own home. You will need money to put down on the home and you will likely need money to fix up the house. Most mortgage lenders require a cash down payment of 5, 10 or 20% of the sale price. This is to ensure that the loan is a safe investment for them. Receiving cash for an annuity really opens up many options for you and allows you to improve your lifestyle.
Many Americans are currently receiving monthly annuity payments for their settlements or lottery cash winnings. These monthly payments may make it difficult to pay off debt or to invest your money. You may not even have the ability to purchase a home without a large enough down payment. Fortunately, you have the ability to sell a portion of your annuity payments, freeing up your money and allowing you to choose how you want to spend your own money.