Published on July 27th, 2015 | by Day Trader
Sell Your Lottery Payment For Quick, Convenient Cash
Winning the lottery is very lucky but don’t go looking into buying a beach house in the Bahamas just yet. Sorry to say but nearly half of all lottery winners end up working well after they win. The lottery offers winners opportunities they may have never had before — but, as with most things in life, there is a catch.
Contrary to popular belief, winning the lottery doesn’t mean you will get all the money at once. In fact, lump sum lottery payouts are exceedingly rare. Most lotteries pay big jackpots in a series of installments known as annuities. The Mega Millions lottery, for example, is paid over 30 years: the first year the winner receives a lump sum payout and the following 29 years the winner receives an annual payment, each one 5% larger than the last. This isn’t quite as convenient as many winners hoped for when they bought their winning ticket. On top of all that, the government (local, state, and federal) take up to 25% of all winnings. As a result, nearly half of lotto winners are forced to stay at the jobs (at least for the time being).
However, there is an option for lottery winners who simply don’t want to wait. Selling lottery payments is quite popular for those lucky winners. Why? Because by selling your lottery annuity, you can receive nearly all of your winnings upfront. In exchange for selling your lottery winnings (which comes with a management fee), financial organizations pay the claimant the near-total amount of the winnings. Claimants can choose either a lump sum lottery payout or a more favorable kind of annuity. Either way, lottery winners can see the money they rightfully won in a timetable that fits them best.
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