Reasons For Selling Annuity Payments
Annuities are usually something that someone is given when they win a settlement from an insurance company or sometimes when they win a large sum of money as a prize. But not everyone wants their money come to them in bits and pieces. So that is when they decide to sell their annuities.
There is one big advantage of selling annuity payments.
1. One Lump Sum
The biggest advantage of selling annuity payments is the fact hat you get your money all in one lump sum instead of waiting on payments. You don't' have to wait for your money to come and you get it right then and there when you are selling your annuity payments.
When people are finished selling their annuity payments, they often wonder what they are going to do with all the money that they didn't' expect to have until later. Here are some of the best things that people can do after selling annuity payments.
2. Pay off a Debt
Depending on the amount that they get when they are finished selling their annuity payments, they may choose to pay off a large debt that they have, such as a mortgage or a car loan. This is one way to make the money work for you, because you don't have to worry about that debt any longer
Depending on the amount that they get when they are finished selling their annuity payments, they may choose to pay off a large debt that they have, such as a mortgage or a car loan. This is one way to make the money work for you, because you don't have to worry about that debt any longer
3. College
Another thing that people do after selling annuity payments is they choose to put it away for their children's college education. Since college is a bit expense, this is something that they like getting taken care of and not having to worry about paying in the future.
Another thing that people do after selling annuity payments is they choose to put it away for their children's college education. Since college is a bit expense, this is something that they like getting taken care of and not having to worry about paying in the future.
4. Travel
A third item that people may decide to use the money one after selling your payments is they decide to take the trip of a lifetime to someplace they have always wanted to go. It might be a cruise around the world or simply to Hawaii, but they decide that they want to do something fun with the money.
A third item that people may decide to use the money one after selling your payments is they decide to take the trip of a lifetime to someplace they have always wanted to go. It might be a cruise around the world or simply to Hawaii, but they decide that they want to do something fun with the money.
5. Retirement
The last thing that some people decide to do with the money they have gotten from selling payments is that they decide to retire or they put the money away for their retirement. They want to know that they are going to be taken care of in their old age and knowing the money is there will put their minds at ease.
The last thing that some people decide to do with the money they have gotten from selling payments is that they decide to retire or they put the money away for their retirement. They want to know that they are going to be taken care of in their old age and knowing the money is there will put their minds at ease.
6. Medical Bills
Although Obamacare changed the way we pay for healthcare, 64 million Americans (35% of the population) were struggling to pay off their medical bills in 2014. Plus, about 20% of credit scores were negatively affected by outstanding medical bills. Selling lottery payments or getting cash for annuity settlements allows families to finally get ahead of their medical debt.
Although Obamacare changed the way we pay for healthcare, 64 million Americans (35% of the population) were struggling to pay off their medical bills in 2014. Plus, about 20% of credit scores were negatively affected by outstanding medical bills. Selling lottery payments or getting cash for annuity settlements allows families to finally get ahead of their medical debt.
7. It Takes Money To Make Money
In the popular imagination, lottery winners retire on a beach somewhere to sip cocktails until the end of their days. In reality, most lottery winners choose to continue working. In fact, far from retiring, many people dream of workingharder, or maybe we should say, working better. A lottery lump sum payout can allow you to finally be your own boss by starting your own company. Unfortunately, it really does take money to make money.
8.Student Loans, Auto Loans, Credit Card Debt
In 2015, Americans owe a ridiculous amount of student loan debt, about $1.3 trillion, in fact. Plus, outstanding auto loans climbed to $943.76 billion this year as well. The average U.S. household owes $11,244 in student loans and $8,163 in auto loans. Choosing lottery lump sum payouts or selling annuities allows them to get rid of the debt hanging over their head.
In 2015, Americans owe a ridiculous amount of student loan debt, about $1.3 trillion, in fact. Plus, outstanding auto loans climbed to $943.76 billion this year as well. The average U.S. household owes $11,244 in student loans and $8,163 in auto loans. Choosing lottery lump sum payouts or selling annuities allows them to get rid of the debt hanging over their head.
9. The American Dream
Owning your own home has always been a big part of the American dream. Unfortunately, structured settlements and fixed annuity payments can make it hard to own your own home. Instead, you could spend 30 years paying off a mortgage. And since the average U.S. home costs $272,900 and requires an upfront cash payment of up to 20%, not everyone has the luxury of waiting for annuity payments.
10. Treat Yourself!
paying off loans is crucial, not just for your financial health, but for peace of mind. Being debt free really does improve your quality of life. And putting a roof over your family�s head is hardly a luxury expenditure. But never let anyone make you feel bad about spending money on yourself. Everyone deserves to be happy and enjoy themselves from time to time, and we�re pretty sure the U.S. constitution mentions the �pursuit of happiness� for a reason.
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