Are you looking to relocate?
If so, you might consider moving to Springfield, Massachusetts. In fact, a lot of people might be considering a move to this community after news that a third Springfield resident won the scratch ticket lottery in the last two weeks.
Crazy, isn’t it? Three people from the same community becoming millionaires in the same two week period. But do you want to know what is even crazier? Lottery winners who settle for the slow trickle down payments of a structured settlement rather than a cash payout.
Considering the fact that at the end of the year 2013, there were 34.8 million individual deferred annuity contracts in place exceeding $2.58 trillion, you have to ask yourself what, exactly, are these people thinking? Perhaps they think that by taking a conservative approach, their earnings will last them longer. In reality, however, there a number of reasons to take the cash in structured settlement payments. Consider just a few:
- Take the money and run.
- A bird in the hand is worth two in the bush!
- Keep your house.
- Everyone has bills to pay.
- Treat yourself to a dream vacation.
- Help family members in need.
- Enjoy your wealth now.
- Make your own plan.
- Opportunity only knocks once.
- No one wants to live paycheck to paycheck.
- Earn a college degree.
- You can eliminate credit card debt.
After years of living paycheck to paycheck, many American consumers are looking for some relief. The decision to cash in structured settlement payments can provide that relief. From paying off high interest credit card loans, to investing in a college education, there are plenty of reasons for you use your money instead of letting it sit in a low interest annuity.
Financial logic tells you one of the best ways to reduce debt is to start by paying off high interest credit card debt first. The fact that more than one in four Americans never pay their bills on time is an indicator that we live in a country that is in financial stress. Selling your annuity payments for cash is way to use the money to get you back in a better financial position.
While it may sound tempting to let someone else take charge of the financial management of your winnings or settlement, in many cases you could actually do a better job of solving your financial challenges yourself. For instance, how can it make sense to accept a conservative interest rate on a structured settlement when you are making high interest credit card payments on the 3.5 cards that the average American has?
Successful investors know it is important to take the moments that you are given. Cautious financial decisions can cost you the opportunity to quickly eliminate the heavy burden of credit card debt that weighs down many Americans.
In addition to debt elimination, the decision to opt for cash in structured settlement payments can also help pay for a college education. Unfortunately, the pursuit of the all important university diploma comes with the burden of student loan payments. These monthly payments, that can go on for ten years or more, limit college graduates from enjoying their accomplishments. Paying cash for college classes, however, allows students to complete their degree and begin a career without the weight of student loans.
Another great use of cash in structured settlement payments is paying off a home mortgage. Homeowners who free themselves from monthly house payments can sock money away into savings accounts and select their own interest generating investments.
For the individuals who are fortunate enough to have no debt, taking cash for an annuity settlement makes even more sense. These investors can use their financial freedom to purchase a dream vacation for their family or buy a second home to be used for winter months and future family gatherings. Imagine, for example, a beachside condo that acts as a magnet for your children and grandchildren. Instead of wishing to see more of your family on the holidays, they now willing come to spend relaxing nights by a beachside campfire and mornings walking the shores looking for sea shells.
You do not have to move to Springfield, Massachusetts, to find financial freedom. If you are one of the millions of Americans with a deferred annuity account you can take your money now and start living the life of your dreams.
