Technically speaking, the Great Recession triggered by the collapse of the housing market has come to a close; however, a sizable number of working and middle class Americans feel like the recession never really ended. For those lucky few who suddenly find themselves in possession of a winning lottery ticket, it can feel like all your problems are solved. Except, winning the lottery often comes with its own problems, and waiting for annuity payments can make it impossible to get your head above water, financially speaking. That leaves many people exploring their options, and wondering if you can sell your lotto win for a lump sum.
So Why Does It Feel Like the Great Recession Never Ended?
It?s because as the members of the 1% class see their incomes, bonuses, and capital gains skyrocket to unprecedented levels, the rest of the country is going through an equally unprecedented period of flat wages.
In the past 13 years, the average U.S. household income went up by 26%, but that?s only because 1% households push up the average. During the same time, the cost of living went up by 29%. Not only that, but the average American household now has $15,355 in credit card debt and $129,579 in total debt from student loans, mortgages, auto loans, and more. And as if those figures weren?t bleak enough on their own, financial experts say that Americans consistently underestimate the amount of debt they hold, sometimes by up to 155%.
It?s no wonder so many lotto winners asking their financial advisers (or the Internet) how to sell your lotto win for a lump sum. Often, getting a lottery annuity payout seems like the only practical way to a secure financial future.
Why do so many people like you want to sell your lotto win for a lump sum? Some of the biggest lottery jackpots, like the Power Ball and Mega Millions games, only provide annuity payments once a year. So if you?re one of the people with more than $120,000 in debt, a once a year payment just isn?t going to cut it.
If you’re wondering what to do when you win the lottery, there’s no easy answer or How To guide available. The only thing you can do is consider all of your options for getting out of debt, including selling lottery payments for a lump sum that could help you get out of debt for good.