Making the most of your settlement can often be a difficult task. What many people don’t realize is that some agreements stipulate that you will get your money monthly over a prolonged period of time and not a lump sum. It is an extremely frustrating thing and can cause you not to enjoy your compensation or lottery win.
While receiving your money monthly will be the most advisable way however it doesn’t allow you to enjoy the money. Incremental payments allow you to only have access to a certain amount per month which can prove extremely annoying and limiting. Some companies out there offer you a reduced total sum for a one of lump payment into your account.
You receive a large sum of money and they assume your payment plan and make profit towards the end of it. It is a win, win situation and it is a great way in which you can make the most of your own money.
This article will highlight three ways in which you can make the most of your settlement.
Explore the World
Having access to a large sum of money instead of a series of incremental payments can allow you to plan the trip of a lifetime you have always dreamed of. The majority of us work to pay the mortgage and bills and then any extra money we save for a rainy day. Our existences are pitiful and if you stick with incremental payments the likelihood of that changing is very small.
Obviously the payments will be taken care of by the claim money but the change to your life will only be small as you never really have true access to the money you have been awarded. If you take a hit and accept a smaller overall sum you can have access to the full amount and then do as you wish with it.
You can save sum but also have the ability to explore those parts of the world you have always wanted to. I believe travelling the world is one the greatest things one can do and the majority of us never get the chance to do it. Take the Structured settlement payout and have a little fun in your life while you still can because in the blink of an eye you will be all grown up and living a life filled with regret and missed opportunities.
Help People Out
People often live their lives dreaming of the chance to help out their friends and family. If you accept the reduced payout you will have the option to do this, spread your prosperity and ensure everyone you care about can revel in your newfound wealth. Money is a made up commodity and if you didn’t have the compensation you wouldn’t have missed it.
My advice is take the amount offered and embrace the world for what it is, a haven of wonderful spectacles.
Save for a Rainy Day
For those of you who are keen on saving having access to the lump sum will allow your to do that also, I mean it isn’t hard to transfer some of it into a high interest account and save it for that rainy day. Access to the lump sum gives you many more opportunities and you would be naive to let it pass.
Martin is interested in financial law and is especially keen on finding ways to make sure financial negotiations run smooth and work well for both parties involved. When he isn’t trying to negotiate something he is usually mixing his own brew of tea and giving it to his friends and family.