When you think of all the money that changes hands, all across the globe, for so many different reasons, be it for goods, services, properties, or products, it is hard to fathom that there are also so many people without any money at all, or barely enough to get by. The distribution of wealth, not just in the United States, but worldwide, is quite sad. There is by far, more than enough money in the world to allow every single person on this planet to live comfortably. However, this is unfortunately not the reality of the way our societies handle money.
Getting out of debt and into a more comfortable lifestyle
About 20% of Americans between the ages of 18 years old and 24 years old would identify as being in a period of debt hardship. And 26% of Americans have admitted that they do not pay their bills when they are due, most often because they simply cannot. The money is not there to do so. But for those who have structured settlements, there may be a way to not only get out of debt but to set yourself up to get ahead. If you were able to sell your structured settlements for a lump sum, you could have the money to pay off your debt, or invest in your future.
Consider consulting a financial advisor
The trouble with getting a lump sum of cash for structured settlement payments is that in place of that empty pocket book, you now have a lot of money. While that sure does not sound like a problem, the tricky part comes in when you realize that you may not be equipped to handle that amount of money. It will be pretty easy to start spending money on things that you have had to go without for so long. Having to just get by for so long will definitely make it feel like you deserve a splurge here and there. Chances are, you probably can go for a splurge, but consulting a financial advisor first will help you figure out just how to spend or save that money.
How to spend that money wisely
Over 37,000 people in the United States use money from structured settlements every single year. And of those who choose to sell their annuity payments, a telling 92% of them say that they are happy that they did. After meeting with a financial advisor, or someone who you trust and has shown that they know how to handle money, you can begin your new life of enjoying being debt-free. Paying off your loans or your looming medical bills, starting a business that will make more money for you in the future, or spending that money on tuition where you will obtain the degree that gets you the job you were never quite qualified for are all wise ways to use your lump sum.
What is not going to help you in the long run is blowing that entire lump sum on a flashy new car or a whole new brand name wardrobe or expensive jewelry before you get yourself out of debt. It will be fun for awhile, but if you are not careful with the money you get from selling your structured settlements, you will find yourself right back where you started, or possibly even worse off.
Until there is a major change in our society, the distribution of wealth is not going to change. Those who struggle financially will have to continue to struggle to make ends meet or to climb out of the debt hole or to work their way up the money ladder. But with hard work and careful budgeting, it can be possible for some to see another side of life. References.