There are pros and cons to selling your structured settlement payments. One of the most common cons is being able to properly manage a large amount of money. Many people do not want to deal with the stress that comes with having cash in-hand. But there are ways to make sure that you use your money wisely and once you have taken care of important obligations, you can treat yourself and your family.
We ensure that our customers get the most cash for their payments but we also provide guidance for each individual case. Here, we put together a quick list of the Dos and Don’ts of managing your money – to help you properly manage your money and this can be taken off your con list.
Dos:
- Count your money. This may seem like a simple task but it simply means that you need to take the time to read the fine print on everything related to where your money is going. You must understand all the fees and legal information regarding your money. In essence, you are counting your money and any fees you would acquire, such as taxes and interest. After selling your structured settlement, keep tabs on your acquired lump sum.
- Look for an advisor. Consulting with a professional about managing your money could be the best way to truly understand how everything works. RSL Funding can provide guidance on how to manage your money and what should be the first items you need to take care of. But be aware of fraudulent advisors.
- Make a plan. If you take the time to plan out everything that this money will account for, then you will be able to see the bigger picture of how to make this money last. Plan to pay off debt, make only long term investments i.e. buying a home or a reliable vehicle. You can also pay bills in advance. Make a plan for every penny, even if it means placing it in a savings account.
- Keep information to yourself. Finding yourself with a large amount of money may attract all the wrong people into your life. These people can be anyone from a professional [identity fraud] or a family member. Don’t share the actual amount of your lump sum. Make sure to protect your future.
- Place money in a separate bank account. Using a different bank account from your daily checking account to house your money will ensure that you do not spend it on little unnecessary things. By doing this, it will also force you to check the account before making any purchases. Large amounts of money can also acquire a different interest rate than your monthly paycheck.
- Invest in yourself. With this money, you can invest in yourself and the future of your family. Start a business, go back to school or finish your degree anything that will better your life. Even if you just pay off debt, investing yourself with this money will help ensure that your future is just a little better.
Don’ts:
- Make a large purchase, just because. Having access to a large amount of money can tempt some people into making lavish purchases just because they have the money. Making these large purchases can easily drain your back account and putting you back into the same situation you were in before. Don’t let your emotions take over when you receive your money.
- Rush to spend all of your money. It’s not a race to see how much money you can spend. The money isn’t going anywhere. Don’t rush to spend the money, and control the impulse to buy anything without doing your research.
- Spend your money on little things. This is one mistake we see all the time, from celebrities and just ordinary people who fall into a little money–expensive dinners, taking an extremely lavish vacation, paying someone else bills. Even if these are small expenses, they all add up and the next thing you know, your lump sum is gone and you didn’t do anything productive with the money.
- Assume your money will last forever. Unless you receive billions of dollars in your settlement, you will be amazed on how quickly you can spend your money. Even if you are responsible with your money, it will run out. It is better to not rely on this money to be your only source of income. Continue to work hard and help your money grow so maybe one day you can retire with the remainder of your lump sum.
Selling your structured settlement payments can better your life in so many ways. You can pay off debt, go back to school, start a business or even buy your dream home, but all of these goals are only possible if you manage your money properly. Our team at RSL Funding will get you the most cash guaranteed – we will also advise you on some of the best ways to manage your cash. Managing a large lump sum of money can be off-putting, but with these tips, we believe that managing your money will be a piece of cake.
If you’d like to an sell annuity payment for cash, or are just looking for information to see if selling is the right choice for you, call RSL Funding at web_phone or request a quote today!
