Do you ever wonder what happens to someone who receives lump sum lottery winnings after playing the PowerBall or something like it? Many of us often fantasize about what winning the lottery would be like, but the truth is that our fantasies aren’t often accurate. That is because when someone wins the lottery they are not given lump sum lottery winnings, but rather a payment plan known as a structured or annuity settlement. Structured settlements involve the winner receiving a small payout each month for several years. If you think this seems unfair, you aren’t alone. Lotto winners find themselves feeling the exact same sentiment when they are told how and when they will see their funds. The good news is that there is a way to receive lump sum lottery winnings and it involves selling a structured settlement. Here are just a few of the reasons that this option is so incredibly popular:
1. Ease Of The Process – Selling your structured settlement or annuity couldn’t be easier. Instead of waiting for years to see the full payout, you could get lump sum lottery winnings up front and be on your way. What’s not to love about that? Typically, after you contact a company to buy your structured settlement they will review your request and analyze your reasons for requesting the sale. Then they will present you with an offer. Remember to shop around and negotiate if you aren’t comfortable with the terms.
2. Saying Goodbye To Debt – Americans all over the country are plagued with debt. In fact, the average American household carries close to $130,000 in total debt and pays nearly $6,700 each year in interest alone. When you sell your annuity settlement you will receive the lump sum lottery winnings that you rightfully deserve. With that money you can finally say goodbye to debt that has been holding you back whether it is credit cards, medical bills, or student loans.
3. Immediate Life Changes – Unfortunately, annuity payment arrangements are extremely common in the United States. The length of a standard annuity settlement varies, but two of the most common are payments over the course of 25 years or payments until death. No one should have to wait that long for their winnings! If you receive lump sum lottery payments you can make immediate life changes and not have to wait for the money to collect in an account. Immediate life changes could include buying a house or car, travelling, and even starting your own business.
The ease of the process, getting rid of debt, and the ability to immediately change your life are just three of the many reasons people choose to sell their structured settlements every single day. What’s yours?
