If you have decided to get cash for structured settlement payments that you are owed then there are some things that you are going to have to be careful of. It’s hard to know what to do when you win the lottery or receive an inheritance or whatever the reason is that you are getting the money. Knowing that you have a secure financial future ahead of you in great but there might be things that start to happen that you didn’t even consider. If you sell your annuity payments you’ll be getting a lump sum which is great, but here are some things to think about first.
- Make Sure You Don’t Change
Getting cash for structured settlement payments means that you are going to have a lot of money very soon. This is a dream come true for most people. However, you’ve heard other lottery winners talk about how the money destroyed them. This can only happen if you let it. Don’t become secluded and isolated in order to protect your money. Always remember that your relationships are more important than the money. You’ll never be truly happy, even with all that money, if you don’t have people around you that you love and care about and vice versa. It’s important to remember this because you may start feeling cynical and stingy but you have to think about who those people were before you were wealthy.
- Beware of the Mooches
It is going to be hard to make new friends after you get cash for structured settlement payments. Especially if the money is because you won the lottery. You have probably signed something that says they are allowed to make it public that you won so everyone is going to know that you have money. Stay close to those who were friends with you before you had the money. They will be able to help you determine if a new person really cares about you or just wants a piece of the pie. It’s to easy to be cynical and think that everyone is just after the money but that may not be true. Loved ones can have a more unbiased view of someone but you have to make sure you listen to them.
- Don’t Spend it All in One Place
You may think this point is unnecessary. If you are unfamiliar with spending a lot of money at one time then how could you possibly spend it all in one place? Well, it’s very easy. You could fall in love with a yacht or a luxury car and voila, there goes your money. If that is what you planned to do with your winnings, then that’s fantastic, but impulse buying like that can be dangerous. You can avoid this by hiring a professional financial adviser to help you make decision regarding your new found riches. He or she will have your best interests at mind and will be able to ask the right questions and guide you in the right directions.
li>Listen to What They’re Telling You
Not everyone of course, but you need to listen to your loved one and financial adviser, in particular. However, your loved ones will be able to advise you on your character, new friends and decorating ideas but not on how to manage your money. Likewise, your financial adviser did not know you before and can not tell you if you have changed but will definitely be able to let you know if you are about to make an unwise financial investment. Don’t get it mixed up and listen to them respectively regarding the different areas of your life. This will help you greatly until you can get to the point where you are used to having the money and it becomes apart of who you are.
Getting rich quick by opting for cash for structured settlement payments can be a shock to the system but if you follow these four rules then you will have a much better chance at making this new money do good things for you and those around you. Remember that money can’t make you happy, but it can certainly gain you a lot of nice things if used correctly!