Cash In That Lotto Win For Big Results!



So you’ve hit your pot o’ gold at the end of the rainbow and managed to win the lottery! Holy cow! You’ll now have two options: either you can get a lottery lump sum payout and get cash for lottery winnings or you can have it parsed out in payments that span a few years (this is called a structured settlement payment). If you’ve been needing cash to reduce debt or to start looking at ways to invest your money, getting cash for lottery winnings can be a great option. You could also buy that new car in cash that you’ve been needing or put a down payment on a house. The possibilities are endless!
Reasons Why You Should Take That Lump Sum
Once you receive your lump sum, you get to control what happens with the money. Your taxes are immediately deducted and you don’t have to worry about being taxed further on that money. You’re free to invest or spend how you see fit. It gives you more control over your money — something everyone can agree that they want.
What Are the Best Options For My Lump Sum?
Of course, your wisest options when you receive cash for lottery winnings is to immediately invest that money. It can accrue interest in a bank and really make you some significant money down the road for retirement, unexpected expenses, etc. You can even use that money to start a nest egg for your children or grandchildren’s college funds. Don’t let them add to the $1.3 trillion outstanding student loan debt present in our country! You should speak with a financial planner or adviser to help you make the smartest investing moves with your newfound wealth.
You could also get out of whatever debt you’re in. Even if you wind up spending a significant amount (or the majority) on dissolving your debt, it still means you’re in the clear and don’t have to make any more interest payments or worry about bankruptcy. In other words, you have a totally fresh start, financially, and hopefully will use your new start to stay out of debt. American consumers are almost $12 trillion in debt collectively and about 35% of Americans say 3that they’ve faced difficulty making bill payments or were trying to pay off medical debt last year. Additionally, if you’re a young person, you may be facing thousands of dollars in student loan debt. Don’t let that hold you back with your newly earned lottery money. Pay it off and start saving! This is your chance to get ahead and beat that debt down!
Lastly, don’t be afraid to splurge a little. Have you wanted to move to a new or nicer location? Have you been needing a new car or wanted to treat your family to a vacation for awhile? Take the plunge! It’s not every day that someone wins the lottery, after all. You deserve to have some fun with your money. Just be sure that you’re also saving and growing that money so you can continue to play for years.

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