Winning the lottery may sound like a dream for many people. Yet for those who made it a reality, it may not seem like it’s all it’s cracked up to be. Even though lottery winnings can come with a six-, seven-, or even eight-figure prize, those winnings are actually paid out over the course of several years. However, there is another option for you, so you can get your prize as soon as possible: selling your annuity for a lump sum, so you have your money up-front.
What can you do when you receive lump sum lottery winnings? Here are just three of the possibilities that you would have before you:
- Go debt-free. Collectively, American consumers possess approximately $11.91 trillion in debt, mainly from things like credit cards, student loans, and mortgages. Even medical debt can place a serious burden on the lives of families across the country, and some people can even go bankrupt from it. But imagine being debt-free. You can buy a house or pay off your existing mortgage, and you don’t have to worry about taking out loans for cars, tuition, or even medical care.
- Take a dream vacation. Have you had the urge to visit Hawaii? Always wanted to travel to Nepal? Dreaming of vacationing in Monaco? Wherever you’d like to go, you no longer have limitations when it comes to travel. Having the cash from a lump sum for your lottery payments gives you the chance to truly plan a dream vacation.
- Invest for your future. Whether your future means buying a home for your family, attending college or letting your children get an education, or even starting your own business, you now have these options when you receive lottery winnings as a lump sum. In addition to building for the immediate future, you may even be able to think ahead to your retirement. This not only goes for collecting your lottery prize but also for a settlement from a lawsuit or any other large sum of money awarded to you in an annuity. You could make your dreams come true and plan for the long-term.
Have more questions about how you can use a lottery lump sum payment for your winnings? Make sure to do your research and get in touch with a company that purchases structured settlements. You can also leave a comment in the space provided.