So, you have won your law suit and now you are entitled to a substantial amount of money. But is it really good for you to have all that money paid to you at once?
Even though it sounds nice, unfortunately most of us simply lack the financial discipline to handle big sums of money in a manner that will make them last. Or perhaps you have plenty of cousins you just can't say know when they come knocking at your door asking for a loan? Then, perhaps it is best option to consider structured settlement. My structured settlement is set up so that we get payment every three months for the next 15 years. Below, we are going to share our story with you.
It is not much, especially compared to the original sum that we were due, but it does mean that we're getting a nice bonus every trimester, and we will be getting it for a long time to come.
If we'd got our hands on all that money, it would probably be gone by now. We would have a nice car, maybe a new house, but could I really afford them now that the money is gone and I'm back to my original income? Probably not, meaning that we would have to sell them at a loss. So, we would be basically where we started, but only without money.
Unless you can invest the money yourself, structured settlement is by far your best option, even more so for people who need special care for a long periods of time, like after an accident.
The way our structured settlement is arranged offers me secure income, while we still retain a degree of financial flexibility. We can plan my future without relying solely on my pay check. And if we need more, we can simply sell my structured settlement, albeit for less money than its nominal value.
There are companies that specialize in this kind of deals, but some offer more money then others, so you need to choose carefully. They love to buy structured settlement because they are tax free.
The only reason my structured settlement wouldn't work for you is if you want to make a really big purchase, like a new house. If you are planning something like this, then you are better off taking a lump sum offer, as it will provide you with the funds you need for a new home.
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