Selling your structured settlement for a lump sum could be the thing to get you out of your rut. Better yet, it might help you make bank! The settlement checks you’re getting, coupled with wages from your day job might be enough to keep the lights on. But any monies that come in at a snail’s pace may not be enough to get you to the next level.
So if you’re in a financial funk, keep reading. We’ll offer some ideas on how to pull yourself up by your bootstraps, take life by the horns, and get ‘er done–all by selling your settlement, annuity, or lottery payments for big cash.
As a cherry on top, we’ll highlight some folks who’ve managed to change their circumstances for the better by making smart moves. It might offer some inspiration for YOU step out of your financial funk.
#1: Sell Your Structured Settlement, Go Back to School
For argument sake, let’s say you’re working in a fast food joint. Your job’s welcome packet says the organization will help pay for your education. Sweet, right?! Problem is, you haven’t been particularly motivated to take advantage of the perk. This is a reality for lots of folks.
But here’s a viable option to get you movin’ in the right direction: After selling your settlement payments for a lump sum, you can combine your cash with educational subsidies offered by your employer. You can apply to go back to school, earn your advanced degree, and get on the road to buying your own franchise or any other business that’ll appeals to you.
By the end of it, you’ll have your degree, with minimal (if any) debt and be on the right footing to enhance your career. Talk about #goals!
Be Like: Janice Bryant Howroyd
Janice Bryant Howroyd is the founder and CEO of Act 1 Group, an employment agency and consultancy. Back in 1976, Janice was working as a temporary secretary for her brother-in-law at Billboard magazine. While there, she learned the ins and outs of employment and workforce management. With only $1500 in her pocket, she leveraged her on-the-job learnings as a springboard to launch her own business. That business now rakes in over $483 million per year, providing workforce and procurement solutions to Fortune 500 companies. Act-1 is the largest privately held, minority woman owned workforce solutions company founded in the U.S. Ah-maz-ing.
(Source: Reference for Business)
#2: Use Your Structured Settlement Lump Sum to Fund Your Real Estate Purchase
Still renting? Selling your structured settlement or annuity payments could finally give you the financial footing you need to purchase your dream home. Or maybe, you can use your lump sum of cash to purchase an investment home, where you’d buy it low-cost and sell it at a profit. Need help? Connect with a Realtor® who’s familiar with your neighborhood and comparative home prices.
If you are interested in flipping homes, you can connect with your city ordinance to see which homes can and cannot sell (legally). Network with contractors and other professionals to learn what you’d need to do to improve on a home before you can sell it to another buyer. Once you have all your ducks in a row, you can use your structured settlement lump sum at an auction or through a private seller to purchase a ‘fixer-upper.’ You can also use the funds to renovate the space to appeal to local buyers. Once you get the hang of it, your profits are likely to come rolling in.
Be Like: Egypt Sherrod
Growing up, Egypt Sherrod slept in a closet (literally) – it was the only room available to her within her grandparents’ house, which fit only herself and her bed. But during this time, Egypt’s father and uncle, two real estate brokers, took her under their wings. She learned that real estate was a way to turn a profit and ultimately, earn money for retirement. She bought her first home at age 24 and became a licensed real estate agent. Fast forward to the present. Egypt Sherrod has become a household name as a real estate expert, showing homes on HGTV’s Property Virgins, authoring a book, and speaking at various motivational events. Her net worth? $6 million – it’s a far cry from her days sleeping in the closet. Egypt Sherrod showed the world that humble beginnings don’t always thwart future success. On the contrary, it can be the motivation that creates it.
Selling your structured settlement or annuity could set you on a similar (and awesome) path.
#3: Sell Your Annuity, Purchase a Reliable Car
If you live in a rural area and need to get to work…you’ll need a car. The same goes for people living in urban areas which are far from buses and train stations or those simply needing to go grocery shopping but live too far from well-stocked supermarkets.
For a lot of people, having access to reliable transportation isn’t optional. The ability to get to work, a hospital, a grocery store… is quite literally, a lifeline. This is why financial options like selling annuities or structured settlement payments are so important.
If you need a reliable vehicle to get from point A to point B, you could sell your payments for a lump sum – this would provide you with enough cash to buy the car outright or with a pretty-good sized down payment. For those looking for a vehicle for commercial purposes, selling your payments could also give you an edge. If you’re working for a ride-sharing company, having a car that runs well is required. If you’re thinking about starting your own transportation company, your vehicle (or fleet of vehicles) must be able to withstand the wear and tear. Having a good amount of capital to start with could ensure reliability, whether your car is for personal or professional use.
Be Like: Amari Ruff
Amari Ruff is a guy who you’ve probably never heard of. He’s not on TV and he’s not your usual social media influencer. But he’s GOALS. Amari Ruff’s rags-to-riches story is just as inspiring as the next guy’s. Amari worked smart, using start-up capital and logic as a way to grow his multi-million-dollar trucking company.
Growing up, Amari helped his mother financially, but often still fell on hard times. Homeless shelters became a very real and very unsettling way of life. And at one point, Amari had to commute over four hours a day on public transportation to continue with High School and maintain a sense of normalcy.
But then, Amari started a telecommunications company (which he named Sudu) in 2010 with $300 in his pocket and a 1990 Ford Ranger. He built the business from the ground up – it included almost 200 trucks and five locations across the U.S. Sudu became a booming online marketplace that leverages technology to connect underrepresented trucking entrepreneurs (minorities, women, and veterans) to major corporations like Walmart and UPS that ship goods. In just three years, Sudu grew to having more than 300,000 trucking companies within its network. Sudu’s annual revenue is soaring to almost $20 million.
(Source: BlackBusiness.org and Forbes)
Having the right mindset is crucial in taking your life to the next level. Another really important element to all this? Money.
Whether it’s purchasing a new car, buying a home, going back to school, or achieving another life goal, having the money at hand to get things moving can make all the difference. But much like Janice, Egypt, and Amari…getting out of your financial funk is totally within your reach.
So what better time to grab a hold of your success than right now? Sell your structured settlement or annuity today for the Most Cash. Connect with RSL Funding today for a free, no-obligation quote.