Are you considering selling your structured settlement or annuity payments? Maybe you’re already in the process and questioning whether it’s the right decision. Whatever stage you’re in, you’ll want to make sure your reasons are positive, profound, and life-changing…legit!
Because…what’s more enticing than a big, fat pile of cash? Sometimes, the temptation of ‘easy’ money can result in short-sighted decision-making that may not necessarily be beneficial in the long-term. However, sometimes a large lump sum can very literally change lives for the better and set people up for brighter futures than they otherwise would have had.
In other words, there are legit and non-legit reasons to sell your structured settlement payments; knowing the difference between the two can save you from a bad short term financial decision and set you up for a bright, financially secure future. Additionally, a judge must approve your structured settlement sale and make sure it’s in your best interest.
So, before deciding whether or not to sell your structured settlement or annuity payments, consider your motivations. What’s the reason you want to sell? Is it for something you need that a judge will approve, such as paying medical bills, or for something you want, like a vacation to Turks and Caicos?
Questionable Reasons to Sell Your Structured Settlement
Need a car to get to your job? That’s a really good reason to sell your structured settlement or annuity payments. Have a reliable car that gets you where you need to go but want a better one? This one’s probably a no-go. While a shiny new car may look like an attractive option right now, you may regret selling your structured settlement payments when five years down the line that not-so-new car isn’t quite so shiny and you no longer have your payments.
Did you lose 50 lbs on the Keto diet? Good for you! But selling your structured settlement or annuity payments to outfit the new and improved you with a new wardrobe shouldn’t be in your plan. Selling your structured settlement or annuity payments to fund material wants is almost never legit in the eyes of a judge. Instead, why not use the cash lump sum to start a business?
How about throwing your daughter the blingiest Sweet 16 party, ever? She’d be pretty excited, wouldn’t she? But the excitement will wear off and the party will have been forgotten… and you’ll be left without your structured settlement payments. A better idea is to sell your structured settlement or annuity payments, use the money to go back to school, and train for a better-paying career. That way, you can provide your daughter (and yourself!) with better opportunities and a better life (as opposed to one really, really dope party).
Better Reasons to Sell Your Payments
When Maury says, “You ARE the father,” it might be a good time to sell your structured settlement. We’re joking, of course. But if you are expecting, selling your structured settlement or annuity payments to help fund your new life adventure is totally understandable – and a valid reason to sell your payments for a lump sum.
Using the money to upgrade your skills or go back to school is also a good reason. Using the money you receive from selling your structured settlement or annuity payments to improve your current job skills or train for an entirely new career can help you improve your future financial prospects.
Debt can be devastating. Once you get into debt, it can be super difficult to climb out. Debt holds you back; debt impedes your ability to enjoy your life; debt can be crippling. Selling your payments to help pull yourself out of debt and get back on track is a decision that will not only improve your financial health but also may improve your mental and physical health as the stress of debt is removed. Selling your structured settlement or annuity payments to pay off debt is 100% legit.
Are You Ready to Change Your Life?
Now that you know what’s considered a “legit” reason for selling your payments and what isn’t – you should ask yourself, “What’s my reason?” If you’re confident about your decision (or even if you’re not), give RSL Funding team a call to learn about your options and to get the process started. When it comes to making legit decisions that will change your life for the better, there’s no better time than the present to get started.