It’s understandable: you might have looked at 2020 with the same disdain as you would an out-of-control dumpster fire. Good news is, you can sell annuity payments
to make your holidays (and future) a lot brighter (cue the twinkling holiday lights). Selling annuity payments can help taper or completely eradicate debt. And if you have your sights set on becoming your own boss in the new year, you can use your lump sum to get yourself up and running. COVID pandemic or not, having a large sum of cash in your hand will instantly empower you to do some amazing stuff.
Here, we’ll dive into the specific ways that selling annuity payments can help you level up during the holidays and beyond.
Sell Annuity to Pay Down Credit Cards
Retailers LOVE the holidays. From the Black Friday rush, straight through to the New Year, they look forward to you whipping out your credit card. The problem is, this annual shopping frenzy can lead to soul-crushing credit card debt. Collection calls, scary pink letters in the mail…the whole thing can be pretty overwhelming. If you find yourself in this situation and have an annuity, all is not lost — you can sell all or some of those annuity payments for a large lump sum of cash. By selling your payments, you’d be able to pay down your credit card, improve your financial standing with card issuers, and avoid future interest charges. Becoming debt-free during the holidays is a good way to bring yourself some cheer. While others might be increasing their debt, you could go a different way and reduce yours.
Were You Sick? Easily Cover Co-pays & Other Medical Debt
The gravity of the COVID-19 pandemic is undeniable. Many people, especially those without medical insurance, are still scrambling to find resources that can assist them with paying bills associated with their hospital stays and COVID testing. This can be especially brutal during the holidays. If you have an annuity and are finding it difficult to pay your co-pays and other medical debt, listen up. Selling your annuity for a lump sum can give you the funds you need to pay off these debts so you can focus on your recovery.
For sure, health care workers are there to help you remain in good physical and mental health. But you can solidify your financial health as well when you decide to sell your annuity payments. Co-pays, medication costs, ambulance rides, and other medical debt shouldn’t overshadow your fight against the virus.
Sell Annuity Payments, Travel Safely with a New Vehicle
For many people, flying to visit friends and family during the holidays is out of the question. Despite airline companies’ best efforts, people have valid concerns of contracting the coronavirus during their flights. People have similar apprehensions about other means of public transportation, like trains and buses. If you share these concerns, but you absolutely need to travel, your best bet is to use your own vehicle. If you’ve been relying on public transportation and don’t own your own car, selling your annuity may be your ticket out of town (no pun intended).
According to Car and Driver
, down payments on new cars can be up to 20% of the purchase price. Dealerships will require about 10% for a used car.
By doing your research, and going with a reputable annuity buyer, you can ensure that you get the most cash for your payments. You’ll have the ability to put a substantial down payment on a vehicle, or pay for it outright.
At the end of the day, you’ll maintain control of who enters your car and how often it gets sanitized. You’ll be in control of your safety (and sanity) as you embark on your trip.
Handle Business Start Up Costs with an Annuity Cashout
Remember how we said that retailers LOVE the holidays (because of all that profit)? Well, why not get in on the action? Starting your own business can be a wonderful experience, especially when you have money to buy equipment, hire employees, pay for business licensing, and more from the get-go. Whether you’re planning to start a retail establishment or have a different business idea in mind, cashing out your annuity payments for a lump sum can help you get a leg up in your market.
Many aspiring business owners often look to small business loans to get things started. But they have to pay back those loans, with interest. Lending Tree
states that, “Loans from traditional lenders, such as banks or credit unions, can have annual percentage rates (APRs) ranging from 4% to 13%, while alternative or online loans can have APRs ranging from 7% to over 100%.” When you sell your annuity payments, there’s no such thing as having to pay anyone back. Think about it: when your business begins to turn a profit, the money will be yours to invest back into your business. They’ll be no need to turn around and pay back a pesky loan.
So maybe this year, you want to sell silly Santa socks. Or maybe you want to ship out “2020 SUCKED!” t-shirts. Whatever your entrepreneurial spirit tells you, know that that when you sell your annuity, you’ll have a better chance at success because you’ll be starting out on the right foot.
Ready to learn more about how to sell annuity payments? Get a free, no-obligation quote today.