Have you recently won the lottery? If you have indeed been declared the lucky winner of a lotto game and have been expecting to have a good time with the riches you have acquired, surprise of surprises, you find out that your winning will come to you in the form of a structured settlement. In this mode of payment, your winnings reach you in the form of annuity payments, where you get a little of your winnings every year for many years till the entire amount is in your hands. If you have not been expecting this, it is the preferred mode of payment for most lottery games in the country, and you might have to make peace with not getting your entire winning amount at one go. Or, do you?
If you are in a situation where you have recently won the lotto and find yourself craving the entire prize money, you have an important choice to make. You can either tailor your finances so as to make do with annuity payments, or you can opt to sell your lotto win for a lump sum cash payment that puts your winnings in your hands immediately. Opting to sell your annuity payments might be a decision that takes a lot of thinking and reflecting, and for good reason. You would be giving up long term financial security and opting to receive your entire prize purse at one go when you opt to sell your lotto win for a lump sum payment, and the situational need has to be pressing enough to warrant that kind of a step.
Things You Can Achieve If You Sell Your Lotto Win For A Lump Sum Payment
Getting cash for settlement payment is something that you need to ponder long and hard about before arriving at a decision. A structured settlement annuity has a number of benefits that you would be forced to give up on if you do take this step. Lottery payments are often made in the form of structured settlement, and many people actually prefer this mode of payment. For example, both the Mega Millions and the Powerball annuities comprise of a total of 30 annual payments which keep increasing over time till all the money owed to the winner is disbursed. This can mean long term financial viability, and might even give the winner the chance to plan expenses ahead, keeping them financially solvent over time.
However, if you choose to forego all this and opt to sell your lotto win for a lump sum cash reward, there are certain things which you can achieve in lieu of the benefits described above. You would be receiving your entire winnings at one go, enabling you to successfully deal with situations which require a large amount of cash. Let us take a look at some of the possible situations —
Getting Out of Debt – Being in debt is not a good feeling, and for many, the inability to pay off dues and get out of debt stems from the fact that they do not have enough cash in hand. If you are in such a situation, selling lottery payments for immediate cash can be a great idea. You can pay off your dues with ease and start improving on your credit rating with this one easy step.
Starting a Business – If you have entrepreneurial aspirations, and have only been unable to start your own business due to the lack of initial working capital, selling a structured settlement can be a great way out. This gives you the seed money that you can use to get your business off to the right start.
Making Purchases – If you have been holding off on buying a prime piece of real estate or your dream car, opting to sell your lotto win for a lump sum payment can be a good way to make things fall into place.
Keeping these points in mind, you can arrive at the right decision regarding your lottery annuity payments, and for the right reasons, and start to enjoy the fruits of your lucky win immediately, and without hassle.