Many people have dreams of owning their own business or getting a professional degree. These are dreams that may seem out of reach for all too many Americans. If you have an annuity settlement, you may want to look into selling it.
Reasons to Sell Your Annuity Settlement for Cash:
Start your own business.
The American dream is an entrepreneurial one. Many people in the United States dream of being their own boss and owning their own business. This can be an expensive proposal. The average amount people spend when they are opening their own business is $30,000, according to the Kaufmann Foundation.
When you are thinking about opening a business, there are a lot of expenses you may not think of. You are probably aware of the costs associated with hiring people. You have their salary and benefits (if you can offer them) but there are some hidden costs there. Many companies around the country say that their biggest staffing problem is turnover. This may be a problem for you when you hire people. By some estimates, as many as 30% of all new hires are not with the company who hired them six months after they started.
The bottom line is that even after that initial $30,000 investment, you will still probably have to put out your own money. Selling an annuity settlement may be a great way to have the cash on hand to keep your business going until it can bring in a profit. At the very least, knowing you have the cash from selling your annuity can give you more peace of mind knowing you can give your
Get that higher education that you always wanted.
College graduates make more money than people who have not gone to college. If you are interested in going to college and/or going further with your education, maybe you want a Master of Business Administration or to go to medical or law school, selling your annuity can be a great way to finance that.
Getting a college degree is a great idea but it is also an expensive proposition. In the 2014 to 2015 academic year, the cost of going to a private university was a little more than $31,000. The cost of the same time at a public school was just over $9,000. The amount of outstanding student loan debt in the United States is about $1.3 trillion. Ouch!
While your earning potential goes up when you get a college degree, that is diminished when you leave college with a heap of debt. The ability to go to school without incurring debt is a great thing. Most professionals (veterinarians, doctors, dentists, lawyers) finish those programs with even more debt. If that is your dream, selling your annuity settlement can be a great way to help you achieve it. Having more money at your disposal will also open up your options as to where you go to school. That can make a big difference in whether you go at all or not.
Get your dream home.
Buying a house is a big deal. For many people, this is the biggest purchase of their lives. If you sell your annuity, you may be able to either buy your dream home and avoid having to take out any mortgage or it can help you put down a sizable down payment. This can help you get a better mortgage with a better interest rate.
Houses are great investments, for the most part. When you get cash for your annuity and then invest it in a home, this is a great way to help secure your future. For most of the country, a house is an investment that will grow over time. The security that comes along with home ownership is a great thing.
Pay off your debt.
In February 2015, 3,422 people filed for bankruptcy every day. If you are facing bankruptcy, selling your annuity settlement can be a fantastic way to avoid having to go that route. This is another way to help you improve your future income prospects.
There are many reasons people sell their annuity settlements. Most people who sell are happy that they did. Every situation is unique. Look at yours and do what you think is best for your financial future.