How to Sell an Annuity in 3 Easy Steps

sell an annuity

You may be surprised at just how easy it is to sell your annuity or structured settlement payment plan in order to get settlement money now.

When you sell an annuity, you essentially give up your small increments of payment installations in order to receive all of your lottery winnings or structured settlement agreement money at once, in what’s called a lump sum. There are many reasons why people choose to sell an annuity: to pay off credit card debt (the average consumer has 3.5 credit cards), to put a down payment on a house (the average cost in 2010 was $272,900 for a new home), or to simply help make ends meet (some 40% of American families spend more than they earn). After all, it’s your money, and you are entitled to receive it whenever you want.

The process of selling an annuity involves some serious consideration on your part, but in the end there are just three simple steps standing between you and your lump sum payment.

  1. Contact a financial institution that specializes in annuity sales.
    First, you’ll need to get in touch with a credible financial institution that understands how annuity sales work. Know that there can be differences in rates between sellers, so be sure to shop around and ask for a quote on how much you can actually expect to receive as a lump sum by the end of the process.
  2. Arrange a court date.
    Once you’ve decided on a seller, you’ll have to schedule an appearance in court. This ensures that your decision to sell an annuity has valid reasoning and will not unduly jeopardize the financial future of you or your family. The judge will then sign off on your sale.
  3. Walk away with your money.
    Once you’ve submitted all of the proper paperwork, you should have access to your money within just a few days. Then, the rest is up to you!

While payment installment plans can provide a nice slice of income, sometimes we all need a little extra help up front. Bear in mind that you can also sell only a portion of your annuity — you don’t necessarily need to sell it all at once. That way, you can have the best of both worlds with immediate funds and long-term security.

Paying Off Your Debt Fast: Top Tricks

paying off your debt fastDebt is a major problem in the U.S. today. Throughout every single household, adults owe an average $11,244 in student loans, $8,163 on car payments, and $70,322 in mortgage payments. Try as you might, paying off your debt fast simply isn’t a feasible solution for the 26% of Americans who admit having trouble making their monthly bill payments on time.

But if you’re the recipient of an annuity or structured settlement payment, there’s a better way. Instead of waiting for your payments to trickle in over the years, or even over the decades, you can sell your annuity or structured settlement agreement to get cash now.

Many people don’t realize that selling your annuity is even an option, let alone the benefits it can have for your financial situation. While the comfortable security of that monthly check might help you pay your bills, it also prolongs your debt. The average household pays $6,658 in interest each year — expenses that could be wiped out quickly when you get settlement money now and can start paying off your debt fast.

The process is simple, and you don’t necessarily have to sell your entire structured settlement at once in order to receive a lump sum payment in return.

First, talk with a financial institution authorized to purchase annuities or settlements. They’ll not only help guide you through the process but discuss your options and offer a quote.

Then, you’ll have to go through some paperwork, which is to be submitted to a judge in a court proceeding. They simply want to know how you’ll use your direct cash and that the sale of your annuity will not immediately jeopardize you or your family in any way.

Finally, you’ll walk away, cash in hand! It’s really that easy, especially when you have a professional helping hand along the way.

Think of what you could do to start paying off your debt faster if you had the money in the bank. No more car payments. No more student loans. A simpler future awaits when you start living the debt free life.

How to Overcome the Financial Challenges of Medical Bills

financial challengesAs if the emotional turmoil of dealing with illnesses and accidents weren’t enough, the financial challenges of paying off medical bills can be an extraordinarily daunting task. In 2014, some 35% of the American population — more than 64 million people — claimed to have trouble paying bills or medical debt. Additionally, 20% of all credit card reports are negatively impacted by the costs of outstanding medical bills.

Skimping on health care for yourself or a loved one is not an option. So what can you do to relieve some of the financial challenges of paying those premium hospital bills, insurance deductibles, or medication co-payments? Here a few pieces of advice to help see you through this difficult time.

  • Sell Your Structured Settlement.
    If your medical expenses were the result of an accident and you received a structured settlement payment through court, you don’t necessarily have to wait to receive all of your money. You can get cash for settlements up-front by selling a structured settlement to a financial institution and get money now.
  • Ask for Help.
    Getting sick or suffering injuries is no one’s choice. Reach out to your community by starting an internet-based crowdfunding platform, asking people for small donations to help you cover some of your medical expenses. You may be surprised by the generosity.
  • Check for Errors or Negotiate.
    It’s a shocking fact that many times people receive huge medical bills for tests or operations they didn’t receive — which can be difficult for the average person to spot underneath all of that medical jargon. Make sure to read over your bills carefully.And did you know that medical expenses can be negotiable? You can try talking with either your doctor, the hospital, or your insurance provider to try to work out a lower rate, especially if you’re in the midst of other financial challenges.

Don’t let medical debt rule your life. Americans have enough debt hardship as it is, owing a combined $11.91 trillion dollars. Selling a settlement or asking for help is the easiest way to remove the burden of medical expenses and get ready to move forward with your life.

Investing Your Money: A Brief Guide for Millennials

investing your money

Perhaps no other generation has been more affected by the great economic recession of the 21st century than Millennials. Close to one in five Americans today between the ages of 18 and 24 describe themselves as financially suffering from “debt hardship.”

The reasons stem from both sides: Not only has the cost of higher education skyrocketed — the College Board reports that average tuition and fees for the 2015 academic year were $31,231 for private institutions and $9,139 for public ones — but the job economy upon graduation into the “real world” has been grim for years.

Investing your money might be the very last thing on your mind when you’re already concerned about paying the bills on time and figuring out ways to reduce debt. But in fact, investing money now, during your youth, is the smartest way to ensure a secure financial future for yourself.

Millennials haven’t got it all bad. Here are three of the top reasons you should start investing your money today.

  • Time is on your side. Everyone knows that investing in stocks or funds usually takes time before you see your money grow. Invest your money now — even if it’s only a modest amount — and with time, it can turn into more funds that you can use years from now to make that down payment on your dream house or send the future kids off to college.
  • The economy is recovering. It may seem to move at a snail’s pace, but all signs indicate that the American economy is back on the rise and will continue to have a strong presence in global finance. That means that it’s a safe and smart time to make investments while prices are still low and climbing.
  • Technology is an asset. Millennials are known as the tech-savvy generation, and as investing moves increasingly to the digital and even mobile realm, the younger generations with the right know-how will be well poised to take control over their financial management strategies.

Yes, times are still tough. A full 26% Americans struggle to even pay their bills on time. But the old adage “Buy low, sell high” has never been more pertinent to young people looking for ways to increase their finances without hardly lifting a finger. Take stock of your future and start investing your money as soon as you can.

Making an Investment: Let Your Money Work For You

making an investment When you find yourself in a cash windfall — whether it’s from lottery winnings, a structured settlement payment, or from selling your annuity — it’s easy to know where to start spending. You can buy that new car or make the down payment on the house you’ve always dreamed of. Or maybe your starting goals are even more modest, like simply paying the bills on time, which 26% of all Americans have a difficult time doing every month.

But let’s say you’ve got your initial bases covered. The bills are paid; the car’s in the driveway of your new home. What now?

This is often the time people fall into lavish or unnecessary spending. There’s nothing wrong with splurging on a new wardrobe or treating yourself to some fancy dinners. But what most people with cash settlements fail to take into account is that there is a limit to their money. You can’t maintain a high lifestyle for very long without a continuous stream of income to back it up.

A study from the Rutter Group indicates that 25 to 30% of accident settlement recipients wind up using all of their funds within two months of recovery. At least 90% will use everything up within five years. What then?

A simple way to make sure that your income lasts is by making an investment with the remainder of your settlement. Money breeds money! Here are just a few suggestions on how:

  • Stocks and Mutual Funds: When we hear the words “investment,” the first thing we tend to think of is the stock market. You don’t have to be a wolf to play on Wall Street. Mutual funds are a safer way of making an investment in many different stocks that investors expect to increase in value.
  • Pay Off Debt: Gifting yourself a debt-free future really is a form of investment. The average in-debt household owes a total $129,579, of which $15,355 is from credit cards alone. By paying that off now, you save yourself a lot of interest rate fees down the line.
  • Business: Become a partner in a new company or start one yourself. While this is a much riskier form of investment because so many companies may go out of business, it can also be a way to self-provide a fulfilling career for years to come if you succeed.

Making an investment isn’t really about getting rich quick. It’s about giving your money time to grow. Choose a future to help you maintain the lifestyle — the house, the car, the bills, and the fancy dinners out — that your settlement has given you.

Long Island Man Wins Jackpot — Twice!

invest your moneyThey say that your odds of winning the lottery are less than your chances of getting struck by lightning. But for one man in New York, lightning struck twice.

Bruce Magistro of Long Island recently scratched off a $1 million prize on a lottery ticket. That would be enough to make anyone ecstatic, but in Magistro’s case, it’s especially mind-blowing. It’s the second time he’s won a million-dollar jackpot in four years. The first was from a $5 scratch-off in 2012. The second, a $2 win-for-life card in May.

Lotteries are the most prevalent and popular form of gambling across the United States. How would you invest your money if you won — twice?

For Magistro, both of his winnings came at crucial times of financial challenges. His first win in 2012 from a $5 Extreme Cash card gave him an annuity of $33,090 per year — enough to allow him to stay home and care for his wife, who died of cancer shortly thereafter.

Medical expenses alone can be overwhelming; in fact, 20% of all credit reports are damaged by overdue medical bills. As much as 35% of the population — some 64 million people in the United States alone — reported a struggle to pay medical bills or debt payments on time in 2014.

For Magistro, that hopefully won’t be much of a problem. Though the 48-year-old will continue to receive his $33,090 lottery payments through the year 2031 — in addition, now, to his $1,000 a week for life from his winning $2 scratch off — “you can’t retire on that,” he said to the New York Post.

Magistro works in construction (and yes, he still keeps his day job), but said business has been slow recently. He is also a widowed father of three.

Of all the different ways to invest your money or spend your lottery winnings, Magistro’s new plan may be the sweetest: he plans to marry his new fiancee.

Magistro will receive a check for his new winnings two years to the day after his first wife passed. “I think there is some kind of divine intervention here,” he said.