Selling your annuity payments is actually pretty simple, and when you go through a trustworthy company to get cash for annuity payments, you’ll get a lot of help along the way. You’ll have some options when it comes to how you want your payments to be rendered, and you’ll be informed of any fees or paperwork you’ll need to handle yourself.
So what’s the only thing holding you back from selling your annuity? If you’re like most people, you probably just don’t know what you’d do with all the cash. Luckily, we’ve got some great ideas:
- Pay off credit card debt. The average American consumer has about 13 credit and debit cards today, owing about $3,700 to lenders. As of early 2015, Americans collectively were more than $11.9 trillion in debt. It’s pretty hard to get on your feet and get your life in order when you have debt collectors calling you and breathing down your neck every day.
- Go back to school. Maybe you’ve already gotten one college degree, or you’re halfway there, or you never went to college in the first place; regardless of your academic history, going back to school is one of the best investments you can make for your own future. A private college in the U.S. today costs around $31,000 and a public college costs about $9,000 (annually).
- Purchase a new home or car. The average selling price for a house is $272,900 (and mortgage lenders typically ask for down payments between 5% and 20% of the sale price), and the average price for a new lightweight passenger car is $33,993. Both of these items should be seen as investments, and splurging a little bit — if you have the funds to do so — can be a very good idea.
So why exactly should you look into selling your annuity payments — or even selling lottery payments or structured settlement payments? Simply because you should be able to control your own money and improve your life as you see fit.
What exactly can you do with the cash you’ll receive after you sell annuity payments? The options are virtually endless, and these three suggestions are only the beginning.