People tend to come from all directions when they hear you have accepted a large sum of money. For most, who have never been great at managing their money, this becomes an extra burden. It is human nature to want to help those in need, yet it seems like everyone from friends and family, to the neighbor down the street, and that long lost relative, is in ‘need’ when they see your dollar signs. The ‘reasons’ why people need a loan are limitless. Too often the temptation to ‘help’ those in need exceeds your better judgment, and before you know it the settlement that was meant to last you a lifetime has run dry far too soon. Studies have shown that those who receive large lump-sum settlements have spent every penny within two to three years.
How can you protect your settlement?
A structure settlement is a foolproof way to protect your money. A structure settlement is an insurance annuity that provides a guaranteed long-term stream of tax-free income. Periodic payments are flexible and are tailored to your specific needs, such as medical bills, college, or supplemental income. The annuity can also grow allowing a greater payout. Placing your structured settlement with a highly rated company, and knowing that your payments are guaranteed (not affected by ups and downs of the stock market and will continue even if you are able to return to work, unlike SSI or Medicaid benefits) buys you a piece of mind.
Essentially, a structured settlement is like putting a roadblock in front of your money. Suddenly, your friends and family, the neighbor down the street and that long-lost relative can’t pull into your driveway to ask for a loan. And in the off chance that they take a detour around your roadblock, you have a foolproof excuse to say no because your payments are structured.