There are a lot of important decisions you need to make if you are the lucky winner of a lottery jackpot. If you’re currently receiving a lottery annuity, you may want to look into turning those monthly payments into one giant lump sum to enjoy your winnings exactly how you want. Here are three great benefits of selling your lottery payments:
Take back your freedom from state laws. Depending on where you live, you were probably forced into accepting a lottery annuity instead of receiving your winnings all at once. The Mega Millions is structured as one big immediate payment followed by 29 yearly payments, each one increasing by 5%. Powerball is spread even thinner, split into 30 annual lottery payments with no large initial payout. Selling your lottery annuity gives you the freedom of choice when it comes to how you earn and spend your winnings.
Pay off all your debt. Whether it be student loans, a mortgage, or credit card debt, everybody owes money to somebody. If you find yourself unable to completely clear your debt despite this amazing fortune you’ve been given, it is probably time to sell your lottery annuity. Receiving your winnings in a lump sum allows you to live carefree without debtors breathing down your neck.
Live your life to the fullest. 92% of people who sell their annuity are happy with their decision to do so, and that number is not surprising. By receiving your lotto winnings in one lump sum, you can buy that dream house you’ve always wanted without worrying about a mortgage. You can buy that luxury sports car without having to make payments. Selling your annuity puts you in the driver’s seat, both figuratively and literally.
Contact a professional who is well-versed in buying structured settlements and see if selling your lottery annuity is the right decision for you. It could end up being the most important thing you ever do.