This is the final part in a series of posts with questions you should ask yourself to determine if selling a structured settlement is a good idea for you.
If you’ve gotten this far and are still convinced that selling your structured settlement is your best option, then you have decided:
That you have a legitimate and immediate need for cash now that you can’t fulfill any other way;
That your plan for spending the money is a sound business/financial decision that is likely to succeed; and
You will prevent yourself from spending the money too quickly on unwise expenses.
So, there is only one more question to answer:
Essential Question #4: Am I really doing this for me?
All of us can think of something we did at one time in spite of ourselves: an unpleasant favor for a friend, or told a little white lie. Now is the time to think about the real reasons why you’ve chosen to sell your structured settlement. Where is the real pressure to do this coming from? Who will benefit from what you’re going to do?
The Financial Advisor. This person is so nice, so easy to talk to, and so knowledgeable. I’m really lucky that he was willing to take me on as a client, since the amount I’m going to invest is not quite as much as he’s used to handling – at least, that’s what he told me. It’s amazing that he found this really great investment where I could put my money. Thanks to his connections, I’m going to get a return much higher than I would have gotten on my settlement. He’d be so disappointed if I backed out of this deal now. He’s worked so hard on it, and he’s really on my side. Isn’t he?
Business Partners. This business I’m opening is a sure thing. My business partner/franchisor assures me that I’ll be turning a profit in no time. I know they’ll be there to support me if anything goes wrong, but nothing will. He’s done all the research, and we’re breaking new ground. We’re going to make lots of money.
Family. My spouse/child/parents really need this money. Sure, they got themselves into trouble, but I’d hate to see them suffer if they can’t pay their bills. I know they’ll pay me back. They promised they’d pay me back. And they’d never go back on a promise…would they?
If any of these scenarios echo the thoughts going through your head about selling your settlement, take the time to think again about why you’re doing this, and how you will take care of yourself if everything falls apart. It can be difficult and awkward to change course now – you may even lose some friends or estrange your family. But your financial future is your top priority.
If you need help selling your structured settlement, annuity or lottery payments,
contact us today. We are here to answer your questions and help you obtain the
highest possible price for your payments.
