Are you a lottery winner? If you are, then you are one of the luck few who played the game and came out on top. Although, for so many lottery winners, it does not always feel like the life changing experience they’d hoped. After the initial excitement, they discover that choosing the annual payments might not have been the best choice. Some lottery winnings even require the annual payments rather than the lump sum payments. The annual payments may not be what you really want though. Work with a company to change those annual payments to a single payment so you can start living the life that you want.
Getting the Lump Sum Payment is Easy
You do not have to worry about it being a huge hassle to get a single payment for your lotto winnings, as long as you are working with a high quality company for the task. Most of the companies will offer a free consultation and quote, so you can determine whether it really is the best choice for you or not. You can see what the cost will be for the service, so you know how much of your winnings they take. Most of the time, it is a relatively miniscule amount.
In most cases, it will not take more than a day or two in order to provide you with an offer for the buyout. Once you decide to sell, you can start the process of selling. The entire process can take between one and two months in most cases. Of course, this will depend on your state, as well as the company you are using for the service. During the initial consultation, it is a good idea to get a bit more information on the entirely of their process and the length of time it could take.
Is a Lump Sum Payment Really the Best Choice?
When you are considering and weighing the pros and cons of choosing a lump sum payment over annuities, take your time. You need to make sure you are getting the best possible deal. Winning a state lottery means the state will hold onto your money until they make the annual payment to you. With many states in financial trouble, it might not be a good idea to keep your money in the state coffers. This is one of the fears that some people have, and it is one of the many reasons people choose to transfer to a lump sum payment with a third party.
When you take a lump sum payment, you will have the financial freedom that you really want and that you thought you got when you won the lottery. You can use the money to pay down your debts and to make your life a bit easier from here on out. Of course, you still need to make sure you are using your money wisely. If you have a problem with impulse control and you feel as though you might overspend and buy things that you do not need, it might not be a good idea to take the lump sum payment. You need to think about your future as well as how to make the money work for you.
It’s true that the lump sum can cause trouble to those who do not know how to save and spend wisely. However, those who are willing to invest and to stick to a budget may find that it is the best option. Take the time to mull over the decision so you can be sure you are doing what is right for you and your financial future.