There are three ways to get rich quick in the United States: rob a bank, win the lottery, or sue someone. Since robbing a bank ought to be out of the question, let’s focus on the latter two. Winning the lottery is largely a matter of luck, right? There are some experts that believe the secret to winning the lottery has to do with a mastery of numerology; note that this is different from mathematics which admittedly argues that the chances of winning are astronomical regardless of what numbers are chosen. If the lottery is all about luck, then a lawsuit is probably due to a lack of luck in some regard. Personal injury cases, auto accidents, and cases of medical malpractice can all result in a structured settlement to compensate the claimant. Winning the lottery or receiving a structured settlement is only the beginning of the challenges individuals will inevitably face however.
How to Really Win the Lottery
Lottery winners must decide between a lottery annuity or a significantly smaller lottery payout in one lump sum. Naturally, lottery winners typically go with the lottery payments, as they figure that they will get more of their winnings over a longer period of time. In truth, the government will take a quarter of lotto earnings for taxes while the state taxes eat up another 6% or so. Furthermore, there are upkeep charges for a lottery annuity that can cost another 2-3% of one’s winnings each year. The payment schedule may be troublesome for winners to swallow as well; the mega millions and powerball both have a payment schedule that starts with a small payment that incrementally increases by 5% each year. It is no wonder that over half of all lottery winners still work after winning big.
The Problem With Structured Settlements
Finding a lawyer, filing a claim, and eagerly waiting to hear a response in the form of a structured settlement is typically how this lengthy process goes. Thanks to increasing pressure from safety and legal administrations, workers who are injured on the job can demand compensation from their company — employee lawsuits have increased by 400% over the past 20 years. This may be due to the fact that the average employee lawsuit pays out around $150,000. A structured settlement typically takes the form of annuity payments, and while those payment may not be subject to the same fees and stipulations that are demanded of lottery annuities, recipients of structured settlements may rely solely on these payments for their income.
Receiving a Lump Sum Payout
Those in debt, with bills, or simply impatient have the option to get cash for settlements or annuity payments by selling their payments. There are a number of loan companies that can get cash for settlements and annuities. By selling a lottery or structured settlement annuity, individuals can receive a lump sum of cash immediately. Before someone resolves to get cash for settlements, individuals should first determine whether they want to sell a portion or all of their settlement. Many of these companies work directly with the individual to determine a plan that is appropriate to their unique situation. So whether you’ve been extra lucky or unlucky in the past, buyers of annuities and structured settlements help thousands of Americans access the cash that they need on their terms.