Having access to a lump sum of cash sounds great doesn’t it? A large sum of money that doesn’t have to be paid back even better? Right? Yes I am right, compensation is a truly brilliant thing and if you are lucky enough to get compensation you will be able to relate to that point.
So many of us are restricted by the amount of money we receive and it is becoming progressively difficult to break the shackles.
Compensation is often born out of a tough situation or accident and it can be hard for many people to stomach and that is why receiving a lump sum of cash is the best option for you.
In recent times, insurance companies have been much less willing to pay out the full amount in one payment and have instead favored incrementally paying the cash in order to reduce the hit they have to take on their bank balance.
Obviously this will be a great option for many and it can act as a buffer on their monthly wage but for others having the money dribble in monthly won’t allow for the proper enjoyment.
You can get a lump sum of cash but this is very rare nowadays and companies much prefer to pay the total amount incrementally. We are in a period of economic uncertainty and therefore companies tend not to have access to vast swathes of cash for multiple customers. Obtaining cash for structured settlements is something that I would recommend where possible and it is perhaps the best way for you to enjoy your compensation.
If you have the ability to access a large amount of money you will then be able to do as you please with it and you are shackled by the restrictions imposed by the insurance company.
At the end of the day, you are entitled to a sum of cash and you should receive it in full at an agreed date, unfortunately these companies don’t work like that anymore. The flexibility is the greatest positive of a lump sum of money and is something I will explore further later.
I am not saying spend all of your lump sum, just make sure you are sensible. If it was me I would certainly invest some of the money in shares and ensure that all my debts and bank overdrafts are paid off too.
It is too easy to get into more and more debt and the end game gets further and further away as you do this. We live in a world that is plagued by greedy bankers and economic uncertainty so if you get the change to buck the trend, please do it.
Sites like Dealmarket are perfect for getting an introduction to private equity and finding some potentially high return deals.
I mentioned this before, the flexibility angle is a brilliant one and if can give you the best chance to do some things in life you otherwise wouldn’t have been able to.
So many people out there are victims to circumstance and are born into a family situation that restricts their potential. Don’t let this be you and make sure that you take the steps to ensure you have access to as much of the money as you can.
In the eyes of Rik, writing is the greatest form of self expression and is the primary reason why he decided to begin this career. He writes about anything and everything and has been doing so for 15 years.
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