5 Positive Things You Can Do With Your Settlement
The day has come. The settlement negotiations are over with the insurance company or the verdict has been reached. After all the attorney fees and medical bills have been satisfied, you are about to come into a large amount of money, maybe more than some could make over a few years. For most, the first question to come to mind is, “What am I going to do with the money?” Well, here are 5 positive things that you could do with your settlement that will make a lasting impact on your life and possibly, others.
- Pay off any debt – Living debt free is a dream for many. Think of the money you received as a means to start fresh and live as close to debt free as possible.
- Buy/ Pay off your house – It is the American Dream to purchase your own home and an even bigger dream to pay it off. Use your settlement to pay off that mortgage so you have a significant asset that can be handed down to generations.
- Invest – Investing in financial products and real estate is a great way to get a long term benefit from your settlement. However, we do suggest that you talk to a financial and/or legal professional before doing any investing.
- Start a college fund – Once you have paid off your loans, it is time to start thinking about the children. A college fund can put your children on an incredible path toward success and can remove a large amount of stress that could burden them for many years.
- Donate to charity – Many churches and charities do incredible work. A great way to really make a significant impact on your community and possibly beyond is donating a portion of your settlement to a positive organization.
Whatever you decide to do with your settlement, we recommend talking to a financial planner and not making any purchases over $500 for the first 6 months. Take some time to talk to family members and professionals in order to come up with a comprehensive plan that will allow you to really make a difference in your life for a significant amount of time. Be safe out there!