Seeing dollar signs: smart things to do with your settlement money

You probably don’t need reminding, but the last few months or even years have been pretty tough, right? Since the moment you found yourself involved in that accident that wasn’t your fault, you’ve been slowly piecing your life back together. From suffering unimaginable pain to endless hospital treatments, the concern about your financial future, worry about supporting your family, and of course a lengthy personal injury case.

Now you’ve come out of the other side of this terrible experience, feeling as if justice has been done and you’ve received a considerable windfall for your trouble and inconvenience. If you’re still waiting for your settlement, Silver Dollar Financial can offer you some financial stability and pull money forward from your pending settlement now.

So, what should you do with your money? Depending on the amount, you may feel overwhelmed at all the possibilities that are now open to you. Here we’ll take a look at some smart options and what you could do with your settlement money.

Speak with a financial advisor

You’ve been riding an emotional rollercoaster for months, and now you’ve rightfully won all this money – but the rollercoaster doesn’t stop there. Therefore it’s important to have someone by your side who has your best interests at heart. Someone who can help you create a plan for your money, secure your future or your children’s, as well as helping relieve some of the pressure you’re under. The idea of having someone who can give an informed opinion on any financial concepts you’re having is a good feeling.

Pay off your debts

We all have debts. From medical bills, credit card bills and utility debt, to store cards, student loans and even mortgages. Paying off your debts will give you even more financial freedom. Pay off the most pressing debts first.

Save

Create an emergency fund that you can tuck away and continue to earn interest on. A retirement fund, and then (with the help of your financial advisor) consider what will happen to the rest of your money when you die.

Get on the property ladder

If you don’t already own a home, you should consider purchasing one. Although don’t opt for a multi-million-dollar mansion with a mortgage payment you won’t be able to afford in six months. Be smart, and conduct plenty of research first.

Enjoy it!

Savings and investments aside, you deserve this money – so make sure you enjoy it!

Leave a Reply

Your email address will not be published. Required fields are marked *