They say good things come to those who wait…and you’ve certainly been waiting long enough to put this whole situation behind you and also get the money that you’re entitled to. Being the victim of an accident that wasn’t your fault will turn your life upside down and leave you with gaping holes in your finances. Leaving you to question your financial stability and how you’re going to support your family and move on with your life.
So, when you finally win your case and you’re awarded your cash settlement, knowing what to do with your money can leave you scratching your head. If you’re still waiting for your money to come through to you, contact Silver Dollar Financial who can help bridge the gap until your settlement arrives.
It’s tempting to celebrate and go wild with the money you’re owed. But you should be careful. Making financial mistakes now could leave you with nothing but regret further down the line and could leave you in a worse financial state than you were before! Read on to discover the most common mistakes victims make with their settlement money.
When people know you have a lot of money, you may find that family, friends and even strangers hope that you’ll be generous with it. From lending them money to pay off their bills, or funding their business ideas, or putting pressure on you to spoil them and their family. While it’s perfectly fine to spread your wealth, don’t be pressured into saying “yes” and spreading yourself too thin. This money is yours.
Not consulting a financial advisor
Have you ever had this amount of money before? If not, you may be wondering what your options are and how you can make it work for you. One of the biggest mistakes that settlement winners make is by not consulting a financial advisor before spreading their money around.
Not saving anything
Just because you’ve won a lot of money, doesn’t make you immune to financial difficulty in the future. Failing to save anything for a rainy day, or for retirement is a huge mistake. Be smart, consult a financial advisor and figure out what you can put away and where.
Not thinking about the future
You want to enjoy your money, which means holidays and home improvements will probably come thick and fast. However, if you fail to plan ahead for the future, then you’ll only end up regretting your choices.