But as I always say in my other blog posts, it is best if you educate yourself about investing and saving first before working with a professional. This way, you are not going into something that you aren’t aware of.
Get a life insurance
I was in a car accident. When I received my cash settlement, I was told that receiving this money would mean that I won’t hold the insurance company liable in the future should there be effects related to the car accident.
This situation made me realize to get life insurance not really for me but for my family just in case I die (knock on the wood). I don’t know if anything will manifest years down the road after the accident. All I can do is get some coverage for my family. I say that it’s best to get life insurance especially when you are healthy and there are no negative signs or effects of such accident yet.
Invest in education
Just because you receive a huge settlement doesn’t mean that you should stop learning and educating yourself. I have always believed that education is one of the best investments you can make for yourself.
If you already have your undergraduate degree, you may still go to graduate school and use such fund. If you don’t have time to go to school full-time, you always have the option to attend part-time programs or take online classes.
Your education will not only help you personally but also professionally. This will help you as you seek better job and training opportunities as you go along with your career.
Invest in income-generating vehicles
When I say income-generating vehicles, I don’t mean trucks, SUVs, and cars. What I mean by these are investments either in the stock market, real estate, business, and others.
If you think what you received is ok to last you for a long time, then, feel free to keep the money in your bank. But if you desire to grow your money more, then, one of the best ways to do it is to invest.
You can put your money in the stock market and let it grow for a number of years. You can invest in real estate and rent the houses you bought for passive income. You can invest in businesses and earn both salary and profit.
You can also invest into real estate properties. The best part of buying properties is that you can transfer them to your loved ones.
Just make sure you understand all the paperwork that goes within the transfer of properties. This paperwork include, not are not limited to, deed of trust, quitclaim deed form, tax assessment, land surveys, among others.
But before you invest, always make sure that you are educated with the investments and know the risks and rewards associated with them.
Invest in your house
My mom always says that home is where you heart is. Invest by buying a house for you and your family. This doesn’t mean that you have to buy a big house. Buy a house that’s good enough for your family.
Remember, that buying a house has its own pros and cons. Therefore, you need to think about it multiple times before jumping into buying one. When you decide to buy a house, you need to factor in the costs of maintenance, homeowner’s associate fee (if applicable), taxes, among others.
Give Back And Share Your Blessings
You receive structured settlements or cash settlements because you deserve them. In my opinion, you’ll be more deserving if you give back to your community in the forms of donation to charity, donations to church, and the likes.