My Annuity Adventure VIII Where We Have Been, Where We Are Going
Many of you followed step by step from the beginning of our annuity adventure. We journeyed into unknown territory and each post continuously built on the knowledge we gathered.Prompted by a need or a desire to sell our annuity we asked: “How I can tell if what I am going to do with my money is more valuable than the payments themselves and what I need to understand in order to successfully manage my money and my life.”
Overwhelmed, we simplified our search by defining the two types of annuities we buy here at Prosperity Partners then spring clean our thought closet and our financial closet for clarity. I assured us to remain positive, patient and organized until all the pieces of the picture come together.
We discovered annuities are low risk, no management involved & the payments are dependable and consistently the same amount. So cashing out better be an important purchase. And, how often do we get an opportunity in our life to have one big wad of money to do something with?
My Annuity Adventure Part VI-Cashing vs Keeping We touched on how the time value of money pertains to selling our structured settlement and the actual value of having our money readily accessible to us? Selling our annuity to invest our lump sum give us more freedom of choice & ready access for unexpected events. As Americans we highly value our right and privilege to do what ever we want with our money, when ever we want to.
Freedom requires a higher tolerance for risk as well as more discipline and focus to stick to our original financial intention for our money. Many people end up dwindling away the money on lots of little things. So make the exchange of payments for lump sum worth it!
Everything in life has risks and value attached; the measurement of each can be more an instinct or a need than an actual specific value. Having a current emergency is the most valuable reason for cashing out and makes discussion about value and sound decisions immediately irrelevant.
We found it necessary to take some time to weigh practical choices with our personal needs then get some professional advice and balance this with trusting our ability to know what is best for ourselves.
We concluded money management, budgeting finances, spending and investing are a mind set, an idea, a feeling and an attitude about budgeting incoming and outgoing money . My next blog, we will ponder this mind set of money and how our self worth affects our bank account balance.
Related posts:
- My Annuity Adventure Part VI- Cashing vs Keeping
- My Annuity Adventure, The Quest for Understanding - Part I
- My Annuity Adventure - Self Worth Equals Net Worth VIII (Part 2)
Submitted to Customer Tips
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