You Got a Settlement. Now What?
It’s something you never want to see, but life has a way of throwing challenges at us. Maybe it’s an injury, wrongful termination, disability or (hopefully never) a wrongful death. We never wish such life-changing events on anyone, yet they seem to happen. In such a situation you have probably sought out expert legal representation like Lalande & Company Lawyers and received a substantial settlement.
Having a large amount of money all at once can have a profound impact on the course of our lives. What do we do with it. Everyone is aware of investing in markets but sometimes it pays to hedge your bets on safety or even realize the dream of working for yourself. Here are two options to assist in determining what to do should such a situation happen.
Investing in safety
It’s no secret that financial markets have become very volatile lately. A roaring economy and exploding prices often beget a financial crash in our modern times. While experts will, correctly, explain that over time markets produce a good return, a little safety never hurt anyone. Unfortunately, in a fast-moving world, we never know if the next downturn is the big one. With national debts exploding, how will currencies hold up? Precious metals are great to hold as a strong hedge. Throughout the centuries, gold has remained an item of value that lasts long beyond the changes of society. You can buy gold, in the form of bars or even coins like the Canadian Gold Leaf through online websites. For a great site click here. Holding such coins in a safe place not only hedges but affords you some piece of mind that you have an excellent back up should hard times prevail.
Live the dream of self-employment
Why work for someone else? Businesses often require start-up capital to be done right. Because of your settlement, you now have it. Some like working for others but investing in yourself can be very rewarding. Your time is now your own and your income is only dictated by how much work you’re willing to put in.
That settlement will go towards several items at startup. Maybe you’ll need a physical location or tools or computers. Plan on business licenses and a good business attorney or consultant. Insurance needs to be one of the first considerations. If you are performing work as a contractor or selling items like automobiles, you will need a surety bond. You’ll even need surety bonds from companies like https://bondsexpress.com/ if you are selling liquor, running a tow truck or working as a private investigator.
Be prepared for the costs of opening your new business and plan ahead. Later on, have a toast with friends for taking such a leap and your initiative.
These are just a couple of ways to invest your settlement. Protect it and utilize it for new found freedom. May it have a positive impact on your life after a tough one.