by John Darer CLU ChFC CSSC RSP
College education for your children does not have to become a "millstone around your neck" when you fund, or help fund, the costs with a structured settlement
There are different ways to structure it. Having a structured settlement as part of your settlement can
- provide guaranteed periodic payments timed to when your child will be going to school or customized and timed to the life transition post graduation graduation to pay off loans,
- provide for graduate school or,
- provide for the transition from college to career by providing an income cushion so that a lower paying but promising training program can be a viable option.
You can even set up multiple payment plans if you have more than one child.
The same thing goes for other milestones in your life or your children's lives such as:
- Downpayment on a new home or condo
- Seed Money For a New Business After You or Your Child Get a Little Experience and Develop a Sound Business Plan
- Money For a Wedding
- Financial Security and Independence During Child Rearing Years If One Spouse is Planning To Stay At Home
- Retirement Planning: Plan a Future Income Stream So You Can Actually Retire If You Want To
The extent of what you can do is going to depend on the settlement money available and a little imagination
Don't abandon your milestones!
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