In this day and age I am interested in anything that makes me money! Could be blogging, a typical side job, a raise at my primary job, or even a slip and fall accident. I’m certainly not looking to get hurt, but by no means am I opposed to collecting if I do. I recently had a close friend who received a sizeable settlement for injury on the golf course years ago. He attempted to file suit against the responsible party, however, he was forced to go after their insurance company instead.
Several years have passed since he filed the injury claims and he just recently received the payment. Though after a modest legal fee, he is happy with the representation he received and the lump sum payment as well. This isn’t exactly like winning the lottery, after all, a very unfortunate incident had to occur for such a payment. However, make sure you are wise with any lump sum payment you receive, for any reason. Even money won from a lawsuit should be saved, invested, and nurtured just like anything else.
As for my friend, he used the funds to pay off the entire amount of his student loans, as well as his vehicle loan. The rest was put into a money market account, and an array of dividend paying mutual funds. Well I will say that he did take out a portion of the money for him and his wife to go on a much needed vacation. That is what I call a very financially sound plan!