5 Smart Ways to Use Your Lawsuit Settlement Money

So, you just received your lawsuit settlement money after a lengthy and tedious personal injury case. You are probably feeling anxious as well as excited. Unfortunately, settlement money can cause a world of problems. 

Distant family members, friends, neighbors and even people you’re not acquainted with will start showing up with dubious excuses trying to get some money from you. You might be tempted to give in to their schemes or your desires such as buying a luxury car or even quit your job simply because you can. 

Now, how do you ensure that the excitement and such individuals do not get the best of you? Below are five smart ways to use your lawsuit settlement money.

1. Invest in your health

It’s quite tempting to use the money for other purposes such as starting a business or paying loans. However, your priority should be your health. Have you fully recovered from the injuries? 

If not, ensure that you receive the best care to help with your recovery. Property and luxury houses are irrelevant if you do not take care of your health.

2. Save

Before you start spending, save. Take a hard look at your living standards and think about your future. If the injury was severe and you can no longer work, then it is imperative that you save to safeguard your future. 

Take a look at your savings and retirement account and ensure that you have saved more than enough.

3. Pay off your debts

Next, take care of all your debts. When you suddenly receive a financial windfall, it is very easy to forget your debts. Talk to your lawyers and have them draft a list of all your debts including lingering medical bills, loans, and credit cards. 

Paying your debts improves your credit score, puts your mind at peace and allows you to stash money into your savings account. 

4. Get life insurance

Often, after receiving lawsuit settlement money from a personal injury case, you get to review your life. 

When this is the case, you realize that life is too short and if you don’t have a life insurance, it’s about time you got one for the sake of your family’s coverage. Protect the future of your loved ones. 

5. Get a financial adviser

Emotions can be hazardous to your recently acquired lawsuit settlement money especially after a personal injury case. To ensure that you don’t make silly mistakes or have regrets, get a reputable financial advisor. 

A financial adviser can relieve the pressure; provide you with expert and unbiased advice on how to spend the money.

Financial windfall matters are not only overwhelming but are also complicated. There are so many ways to spend the money. Have a plan and avoid succumbing to temptations.

4 Common Financial Mistakes to Avoid in Your 50s

When you enter your 50s, you likely start thinking about life differently. If you have had kids, they are likely out of the house, and if you have built a career, you might be thinking about retirement. 

There are many things that could be on your mind, but it is important not to get overwhelmed and to stay focused on your most essential responsibilities. One of these is the financial well-being of yourself and your family. 

Unfortunately, many people in their 50s are more financially stable than ever, but they may also be vulnerable to silly mistakes.

Retaining your family’s security and avoiding financial missteps is easy when you simply know what to look out for. Rather than handling your money mindlessly, consider the following four errors that middle-aged people commonly make, and determine to avoid them at all costs.

Not Establishing a Will or Trust

According to the AARP, more people in their 50s are choosing to establish trusts over wills, but no matter which you choose, it is essential that you draft a document indicating how your assets and property should be divided after your death. 

It is understandable that many people do not want to do this—it is unpleasant, after all, to consider your own passing—but failure to do so can put your family through the massive hassle of navigating probate and debating over who receives what part of your estate. Invest in professional estate planning now.

Failing to Research Investments Wisely

Entrepreneurs such as Donald Gayhardt have made a name for themselves by fostering a portfolio of diverse and lucrative investments. Indeed, many people start thinking about the stock market for the first time when they are in their 50s. 

One of the biggest mistakes you can make, though, is failing to research your investments wisely and make financial decisions accordingly. According to Investopedia, taking bad advice is often costly, and there is no shortage of bad advice floating around. 

Consult with a knowledgeable professional before you dive all the way into the world of investing and trading stocks.

Burning Through Funds Set Aside for Retirement

It might seem like no big deal to dip into your retirement savings to help cover big and small expenses in the meantime. Perhaps your kid needs some assistance or maybe the car needs repairs. 

No matter what the justification is, though, the result is the same: you may wake up one day and realize that your savings have evaporated. Financially successful individuals such as Donald Gayhardt have proved that it is possible to become wealthy in your 50s and beyond—but you won’t accomplish it by slowly depleting the savings you have accumulated towards retirement.

Planning Poorly for the Future

The future is scary, and nobody would blame you for maintaining a live-in-the-now philosophy. As you enter your 50s and beyond, though, it is never more important to consider how your financial future will play out. 

Will you remain at home for the rest of your life? Do you still have debts to pay off? If you plan to reside in an assisted living facility, how will you finance the cost? 

These are questions that you should think about and begin formulating answers to. If you put them off for too long, somebody else may answer them for you.

Financial planning is essential at every stage in a person’s life, but it is particularly imperative when you are in your 50s, 60s, 70s and beyond. 

Even if you have not invested in any professional financial advice, it is not too late to do so, and this decision could save you and your family from considerable stress in the future.

Broken Wallets: How to Manage Your Personal Finances after a Personal Injury

Personal injuries can happen to anyone and at any time. Usually, they lead to great financial distress as you have to pay for medical care and the fact that you will be out of work for some time. 

Even people who are covered by health insurance will have to pay a portion of the medical costs. Depending on the severity of the injury, you may have to spend a lot of time from work, and the opportunity cost will mount over months.

It is important to learn how to manage your finances after a personal injury accident as this will help to ease the stress experienced through the period. Here are some helpful tips to help you manage your finances in case of such events:

Find out how Much Money you have

It is not possible to plan your finances if you don't have a specific figure to work with. When calculating your money, be sure to include all assets that can easily be liquidated. Other assets can be used to calculate your net worth, although this figure will only be relevant if you are going to be out of work for a very long time. 




You should include the last paycheck that you got or are about to get. Any other money that will be coming in during the period should be taken into account.

Review your Budget

Without a paycheck, you will have to edit out some purchases. In your budget, you can eliminate or reduce the expenditure on non-essential products and services. If your finances are still overstretched, you can reduce the expenditure on essentials. 

For example, you can choose to buy foods with generic branding. Cable TV can be cut or reduced for some time to lower your costs. Electricity bills can also be adjusted to suit the prevailing financial situation.

Entertainment costs don't have to be cut off completely unless you are in a particularly tight situation. A little entertainment can keep you occupied and relaxed when you aren't reporting to work for several months. 

You can simply reduce your expenditure by opting for more affordable entertainment. For example, you can find a cheaper theatre or restaurant to go to on weekends.

Negotiate with Creditors

Instead of hiding from creditors, you can renegotiate the payment plans in light of the situation. Some are even likely to extend financial help through the stressful period. You can suggest a reduction in the monthly payments or such arrangements. Here are some further tips on how you can negotiate with creditors.

Find a Part-Time Job

Even with an injury, you can get work. For example, many online jobs can be done by people who are physically challenged. 

Also, short-term disability programs can employ you for the period that you will be out of work. Whatever income you get from these temporary jobs can be used to expand your budget and allow you to live more comfortably.

Legal Expenses

The biggest expenditure in cases of personal injury is legal fees. Good personal injury lawyers don't come cheap. 

It is not advisable to choose lawyers based on their cost, especially in cases that relate to personal injury. Instead, pay the best lawyers and increase your chances of getting a settlement for the inconvenience you have undergone.

Normally, the settlement should cover your costs and inconveniences that result from the injury. If you win the case, you will be able to sustain your normal lifestyle even without a paycheck. 

Attorneys like those at Ahlander Injury Law, a group of personal injury lawyers in Las Vegas can help you get the amount of money you deserve after the accident. Depending on your financial plans, you can choose to get the settlement money in installments, or as a lump sum. 

Generally, the latter option is preferred if you intend to make investments with the money.

Personal injuries can lead to difficult financial situations. You have to adjust your lifestyle and expenditure because of the shrinking budget. 

If you are a victim of personal injury, take the step of making a claim for settlement. This can potentially save you from financial turmoil, especially if you go for the best personal injury lawyers.

Fantastically Frugal: How Families Can Save Money by Buying Online

Saving money is one of the top priorities for most families. Even if there is income in the household to cover all of the bills and any extras that the family wants to do each month, saving money for an emergency or for a large investment is still a worthy goal. 

Instead of looking for ways to save money in stores, consider shopping online to get more savings on the things that your family uses on a regular basis, such as clothing and food.

Wait for Certain Days

There are a few days during the week when you want to shop online. Monday and Tuesday are often the best days to get deals. People tend to shop in stores over the weekend because they get paid at the end of the week and want to get out of the house to enjoy spending the money that they make or to get errands out of the way. 

If you're looking for cheaper airline tickets, search for them on Sunday. A Saturday is usually the best time to look for books and other indoor activities that are sold online.

Sign up for Deals

When you go to a store, you're usually offered a rewards card. Make that card your best friend. Sign up to receive special offers that only cardholders are entitled to, such as buy-one-get-one-free sales. 

Sites like Joinesty keep track of sales online and will send an alert to either your email address or your mobile device when there is a deal on items that you enjoy using or that you're interested in trying.

Drops in Price

Instead of returning an item that you purchase online, use a new sale as a way to make money. Monitor the price of the items that you purchase for the first few days after it arrives. 

If there is a lower price and only a certain number of days have passed per company policy, then the store will usually refund the difference of what you paid and the new price of the item.

Be Nice

If there's something that you want to try but don't want to spend a lot of money on it in case you don't like it, there is a way you can get it cheaper. 

Talk to the customer service representative online in a chat window. Explain that you want to try the product but that you would like to know if there are any discounts possible. If you're polite and offer suggestions or even ask a few questions, then you can usually get some kind of discount.

An easy way to save money is to shop online. From grocery stores to retail stores, you can do almost all of the family shopping online and save more money than if you were to shop in the store. 

Organize all of the emails and other online information that you have available so that you're ready to pad your wallet.