by John Darer® CLU ChFC MSSC RSP CLTC
"When life changes money changes and when money changes life changes" says Susan Bradley of the Sudden Money® Institute. One aspect of settlement money "life changes" is the people who come out of the woodwork seeking loans. Special care must taken with decisions with settlement money, particularly if you are physically or mentally unable to work because your settlement money has to last.
A very poignant article Buddy Can You Spare Five Grand?, has been published in the August/September issue of AARP magazine. Yeah Yeah... I've been receiving it since I turned 40. The article, by Laura Daily, discusses several real-life scenarios to inspire readers to create their own ground rules for giving or lending.
The six money lending scenarios covered by the article are:
- The Accident Victim
- The Emotional Blackmailer
- The Friend Who Wants More
- The Heartsick Relative
- The Hard to Believe Storyteller
- The Prodigal Nephew
"Buddy Can you Spare Five Grand?" is an important read for those receiving settlement money and those who sell a structured settlement for a lump sum of cash. Think it through.