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Financial Advice

If you have recently received a legal settlement, there are a few key pieces of financial advice that you should consider. Some suggestions include the following:

  • Set aside some money to cover your immediate needs, such as medical bills or other expenses related to your injury or loss.
  • Consult with a financial advisor or planner to help you create a long-term financial plan that considers your settlement and other assets.
  • Consider investing a portion of your settlement in low-risk, diversified assets, such as stocks, bonds, or mutual funds, to help protect your money and grow your wealth over time.
  • Suppose you need help with how to invest your settlement. In that case, consider putting the money into a safe, interest-bearing account until you have had a chance to research your options and make an informed decision.
  • Make sure to consult a professional who can help you understand the potential risks and rewards of different investment strategies.
  • Review your beneficiary information for existing or new investment vehicles.
  • Consider learning more about establishing a will or trust.
 

Ultimately, the best financial advice for anyone receiving a legal settlement will depend on their circumstances and financial goals. It is important to carefully consider your options and seek the guidance of a qualified professional before making any decisions about how to manage your money.