When you receive money from an insurance settlement it is not a happy or joyous occasion. It is money that you have recovered because of a loss.
Moving forward with your life may not be so simple. You will need to make a sound investment decision and also dealing with psychological and personal loss and pain. You may be suffering from a tragic loss such as the death of a family member, friend, fiancé or your spouse.
Your emotional state is really important as you deal with your financial needs. You may need a therapist and work out the emotional and mental pain of your loss. This is extremely stressful and can make you sick as someone dying is the highest level of stress you can experience even if you feel you don’t feel it. It can cause cancer, asthma, heart attacks, stroke or whatever your family is prone to. This is the time to take care of yourself, make sure you breathe and be aware you are at risk. Remember the financial and your emotional state are not isolated you need to be working on both. Be aware of the effects of emotional pain, exhaustion, uncertainty, and fear that you and your family may be experiencing. Working with a Certified Financial Planner© you will be working through your needs to make good decisions and mapping out a plan.
You need to consider your goals and clarify your needs. Well, you need to provide for your child or children financial security and education. Payoff bills, how about you needing training so that you can move forward, have the life you want, make the money last and make the best use of the insurance settlement.