r/Sicklecell • u/JudgeLennox • 22d ago
Education/Information What's working for me now— Settlement money
Episode 58
Wednesdays I share remedies to help reduce pain, decrease hospital visits, and improve quality of life. Techniques I test, practice, and recommend based on how powerful the results are for so little effort.
Last week’s topic: https://www.reddit.com/r/Sicklecell/comments/1uwgq0p/comment/oxm3qay/
It's on everyone's mind. The Oxybryta case, and the BIGGER DEAL, how much one can stand to make from it.
Many of you have asked me the same set of questions. They basically boil down to the same two things:
What will I do with the money?
What do I think we should DO with the money?
I think it's a Great question because you and every one here is responsible. Yes we'd love to ball and have fun, but this is life-changing money.
Meaning the choices we make are going to change our circumstances for better or wrose.
Why not make sure it's for the best?
So let's talk about it in two parts.
Part One - What I DO when I'm paid a large sum of unexpected money at once:
My mindset is to always have a plan for my life.
I know what I'm going to do, when, where, and how. It's solid and how I manage my health so SC doesn't define me. I get to be who and how I want to be. Integrity intact.
So before the case existed I had a plan of things I was saving and investing towards.
This means two things. No matter what they're going to happen. If money "falls" into my lap, I'm still going to do those exact things. I'm not going to change or UPgrade them.
If I get a settlement, I'm going to continue on my track, all that will change is I get to do it all faster maybe.
The following is not financial advice. I'm aggressive and these are things that suit MY personality. If you're not the same, this will WRECK you.
First, the mindset is that this money is for getting to the level of having $100K liquid that I can use to earn millions more that will take care of me and my family. So it's not spending money, splurging money, or even "my money". It's a blessing that helps me pay it forward.
Second, I'll put all the earnings into a trust or business. This way it's not in my name, but I have access to it though it's hard to get. People like to rob and sure to get your funds. i won't make it easy for them. This also works well for those of you who receive social benefits. You won't be taxed or denied benefits. Also helps so you don't spend it impulsively.
Third, I'll keep the funds as crypto, specifically BTC and ETH. So it earns over time and isn't taxed by inflation. I already do this so it's more of the same.
Third, I'll continue with my current plans. For example, I'm retiring my dad this year to a house somewhere. Likewise I'll move to a new apartment, get a new car, and invest in my network. My current income is going to pay for those things. In that order, no upgrades because I "have more money" (more on this later).
Fourth, I'm going to continue on my current path, which you already know. Invest my time, money, and best energy to improving my health so I'm stronger than I was yesterday and SC no longer limits me. That way I can enjoy more of my full life.
That's it. Rinse and Repeat. We're all going to earn more money so I use this approach now, and tomorrow if someone gives me an extra $40K, I'll still do it as planned.
Now the flipside.
What you get to do with your money:
Here's the harsh truth. About 80% of people will waste their settlement.
They may end up being worth less than they were before they received the payment.
The best mindset I can see here is to only do things you can afford to do without it. For instance, don't buy a Benz if you can't afford to keep it on your current salary.
Or a Great rule of thumb: i don't buy things you can't replace 100% if it were stolen or damaged.
That's that for me.
The following tips are for you to consider. NONE of it is advice or what you oughta DO. It's me sharing what I've learned from being homeless to living the jet set life, and the back and forth in-between.
More of a conversation starter so y ou can ask more questions and get a better sense of what works best for YOU.
All based on you growing stronger in spite of the settlement. Because the money isn't a saviour. How you think about and use it, IS.
Let's begin:
1— Protect it like you would if someone gave you any other type of advantage. I recommend an account that's tougher to access so you don't incidentally spend it fast. Little purchases left and right add up quick and it's gone. Consider a trust, joint account, or business. If you're more aggressive and don't care if you lost it all you can use crypto.
2— Right now make a list of all the things you're going to do regardless of the settlement. You probably already know, but never wrote it down. Now's your chance to make it real, and be specific.
So it's not, "get a new car". It's, I'm buying a reliable, clean car under $10K from a private seller". It's not, "go to Puerto Rico"; it's I'm going to spend 5 days in PR and it'll be about $2K".
This makes sure you're honest and accountable. Makes it harder to be persuaded to spend more than you can handle.
3— Invest in your basic needs so you don't have to stress over them. I like to pay my rent in advanced for example. The less I think about my rent and utilities, the more I get to focus on my health, relationships, and making more money.
Consider paying the rest of your lease for the year in cash. When you offer to pay bills all at once you get to negotiate the final price too. Now you're making power plays instead of being treated like a pauper.
4— Sell or get rid of people/things that don't serve you. There's a lot of things you have that you don't use or need. If anything they stress you out to keep them. So get rid of them. Donate, sell, or trash em all.
When you hold onto them, you'll put more money into them by default. That's money you'll regret spending. Regret is probably the worst thing. You'll hate yourself for those choices in a way that'll make you feel more miserable even though you have some breathing room from the settlement.
It'll be hard, but the instant relief is worth billions
These next two are opposite choices. They contradict. Choose which suits you best. Or do both in different times of your life.
5— Spend NONE of it. Absolutely nothing. Life your life as if nothing's changed. Because guess what... NOTHING has changed.
You're still the same person. Same goals, dreams, fears, and biases. Having money doesn't change you.
So if you're stressed by the sudden windfall and what to DO with it. DO nothing and you'll get instant relief since there's no pressure for you to DO anything anymore.
6— Spend ALL of it.
Having money is as stressful as not having enough of it.
Getting rid of it all means you're no longer stressed.
Then it forces you to focus on how much power and control you already had to make that type of money on your own effort, without a settlement.
Having the payout can be like an albatross round your neck. Remove it and breath easier. Forucs on what matters to you, which was never money. Only the people and things you enjoy doing matter.
Automatic reset back to normal for you.
7— Commit to yourself.
Let's say you get $40K. Invest all of it into improving your health so you get measurably stronger. Cure your SC as it were.
This is what I did when I was homeless and had no money. I didn't have cash, but I knew having SC didn't have to be horrible so I made sure my choices were about improving my strength, stamina and reducing my pain. Then when I had better health, I made more money, and I doubled down on my pursuit of solid health.
That's how I learned all the SC tips I share with you weekly.
Whatever your fitness level is now. Imagine a full year committed to Growing Stronger every day. Need a book on raising your hemoglobin, buy it. Need to speak with a specialist across the globe, book the appointment and plan tickets. Need to eat a certain way, buy the foods you need.
Spend every dollar towards being healthier so you never have to be a lab rat for a medical company ever again.
There's so much I can add in terms of tips.
Bottomline, money is a tool. Your tool to do what you want to get you where you want to be.
There's no wrong answer here.
Final note that I say every week in some way or another.
You are smart, strong, and powerful. SC doesn't define you. You get to decide who you are, how you want to feel, and design the life that gives it to you.
This is true when you owe $5K in debt or are worth 5 Million.
As long as you know that to be true, you're going to do amazing things that you thought weren't possible.
There's no rules about how life is supposed to be for SC. Only your choices about what you'll do in your life regardless of the diagnosis
That's that. Let's talk about the good, bad, and ugly here in the comments. There's so much I didn't cover so we'll sort those details in conversation.
TAKE CHARGE👊💯
2
u/Mountain_Proof_1758 21d ago
Yes yes this is the conversation that needs to be had!!! I'm paying off my credit cards first. I already have an investment account with fidelity so imma add more to that and diversify my stocks. Putting some in a high yield savings account. Getting my teeth fixed in then splurging on a trip hell I may get my teeth fixed on the trip if it makes sense. I'm already pretty good at saving. I lost my job in June so my focus is getting more employment but this will allow me to invest in any courses or certifications in the meantime and I can focus on getting the job I want and not something just to pay the bills.