A lump sum is a one-time payment, such as a bonus, severance package, or inheritance, or a big upfront payment like down payment on a house or a car.
It can also be used to repay debts like school loans or mortgages.
Payments in lump sums can be an excellent way to enhance your financial status.
However, it may be taxed at a higher rate than a series of smaller payments over time.
It could be an excellent opportunity to enhance your financial status if you use them properly and plan how you will spend the money.
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