Mark Cuban is worth an estimated $3 billion, is the outspoken owner of the Dallas Mavericks, and knows a thing or two about how to spend (and invest) ungodly sums of money. With tomorrow’s record-setting Powerball jackpot checking in at an estimated $1.4 BILLION the Dallas Morning News hit up Mark Cuban to ask him what advice he’d give whoever wins the unfathomable sum of money. Cuban shared 6 short pieces of advice that he thinks the forthcoming Powerball winner should follow, and for the most part they’re common sense. They do have a little bit of that Cuban flair though, and you have to respect that.
Here’s what Mark Cuban told the Dallas Morning News the winner of the $1.4 billion Powerball jackpot should do:
(1) Hire a tax attorney first.
(2) Don’t take the lump sum. You don’t want to blow it all in one spot.
(3) If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness.
(4) If you were happy yesterday, you are going to be a lot happier tomorrow. It’s money. Life gets easier when you don’t have to worry about the bills.
(5) Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs 1m dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
(6) You don’t become a smart investor when you win the lottery. Don’t make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won’t lose money.
I have to say that I agree with everything he says other than ‘don’t take the lump sum’. That advice is just idiotic. He says hire a tax attorney but not a personal wealth management firm? With the lump sump you could fork your $$$$ over to qualified professionals (like, the best investors money can buy), and you’ll make A LOT more money over the course of a lifetime than you ever would have by not taking the lump sum.
Now that we’ve got his advice out of the way I’d just like to go ahead and caution any of you bros from playing the Powerball because it’s already a foregone conclusion that I win the jackpot. A Hill Witch came to me in the middle of the swamps many moons ago and said ‘Cass, you gon be rich as fugg one day’ and told me which numbers to play…That witch also asked me to pick up some Church’s Chicken but that’s a story for another day. (h/t Business Insider via Dallas Morning News)