Cuban, of Dallas Mavericks and Shark Tank fame, offered six pieces of advice for Powerball winner.
The richest prize ever in Powerball History, worth over $1.5-billion US dollars before taxes, may have gone to a sole winner who bought a ticket in Chino Hills, California, but one self-made billionaire gave unsolicited advice to the grand winner.
Mark Cuban, the outspoken owner of the Dallas Mavericks of the NBA and one of the “shark” investors in the reality show Shark Tank, gave a laundry list of penny-wise advice on how to handle new-found wealth from a lucky Powerball draw.
His advice ranged from practical ones (hiring a tax attorney), to making smart financial decisions (saying no to relatives and “friends”) after the huge win in the Powerball lottery. Here are his tips:
- Hire a tax attorney first.
- Don’t take the lump sum. You don’t want to blow it all in one spot.
- If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness.
- 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.
- 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 $1-M dollars for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
- 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
In closing, Cuban added a small quip to the winner: “Be nice. No one likes a mean billionaire.”
We all hope that the big Powerball winner will not just hit paydirt today, only to go broke tomorrow, like some other instant millionaires.
Photo courtesy: Dallas ISD