Mark Cuban’s Advice To Powerball Winner
By now most everyone is aware that tonight's Powerball jackpot is worth over $1.5 billion!!! And despite the overwhelming odds against winning (1 in 292 million chance), many Americans will shell out at least two bucks to buy a ticket in hopes of beating the odds and becoming an instant billionaire.
And while it's fun to dream of a life of luxury...mansions, private jets, fancy cars, vacation homes, etc...have you really ever taken the time to think about what you would need to do IF you actually won. Would you tell the world right away? Or would you take a step back and first work out a strategic plan?
In matters like these, it might not be a bad idea to reach out to other billionaires for guidance. One who has already offered some advice is Mark Cuban, owner of the Dallas Mavericks and star of the hit TV show "Shark Tank".
In an interview with the Dallas Morning News, Cuban shared some tips for the eventual winner or winners of the giant Powerball jackpot. He says the first thing to do is hire a tax attorney. Cuban advises that you don't take the lump sum (just over $650 million) because you don't want to blow it all at once. He also suggests not to make any investments. He says to just put the money in the bank and live comfortably forever knowing you won't lose any money on bad investments.
He also said that you will need to tell your friends and family 'no'. Everyone will be asking for money. Tell them no. Of the people you are closest to, you already know who needs help and what they need and it's OK to help some out. But no one needs a million dollars or even a $100,000 for anything and people that ask and expect it are not your friend.
Finally, Cuban says that if you weren't happy before winning, you won't be any happier afterwards. It's just money. It is not happiness. On the flip side, if you were happy before, you'll likely be happier after winning. Life is easier without bills.
Even Mark Cuban thinks it's OK to spend a couple bucks on a Powerball ticket for entertainment purposes. But there's no need to go nuts and buy a ton of tickets because your odds will still be astronomical no matter how many you buy. Echoing that sentiment, the Minnesota State Lottery reminds people to play responsibly. Never spend more than you can afford on any lottery ticket. Remember, it's just a game.
In the meantime, have fun dreaming about mansions, jets, vacations...and getting a good tax attorney. Good luck!