The winner of tonight’s record setting $1.5 billion Powerball jackpot – if there is a winner – will instantly become not just rich, but wealthy. And Dallas Mavericks owner Mark Cuban has some advice for whomever it is.
The billionaire gave his advice, via e-mail, to the Dallas Morning News:
≡ 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 1m dollars for anything. No one needs 100k 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 addition, Cuban added one more piece of advice at the Business Insider’s request: “Be nice. No one likes a mean billionaire. :)”