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With the total for the Powerball jackpot being over $1.5 billion, the entire country is on edge waiting for the next drawing. Meanwhile, some wise (and not so wise) advice has come to light on what people should do if they win the lottery.
Mark Cuban, Shark Tank judge and billionaire owner of the Dallas Mavericks, recently gave his opinion on what the next winner should do if they want to hold on to their money. His advice is very similar to one redditor’s advice, though some points are definitely different.
Cuban gave his notes to The Dallas Morning News via email on what to do first:
– 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.
And while buying a lottery ticket isn’t exactly something successful people do, Cuban has a great rationale for how you should be spending your money:
“It’s OK to spend 2 dollars for entertainment value. If you have 10 dollars go to a Mavs game.”