Mark Cuban shares what you should do if you win the $1.4 billion Powerball.
Someone is going to win that Powerball jackpot. And when they do, they will instantly become a multi-millionaire. Which is pretty shocking for anyone. But, thanks to Dallas Mavericks owner Mark Cuban, he has some advice for you, if you do win the Powerball jackpot.
From 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.
How is that piece of advice for you? In comparison to what Forbes wrote nearly half a decade ago, when it was huge news that the Powerball was up to $500, it’s basically the same piece of advice. Forbes writes that “from the moment that you claim that prize, you will be descended upon by vultures who want a hefty helping of those winnings. And if you didn’t have smart money habits up until now, you could easily turn out to be your own worst enemy by quickly squandering the fortune.”
But the advice coming from Mark Cuban is a little bit more practical. Remain anonymous, avoid greedy family members and don’t waste your money on investments.
But, it is important to point out that you will most likely get sued if you do win the Powerball, well at least according to Forbes. “It happens more often than you might think, often based on an alleged oral agreement. An innocent remark about splitting the winnings might be misinterpreted. Then, you must add the inevitable lawyers’ fees for defending against the claims. Most such cases settle, yet taxes can hit on such legal settlements in surprising ways too. The jackpots do not need to be in the hundreds of millions for winners to be targets.”
The odds of winning on Wednesday are only one in 292.2 million, so you still have a chance.
