Billionaire Mark Cuban Has Advice For Powerball Winner
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MIAMI (CBSMiami) -- If you were lucky enough to win the record-high $1.5 billion Powerball lottery jackpot, who would you turn to for financial advise? Why not another uber wealthy billionaire!
Dallas Mavericks owner and "Shark Tank" star Mark Cuban knows a lot about money after he became extremely wealthy in a short amount of time.
In an interview with his local newspaper, The Dallas Morning News, Cuban gave his tips for potential lottery winners.
- The first thing you should do is hire a tax attorney.
- 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 million 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.
Cuban also gave a bonus tip: "Be nice. No one likes a mean billionaire."
Remember the odds of winning the Powerball jackpot are enormous! They are 292.2 million so don't go overboard when buying tickets.
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