Mark Cuban: 1st thing to do if you win $1.5 billion Powerball
As jackpot soars, businessman has key pointers
He’s the well-known face of the TV show “Shark Tank” and the owner of the Dallas Mavericks basketball team.
Oh, and he’s also a billionaire.
And with the Powerball jackpot now soaring to $1.5 billion for Wednesday’s drawing, businessman Mark Cuban, who himself became wealthy in an instant , is coming forward with some key pointers for anyone who might be given such a blessing.
Cuban gave the Dallas Morning News these important tips on dealing with the massive pile of cash:
- 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.
If the winner decides to take a lump-sum payout, the amount of income would be about $651 million after taxes.
The odds are astronomical against matching all the correct numbers, about one in 292.2 million. Thus, Cuban is not advising you spend a lot on lottery tickets.
“It’s OK to spend 2 dollars for entertainment value,” he told the paper. “If you have 10 dollars go to a Mavs game.”
Reflecting on the precise moment he became a billionaire, Cuban told James Altucher’s podcast : “I was sitting in front of a computer, naked, hitting the refresh because we were close — waiting until my net worth hit that billion when the stock price got to a certain point, and then I kinda screamed and jumped around and then got dressed.”
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