(You don't become a smart investor when you win the lottery, says Mark Cuban.Brian Snyder/Reuters)
The Powerball jackpot has reached $700 million.
That makes it the second-largest lottery jackpot in US history. The largest was $1.6 billion in January 2016.
Back then, Business Insider reached out to the billionaire Mark Cuban to ask about his tips for lottery winners.
He shared the advice he gave his local paper, The Dallas Morning News. While he was talking specifically about the multibillion-dollar jackpot at the time, it's not a stretch to imagine his advice still applies.
Here's what he told 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 $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. He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. "
The Associated Press reports that the odds of winning this Powerball jackpot are one in 292.2 million.
Posted by mena7 (Member # 20555) on :
I think billionaire Marc Cuban gave lottery winners a good advice on how to behave when they win the lottery. I agree that the first thing a lottery winner should do is to hire a tax accountant because many lottery winners, musicians and movie stars had to file for bankruptcy because they owe the IRS million of dollars. I agree that money doesnt make you happy, if you were not happy when you were poor you are not going to be happy when you are rich. it doesnt take money to make you happy like listening to music, reading a book, watching movies, looking at museum artifacts pictures can make somebody happy.
I agree you should tell no to parents and friends asking you for money, nobody need $100,000. Of course you will help parents and friends who needs money but in the richest country in history the USA it is an individual duty to makes its own money. I agree if you win $50 million and up in the lottery you dont have to risk your money by investing it, just put your money in a saving or CD account and live on the interest. My only disagreement with Marc Cuban is not to take the winning lottery in a lump sum and settle for a yearly payment. The yearly payment is not good because in some USA state if the lottery winner died his children and family cant inherit the money. If the state and even the country are bankrupts the last people they are going to pay are lottery winners. It is better to take the full lottery winning without the taxes and put it in saving account in many banks because many banks only insure money up to $200,000.
Posted by Ish Gebor (Member # 18264) on :
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.
—Marc Cuban
Great and useful advice, not just for lottery winners, but also for the pinnacles.
Posted by Thereal (Member # 22452) on :
That quote sounds odd coming from someone with a billion dollars,I get you don't want leeching but 100,000 to 1 millions dollars doesn't sound like a lot if not given to someone who's financially irresponsible.
Posted by Ish Gebor (Member # 18264) on :
quote:Originally posted by Thereal: That quote sounds odd coming from someone with a billion dollars,I get you don't want leeching but 100,000 to 1 millions dollars doesn't sound like a lot if not given to someone who's financially irresponsible.
It doesn't sound odd, it sounds logical. That is why he has a billions of dollars.
His advice is # to winning a lottery.
Posted by Thereal (Member # 22452) on :
No as money is a social instrument use to create opportunity or maintenance of lifestyle assuming you're not reckless and depending on the context given it could be viewed as an investment sense money isn't something to be hoarded.
Posted by Ish Gebor (Member # 18264) on :
quote:Originally posted by Thereal: No as money is a social instrument use to create opportunity or maintenance of lifestyle assuming you're not reckless and depending on the context given it could be viewed as an investment sense money isn't something to be hoarded.
LOL You know what, you're right! There … are you happy now?
Black Buying Power To Reach $1.1 Trillion, Report Finds
^However, non of it flows back into the community. Isn't the that weird?
Posted by Thereal (Member # 22452) on :
In that instance the money isn't organized to effect change in the black community and from the article cloves campbell doesn't seem to understand some economic concepts,my point is a person with hundreds of millions to multiple billions of dollars takes issue with someone asking for a theoretical max of 1 million.
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