Last year, when the Powerball jackpot hit a record $1.5 billion, Mark Cuban shared some advice for the lottery winner with the Dallas News.
Now that the Powerball has worked it’s way back up into the stratosphere, I think it would be useful to share those words of advice again. But I have modified his advice a bit, which I have indicated in bold after Mark’s advice.
- Hire a tax attorney first.Don’t take the lump sum. You don’t want to blow it all in one spot. Hire Jim Borden second. And do take the lump sum.
- If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness. If you’re not going to be happy with all of that money, you may as well send the money to Jim Borden. I’m happy now, and I’d be REAL happy after receiving that lump sum payout. You could live vicariously through me.
- 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. Research shows that giving increases your happiness even more, so be sure to share your winnings with Jim Borden.
- 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. I’m neither a friend nor a relative, so there’s no need to say no to me if I were to ask for money.
- 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. You could also help Jim Borden and his family live comfortably. Forever. Just think of the ripple effect your win would have. And you’ll sleep even better…
Cuban also added some words of advice for those thinking about buying a lottery ticket: “It’s OK to spend 2 dollars for entertainment value. If you have 10 dollars go to a Mavs game.”
To which I would add, and if you have $20, spend $10 at a Mavs game, and send $10 to yours truly.
Good luck to all of you playing Powerball tonight!