The first thing you should do if you win the $1.4-billion Powerball lottery? Hire a tax attorney. In an interviewwith The Dallas Morning News, billionaire investor and owner of the Dallas Mavericks Mark Cuban — who has some experience himself with becoming incredibly wealthy incredibly quickly — outlined his advice for whoever is lucky enough to beat the one 292 million odds and win the Powerball’s record-high reward:
- 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 dollars 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. [The Dallas Morning News]
Most importantly, Cuban urged people not to spend too much money buying lottery tickets. “It’s okay to spend 2 dollars for entertainment value,” Cuban told The Dallas Morning News.