Mark Cuban Has Free Advice For Whoever Wins The Powerball Lottery
Rick Chandler 08:25 pm, January 12th, 2016
We're all anxiously awaiting the identity of the eventual winner of the big $1.4 billion Powerball lottery ... hey, it could be you!*
As far as valuable tips go, you can't go wrong with the advice below. First, Fox & Friends guest Richard Lustig wants you to know that to increase your chances of winning a lottery, you should buy lots of tickets. Genius!
Hey, it worked for Veruca Salt in Willie Wonka and the Chocolate Factory.
But say that you've won the lottery ... now what? Mark Cuban, who knows a thing or two about being rich, has some cautionary advice for those who suddenly find themselves in possession of great wealth. Here's the Dallas Mavericks' owner with advice for that yet-to-be-determined lottery billionaire (before taxes), via 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're 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 a million 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.
Interesting. I've always agreed with No. 2 on this list ... unless you're 90 years old or owe millions to organized crime, I've never understood why any lottery winner would take the lump sum. Taking the yearly payout gives you guaranteed income for life, and you can always borrow against it if the need arises. There are too many horror stories of people blowing all of their new-found riches at once if it's all handed to them in a pile.
* = Will not be you.
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