Mark Cuban gives some advice to lottery winners everywhere.
When the $1.5 Billion Powerball was won by three tickets in 2016, billionaire, Mark Cuban gave some interesting advice to winners.
Cuban, best known for developing communications giant Broadcast.com, offered this advice in his local paper, the Dallas Morning News.
Store staff member M. Faroqui, left, celebrates the sale of a winning $1.5 Billion Powerball ticket at a 7-Eleven in Chino Hills. PHOTO: Michael Robinson Chavez / Los Angeles Times
His 7 points make interesting reading:
1. [The first thing you should do is] hire a tax attorney.
2. Don't take the lump sum. You don't want to blow it all in one spot.
3. If you weren't happy yesterday, you won't be happy tomorrow. It's money. It's not happiness.
4. 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.
5. 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.
6. 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.
7. 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: "Be nice. No one likes a mean billionaire. :)"