Powerball lottery draw is just a few days’ way to burst out the winner. On Wednesday someone will be the jackpot host to a record high of $1.5 billion. Being extremely rich himself Mark Cuban has some thought of what that is similar to.
Regardless of the possibility that they don’t really take home all of the $1.5 billion — they will become unbelievably rich in a fraction of a second.
Cuban recalled the minute he turned into a billionaire himself, on a segment of James Altucher’s podcast: “I was sitting in front of a computer, naked, hitting the refresh because we were close — waiting until my net worth hit that billion when the stock price got to a certain point, and then I kinda screamed and jumped around and then got dressed.”
So, after all this time what might he say to a recently stamped millionaire or a billionaire?
Business Insider contacted Cuban to give some advice for potential lottery winners, and he shared the counsel he gave his local paper, the Dallas Morning News:
- The first thing you ought to do is] employ a tax attorney.
- Don’t take the lump sum. You don’t want to blow it all in one spot.
- In the event that you weren’t happy yesterday, you won’t be happy tomorrow. It’s cash. It’s not happiness.
- In the event that you were upbeat yesterday, you will be a great deal more satisfied tomorrow. It’s cash. Life gets simpler when you don’t need to stress over the bills.
- Tell every one of your companions and relatives ‘no.’ They will inquire. Let them know ‘no.’ On the off chance that you are close to them, you definitely know who needs assistance and what they require. Don’t hesitate to help SOME, yet converse with your accountant before you do anything and keep in mind this, nobody needs $1 million for anything. Nobody needs $100,000 for anything. Any individual who asks is not your companion.
- You don’t turn into an investor when you win the lottery. Try not to make ventures. You can place it in the bank and live easily. Until the end of time. You will rest a ton better knowing you won’t lose money.
He concluded by sharing one last bonus tip: “Be nice. No one likes a mean billionaire. :)”