Life after winning the lottery stories are numerous and often pretty awful, so billionaire Netflix mogul and Dallas Mavericks owner Mark Cuban has dished out some solid advice in advance of the eventual winning of the $1.4 billion Powerball jackpot.
Here’s what Cuban told the people at the Dallas Morning News about how to react to winning the lottery:
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 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 1m 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.
“If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness,” is one line that stood out in particular.
One does not simply buy happiness. A sudden influx of cash at such an absurd degree can also result in more problems, more unhappiness.
Look no further than these 21 lottery winners who lost it all.