Mark Cuban Shares What To Do If You Win The Lottery — Never Take The Lump Sum, Don't Invest It, And Say 'No' To Everyone Asking For Money
It's fun to dream about winning the lottery — even if you know deep down your odds are roughly the same as getting struck by lightning while being attacked by a shark on your birthday.
But just in case you do hit the jackpot, billionaire Mark Cuban has some blunt advice that tends to resurface anytime the Mega Millions or Powerball jackpots start breaking records.
Back in 2016, when the Powerball jackpot ballooned $1.6 billion, Cuban gave a refreshingly practical interview to The Dallas Morning News. The man who sold Broadcast.com to Yahoo for billions didn't suggest a luxury car or a hot new startup. His advice? Sit down, shut up — and don't touch a thing.
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"You don't become a smart investor by winning the lottery," Cuban said. "Don't make investments. You can put it in the bank and live comfortably forever. You'll sleep a lot better knowing you won't lose money."
Yes, the guy who starred on "Shark Tank" told people not to invest. And he meant it. Winning the lottery doesn't make you Warren Buffett. It just makes you a target.
So what should you do?
First, don't take the lump sum. Cuban says to opt for the annuity — that 30-year drip-feed of millions — instead of grabbing it all at once. The reason? You're less likely to blow through it like a kid in a candy store with no budget.
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Second, hire a tax attorney immediately. "Before you do anything," Cuban warned, "talk to your accountant." Taxes will take a chunk, and if you're not careful, so will scammers, shady advisors, and long-lost relatives with big dreams and zero business plans.
Then there's the part nobody likes to talk about: saying no. It sounds simple—until the texts start coming in and everyone suddenly has an emergency that only six figures can fix.
"Tell all your friends and relatives no," Cuban said. "They will ask. Tell them no. If you are close to them, you already know who needs help and what they need... Anyone who asks is not your friend."
Ouch. But fair.
Cuban also dropped a reality check about money and happiness:
"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. Life gets easier when you don't have to worry about the bills."And don't mistake this for some kind of green light to become a regular at the corner store lotto machine. Cuban called playing the lottery "OK" for entertainment — just don't dump your paycheck into it.
"It's OK to spend $2 for entertainment value," he added via email. "If you have $10, go to a Mavs game."
So if lightning does strike and you're suddenly holding a billion-dollar ticket, just remember: no lump sum, no risky investments, no to Chad's new crypto café idea — and yes to a tax attorney and peace of mind. Cuban's been rich for a while. He's not guessing.
Read Next:Can you guess how many retire with a $5,000,000 nest egg? .
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This article Mark Cuban Shares What To Do If You Win The Lottery — Never Take The Lump Sum, Don't Invest It, And Say 'No' To Everyone Asking For Money originally appeared on Benzinga.com
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