Posted on 01/12/2016 10:22:56 AM PST by Red Badger
The Powerball lottery has reached a record high of $1.4 billion.
On Wednesday night, someone might win the jackpot and — even if they don't actually take home $1.4 billion — become incredibly rich in a matter of moments.
Billionaire Mark Cuban has some idea of what that's like.
Cuban recounted the moment he became a billionaire on an episode 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."
Years later, what would he advise a newly minted multimillionaire or billionaire?
Business Insider reached out to Cuban to ask about his tips for potential lottery winners, and he shared the advice he gave his local paper, the Dallas Morning News:
[The first thing you should do is] hire a tax attorney.
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 $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
(Excerpt) Read more at businessinsider.com ...
I would check to see if my favorite NHL team was for sale.
The people who actually need this advice never heard of Mark Cuban, and never will.
I’d challenge the Donald to a game of high stakes poker :-)
Any list of TODO’s should include checking the current status of the FReepathon.
I thought about that, too. I think McConnell would part with the Blue Jackets for somewhere around $150 million. That franchise needs to be turned around.
I would check to see if my favorite NHL team was for sale.
...
I guess that’s as good as a basketball team.
I actually think Cuban’s advice is spot on.
” 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.”
Love this quote!
If I win I’ll make sure we never have another FReepathon, EVER!................anybody else with me?.................
Take the lump sum.
I’d get Nick Saban’s phone number.
I would check to see if my favorite NFL team was for sale...........................
“And you can’t buy the Cleveland Cavaliers.”
Whoever wins will likely never be able to escape the limelight, so there’s a downside we can all take comfort in escaping when we lose. :)
Why?...............
Pretty sound advice.
Hire Obama to clean my toilets.
Depends on the age of the winner, under 50? No, Over? Yes.....................
To coach at my school.
Depends on the state. Some do not require a winner’s name to be released.................Florida does....8^(
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.