- The Mega Millions and Powerball jackpots are over $300 million each.
- Business Insider previously asked billionaire Mark Cuban for his advice for lottery winners who get rich overnight.
- He said before anything else, hire a tax attorney. Then, choose the annuity payout over the lump sum.
This weekend, someone could win that money and become rich in a matter of moments.
When the Mega Millions lottery reached a record high of $1.6 billion in January 2016, Business Insider reached out to billionaire Mark Cuban to get his best advice for the winner. (Ultimately, it ended up being winners, thanks to three winning tickets.)
While there’s a sizable gap between $300 million and $1.6 billion, the concept is the same: getting rich overnight.
In January, Cuban shared the advice he gave his local paper, The Dallas Morning News, which is just as applicable to Friday’s winner:
- [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.
- 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 with Business Insider: “Be nice. No one likes a mean billionaire. :)”
Presumably, that goes for multimillionaires as well.