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Editor’s note, Oct. 17, 2018: This story was originally published on Jan. 11, 2016 when the Powerball jackpot reached $1.6 billion. The drawing two days later produced three winning tickets, with the winners claiming shares of about $533 million each. The jackpot for Friday’s Mega Millions lottery drawing is an estimated $900 million, and today’s Powerball jackpot is $345 million.
Dallas Mavericks owner Mark Cuban, who knows what it’s like to suddenly become incredibly wealthy, has some tips (some practical and some philosophical) for lottery jackpot winners.
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Hire a tax attorney first.
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Don’t take the lump sum. You don’t want to blow it all in one spot.
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If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness.
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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.
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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.
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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.
But don’t take this as a suggestion from Cuban that you should spend a lot of money on lottery tickets. The odds (one in 292.2 million) will continue to be remote no matter how many tickets you buy. “It’s OK to spend 2 dollars for entertainment value,” he said via email. “If you have 10 dollars go to a Mavs game.”
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