If you happen to win the record-high $1.4 billion lottery Wednesday night, billionaire Mark Cuban has some blunt advice for you, according to an article published in the Dallas Morning News on Monday.
Cuban, who knows what it is like to become suddenly wealthy, sold Broadcast.com to Yahoo for $5.7 billion in 1999, according to Forbes. When he recounted his leap into wealth on an episode of James Altucher’s podcast, he said, “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.”
According to the Morning News, Cuban, whose net-worth is $3 billion, offered via email a mixture of practical and philosophical suggestions for the lucky lottery winner-to-be — who most likely will not know what to do with this abrupt accumulation of wealth.
“If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness,” Cuban told the newspaper. “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.”
Cuban also recommended that the fledgling billionaire hire a tax attorney immediately and refrain from taking the lump sum all at once in order to avoid quickly spending it all.
“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,” Cuban said.
He also urged the winner to come to terms with the awkwardness of refusing friends’ and family members’ requests for money and aid.
“Tell all your friends and relatives no. They will ask. Tell them no,” Cuban emphasized. “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.”
In addition, Cuban added one more piece of advice at the Business Insider’s request: “Be nice. No one likes a mean billionaire. :)”
(H/T: Business Insider)
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