Powerball

Which is a terrible premise, given the massive jackpot in play. There are going to be millions of people playing who normally aren't "the sort of person who plays the lottery." Article would have been more informative with some actual wealth management advice instead of saying, "Well, since you play the lottery, you're obviously not good with money, so take the annuity." Not a fan.

 

Hire a tax attorney first.

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 1m dollars for anything. No one needs 100k 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.

Mark Cuban's advice to the person who wins the Powerball is the sanest thing you'll read all day

 

I would suggest Ragu and one of the lawyers off this board.

Keep it in house.

 

I'm not sure I want to be sitting on a worthless pile gold, but I'd absolutely bring in Amy as my tax advisor.

 

Actually, that was the story I did. A teenage kid named Sam. A year later, I learned, the Powerball winners kicked in thousands of dollars for future college tuition.

 

Great advice from Cuban, but I'm taking the lump some. I want to make sure I'm alive to see it. Don't want to die in a car crash next year and let the relatives enjoy the rest. I would take the "leave in the bank" advise.

 

Ok, so these banks.....If I win, I just can't go down to my SunTrust branch and make a deposit that big, right? Are there a secret set of banks for rich people I'm unaware of? What bank would someone go to if they win?

 

Switzerland.

 

Lockbox.

 

You'd need a backhoe to dig a big enough hold in your back yard.

 

I disagree completely with Cuban when he says keep it in a bank and don't make investments.