Mark Cuban, investor on the popular TV show Shark Tank, has a warning for the prospective winner or winners of the $1.5 billion Powerball jackpot.
In a recent interview with Business Insider, Cuban offered not only his warning, but several suggestions, too.
— Elite Daily (@EliteDaily) January 13, 2016
First of all, Mark Cuban insists that the winner or winners not take all their winnings in one check.
“Don’t take the lump sum. You don’t want to blow it all in one spot,” he says.
For those who may not know, lottery winnings are offered in one of two ways. Winners may opt to receive a check in one lump sum, or a series of payments over 30 years instead–otherwise known as an annuity.
Mark Cuban says winners wind up with more money if they don’t get it all at once.
Another piece of advice from the Shark Tank investor–as worthy as the first–is to practice one very important word.
— WPXI (@WPXI) January 13, 2016
“Tell all your friends and relatives no,” Mark Cuban says. “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.”
If you plan on winning this coming weekend’s incredible jackpot, make sure to heed Mark Cuban’s advice.
If you did win such a huge sum of money, what’s the first thing you might do with it?