The Powerball lottery has reached a record high of $1.4 billion.
On Wednesday night, someone might win the jackpot and — even if they don’t actually take home $1.4 billion — become incredibly rich in a matter of moments.
Billionaire Mark Cuban has some idea of what that’s like.
Cuban recounted the moment he became a billionaire on an episode of James Altucher’s podcast: “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.”
Years later, what would he advise a newly minted multimillionaire or billionaire?
Business Insider reached out to Cuban to ask about his tips for potential lottery winners, and he shared the advice he gave his local paper, the Dallas Morning News:
- [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. :)”