When you win the Powerball jackpot, take Mark Cuban's free advice
Dallas Mavericks owner and billionaire Mark Cuban is one of the fortunate few who knows what it's like to go from rags to riches.
And while he might go a bit berserk on the sideline from time to time, the entrepreneur and "Shark Tank" investor is shrewd when it comes to his money. After all, he did sell his Internet business to Yahoo! for a cool $5.7 billion in stock to buy that NBA team.
So if you happen to win Wednesday night's massive $1.4 billion Powerball jackpot, Cuban has provided a few helpful hints — a to-do list of sorts — and how to tell Uncle Dave and Aunt Sally, "No!"
Here are Cuban's free tips, via the Dallas Morning News:
* 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're 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.
So, there it is. But to those hoping to pull a Cuban and buy your own team, we might have some bad news: The average NBA team was worth just around $1 billion, according to Forbes. So if you ignored Cuban's advice and took the lump sum, you might not have enough to buy the average team. You know, after taxes, depending on how high the jackpot gets. Maybe you could convince Michael Jordan to part with the Hornets, a team that Forbes valued lower than most? It couldn't hurt to ask.
Assuming you win.