DALLAS, Jan. 12 (UPI) -- On the eve of the next Powerball drawing, billionaire Mark Cuban is sharing his tips for managing money with potential lottery winners.
The Powerball jackpot, which has now soared to a record-breaking $1.5 billion has sent the nation into a frenzy with long lines forming around gas stations, with many hoping to claim the cash prize.
According to the Los Angeles Times, the large amount of money at stake has made even wealthy people want to buy lottery tickets to try their hand at becoming an instant billionaire.
"The national phenomenon that is this Powerball drawing has people of all socioeconomic backgrounds rushing to ticket agents for their chance at the grand prize," the Association of California School Administrators told the newspaper.
Cuban, self-made billionaire and owner of the NBA team, the Dallas Mavericks, talked to the Dallas Morning News about what he would suggest to the winner, including practical uses of the money and how it can affect one's happiness.
Cuban's tips are as follows:
- 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.
One last tip, shared with Business Insider saw the Dallas Mavericks owner suggesting to winners to not let the money turn them into a rude person. ""Be nice. No one likes a mean billionaire. :)," he concluded.
The next drawing will be held Wednesday night at 10:59 p.m. ET.