Mark Cuban is a self-made billionaire and knows a thing or two about being filthy rich. He shares some useful pearls of wisdom for the new Powerball winner who will be taking home $651 million rand in the next draw.
The very first thing you should do is hire a tax attorney.
Don’t take the lump sum. That way you can’t blow it all in one spot.
You are not a smart investor just because you have hundreds of millions of dollars. Put it in the bank and live comfortably for the rest of your life.
Say ‘no’ to friends and family who ask for money. If you are very close to them, you will already know if they actually need any help. It’s okay to help SOME of them but talk to your accountant first. Keep in mind: Nobody needs $1 million for anything. Nobody needs $100 thousand for anything. If they ask for it, they are not your friend.
If you were already an unhappy person, the money won’t make you suddenly happy.
If you were already a happy person, you will be even happier.