The current power ball jackpot is huge! After taxes and potentially splitting the buck with other winners, that still leaves me with about $100 million to blow. Here are a few ways I would do it.
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In case you win and I don’t, here are some suggestions from billionaire Mark Cuban (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 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.
