An excerpt from Benzinga.com
Mark Cuban Shares What To Do If You Win The Lottery — Never Take The Lump Sum, Don't Invest It, And Say 'No' To Everyone Asking For Money
by Jeannine Mancini Benzinga Staff Writer
"You don't become a smart investor by winning the lottery," Cuban said. "Don't make investments. You can put it in the bank and live comfortably forever. You'll sleep a lot better knowing you won't lose money."
Yes, the guy who starred on "Shark Tank" told people not to invest. And he meant it. Winning the lottery doesn't make you Warren Buffett. It just makes you a target.
So what should you do?
First, don't take the lump sum. Cuban says to opt for the annuity — that 30-year drip-feed of millions — instead of grabbing it all at once. The reason? You're less likely to blow through it like a kid in a candy store with no budget.
Second, hire a tax attorney immediately. "Before you do anything," Cuban warned, "talk to your accountant." Taxes will take a chunk, and if you're not careful, so will scammers, shady advisors, and long-lost relatives with big dreams and zero business plans.
