What would you do with lotto win? Before you answer that question, we have a few experts who’d like to weigh in and help you out – because while you think you may know how to hold onto your jackpot and how to spend it wisely, when it comes to managing a personal fortune in the billions, a little help goes a long way.
Plan, Plan and Plan Some More
It’s wonderful to daydream about all the fabulous things we’d buy if $1.5 billion fell into our laps, but experts warn that not having a solid plan in place for your lottery winnings could cause you to potentially lose them all down the line.
If you do manage to make your dreams come true and win the billion-dollar Powerball, or any international lottery jackpot for that matter, the first thing you need to do before spending a single cent is to hire yourself a sound financial team – one comprised of a lawyer, an accountant, and a tax consultant, all of whom can give you the professional advice you need to manage your assets and hold onto them successfully for years to come.
Win The Lottery, Pay Your Bills, Be Happy!
Billionaire Mark Cuban echoes this sentiment, with his first piece of advice to any lottery winner being to hire themselves an excellent tax attorney.
His second piece of advice? Don’t take the lump sum – a move that many of us might be tempted to make when faced with all those zeroes.
Cuban, however, advises against this, seeing the annuity option as the more lucrative one, as when following this path, spending all your jackpot winnings and going bankrupt becomes an impossibility – as every year, a fresh sum of money will be ready and waiting for you to enjoy.
But it’s perhaps these words of wisdom from one of the world’s richest men that hit closest to home:
“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.”