Advice to Powerball lottery winners from Mark Cuban and from other members of "Shark Tank"


This video advises anyone who wins a large sum of money like the Powerball jackpot to put the money in the bank and not spend it all at once. They suggest paying off debts and living normally for a while before making any major changes. The speaker warns that sudden wealth can attract unwanted attention and advises against giving money away too freely. The speaker also stresses the importance of diversification when investing, suggesting that people should never invest more than 5% in any one investment and never more than 20% in any one sector. Finally, the speaker advises finding a good financial advisor to help manage the money.

–  Put the money in the bank

–  Expect to pay taxes on the winnings

–  Large sums of money can change your life in unexpected ways

–  You may suddenly have more friends and romantic attention

–  Be prepared for people to give you unsolicited advice on how to spend your money

–  Putting the money in the bank ensures you won’t lose any of it

–  Sleeping well at night is important

–  You just won a large sum of money, focus on keeping it

–  Take your time and don’t change your lifestyle right away

–  Pay off your bills first

–  The hardest thing to do is not change as a person

–  Stay the same person and do things that help you stay grounded

–  Don’t tell anyone for a while

–  Seek out a great financial advisor

–  Many lottery winners lose their winnings quickly

–  Enjoy your newfound wealth, but be responsible with it

–  Put the money in the bank for at least three years at a low interest rate

–  Everyone you know will suddenly have a “problem” that requires money

–  Diversification is important when investing

–  Don’t put all your money in one investment

–  Don’t put more than 5% of your money in any one investment

–  Don’t put more than 20% of your money in any one sector

–  50% stocks and 50% bonds is a good rule of thumb

–  Investing requires careful thought and consideration

–  Reflect on your financial goals

–  Don’t spend it all at once

–  Don’t make impulsive decisions

–  Think about the long-term

–  Invest wisely

–  Don’t be afraid to make mistakes, but learn from them

–  One mistake to avoid is not diversifying your investments

–  Avoid putting all your money in technology or any one sector

–  You can avoid losing everything by diversifying your investments

–  Seek out professional financial advice

–  Calm down and reflect before making any big decisions

–  Be careful who you trust with your money

–  Don’t let money change who you are as a person

What do you think?

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