There's a certain point when a lottery jackpot gets so big that people start spending it in their heads. Never worry about money again. A $20 Billion Reason Why Intel Stock Is in Focus Marvell Technology (MRVL) Stock Might Offer a Quick Bounce Before Earnings Most Analysts Still Aren't Bullish on Tesla Stock, Even After Recent Selloff.
Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. With the Powerball jackpot recently reaching an estimated $1 billion, there's plenty of reason to imagine what life would look like after hitting the winning numbers. And while most people would probably have a long shopping list ready, billionaire entrepreneur Mark Cuban has a very different idea of what should happen next.
Read more: Unlocking $2.1T in Energy Potential. See Why Investors Are Watching 'FASF.' Cuban knows a thing or two about suddenly having a whole lot more money. He made his fortune after selling Broadcast.com to Yahoo for $5.7 billion in stock in 1999.
He later became a familiar face as a star investor on ABC's "Shark Tank." So when Cuban offered advice to a potential Powerball winner in 2016, it was worth listening to. When the Powerball jackpot was nearing $1.6 billion in 2016, Cuban shared his advice with The Dallas Morning News. The first thing on his list was simple: Hire a tax attorney.
Not the friend who suddenly has a "really good investment opportunity." Cuban also had a strong opinion about how the winner should collect the money. Read more: Uber Turned Cars Into Jobs. Airbnb Turned Homes Into Income.
This $0.50 'Mystery Disruptor' Is Pioneering The Same With 7 Billion Smartphones "Don't take the lump sum. You don't want to blow it all in one spot," Cuban said. He favored the annuity, which spreads the prize money over roughly 30 years.
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