Here's Mark Cuban's advice for whoever wins the $1.4 billion Powerball lottery
- Thread starter Doobie Doo
- Start date
its one thing to say "i dont traveL' because you're not the type to travel on a small budget. i feels you on that. some people will travel with lunch money in their pocket and be cool with that. not I. if i'm travelling, i need money to just chill out with. i promise you and i hope you would expand your horizons and travel a bit if you ever wont that kind of money. believe me. not travelling you are holding yourself back from experiences that you deserve to experience in life. if you're black. you definitely need to travel the day you touch that cash. just to see something different.
you might wake up and realize you are cool on the US and want to live in some other country since you're super rich. but you wont know that if you never leave your block.
you dont put all your eggs in one basket because the govvy wont insure it. come on people. yall should know this basic stuff. find out whats the limit they will insure then break your money up accordingly.
i dont understand this logic unless you have a ton of family members. aside from that. who are these people that dont have a line that they draw and say these people are in my inner circle of friends/family, where basically the friends are family. so this is my inner family circle. anyone including long lost cousins are outside of this circle. that means whatever i'm doing i'm doing for those in the inner circle.
everyone else might be able to hit the spot VIP status with me. they might be able to go on vacation WITH ME once a year. maybe i'll hit them off with a nice anniversary gift or a nice christmas gift. but thats about it.
i wouldnt even blink if some dude/chick comes out of the woodworks asking for money. i dont care what they were requesting.
i would be like uhhh you know we dont kick it, never kicked it or havent kicked it in 10+ years. we aint cool like that. next.
the reason you wouldnt take the lump sum is because you are afraid of yourself. if you're afraid of yourself DO NOT TAKE THE MONEY. for those of us who have restraint and are not going to BLOW IT ALL buying nonsense or bogus investments gone bad. We will take the LUMP. i'm taking the lump. hooking up a select few folks with a little this or that. my family is a tight group. so they are good. no worries there at all except for one of them who i already know i couldnt just give the money to. i would pay for the nephews school and leave him some doe in the bank for when he hits 24 , if he chooses to own his own business or whatever. he would have a little seed money. i would get a few homies some cars and some pocket change. but because most of my close friends are along the same mindset as mind. again i wouldnt have to worry about them even asking. and some of us would probably go into a few SMALL business ventures that dont require a lot of startup cash. but they do require a little bit of seed money. not enought to even hit 200k for multiple businesses.
see i would always invest in myself and my own talents. one of my talents is knowing who has talent. if i catch you and see you have something special. i'll see how serious you are and invest (lightly). and go from there. i would be my own shark tank.
but i would have a side pot of cash for investments and businesses. the rest of the money would be sitting up in a bank account some where.
and i'll say this. you at least need one business thats some type of LLC. even if you aint doing much with it. its to keep people from directly suing you for something and you lose all of it. call it a business safe if you will.
EzekelRAGE
Superstar
I have 20+ brothers and sisters on my dad's side alone, that I know of. There are a bunch I dont even know about. I'm only close to like 5. Those 5, plus the ones on my mom's side, my mom would all be taken care of for life, assuming they don't use the money to trick off/get on in the dope game/addictions. Other ppl in the family I would treat with a long handle spoon. Try to be a blessing when I can but not be a walking ATM for them. If I give you 2-5k and you can't show me anything productive you did with the money, don't expect nothing else. I'll set up college funds for the dozens of nieces and nephews I have.
To all the people saying "LOL why you wanna open up businesses?". Some people may want to try out stuff and grow their money. After putting up a big chunk of the money where I can live comfortably off the interest if somehow I manage to screw up all my "play around" money(won't happen, but I can't tell the future), I plan on opening franchises. Mostly restaurants. I would probably start with something like a chic fila, bojangles, or something like that. Just 1. I would take some restaurant managing classes and all that. I figure it would take at most 1M-2M to get one up and running. Probably a lot less than that depending on the franchise. Then after that, I would open up more. The goal? Keep more money coming in, create jobs. Learn the ropes so I can help other family members to have their own, without footing every bill for them.
To all the people saying "LOL why you wanna open up businesses?". Some people may want to try out stuff and grow their money. After putting up a big chunk of the money where I can live comfortably off the interest if somehow I manage to screw up all my "play around" money(won't happen, but I can't tell the future), I plan on opening franchises. Mostly restaurants. I would probably start with something like a chic fila, bojangles, or something like that. Just 1. I would take some restaurant managing classes and all that. I figure it would take at most 1M-2M to get one up and running. Probably a lot less than that depending on the franchise. Then after that, I would open up more. The goal? Keep more money coming in, create jobs. Learn the ropes so I can help other family members to have their own, without footing every bill for them.
FreddyCalhoun
All Star
I would live off 7ok per year...but I feel you.
philmonroe
Superstar
Bold is truth. I don't see how cats do it. I have a boy that travels all the time and stays in dumps and might be better off in the streets I can't travel like that. I want something close to what I'm used to at least in accommodations to here. I want to explore other places but when I go I still gotta go how I do all the time. Last thing you can travel here its not like most people really have explored their own home country yet.
MF_BREW
All Star
I do think you have to pay oe with the lump sum.
Coli financial advisors at it again
Anyways, definitely would be hard pressed not to take the lump sum, everything else Mark Cuban said was pretty good advice
Of course the coli accountants telling a billionaire he doesn't know what he's talking about on the subject of money.
i love it...coli accountants, that dont have $10 in the bank....discrediting a billionaires advice
My snapchat gonna make Khaleds look like childs play.
Gonna buy a real lionThen have it fight a gorilla so we can settle this shyt
I love The Coli, fukkery in every thread!
Tropical Fantasy
Superstar
I'm taking that lump sum nikka, fukk you mean bytch
how much is the interest by having that money in a bank?
honestly if I hit and had 800 million cash after tax (take the lump sum) i'll probably do something like this
Mom, Dad, Granny = set for life, ask not want not
aunt's, uncles that are blood related = 1 million each in a roth account. Tell them to live off interest and once it's gone it's gone
1st cousins = 500k each in a roth account. Once it's gone it's gone
other family = 5 million dollar roth account with the interest money being split between them
close friends = 200k quit your job become part of my entourage
3 million = donate to public schools for new text books, teacher salaries, school improvements etc. (write this off as a tax and collect on tax time)
50 million = buying old houses, land, property etc.. fixing it up and use for homeless shelters, houses for struggling single parents, recreation centers etc... All people living in these places must have a job and remain drug free.
buy me a new car and house as well as other friends that I know are struggling
40 million = create a scholarship fund for public school students who want to go to college and make atleast a 2.5. Full tuition, room and board paid for as long as college gpa is 3.0 and above
honestly if I hit and had 800 million cash after tax (take the lump sum) i'll probably do something like this
Mom, Dad, Granny = set for life, ask not want not
aunt's, uncles that are blood related = 1 million each in a roth account. Tell them to live off interest and once it's gone it's gone
1st cousins = 500k each in a roth account. Once it's gone it's gone
other family = 5 million dollar roth account with the interest money being split between them
close friends = 200k quit your job become part of my entourage
3 million = donate to public schools for new text books, teacher salaries, school improvements etc. (write this off as a tax and collect on tax time)
50 million = buying old houses, land, property etc.. fixing it up and use for homeless shelters, houses for struggling single parents, recreation centers etc... All people living in these places must have a job and remain drug free.
buy me a new car and house as well as other friends that I know are struggling
40 million = create a scholarship fund for public school students who want to go to college and make atleast a 2.5. Full tuition, room and board paid for as long as college gpa is 3.0 and above
The Devil's Advocate
Call me Dad
according to this:
Compare the Top Savings Rates
the highest you can look to find on a straight savings account is 1% (1.05)
that's on some, no way possible to lose your money, type shyt
now there are a lot of accounts which will give you more... but you also will throw in the fact that you will lose more.... and the higher the risk, the higher the reward
for the record, 1% of 800 million is 8 million dollars
you could literally stick 800 million in the bank and live off 8 million a year.. that's why cuban said it's dumb to start investing... you got 800 million saved and could make another 8 million a year with no risk.... why would you be out here trying to double and triple your shyt and end up losing it
