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Billionaire Mark Cuban advise for potential lottery winners

Topic closed. 11 replies. Last post 4 months ago by Scrubber.

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ah1963's avatar - hadi12
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Billionaire Mark Cuban doesn't seem to believe the old adage, "Sharing is caring." In an interview with The Dallas Morning News, he advised potential lottery winners to think twice before lending money to anyone. His advice is applicable to anyone who comes across a financial windfall.

"Tell all your friends and relatives 'no,'" Cuban said. "They will ask. Tell them 'no.' If you are close to them, you already know who needs help and what they need. Feel free to help some, but talk to your accountant before you do anything. And remember this: No one needs $1 million dollars for anything. No one needs $100,000 for anything. Anyone who asks is not your friend."

"People seem good while they are oppressed, but they only wish to become oppressors in their turn: life is nothing but a competition to be the criminal rather than the victim."

    cottoneyedjoe's avatar - cuonvFT

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    Billionaire Mark Cuban doesn't seem to believe the old adage, "Sharing is caring." In an interview with The Dallas Morning News, he advised potential lottery winners to think twice before lending money to anyone. His advice is applicable to anyone who comes across a financial windfall.

    "Tell all your friends and relatives 'no,'" Cuban said. "They will ask. Tell them 'no.' If you are close to them, you already know who needs help and what they need. Feel free to help some, but talk to your accountant before you do anything. And remember this: No one needs $1 million dollars for anything. No one needs $100,000 for anything. Anyone who asks is not your friend."

    "No one needs $1 million dollars for anything."

     

    Then I guess he doesn't need a billion for anything either.

      Coin Toss's avatar - shape barbed.jpg
      100
      Zeta Reticuli Star System
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      That doesn't mean Cuban doesn't believe in 'sharing is caring'. 

      The gist of what he said is "watch out for mooches".

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners. 

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

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        New Member

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        Cuban is in Texas.  In Texas, a State Law passed a few years ago allows you to claim any lottery jackpot anonymously. That's most do now anyways.  You don't even need to bother with setting up trusts or LLC's, unless you want to for other reasons.  I'm in Texas, so I'm up the date on these laws.  His advice should be to claim anonymously.

        No is one is going to know I won, except my parents, who are wealthy enough. I don't intend to flaunt the money, I intend to invest a large portion of a jackpot into growth dividend ETFs, with the remainder in index ETFS like VT or VTI. Maybe I'll buy a house or car, and if people ask, I'll say my day job has been doing well, which is plausible.

          QuickDrawDude's avatar - Lottery-031.jpg
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          Cuban believes capitalism is harmed when we extend financial help to others thus hindering future business start-ups. People are already given opportunities under capitalism that enables them to better themselves. Always claim jackpots though an L.L.C. to prevent family and friend fallouts.

          It's a Cinderella story
          On a tumble of the dice - (Rush - The Big Money from Power Windows)

            ah1963's avatar - hadi12
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            Cuban believes capitalism is harmed when we extend financial help to others thus hindering future business start-ups. People are already given opportunities under capitalism that enables them to better themselves. Always claim jackpots though an L.L.C. to prevent family and friend fallouts.

            ' If you are close to them, you already know who needs help and what they need. Feel free to help some, but talk to your accountant before you do anything."

            His advice to verify who actual need help. Not to give some one to buy a a Porche.

            "People seem good while they are oppressed, but they only wish to become oppressors in their turn: life is nothing but a competition to be the criminal rather than the victim."

              Stat$talker's avatar - animated sphere.gif
              700 light yrs West of Milky Way Galaxy's Center
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              That doesn't mean Cuban doesn't believe in 'sharing is caring'. 

              The gist of what he said is "watch out for mooches".

              I Agree!

              ...MATH... The final Stochastic frontier...

              These are the Lottery Voyages of Stat$talker..!!

              The ongoing Mission,..to seek out the Laws of "Probability Math"...

               to master its rules to invoke...to Conquer ALL Major Jackpots..!!

              ...To boldly go,... Where NO Player has gone before...!!

                rdgrnr's avatar - nw barkeep.jpg
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                Grand High Exalted Mystic Ruler
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                I've always thought that guy was a jerk.

                Still do.

                  db101's avatar - RB55Ms1

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                  Billionaire Mark Cuban doesn't seem to believe the old adage, "Sharing is caring." In an interview with The Dallas Morning News, he advised potential lottery winners to think twice before lending money to anyone. His advice is applicable to anyone who comes across a financial windfall.

                  "Tell all your friends and relatives 'no,'" Cuban said. "They will ask. Tell them 'no.' If you are close to them, you already know who needs help and what they need. Feel free to help some, but talk to your accountant before you do anything. And remember this: No one needs $1 million dollars for anything. No one needs $100,000 for anything. Anyone who asks is not your friend."

                  A starter home almost anywhere costs more than 100k. Way more. This guy sounds like a modern day Marie Antoinette with no idea how the common man lives nor what their normal expenses are.

                    rdgrnr's avatar - nw barkeep.jpg
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                    Grand High Exalted Mystic Ruler
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                    A starter home almost anywhere costs more than 100k. Way more. This guy sounds like a modern day Marie Antoinette with no idea how the common man lives nor what their normal expenses are.

                    Roger that, db101.

                    That's the vibe I always got from him, even on that Shark Tank Show.

                      JackpotWanna's avatar - squiz

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                      I will take his advice.

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                        Not a fan of his, but this is worth checking out.

                        https://www.healthcarepackaging.com/quick-hits/article/22018139/mark-cuban-launched-his-generic-online-pharmacy