Here's Mark Cuban's advice for the winner of the $1.4B Powerball lottery

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Mark Cuban's Advice for $1.4B Powerball Winner

The Powerball lottery has reached a record high of $1.4 billion.

On Wednesday night, someone might win the jackpot and -- even if they don't actually take home $1.4 billion -- become incredibly rich in a matter of moments.

Billionaire Mark Cuban has some idea of what that's like.

Cuban recounted the moment he became a billionaire on an episode of James Altucher's podcast: "I was sitting in front of a computer, naked, hitting the refresh because we were close — waiting until my net worth hit that billion when the stock price got to a certain point, and then I kinda screamed and jumped around and then got dressed."

Years later, what would he advise a newly minted multimillionaire or billionaire?

Business Insider reached out to Cuban to ask about his tips for potential lottery winners, and he shared the advice he gave his local paper, the Dallas Morning News:

  • [The first thing you should do is] hire a tax attorney.
  • Don't take the lump sum. You don't want to blow it all in one spot.
  • 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.
  • Tell all your friends and relatives no. 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 for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
  • You don't become a smart investor when you win the lottery. Don't make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won't lose money.

He also shared one last bonus tip with Business Insider: "Be nice. No one likes a mean billionaire. :)"

See more of the massive Powerball jackpot:

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January 2016 massive Powerball jackpot
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Here's Mark Cuban's advice for the winner of the $1.4B Powerball lottery
A woman purchases a Powerball lottery ticket at a convenience store in Washington, DC, January 7, 2016. Lottery officials predict Saturday's jackpot will reach $700 million, the largest in history. AFP PHOTO / SAUL LOEB / AFP / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
A sign in the window of a liquor store shows the Powerball lottery jackpot at $700 million in Washington, DC, on January 7, 2016. The largest jackpot in lottery history, a whopping $700 million, is up for grabs in the United States on Saturday, driving feverish excitement among lotto players dreaming of becoming millionaires. AFP PHOTO/NICHOLAS KAMM / AFP / NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
CHICAGO, IL - FEBRUARY 11: A Powerball lottery ticket is printed for a customer at a 7-Eleven store on February 11, 2015 in Chicago, Illinois. Ticket sales have caused the jackpot to grow $500 million, one of the largest in the game's history. (Photo by Scott Olson/Getty Images)
CHICAGO, IL - FEBRUARY 11: Kirk Cook rings up a Powerball lottery ticket sale at a 7-Eleven store on February 11, 2015 in Chicago, Illinois. Ticket sales have caused the jackpot to grow $500 million, one of the largest in the game's history. (Photo by Scott Olson/Getty Images)
DUNKIRK, MD - JANUARY 06: With the Jackpot now at 500 million, Sherrie Haines sells a Powerball ticket to Robert Sweeney at the BP gas station, January 6, 2015 in Dunkirk, Maryland. People are visitingÃlottery counters across the area with hopes of hitting it big in tonights Powerball drawing. (Photo by Mark Wilson/Getty Images)
DUNKIRK, MD - JANUARY 06: With the Jackpot now at 500 million, Gale Call (L) and Sherrie Haines (C) sell a Powerball ticket to Mike Nastasi (R) at the BP gas station, January 6, 2015 in Dunkirk, Maryland. People are visitingÃlottery counters across the area with hopes of hitting it big in tonights Powerball drawing. (Photo by Mark Wilson/Getty Images)
A man purchases a Powerball lottery ticket at a liquor store in Washington, DC, January 4, 2016. Lottery officials predict the January 6 jackpot will reach $400 million, one of the largest in the game's history. AFP PHOTO / SAUL LOEB / AFP / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
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