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Message
"Don't make investments"- Mark Cuban on advice to powerball winner
Posted on 1/12/16 at 12:54 pm
Posted on 1/12/16 at 12:54 pm
LINK
Agree/Disagree? Discuss.
quote:
Don’t take the lump sum. You don’t want to blow it all in one spot.
quote:
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.
Agree/Disagree? Discuss.
46
Posted on 1/12/16 at 12:55 pm to 13SaintTiger
For the type of people that seem to win these things, that's great advice.
Posted on 1/12/16 at 12:55 pm to 13SaintTiger
He's saying if you don't know how to invest, probably not a good idea to try to start
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
That's what I'd do. All $700 million in a basic checking account. What could go wrong? 
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
I think that is solid advice for the majority of the population.
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
I'm gonna buy a trailer park and let all my friends live there
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
If you win the lottery, you pay people much smarter than yourself to invest your money for you.
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
Whats the estimated annuity on that?
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
quote:
Agree/Disagree? Discuss.
If some bumbling idiot won a billion and tried to make savvy investments like a smart person, no I would advise against that. Because they have no idea what they're doing. If someone with some business acumen won that much, then sure take a few risks.
But ultimately, his overall point is correct as it relates to winning THAT MUCH money. You could live more comfortably just off your interest than 99% of the rest of the population.
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
Solid advice.
quote:
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 1m dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
This post was edited on 1/12/16 at 12:57 pm
Posted on 1/12/16 at 12:56 pm to 13SaintTiger
Disagree on the lump sum. Agree with the "don't try and become a hedge fund manager" part, though sticking it in index funds is still "investing" and should be done.
Posted on 1/12/16 at 12:57 pm to 13SaintTiger
With that amount of money you could find anyone you want to invest it for you.
Posted on 1/12/16 at 12:57 pm to 13SaintTiger
But my buddy down the street is full of no lose business ideas?
Posted on 1/12/16 at 12:57 pm to LSUBoo
This is the most important part of that article:
quote:
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 1m dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
Posted on 1/12/16 at 12:57 pm to 13SaintTiger
frick that. I'm buying the Milwaukee Bucks.
Our mission will be to beat the Dallas Mavs, and only the Dallas Mavs.
Our mission will be to beat the Dallas Mavs, and only the Dallas Mavs.
Posted on 1/12/16 at 12:58 pm to UpToPar
quote:
If you win the lottery, you pay people much smarter than yourself to invest your money for you.
Easy to take advantage of lottery winners.
Posted on 1/12/16 at 12:58 pm to 13SaintTiger
Doesn't the FDIC only insure checking accounts up to a million dollars?
Posted on 1/12/16 at 12:58 pm to UpToPar
quote:
you pay people much smarter than yourself to invest your money for you.
Eh...you also run the risk of some frick embezzling money from you.
Posted on 1/12/16 at 12:58 pm to MightyYat
quote:
That's what I'd do. All $700 million in a basic checking account. What could go wrong?
I'll call up Mr. Drysdale. He will know what to do with it.
Posted on 1/12/16 at 12:58 pm to UpToPar
quote:
If you win the lottery, you pay people much smarter than yourself to invest your money for you.
And even those people lose money nearly as often as they make it. If you have more money than you can possibly ever spend, your goal should be to preserve what you have, not make more for no reason.
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