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The Powerball jackpot is now $700 million — here's Mark Cuban's advice for the winner

Libby Kane

Mark Cuban
Mark Cuban

(You don't become a smart investor when you win the lottery, says Mark Cuban.Brian Snyder/Reuters)

The Powerball jackpot has reached $700 million.

That makes it the second-largest lottery jackpot in US history. The largest was $1.6 billion in January 2016.

Back then, Business Insider reached out to the billionaire Mark Cuban to ask about his tips for lottery winners.

He shared the advice he gave his local paper, The Dallas Morning News. While he was talking specifically about the multibillion-dollar jackpot at the time, it's not a stretch to imagine his advice still applies.

Here's what he told The Dallas Morning News:

  • Hire a tax attorney first.

  • 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. :)"

The Associated Press reports that the odds of winning this Powerball jackpot are one in 292.2 million.

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NOW WATCH: We tested an economic theory by trying to buy people's lottery tickets for much more than they paid

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