Do you expect a lot of money back from your income tax returns each year? Did you sign a major deal from your music or acting career? What if you hit the Powerball jackpot? Do you know what the first thing you would do if you came into a large sum of money from being in entertainment when you book a commercial or get a record deal. What if you instantly became a multi-millionaire? The reason why you read ETI is because you know that this could and will be an option for you one day.
Thanks to Dallas Mavericks owner Mark Cuban, he has some advice for you, if you do come into a large sum of money at once.
*Hire a tax attorney first.
*Don’t walk around with a 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 dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
*You don’t become a smart investor if you win the lottery or come into a large sum of money so DON’T make investments. Put your money in the bank and live comfortably until you get experience with having money and learn how to properly invest. You will sleep a lot better knowing you won’t lose money.
How is that piece of advice for you? Forbes writes that “from the moment that you get money, you will be descended upon by vultures who want a hefty helping of those winnings. And if you didn’t have smart money habits up until now, you could easily turn out to be your own worst enemy by quickly squandering the fortune.”
But the advice coming from Mark Cuban is a little bit more practical. Remain anonymous, avoid greedy family members and don’t waste your money on investments.
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