Transcript for How to spend your lotto jackpot winnings
??? We are dreaming big. The giant mega millions and Powerball jackpot total almost $750 million. What would you do if you happen to win both? Joining us is "Shark tank" investor Barbara Corcoran. Nice to be here. Exciting. If you win both you'd be richer than Tiger Woods. Jay-Z, the list goes on but what is rule number one. Rule number one is you must focus on not losing the money. That's rule number one. If you only spend the money that the principal generates you'll be rich for life but most go out and buy the yacht and plane and live the high life and that's where they get in trouble. Live off the principal. If you think about it on that $750,000 you net out $280,000 so you have $750,000 in income for the rest of your life if you don't touch the principal. You could buy a lot of stuff. That's what the smart money would do but you got to buy some real estate and plunk that money down on a nice, fancy house, maybe a mansion. Take a look at this one. It is the most expensive home right now in the U.S. Market in the state of California going for $350 million. Okay, if you have 375 or whatever should you had buy something like that. No, and lots of people immediately buy the most expensive house in any market and it's always a mistake. What you must do is buy a house smack in the middle of an expensive market because in good times and bad times you always get your money back out but buy that top of the line house, forget about it. You'll never make the money back. Not the one with the 40 car garages. I guess if you're desperate to park your cars and you have 40. A lot will have their hand out and look at you as the new benefactorer. How do you approach that? So many will come out of the woodwork. Before I sold my business for $66 million, I was making $40,000 a year and when I sold it, everybody had their hand out and everybody had a $10,000 problem that I was going to solve. The most important thing is you hire a buffer. You hire a sturdy, honest accountant so that every time is hitting you for money which is everybody you've ever met in your life you say I'd love to invest, but you have to pass it through my accountant. That's the most important move. A little bit of reality check here. Your chances of winning this lottery are 75 quadrillion in 1. 15 zero. We're dreaming big. There's always a chance. You need a prayer on that one. Jim Carrey said so you're saying there's a chance. We don't care about all those zeros. Always lovely. If I wind, put your -- My hand is coming right out. There is a science to dusking your oreos.
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