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Powerball's $1.9 billion jackpot is the biggest ever—but Mark Cuban and Kevin O'Leary disagree on what to do if you win

Mark Cuban appearing on Season 13 of ABC's "Shark Tank."
Christopher Willard | Getty

If you're lucky enough to win Powerball's $1.9 billion jackpot draw — the biggest ever — you'll need to figure out what to do with all that money.

Celebrity investors Mark Cuban and Kevin O'Leary have different takes on how to make the most of your winnings, although both advise against spending too much right away.

Here's what both Cuban and O'Leary say to do if you win big.

What Mark Cuban says to do with the money

When it comes to large jackpots, Mark Cuban, billionaire and judge on ABC's "Shark Tank," says to keep most of the money in the bank, rather than risking it on investments that might not pay off.

"You don't become a smart investor when you win the lottery," Cuban told the Dallas Morning News in 2016. "You can put it in the bank and live comfortably. Forever."

There's also the choice of payouts. The current $1.9 billion jackpot can be paid out in full as an annual payment over 30 years or as a lump sum of $934.8 million paid upfront, according to Powerball. Winners often choose the lump sum because it can be immediately reinvested.

However, if you're 40 or younger, Cuban recommends the annuity. By taking an annual payment, you will receive more money overall and won't risk blowing through it right away, Cuban says.

If you take the lump sum, or want to offset rising inflation, you could put some of the money into a low-cost S&P 500 index fund and let it grow long-term. Cuban has said index funds are relatively safe investments over time, even for those who don't know much about investing.

What Kevin O'Leary says to do with the jackpot

With large lottery jackpots, "Shark Tank" investor Kevin O'Leary says to take the lump sum option, "but don't spend it." 

Instead, "pay yourself an annuity and put the excess cash flow to work for you," he told CNBC Make It in a 2019 interview. "More money up front means more money to invest and grow."

To grow the money, put the cash into "low volatility, dividend-paying stocks," O'Leary says.

While the lump sum payout is less than the annuity, you'd be able to take advantage of compound interest right away, which could grow your money faster. 

Both Cuban and O'Leary agree that winners should be wary of spending a lot of money right away.

"Just Google 'lottery winner goes bankrupt' and you'll find dozens of horror stories about lottery winners who strike gold, only to lose it all within a year or two," O'Leary says.

Your odds of winning the jackpot by matching all six drawn numbers are 1 in 292.2 million, according to Powerball. The next draw is Monday night at 10:59 EST.

Want to earn more and work less? Register for the free CNBC Make It: Your Money virtual event on Dec. 13 at 12 p.m. ET to learn from money masters like Kevin O'Leary how you can increase your earning power.

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Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."