After getting rich overnight at 21, he didn't spend money recklessly! He hired a financial advisor to protect his assets: only regrets not buying Bitcoin earlier.

At 21 years old, Timothy Schultz won a $28 million Powerball jackpot, practicing rational financial management and avoiding reckless spending. Through long-term investing and creating content, he has built a stable life as one of the few lottery winners to achieve wealth responsibly.

In 1999, at just 21 years old, Schultz was working at a gas station when he lucked out and won $28 million in the Powerball. Instantly becoming a multimillionaire and gaining financial freedom, he shared his experience with Business Insider. Unlike many young people, Schultz was very clear that without rationality, this fortune could disappear quickly.

Buying a lottery ticket only costs a dollar and a dream. However, the price of realizing that dream is often heavier than expected. Over the years, countless lottery winners have squandered their winnings overnight, even falling into bankruptcy and chaos. The story of former Powerball winner Timothy Schultz, however, offers a better ending. He was not blinded by wealth but immediately made financial plans, wisely allocating his money for investments, helping others, and pursuing his passions: running a YouTube channel and a Podcast. On his channels, he shares how to increase chances of winning, manage finances after winning, and even interviews other winners. Let’s take a look at his story!

Planning for the future before claiming the prize

Unlike many winners who indulge in impulsive spending, Schultz proactively consulted financial advisors before claiming his winnings. He carefully understood his living expenses, reasonable donation and expenditure ratios. Schultz used his winnings to help many people but also worked hard to live within his means.

He admits that at 21, he had no idea how to manage such a large sum of money. Fortunately, he didn’t try to handle it alone. With the help of advisors, Schultz developed a conservative, long-term investment strategy, mainly investing in stocks, bonds, and mutual funds to ensure steady growth and sufficient funds for his lifetime.

Wells Fargo’s financial advisor Emily Irwin, who specializes in guiding lottery winners, said Schultz’s approach is exactly what winners should adopt. She emphasizes that winners should quickly assemble a team of financial and tax professionals, carefully selecting advisors familiar with high-net-worth individuals, as these professionals can accompany winners through the decades ahead.

The first luxury purchase after winning was a gaming console

Regarding his first post-win purchase, Schultz laughs and says it was just the latest gaming console—something he couldn’t afford before winning. After establishing his investment plan, he began helping his family, buying a car, traveling, and returning to university to study film and broadcasting, fulfilling a childhood dream.

Many friends and relatives appeared, bringing invisible pressure

Money brings not only freedom but also invisible stress. Schultz recalls that after returning to school, he was surrounded by many financially strained classmates and friends. He was often expected to pay for dinners, trips, and entertainment. After winning the lottery, people didn’t see the money as his hard-earned wealth. He even said some family members openly claimed his wealth was “free money” and expected him to keep sharing it. This social pressure is one of the most difficult hidden costs for many lottery winners and often a key reason for wealth depletion.

The only regret: missing out on Bitcoin

Despite his overall sound investment performance, Schultz admits his only regret is not investing in Bitcoin earlier. This regret reflects that even the most cautious investors can miss emerging trends.

Now, Schultz spends much of his time on fitness and running his Podcast, Lottery Dreams and Fortune, and his YouTube channel, sharing his experiences and stories. He says that while his channels generate some income, he can already sustain his life solely through investment returns.

• This article is reprinted with permission from：《Chain News》
• Original title: 《At 21, He Got Rich Overnight and Didn’t Spend Recklessly. He Hired a Financial Advisor to Protect His Million-Dollar Wealth and Regrets Not Buying Bitcoin Earlier》
• Original author: DW