Former Powerball Winner: How He Spent Winnings, Prevented Going Broke

The vacation season might have most of us able to decelerate, however the stakes for Wednesday evening’s Powerball are simply heating up. The highest prize for Wednesday evening’s drawing is estimated to be $1.1 billion, making it the sixth-largest jackpot in Powerball historical past.

If there’s a winner on Wednesday, it may really feel like a Christmas miracle, however former Powerball winner, Timothy Shultz, stated there’s additionally a slim likelihood of going broke inside a couple of years, regardless of amassing that quantity of wealth.

Schultz gained $28 million in 1999 whereas working at a fuel station and retired a multimillionaire by the age of 21. In an effort to not grow to be one of many unlucky winners who finally lose all of it, he put a particular plan in place.

Consulting wealth professionals is step one Schultz took after profitable the Powerball

“Out of the blue, I would gone from a fuel station attendant to retired at 21,” Shultz informed Enterprise Insider in a 2024 interview. “I felt like I used to be holding a magic wand. The whole lot was attainable, however I additionally needed to be financially accountable.”

He stated, “At 21, I had no concept what to do with that type of cash and was fortunate I sought skilled steerage. I did not wish to grow to be a statistic of lottery winners going broke inside a couple of years.”

Earlier than turning within the ticket, he stated he consulted with wealth professionals to know how a lot he may afford to spend and provides to others. “I helped many individuals, but in addition needed to stay inside my means.”

Investing the cash helped him preserve his wealth

Earlier than he acquired any of the cash, he established a plan with advisors to take a position it conservatively, guaranteeing the returns may final him a lifetime. “I principally invested in shares, bonds, and mutual funds,” he stated.

Emily Irwin, a Wells Fargo advisor who guides lottery winners on the way to spend their cash, informed Enterprise Insider in a 2023 interview that that is precisely what winners ought to do.

She additionally suggested assembling a crew of economic planners as quickly as attainable and that, “You will need to fastidiously think about specialists specializing in high-net-worth and ultra-high-net-worth tax planning.” Irwin additionally stated winners ought to interview a number of candidates, as these advisors will most certainly be of their lives for years.

Different methods the 1999 Powerball winner spent his cash

The very first thing Shultz bought with the cash was the most recent online game system. A luxurious, he stated, he “could not afford earlier than profitable.” The following factor he did was arrange his investments.

After establishing his investments, Schultz stated he helped his household, purchased automobiles, and traveled. He even went again to varsity to check movie and broadcast journalism, a dream come true for him

However after profitable, and nonetheless being surrounded by different struggling school college students, Shultz felt strain to pay for pals’ holidays, meals, or something they did collectively.

He stated, “While you win the lottery, folks do not view the cash as one thing you have earned. A member of the family explicitly informed me I bought one thing for nothing by profitable the lottery and will preserve giving them and others cash.”

Regardless of his profitable investments, he nonetheless has one remorse

As of late, Schultz stated he spends most of his free time exercising and dealing on his podcast and YouTube channel, “Lottery, Desires, and Fortune,” which highlights the story of different lottery winners. “YouTube brings in some cash, however I can stay off my investments,” he stated.

Regardless of making nice funding decisions, Schultz nonetheless regrets overlooking one particular funding.”I want I had invested in bitcoin a couple of years in the past, however that is my solely remorse about how I’ve spent the winnings,” he stated.

Nonetheless, Shultz’s preliminary determination to hunt skilled monetary assist set him up for years of success.

Correction: December 23, 2025 —An earlier model of this story misstated the date of the Powerball drawing. It’s Wednesday evening, not Monday.