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

In 1999, 21-year-old Schultz was still working at a gas station when he lucked out and won the Powerball jackpot of $28 million, instantly becoming a millionaire and achieving financial freedom. He shared his experience with Business Insider. Unlike many young people, even though he gained a huge fortune at such a young age, Schultz was very clear that without rational planning, this money could disappear quickly.

Buying a lottery ticket only costs one dollar and a dream. However, the price of turning that dream into reality is often heavier than imagined. Over the years, countless lottery winners have squandered their winnings overnight, even falling into bankruptcy and life chaos. The story of former Powerball winner Timothy Schultz offers a better ending: he was not blinded by wealth but immediately made financial plans, properly allocating his money for investments, helping those in need, and doing what he loves—running a YouTube channel and podcast. On his channels, he shares how to have a chance to win, financial planning 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 prize. 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 show off. With the help of advisors, Schultz developed a conservative and long-term investment strategy, investing most of his funds in stocks, bonds, and mutual funds to ensure steady growth and enough to support his lifetime needs.

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 professionals for financial and tax planning, carefully selecting advisors familiar with high-net-worth individuals, as these professionals often accompany winners through the decades ahead.

The first luxury item purchased after winning was a gaming console

Talking about his first purchase after winning, Schultz laughs and says it was just the latest gaming console—something he couldn’t afford before winning. After completing 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 came asking for money, bringing invisible pressure

Money brings not only freedom but also invisible pressure. Schultz recalls that after returning to school, many classmates and friends around him were struggling financially. He was often expected to pay for dinners, trips, and various entertainment activities. After winning the lottery, people didn’t see the money as something he earned through effort. He even said some family members openly claimed his wealth was “free money” and that he should keep giving it away. 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

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

Now, Schultz spends a lot of time on fitness and runs his own podcast, Lottery Dreams and Fortune, and YouTube channel, sharing his experiences and stories. He says that although his channels generate some income, he can already sustain his life solely through investment returns.

This article about a 21-year-old who got rich overnight without reckless spending, hiring a financial advisor to preserve his millions, and regretting not buying Bitcoin earlier, first appeared on Chain News ABMedia.