I won $28 million in the Powerball when I was 21. One choice saved me from becoming a broke lottery winner.

• Wednesday’s Powerball jackpot hit $1.7 billion, the sixth-highest in history.

• Former lottery winner Timothy Shultz credits financial advisors with saving his lottery fortune.

• Schultz invested in stocks and bonds but regretted his investment choices.

The holidays may have most of us ready to slow down, but the Powerball stakes are just heating up Wednesday night. The top prize for Wednesday night’s drawing is estimated at $1.7 billion, making it the sixth-largest jackpot in Powerball history.

It would feel like a Christmas miracle if there was a winner on Wednesday, but former Powerball winner Timothy Schultz said the likelihood of going bankrupt within a few years is slim despite amassing so much wealth.

In 1999, Schultz won $28 million while working at a gas station and retired as a multimillionaire at age 21. In order not to be one of the unlucky winners who ends up losing everything, he devises a specific plan.

“All of a sudden, I went from being a gas station attendant to a 21-year-old retiree,” Schultz told Business Insider in a 2024 interview. “I felt like I had a magic wand. Anything was possible, but I also wanted to be financially responsible.”

He said: “At 21 I had no idea what to do with the money and luckily I sought professional guidance. I didn’t want to be one of those statistic of lottery winners who go bankrupt within a few years.”

Before handing over the ticket, he said he consulted with a wealth professional to find out how much he could afford to spend and give to others. “I help a lot of people but also try to live within my means.”

Before receiving any money, he developed a conservative investment plan with an advisor to ensure returns would last a lifetime. “I invest primarily in stocks, bonds and mutual funds,” he said.

Emily Irwin, a Wells Fargo consultant who coaches lottery winners on how to spend their money, told Business Insider in a 2023 interview that this is exactly what winners should do.

She also suggested forming a team of financial planners as soon as possible, and “be sure to carefully consider experts who specialize in high net worth and ultra-high net worth tax planning.” Owen also said award recipients should interview several candidates because the consultants will likely be in their lives for many years.

One of the first things Schultz bought with the money was the latest video game system. It was a luxury, he said, “that he couldn’t afford until he won.” The next thing he did was invest.

After completing his investment, Schultz said he helped his family, purchased a vehicle and began traveling. He even went back to college to study film and broadcast journalism, which was a dream come true for him

But after winning, Schultz was still surrounded by other struggling college students, and he felt pressured to pay for his friends’ vacations, meals or anything else they did together.

“When you win the lottery, people don’t think you earned the money,” he said. “I was told explicitly by a family member that I won the lottery for nothing and that I should continue to give money to them and others.”

Schultz said he spends much of his free time these days working out and working on his podcast and YouTube channel, “Lottery, Dreams and Fortunes,” which highlights the stories of other lottery winners. “YouTube brings in some money, but I can live off my investments,” he said.

Despite making good investment choices, Schultz still regrets overlooking one specific investment. “I wish I had invested in Bitcoin years ago, but that’s my only regret about how I spent my winnings,” he said.

Nonetheless, Schultz’s initial decision to seek professional financial help laid the foundation for his success over the years.

Correction: Dec. 23, 2025 – An earlier version of this story incorrectly described details of the next Powerball drawing. The price tag on Wednesday night was $1.7 billion.

Read the original article on Business Insider