Most 21-year-olds who win $28 million would immediately buy something ridiculous. A sports car. A mansion. Maybe a jet ski collection. Timothy Shultz bought a video game system.
That probably tells you everything you need to know about why he's still wealthy today.
Shultz was working at a gas station when he hit the Powerball jackpot in 1999. He retired on the spot, which makes sense. But what happened next is what separated him from the parade of lottery winners who end up broke within a few years.
Before he even claimed his prize, Shultz did something almost nobody does: he talked to financial experts. According to Insider, he wanted to understand exactly how much he could afford to spend and donate before touching a single dollar. "I assisted numerous individuals, but also aimed to live within my means," Shultz explained.
He and his advisors mapped out a conservative investment strategy before the money hit his account. "I primarily invested in stocks, bonds, and mutual funds," he said. Emily Irwin, an advisor at Wells Fargo, confirmed to the outlet that this approach is exactly what lottery winners should do.
After buying that video game system—the one luxury he couldn't afford before—Shultz set up his investments, helped his family, purchased some vehicles, and traveled. He even returned to college to study film and broadcast journalism.
But winning the lottery came with unexpected complications. Friends started viewing him as an ATM. "When you win the lottery, people don't perceive the money as something you've earned," he said. The social pressure to cover other people's expenses became a burden, highlighting the less glamorous side of sudden wealth.
Today, Shultz spends most of his time running his podcast and YouTube channel, "Lottery, Dreams, and Fortune," where he shares his experiences. He's managed his money well, though he admits to one regret: not investing in bitcoin earlier.
His story offers a blueprint for anyone who suddenly comes into money. Get professional advice immediately. Invest conservatively. Set boundaries with people who see you as a piggy bank. And stay informed about emerging opportunities, even if you can't predict which ones will pan out.
It's not a flashy story, but that's exactly the point. The boring decisions are usually the ones that work.