A LOTTERY winner shared his tips on what to do with a big prize after someone took home a $1 billion jackpot.
Timothy Schultz, who won a Powerball draw in 1999, took to YouTube to warn the recent $1.34 billion winner how to protect his money.
Schultz’s biggest tip in his last video was to consult a money expert to advise you on what to do next.
“I really hope you contact financial advisors and people who know how to manage this amount of money, who are used to investing,” he said.
He recommended doing this before you claim the ticket, to be prepared for what to do with the money.
He also advised winners to contact a real estate attorney before claiming a prize to find out if they can remain anonymous by using a trust or other facility.
Jackpot and anonymity rules can get very complicated and vary by state.
Schultz’s next tip was to have a basic rule of what to do with the money.
In particular, it is important to find out where the money should go, be it to individuals or a charity.
Too often when people win the lottery, friends, family and acquaintances come out of nowhere looking for financial help.
With seemingly limitless funds, it can be hard to say no, so it’s important to figure out where your limits are before you have the money.
“Back when I won, I got stacks of letters — and it doesn’t happen to everyone, but people come out of the woodwork for some lottery winners,” Schultz said.
Schultz recalled the “surreal” feeling of winning.
“It’s extremely exciting,” he said.
“You’re probably in shock right now because it’s literally like being struck by lightning.
“It can really turn your life upside down,” he said.
After winning $28 million in 1999, Schultz earned a degree in journalism.
He now hosts a podcast with interviews and advice for lottery winners.
https://www.the-sun.com/money/5959292/lottery-winner-tim-schultz-jackpot-advice/ I’m a lottery winner – what to do with your $1 billion jackpot, including contacting advisors so you don’t lose your winnings