Tim Schultz, who won $28 million in 1999, shares his experience and offers advice on how to navigate the emotional and social challenges of sudden wealth.
Tim Schultz was just 21 when he won $28 million in the lottery in 1999. He went from a gas station attendant living in his parents’ basement to a millionaire overnight. At the time, Schultz wasn’t able to claim his prize anonymously, and he says his newfound wealth had a negative impact on many of his relationships. He advises telling only your immediate family first and waiting to spread the news until you have a communication plan.
He also recommends consulting with a therapist and legal and financial advisors before claiming your winnings. Schultz says he consulted with wealth professionals to understand how much he could afford to spend and give to others. He helped many people but also wanted to live within his means. He invested the money conservatively so that the returns could last him over a lifetime. But Schultz says while many of his friends didn’t outright ask for money, he often felt it was his duty to foot the bill. He was a struggling college student, just like his peers, and then he became an outlier: the rich kid. At the time, he felt obligated to pay for friends’ vacations, meals, or anything they did together. He adds that some family members guilt-tripped him into giving them money because they believed as a lotto winner, he hadn’t rightfully “earned” it. As time went on, Schultz started becoming more weary of those around him. People were supportive, but some treated him differently
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