A man who scooped a whopping $28million (£22.4m) after spending just 50 cents (40p) on a lottery ticket has shared his top five tips for anyone lucky enough to win big.
Timothy Schultz, who was just 21 when he won the Powerball in 1999, was working as a petrol station attendant in Iowa, US, when his numbers came up. He nearly lost his millions when co-worker Sarah Elder, who was only 20 at the time and therefore too young to legally buy a lottery ticket in Iowa, claimed half ownership of the winning ticket.
The pair had both chipped in 50 cents to buy it. Fortunately though, Sarah withdrew her claim before it went to court and they settled the matter privately.
Timothy, who now runs a podcast and YouTube channel where he chats with other lottery winners, has revealed the five things everyone should do if they're ever fortunate enough to see their numbers come up....
Timothy Schultz won big at just 21-years-old (Iowa Lottery)Get the ticket to safety
"If you are holding a physical ticket worth millions, that is a huge liability. Do not just carry it around. Put it some place secure such as a safety deposit box," he advised. Timothy said he's spoken to other winners who stashed their tickets "under their mattress, in their pillowcases, even in their kitchen cabinet". He also suggested winners snap a picture of their ticket, just in case the unthinkable happens.
'I ventured into Alcatraz after dark and was terrified by what I saw and heard'
Contact the professionals
"If you win millions from the lottery, I suggest contacting attorneys and financial advisors before you turn in the ticket. It is very important because the average lottery winner who wins tens of millions... does not know what to do with that sort of money unless you have that background," he said.
Timothy explained it could be beneficial to know all the rules and regulations about the prize you've won before you do anything rash. He added: "Different countries, different states in the US, have different rules of whether and how you can claim prizes anonymously as well, if that is something you wish to do."
Timothy now runs a podcast and YouTube channel where he talks to other lotto winners (Timothy Schultz/YouTube)Splash the cash!
Timothy said: "You have just won the lottery, what are you going to do? ... because it could be a question you are faced with in a sudden and surreal reality. Of course, you need to understand how much you can afford to spend after speaking to financial advisors.
"Are you going to purchase a new car? A new house?" He revealed his first purchase was the "latest, greatest video game system", which he couldn't afford before his win.
Take care of your mental health
"Winning the lottery can be one of the most exhilarating, euphoric, crazy things that can possibly happen to a person – and it does happen to people – but once the exhilaration, once the adrenaline, once it all wears off you come to a new baseline," Timothy explained. He revealed he struggled with "Sudden Wealth Syndrome", a psychological condition where the intense pressures of sudden riches can lead to emotional and behavioural issues. Timothy admitted feeling "guilty" and like an "outlier" post-win.
Hop onto Timothy's podcast
The final nugget from Timothy was to feature on his YouTube channel's podcast, where he chats with major lottery winners about their post-jackpot journeys and life changes.
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