I won 28 million dollars on Powerball when I was 21. One choice saved me from becoming a break lottery winner.

• Wednesday’s Powerball jackpot reached $1.7 billion, the sixth largest in history.

• Former winner Timothy Schultz credits financial advisors for preserving his lottery fortune.

• Schultz invested in stocks and bonds, but has one regret about his investment choices.

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

If there’s a winner Wednesday, it might feel like a Christmas miracle, but Timothy Schultz, a former Powerball winner, said there’s little chance of going broke within a few years, despite accumulating so much wealth.

Schultz won $28 million in 1999 while working at a gas station and retired a millionaire at age 21. In an effort to avoid becoming one of the unlucky winners who eventually lost it all, he devised a special plan.

“All of a sudden, I went from being a gas station attendant to being retired at 21,” Schultz told Business Insider in a 2024 interview. “I felt like I was holding a magic wand. Everything was possible, but I also wanted to be financially responsible.”

He said, “At the age of 21, I didn’t know what to do with that kind of money and was lucky that I sought professional guidance. I didn’t want to become a lottery winning statistic within a few years.”

Before returning the ticket, he said he consulted wealthy professionals to understand how much he could spend and give to others. “I helped a lot of people, but also wanted to live within my means.”

Before he receives any money, he establishes a plan with advisors to invest it conservatively, ensuring that the returns will last him a lifetime. “I’ve invested mostly in stocks, bonds and mutual funds,” he said.

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

She also advises assembling a team of financial planners as soon as possible and that, “you should carefully consider experts in high-net-worth and ultra-high-net-worth tax planning.” Irwin also said that winners should interview multiple candidates, as these mentors will likely be in their lives for years.