As the Powerball jackpot hits an estimated $750 million, lottery expert Michael Ashley Schulman is offering crucial advice to potential winners — “Don’t go public too fast, and protect yourself.”
Schulman, who has advised high-net-worth clients for decades, says lottery winners often face unexpected problems: scammers, opportunists, and overwhelming financial decisions. His top advice is to remain anonymous if possible, though laws on this vary by state.
He suggests immediately changing your phone number, deleting or locking down social media accounts, and even using a P.O. box instead of a home address to keep your location private. “The minute your name is out, your life changes,” Schulman warns.
His method, called the “6 Ps of Sudden Wealth,” encourages:
- Patience: Don’t rush to claim.
- Protection: Secure the ticket and your identity.
- Professionals: Hire a lawyer, accountant, and financial advisor.
- Prepare: Think long-term.
- PPLI: Use private placement life insurance to manage assets.
- Passion: Spend wisely on what brings joy.
With a cash value of $338.6 million (pre-tax), Schulman notes most winners walk away with around $175–225 million after taxes. He emphasizes the importance of structuring finances to avoid common pitfalls like overspending or falling for investment scams.
As millions line up for Monday’s drawing, Schulman’s warning is clear: “It’s not just about winning — it’s about surviving the win.”
