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The stats are ironic. There are near-impossible odds to hit a Powerball jackpot (one in 292 million), yet a high probability that those that do will squander it (70% of lottery winners go broke). Not Tim Schulz. In 1999, he was a 21-year-old buried in student debt and working at a gas station for minimum wage before an improbable $28 million Iowa Powerball win instantly reversed his circumstances. More than 25 years later, Schultz is happy, successful, and still wealthy. He invested the majority of winnings, and still lives off of the interest on top of earnings from his successful Lottery, Dreams and Fortune podcast. I’m still incredibly grateful, said Schultz, now 48. Your life can go in different directions. It’s one of the biggest things that’s ever happened to me. Schultz’s initial purchases were practical. He eliminated his debt. He hired a financial advisor who put him on a budget. His first purchase was a Nintendo 64 game console, and eventually, Schultz purchased a modest house and car. Managing the logistics of a massive windfall The prospect of upgrading your life situation overnight is the lotterysor anyone who falls into instant wealth like an inheritancegreatest seduction. There are the problems you would solve, the house in Newport Beach you would buy, the tech startup you could start, and the money (or Birkin bags) you would gift your family. But rarely do dreamers factor in the actual logistics that immediately precede a golden ticket. From a process standpoint, I do think some of [the lottery winners] are a little surprised to find out how much is involved after the win, said Carolyn Becker, a spokesperson for the California Lottery. They are learning in real time. As fiscally responsible as Schultz was, there were tough lessons along the way. Demands for money from family and friends led to fallings-out. And becoming an instant Powerball millionaire at 21 created pressure, guilt, and stress at times for Schultz. Fast Company spoke to Schultz, who has also interviewed dozens of fellow lottery winners and financial advisors on his podcast, and representatives from the California Lottery to explain what to expect after hitting a 9- or 10-figure jackpot. And more importantly, how to survive it. 1. SECURE THE TICKET No ticket, no payout. Take it to a safety deposit box or someplace that will protect it from fire or getting wet, getting ruined, or lost, said Schultz, who suggests getting your ducks in a row before you claim your prize. In addition, if you are a part of an office pool or a shared ticket situation, the California Lottery advises a representative of the group can sign the ticket and attach an affidavit or pool agreement to the ticket to prevent internal disputes later. 2. BUILD A TEAM OF EXPERTS In most states, you have 365 days from the date of the draw to claim your winnings. That’s plenty of time (but not too long, there have been close calls and missed deadlines) to prepare a plan and hire the professionals who will protect you and your money, before redeeming your ticket. A reputable financial advisorto build your investment portfolio and veto the Birkin bag idea aboveis a given. But Schultz takes it a step further. There are lots of different types of attorneys, but I recommend an estate attorney before you redeem the ticket, he said, noting estate attorneys can often assist with taxes, legal forms, insurance, drafting media statements, and dispersing cash between family members. Schultz also warns against prematurely broadcasting your new fortune, rather, keeping those in the know limited to your new professional team and a few trusted family members and friends. 3. FILE YOUR CLAIM. (SPOILER ALERT: YOU WONT BE PAID TODAY) Unfortunately, the process of claiming a billion-dollar Powerball or Mega Millions jackpot (or even anything over $1,000 for that matter) is a little more complicated than just providing a routing number, explained Daniel Kelly, a spokesperson for the California Lottery. The first step involves completing and delivering a claims form, either in person or by mail, to the official lottery office in your state. In addition to providing the legitimate physical ticket, the lottery winners identity will be vetted. They want to make sure, because this is so much money that it’s going to the right person, Schultz said. They don’t want to mess that up. Also expect filling out formsand lots of them. Once the winner decides on whether to be paid in a lump sum (a one-time payment, which Schultz said is typically half of the sticker prize) or an annuity payment (annual payments, often for around 30 years), they must complete a variety of tax formsincluding state and federal tax (typically 24% is withheld). Eight states, including California, Washington, and Wyoming, do not tax lottery winnings. And dont expect a same-day deposit. The waiting time can be between six and eight weekssometimes longer if you have outstanding payments (unpaid parking tickets, child support, etc.) with the government. I think there was an overdue vehicle registration fee [from a major lottery winner in California] three years ago, literally $20 that stalled the process, said Becker. 4. CONSIDER MOVING (OR AT LEAST DELETE FACEBOOK) The degree of privacy for major lottery winners depends on the tickets point-of-sale origin. Some states like Wisconsin require you to claim your winnings publicly, while others like Arizona and Michigan allow large prize winners to remain anonymous. In California, winners names are public record, although they are not required to have their photo taken or talk to the media. I’ve been here five years, and no big winner has ever agreed to appear at a press conference with us, which is fine, said Becker. Edwin Castro, a Los Angeles-area resident who won a Powerball record $2.04 billion in 2023, did not appear on camera (he did provide a written public statement) but news media outlets like TMZ and the New York Post have tracked his home purchases and recent dating life. An anonymous lottery winner from California, who recently hit an eight-figure jackpot, told Fast Company that she eliminated her social media accounts, hired a company to scrub her digital footprint, and started a LifeLock account to protect her from identity fraud. Schultz advises refraining from drawing attention to yousef (suddenly driving a mustard-yellow Ferrari F80 might qualify). There is a safety component when you win a massive amount of money and I’ve definitely talked to winners who have changed their phone numbes, said Becker. 5. SAY NO. AND REPEAT In Schultzs own press conference two decades ago, he expressed returning to school to study film and journalism. Letters (early internet and pre-social media) poured in from around the country from filmmakers seeking funding. But it wasnt the shameless asks from strangers (sob stories and loans that will never be paid back) that were most challenging for Schultz, it was the entitlement from those closest to him. If you just get [your wealth] from a one or two-dollar lottery ticket, then for some people, it’s viewed as getting something for nothing, he said. The consequence was the relationships were really damaged because of that. Creating boundaries and understanding that he cannot help everyone has helped Schultz manage the requests. He also learned how to deflect. I blame it on my financial adviser, he said. Which is true, because I want to be financially responsible. 6. VIEW A LOTTERY WIN AS A BLESSING, NOT A CURSE Quit your job. Start a charity. Go on a safari in Tanzania. Do what feels authentic, is Schultzs two cents for anybody who wins a Powerball jackpot like he did 26 years ago. He is aware that his life benefited from a little luck. And hes grateful for that. I did pay off my debt, and I went back to college, and I pursued my dreams, he said. And you don’t need to win the lottery to do that. Almost everyone in the world whos ever achieved their dreams has not won the lottery, but you can, and people do.
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The official posters for the 2026 Winter Olympics and Paralympics were revealed today, and theyre designed to introduce the world to some of Italys foremost emerging artists. For next years Milano Cortina Games, 10 posters have been created: 5 for the Olympic Games and 5 for the Paralympic Games, featuring the work of 10 Italian artists (all younger than 40) hailing from different regions of the country. According to a press release from Milano Cortina, the artists were chosen in collaboration with the Triennale di Milano, an art and design museum in Milan that displayed the torches designed for the 2026 Games earlier this year. The tradition of Olympic posters goes back to the 1912 Stockholm Games, when Swedish painter and illustrator Olle Hjortzberg was tasked with advertising the Games as a newly global media phenomenon. More than a century since then, the posters have become an integral symbol of each unique edition, ranging from an explosion of color for the 2016 Rio Olympics to a series of trippy designs for the 2020 Tokyo Games and a multimedia collection of high art for the Paris Games in 2024. Giorgia Garzilli, 2026 [Image: courtesy Fondazione Milano Cortina 2026] The Olympic posters The five designers tasked with creating posters for the 2026 Olympic Games are all women: Flaminia Veronesi, Beatrice Alici, Giorgia Garzilli, Martina Cassatella, and Maddalena Tesser. Maddalena Tesser, The Mountain [Image: courtesy Fondazione Milano Cortina 2026] Veronesi, a 39-year-old from Milan, took the prompt in a whimsical direction with her work The Oasis of Play, a bubbly portrait overflowing with bright color and dynamic shapes. Flaminia Veronesi, The Oasis of Play [Image: courtesy Fondazione Milano Cortina 2026] It tells how we create a parallel world when we play that is an oasis of joy, Veronesi explained in a video promoting the designs, adding that the paintings subject represents a young athlete or young spectator dreaming about the Games. Sprinkled throughout the work are Easter eggs referencing the Biscione of Milan, a symbolic dragon; the Dolomites mountain range; and the five Olympic rings. Beatrice Alici, Silver Peaks, [Image: courtesy Fondazione Milano Cortina 2026] Alici, a 33-year-old from San Don di Piave, took a more literal approach with her work Silver Peaks, opting to render three true-to-scale Olympic athletes in the foreground of the Venetian Prealps. The compositions cold, subdued color palette draws viewers eyes to the medals held by each figuregold, silver, and bronze. In contrast, 28-year-old Cassatella, hailing from San Giovanni Rotondo, chose a warm palette for her painting Torch. The poster spotlights a close-up of two glowing, intertwined handsreminiscent of the Olympic torchin a deep range of reds and yellows. Martina Cassatella, Torch (Olympics) [Imge: courtesy Fondazione Milano Cortina 2026] Representing a poster for the Olympic Winter Games has been, especially at the beginning, a challenge, since I did not want my work to be too explicit, too didactic, Cassatella shared in a video interview. Instead of leaning too literally into the symbolism of the winter season, she chose to highlight a warmer image of unity and inclusion. Andrea Fontanari, Together We Play, Together We Transform [Image: courtesy Fondazione Milano Cortina 2026] The Paralympic posters Of the five posters created for the Paralympic Games by artists Roberto de Pinto, Andrea Fontanari, Giulia Mangoni, Aronne Pleuteri, and Clara Woods, several take a distinctly unexpected direction. Aronne Pleuteri, Untitled [Image: courtesy Fondazione Milano Cortina 2026] Perhaps the most abstract among them is 24-year-old Pleuteris Untitled. The piece is a burst of brightly colored shapes made using digital sketches on paint, inkjet prints, and mixed-media add-ons, resulting in a composition that verges on chaotic. According to an interview with Pleuteri, the poster works with the idea of escaping from visual stereotypes. Roberto de Pinto, Untitled (Snowdrops) [Image: courtesy Fondazione Milano Cortina 2026] For his work Untitled (Snowdrops), 29-year-old De Pinto chose to forgo color altogetherrelying only on black charcoal against a white background to depict a field of snowdrops, white flowers that bloom in late winter and early spring, often when theres still snow on the ground. Its captioned, Cracking the limit just like snowdrops crack cold ice. Clara Woods, You Love [Image: courtesy Fondazione Milano Cortina 2026] [I compared] the figure of the para-athlete with the snowdrop, since it is a flower that breaks the ice and snow to blossom, De Pinto said in an interview. It is a symbol of hope.” Giulia Mangoni, Victory is more than a moment [Image: courtesy Fondazione Milano Cortina 2026]
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E-Commerce
More than $60 billion of investment will be spent by Texas Instruments to build and expand seven semiconductor factories in the United States, creating more than 60,000 jobs in the country, the company said today. The announcement, which will see the investment spent across seven semiconductor fabrication sites, is a boost for President Donald Trump, though it is not exactly new cash, some experts argue. “I think its exactly what they’ve been saying for the last four or five years,” says Stacy Rasgon, a senior analyst at Bernstein who covers semiconductors. “Theyre probably one of the few thats actually put massive amounts of dollars in the ground in the U.S. already. So you might as well get credit for it.” The announcement also does not include a time frame. Texas Instruments CEO Haviv Ilan said in a statement: “TI is building dependable, low-cost 300-millimeter capacity at scale to deliver the analog and embedded processing chips that are vital for nearly every type of electronic system.” While the announcement may be aimed at pleasing Trump, it reinforces a strategy to ensure the survival of the U.S. AI sector at a time when the country is increasingly at odds with China. The threat of a potential invasion by China looms constantly over Taiwan, the worlds main manufacturer of computer chips. “Personally, I think TI has been preparing for a decoupled world, where its no longer viable, for whatever reason, to source parts from Asia. And theyll be sitting here with a whole bunch of capacity,” Rasgon says. “TI’s latest investment is another move for the U.S. legacy semiconductor player to show its determination in strengthening its production capacity in the United States, which aligns with the current administration’s agenda,” says Ray Wang, research director for semiconductors and emerging technology at the Futurum Group. Others believe the announcement is a move to onshore chip production in an uncertain world. “This announcement builds on Texas Instruments’ long-standing efforts to build new chip factories in Texas and Utah,” says Chris Miller, professor at the Fletcher School at Tufts University. Miller points out that Texas Instruments is already “a key supplier of the foundational semiconductors that industries from autos to smartphones require.” He adds that the company seems poised to grow its footprint even more, having steadily added new facilities and ramped up capacity in recent years. That puts TI in a position of relative strength, giving the company the ability to ramp up domestic production and reduce reliance on overseas partners like the Taiwan Semiconductor Manufacturing Company (TSMC) by bringing more manufacturing back in-house. A $100 billion deal, announced in March 2025, would also see TSMC bring more chip production capacity to the United States. At the time, experts questioned whether the move might result in Taiwan losing its economic defensive shield against a Chinese invasion. “This is the exact countermove that the U.S. needed in the context of increasing its annual chip output,” says Koray Köse, founder and chief analyst at Köse Advisory. “This enhances the U.S. supply chain resilience and the security of it, especially when we look at the geopolitical tensions and the over-reliance on Taiwan from foreign chipmakers.” This, Köse says, shifts the balance in Americas favor by giving the country a stronger, more self-reliant supply chain. It also helps Texas Instruments be insulated from Chinese competition. “Those segments they are in are really commodity segments, where a lot of that supply, Chinese manufacturers are trying to take share from them,” says Willy Shih, a professor at Harvard Business School. Beyond cash, more work is needed to keep the U.S. up to pace with China and others, says Miller, the Tufts professor. “Facilitating chip production will require streamlining regulation, training more workers, and ensuring that U.S. firms don’t face unfair competition from heavily subsidized companies in China,” he says. “The U.S. needs to continue to invest in training programs at universities and community colleges to produce a strong supply of fab technicians, trained construction workers, and engineers to build and operate chipmaking facilities.” But Trump may resist one key step that Miller says is vital for the U.S. to become a chipmaking champion: immigration. “It also needs to facilitate immigration of high-skilled engineers with unique, chip-specific capabilities,” he says.
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