A million dollars hunh? Here are the ways i would spend it.
1) Pay the sum of my college tuition off (dont want that debt hanging over you)
2) Pay the full value of my house's mortgage (again, dont want that debt hanging over you).
At this point, assuming my house is the average of 275-325K, plus my college tuition is going ot be about another 80-100K I have spent 355-425K. Then (after taxes this will equal a total of about... oh 650K that i got from the original million):
3) Put away 100K for myself and my wife for retirement.
4) Divide another 100K between the amount of children i have for thier future.
This will leave me with about 25K at least from the original. with that remaining 25K I would:
5) Spoil myself alittle, go on a nice vacation iwth the family, maybe buy something.
The rest I would:
6) Pay any car loans/Other loans
7) Give whats left to charity(ies) of my choosing.
Of course, i'll still be working with the million, so will my wife. a million goes fast, as you can see. So there is no need to keep it all and live the rest of my life.