How would you spend it. Personally I would buy me a Ford Mustang and a Chevy Camaro
Most Helpful Girl
I would send $300,000 to my parents in England. $300,000 to my in-laws in Korea. Donate $100,000 to various charities. Put $100,000 into my daughter's account. Use the remaining $200,000 to visit my in-laws and my parents, buy presents for cousins and friends and save what is left.1
Most Helpful Guy
An interciew was done with a member of the Rothschild family some time ago, and if you don't know who they are, they are one of the richest most notorious families alive today. They've held on to their family wealth for centuries, and a member of the family was asked in an interview how his family has managed to hold on to their dynastic wealth for such a long time. His answer was a third, a third and a third: one third land, one third gold and one third fine art. If i got a million dollars, my strategy would be based upon the Rothschild principle on storing wealth in things that hold their value over the long term.
1/3rd would go into farm land and real estate, preferably in the southern part of the USA in oil rich states and where property taxes are lower. It would be used as a source of income which I could live off of.
The second third would go into 99.99% pure investment grade gold bullion, and id store it in several vaults in Canada, the USA and Beijing. The gold is bought as a hedge against US dollar devaluation, which is what a good number of central banks are already doing atm.
Lastly, the final third would go into more speculative things like fine art, which isn't quite as risky as it sounds. There are companies now that invest your money for you in fine art pieces that are more within ones personal spending range, similar to how one goes to a broker to invest in the right stocks/mutual funds for them. Unlike many other asset classes, fine art as a class has actually been doing surprisingly well, so i wouldn't mind putting some money there.
Overall, the main point here is that most of the money would be invested. As much as i think owning a flashy car would be cool, i think the best thing money buys a person is freedom... freedom to live without being beholden to anyone else... and if one wants to hold on to that freedom, you had better make sure you spend your money wisely1