If for some reason I decided not to develop a taste for cocaine and hookers, I'd...
-$350k invested in safe channels such as gold/bonds/CD
-$150k invested in risky but high potential payoff stocks
-$200k spent on starting up or taking ownership of some sort of business
-$150k spent on buying various "cash" deal houses under 20k each that people want to dump, and get them into good living condition. I'd stay in one, give one to my mother, one to each of my 2 brothers, and one for my grandmother, and rent the rest out to shmucks who will bail without fulfilling lease contract terms so I can keep thier security deposits, then when the real estate market comes back I'll sell them and reinvest
-$50k spent on buying a good reliable and efficient daily driver and prepay my car insurance for as long as I can, and make my Mark the best I can afford it to be
-$100k leftover would pay my bills and buy me food while I finish school and get my health where it needs to be until my business, real estate, and investments start paying off.
Once I built my mini-empire, I'd not traditionally "work". Not for anyone else at least. I hate to break away from the pack of folks who say they'd keep thier day job, who want to keep running in the hamster wheel etc. But I'm not gonna lie. Managing my assets to keep them going, and time spent advocating to try to lower the amount of morbid obese people in america would be my "work". A million bucks would transform my life because I realize two things; both how MUCH and how LITTLE that amount of money is in today's world.