What would I do with $1 million?

Do you ever think about what you would do if you came into a bunch of money? There's a little theme going around on a bunch of money blogs all asking the question: "What would you do with $1 million?" I got the idea from Afford-Anything.com. She's a smart cookie. I only found her blog yesterday or the day before, but I'm already adding it to my blog roll. Go read her post and give her some comment love! After reading her post, I would do just about the same, but I suppose it would be a little different. I don't have a solo 401 k to max out, but I'm assuming there's some type of option for me other than an IRA since I don't get a retirement plan as a grad student. Let's just pretend that I can max out some kind of retirement fund. So I guess my list would go something like this.

1. I would probably say something to the effect of "What?!?!" and freak out a little bit. Possibly scream or pass out.
2. Then I would scramble to find my written plan because how else could I possible make a good decision in a time of complete shock. It's like having a living will. Sometimes you just need a written plan.
3. I would max out my 2011 Roth IRA (2010 already maxed!) $5,000
4. I would max out any retirement I could which I'm going to assume is $16,500 for 2010 and $16,500 for 2011. $33,000
5. Hmmm...Afford-Anything maxed out her HSA. I do need to get my wisdom teeth out to the tune of $1000. Other than that, I'm not planning to need much. To be cautious I'll put $2500. That could cover any prescriptions, contact lenses and new glasses!
6. I guess I'll have to pay taxes on the rest. Supposedly about 33% on $959,500 leaves me something like $642,865.

On to the fun stuff!
1. I would pay off $50,000 on our family cottage.
2. I would put $10,000 in a college savings fund for each of my 4 nieces and nephews. $40,000
3. I would put another $30,000 in a college savings fund for kids I don't even have yet.
4. I would put $25,000 in my emergency fund and transfer it to a higher interest earning account.
5. I would go shopping. I know this sounds frivolous, but I would love to revamp my wardrobe a bit. If I had all that surplus money, I would get rid of so many of the clothes that I have now and replace them with things that are classy, stylish and not worn out looking! Let's just say $3,000. Might sound crazy, but I just want to
have nice clothes for a few years while I'm still on a measly salary.
6. I think I need to put aside about $5,000 for moving expenses for when I'm done with my PhD. Even if someone pays for the move (which is doubtful), I still need some furniture and a down payment on an apartment. The $5,000 plus what I'm saving on my current salary would do me just fine I think.
7. Food. I love good food and I would love to be able to spend whatever I wanted on groceries. I mean, it's in my nature to get bargains, but I'd love to spend more than $20 a week on groceries. I'm thinking $50 would be splendid! And I'm still banking on 3 years of subsidizing my salary, so let's say I can afford $20 per week so I need another $30 a week. That's $4,680.
Down to $485,185. Guess it's time to be responsible and invest the rest. Let's hope that's a good contribution to my future! Done and Done.