Yeah... another "minor expidenture, then invest" fellow. I'd get a decent computer, and maybe fix up my car. Spend a little fixing up the houses the immediate family owns, general maintainence stuff like that. Doubtful it'd eat up more than 100k (probably much less; maybe 20, 30k depending on how home maintainence falls through).
The rest I'd find someone competent to manage, and tell them they get 10-25% of any profit they can get out of it. Ultimate goal would be a series of trust funds, providing basic amenities (sufficient but unimpressive housing, staple but not fancy food, small stipend for clothing, health, and transportation) for my family and their descendants, with the intent of setting up something self-sustaining and having a little mini-socialism-in-perpetuity set up for my blood kin. Fuck the rat race.
A bit would also be set up in a similar perpetual system for the purpose of donations, primarily to education. Most of it would be slated for philosophy programs, especially for lower education and rural areas. Meta-education -- learning to learn, learning to think, learning what forms the basis of other things you learn -- is something that needs some more cash and effort invested in it. Standard bit of scholarships for the poor but capable, of course.