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I would dump $700,000 into savings.

I would pay off my college debt (only $9,000 or $10,000).

I would spend as much as I needed to on an amazing video camera, audio recording equipment, video and audio editing hardware and software, and 2 really amazing computers (one for video and audio editing and one for everything else).

I'd buy a nicer bed and some new speakers, and a dehydrator for my wife.

The hefty chunk leftover would be for partying and traveling I guess.