No clue, but let me tell you a funny story about my great aunt. Who did in fact recently receive a very nice windfall, although probably not $500K nice.
She asked her younger son (who was visiting) for advice.
He told her there was no wrong thing she could do with it. Give it to charity, spend it, invest it, whatever.
She asked her older son (by phone) for advice. He said “Well, Mom, first you have to give 10% to your church, and then you can do whatever you want with the rest.”
A couple hours later, in the midst of another activity, she came out with “I like my church, but I don’t like them that much. 10% is too much”
And even later “And if I give them 10%, and give some money to each son, older son will give 10% of his portion to his church, and that’s way too much”
So she hasn’t done anything.
funny story about the wife of younger son in the above tale:
A friend of theirs had had a misunderstanding where she thought they’d won the lottery. So she’d briefly been planning on spending extravagently.
This lead to Wife thinking it would be fun to play the “what if I won the lottery” fantasy game–imagining a $300K windfall.
“So, Husband, what would you do with the money?”
“I’d buy the house we stay at when we visit Florida in February”
“Well, that’s stupid . . . . No, really what else would you do?”
“Maybe I’d look into buying a boat”
“Well, that’s stupid”
“Ok, so what would you do with the money?”
“Um, umm, umm, maybe I’d buy a newer used car?” (envision a 2008 Buick or something–not a cheap, cheap car, but not a luxury car by any reasonable person’s definition).
“You know, you aren’t very good at this fantasy game”.