First, I would put the money in a charitable annuities trust, so as to minimize my tax exposure, and then I would launch my new career as a millionaire philanthropist. This isn’t a huge stretch for me, since I used to work for a government funding agency.
Among my charities would be a small research grants program providing $5,000 to $10,000 to graduate students doing their Masters and Doctoral theses. Half of these would be for students working in people-oriented technologies, like solar powered ovens that can be used in the third world where fuel is expensive, or super energy-efficient refrigeration, modeled after the University of California’s Appropriate Technologies small grants program. Supporting graduate student research has the most bang per buck of any research dollar. For example, one $1,000 grant enabled a doctoral candidate in entomology to discover that there were really two species of white fly in stead of one—a discovery worth a potential $100 million in preventable losses in the timber industry.
The other half would go toward social science research to develop and support alternatives to the drug war and mass incarceration. I would endow a couple of professorships in to promote social criticism and human-scale technology, who would administer the grant program after I am gone.
Then, I would go on a pilgrimage to the world’s major holy sites, from Stonehenge to Machu Picchu to Lourdes to Luxor to the Wailing Wall, etc. And, along the way, I would attend technology trade shows and social activist conferences. I expect to meet people whose work promotes social justice that I can support.
I would buy a small villa somewhere in Southern Europe, and another one on the Riviera in Santa Barbara. For a car I would probably buy an Audi R8 or a Lexus LF. And I would live by myself, or occasionally with an agreeable companion. So, I would hire a live-in cook/butler/nurse to look after my health, and a secretary/editor to do things like pay bills, organize my calendar, edit my writing, and screen the people who want to approach me for various worthy causes.