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With that amount of cash, I'd pay off my car loan in full, a new car for my wife, buy a decent house as a permanent residence, give back to my parents by buying all the renovations they're currently trying to afford, and pay for my son's college tuition. The rest would go towards everything else sensible, like savings and checking accounts, trust funds for any future children, and helping out family and friends where needed.
Of course, some of that would go to a few nice material things.
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