I've thought a lot about this actually. A couple of years ago my husband and I bought our one and only lottery ticket ever and before winning the big pot, we discussed how we would spend the money if we did.
Except of course we didn't win. lol.
Here's what I would do with the money if we did.
1) Pay off debt. Before anything else we would pay off our car loan and student debt, credit cards, and anything owed to anyone else.
2) We would invest in a property that we would use as a Bed & Breakfast. Realistically a full sized hotel is going to cost over $1000,000. In fact, if you buy a Bed & Breakfast in the Niagara area that's also the cost you're looking at. lol. I would want something that had some of these features:
Location is incredibly important to me. I would want a water-front property so I'm probably looking at a minimum cost of $500,000 but probably more in the ball park of $700,000 to get the right kind of water front. I might be tempted to move out of province as well.
These pictures show the kind of relaxing environment I would want to welcome my guests to. :)
I would have a back porch that overlooked a slightly wooded area and a landscaped yard perfect for weddings.
I would love a front entrance similar to this one that looks very welcoming and a great porch in front with a view of the water.
The bedrooms would be tastefully decorated and relaxing and not at all Anne of Green Gables style (Wallpaper & Victorian *barf*) but rather think Hilton Hotel.
As for the rest of the money, if there was any left after my Bed & Breakfast spending spree I would likely buy myself a new wardrobe (I haven't had new clothes in years), pig out on some good tasting gluten free goodies, go on a couple of trips perhaps and possibly even put together a college fund for our daughter.
I think I'm pretty realistic in my million dollar spending. :) I don't need a whole lot of stuff at this point. What would you spend $1000,000 on?