I was awarded 117k from a lawsuit. It's not as much, but I prioritized like this:

1- Paid off all my debt except my car (I lease and it's not worth it to pay it off). That was around 8k.

2- Spent some money on doctors I had been putting off due to costs. Went back to therapy for anxiety, saw an allergist, saw a high risk pregnancy specialist to have a consultation for the future, etc. Investing in my mental and physical self should NOT be a luxury, but it is.

3- Met with a financial advisor at my bank. I took his advice, but made no decisions.

4- Sent my stepson to camp for the summer. It's not a fancy camp, just a day camp, but there goes 3k.

5- Took a honeymoon trip with my hubby. 5k.

6- I now have around 80k in the bank. I left it in savings, use it as needed for necessary expenses only (mostly medical). I'm waiting until I get all my tax paperwork and then meeting with an accountant to do my taxes for the year.

7- This will be my last step: Leave 15k in my savings account for incidentals, invest the rest for short term. Next year hubby and I are buying a house.

The biggest advice I can give you is not to change your lifestyle too much and not to spend on things you wouldn't have before the prize. I feel there are very few exceptions to that rule. One of them is your teeth. Go and get that dental work done. Your body is the best investment you can make.

As far as going back to school goes, do your research. I did the same, but still at a state school. I'm also using my company's tuition assistance. It's not a whole lot, but it's something I work to earn. School costs me about 2k out of pocket each semester.

For those who say my math doesn't add up, hubby and I work on commission. Some months we need extra money, some months we have a surplus and add that to savings. We usually add about 7-10k to savings each year. January-March are rough for us and we usually dip into savings. June-November puts us back on top. In addition, I estimated most of these numbers.