Very easy to answer and very boring:
Invest it. That should make at least 40.000$ a year even after deducting taxes.
Take that and:
- spend half of this sum to counter inflation by adding it to the savings
- give some to charities
- travel a lot
- finish my studies (I might aim for more than one degree then)
And start to really think about what to do with the real money when I decide to get a family.
Or maybe get my parents a house with a big garden right away, if that's what they really want, and just use the rest of the money for the plans above. It would still be more than enough.
You see, I have it all figured out, now just tell me where to get this #*?! million.
Edited to add:
After some calculating: If you invest 1 million dollars at an interest of 4% (that should be careful enough if you want to invest that big a sum for a long time), you'd just have to wait for 7 years. Then you could build a 300.000$ home and still have the million. And use it for your pension. Or charities. Or whatever.
Well, guess the thing with the first million being the hardest is really true then