I'd think it'd be better off to just pay off the morgage, though it should be easy enough to figure out whether it'd be worth it or not.
I for one would probably buy at a fancy car, but not an entire fleet of them or a single car that cost million dollars or half that, no car that can go 200+ miles per hour for me. I wouldn't buy a million dollar mansion either. I might not even buy or build the home I have had in mind for a long while because I wouldn't exactly need all the space since I'm single and at my age a "dream home" seems kind of silly since I doubt I'd live there the rest of my life anyway. Doesn't mean I don't mind imagining it still though and even in Florida it wouldn't be a place that'd cost a million or maybe even half that to build, there's homes down there now that are kind of a base for what I imagined and they're priced at around $250,000 and lower.. But I can think realisticly too in really if I were to buy a home I might just be better off with a small town house at this point.
As for a investing, only a fool would go "all in" with something even if it's a sure thing. When it comes to stocks I'd stick to what companies and industries I'm familiar in and learn as much as I can. No way in hell would I give control to anyone else to do things for me nor would I take anyone's word on something. I read something awhile ago with someone calling diversifying "stupid" and just remembered all the people who lose almost everything when the dotcom bubble burst and all the people who pretty much invested all they had into companies that they didn't research very well or now with the real estate market that's gone down the crapper. Granted those two things are a bit different from each other but in the end they're also the same in many ways and it's going to happen again eventually with current commodities bubble, anyone who goes all in on it will be a fool, especially if they're thinking long term.
Okay I'll stop rambling now.. I need sleep.