Wow, thanks for all of the input!!
Let me try to answer some questions...
Yes, the house I bought does have a pool and overall the house needs no big improvements or renovations.
Currently the money is in basic savings, earning next to nothing. I have put the brakes on investing, because honestly, I have no idea what to do when it comes to that. 90% of what the 2 financial advisers had to say to me, I did not understand.
I do have 1 child that is 8 years old. I am divorced, and lucky for me, my ex wife married a millionaire. I just recently found out that my daughters college fund is already taken care of, so obviously that makes a big difference when it comes to setting her up for her future. Still not sure what direction I want to go in when it comes to this subject. My daughter is an only child and living a very good life.
I wont know my full tax obligation until tax time, but its looking like I will be in the top tax bracket, and will need to pay roughly another $154k in taxes. That money is already set aside in a short term CD.
The $600k that I have available is 100% available, as in.... No taxes need to come out of that and none of that is owed anywhere else.
I DO already have a 401k that has roughly $86k in it that have not factored into any of my net worth. Retirement planning was a little behind schedule, but wasnt completely neglected.
From what I do understand, investing in the stock market will return 7% on average over the long term. With compounding interest, it takes ~10 years to double your money. My goal is to be at $1,500,000 by age 60. That is 22 years from now. So, if those numbers are accurate, I would only need to invest ~375k now and forget about it for 20 years. That would leave me $225k liquid right now to do as I please, knowing that my future is set. Anyone see a hole in this plan?