Here are the three most important things you need to do.

Avoid the big-spender syndrome.
A million bucks is a lot of money, but it’s not enough to live large on for very long. Start spending on expensive cars, lavish entertainment, a palatial apartment or home, and you can easily run through your dough before you hit 30.

I recommend that you set aside a small amount of money as an emergency fund and perhaps to allow yourself a reasonable splurge or two, say, a new car if you need one, a nice vacation, whatever. But aside from that try to maintain a lifestyle that’s in line with your income. In other words, try to live as if you don’t have nearly $1 million salted away.

Pass on complicated (and costly) investing schemes.
Many people have this notion that once they have high six or seven figures to invest, they need to be in “sophisticated” investments like hedge funds or engage in complex strategies like shorting some stocks or indexes while simultaneously going long with others.

But sophisticated is often just another way of saying expensive. Many hedge funds charge upwards of 2% a year of your account value and take 20% of any profits. I’m not saying they can’t generate good returns, but it’s tough to overcome such a high expense hurdle year after year.

Be careful if you decide to hire an adviser.
Although I don’t think someone in your position automatically requires professional help, some people feel more comfortable with a bit of hand holding. If that’s the case for you, fine. You just don’t want that helping hand inappropriately helping itself to your money.

Photo by smillion.