So people are advising Sushil Kumar (winner of Rs 5 Crore Jackpot in KBC) on what he should do with his money. I am no personal finance wiz but nevertheless will pitch in with my 2 cents worth:

1. Clear your tax dues (Income tax people are sure to knock on your door.)
2. Buy a house (or two!)
3. Arm yourself and your wife with basic financial education
4. Get a life insurance
5. Get medical insurance for self and family (including parents)
6. Invest for children's education and your retirement but in a mix of financial products that you understand thoroughly and that are in sync with your risk appetite - debt (most probably FDs) and equity (definitely MFs).

Oh, and a few don'ts:

1. Stay away from everyone promising quick guaranteed returns on your investment
2. Stay away from relatives with their imaginary financial woes
3. Never put all eggs in one basket (this sounds like such a cliche)