Very smart.
I’ve often thought that if by some twist of fate I became a multi-millionaire, I’d put myself on an ‘allowance’ of about the same amount.
Invest the rest, and avoid foolish spending, though I admit, I’d be highly tempted to buy a Maserati Quattroporte; I’ve always liked the looks of them, though I confess I have no idea as to their reliability. :D
Maserati Quatros are a giant ball of (very pretty) poop. I work for a bank, we wont finance one under just about any circumstances. A 13000 dollar 06 GTO will do about the same thing, while looking boring to cops.