Set up a nice investment vehicle with maybe 400m so I can get 1.6m in dividends a year which would be better enough to comfortably travel the world, have a private chef, someone who organized travel so I don't have to..

A nice 12 person yacht on the Mediterranean is 400k eur for 2 weeks (with staff) so I'd realize it's not enough and invest the rest so I could get comfy.

Along the way help friends and family, pay off mortgages, usually good stuff.

It's not that hard to spend 4% a year of that.

What's the point of that? That sounds like the most boring life. You want to rot away on a yacht? Private chef? Are you kidding?

Help family? Sure, although you don't need that much money for that. Friends? Ehh not very smart, just think about the changes in the friendships' authenticity.