depends:
1) how old are you, do you have kids
If older than 40 and already have kids about to go to college, save it for their college fund in CASH.
2) have you already got all the education you ever wanted
if you are younger than 30 and haven't gone to college for a money making degree (liberal art doesn't count), go for one that will make decent income down the road (engineering, biochemistry, etc).
3) do you have some safety fund saved up
if not, save it for your rainy day fund
4) do you have huge debt that you haven't paid off yet
if not, pay it off
5) are your income relatively stable and have not gotten a home yet?
if so, buy a home right now is a good choice
6) are you feeling lucky?
if so, study an industry that you are familiar with (work with, etc), and follow some companies and see what is a good time to buy stock, and buy in small amount over a period of time.
if you are familiar with lands you can buy lands and just keep it there as well. but you have to know what you are doing in the things that you buy.
the key is, you have to know the company and industry you invest in very well, instead of relying on what the wall street analysts said.
personally i've put most of my wealth in short sales property (portion, shared ownership with family members) and tech stock that i'm familiar with (due to my field of work in the past 10 years), but that's probably not for everyone that just speculate.
