It may be purposefully open ended but then the answer is either "it depends" or "follow your investment policy statement". So it's a rather vague question regardless of it's seeming conciseness and that makes it very difficult to know what you're truly asking. Are you seeking advice? Or curious about others circumstances?
How one determines the "it depends" is by figuring out your goals and laying down some assumptions. Some people won't be buying a house, some people won't be interested in empty lots of land (really? empty city plots? I'm no expert but that sounds kind of like a bad idea.), some people won't be interested in investments, and some people (most) will find it difficult to squeeze a $50k windfall into retirement funds.
Also hookers and blow.
