Is this $1 million/year, or $1 million total?
If the latter, and you can find a way to get 5% return year in and year out, that's just $50K/year.
That wouldn't be enough for me to quit work. (Well, it might, but that's because I have serious *issues* with the day job right now.)
And if you want to get more than 5% return, you're going to have to become a professional investor. So you're going to have to work at that. That's sort of attractive -- but teaching economists tend to make lousy investment experts.
So, assuming you mean something more than a lump sum of a million, my answer would be...
1. Write.
2. Read.
3. Have a real hobby like figuring out how computers actually work.
And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)