NEW YORK (CNN/Money) - If only you had Brian Heidik's problem.

The 34-year-old resident of Quartz Hill, Calif., took home $1 million Friday for winning "Survivor: Thailand" earlier this week. And now that he's won the grand prize, he has to decide what to do with it.

While filming the hit CBS show, Heidik repeatedly referred to his stint on Survivor as a "business meeting," placing strategy above friendships forged on the beach. He ruffled some feathers along the way, and barely won the vote by a jury of his peers, but his poker-face game plan made him rich in the end.

Brian Heidik, "Survivor: Thailand" winner

If he takes the same approach to managing his million, he could see it double.

"This could set you up for life," said Doug Flynn, a certified financial planner at Flynn/Zito Financial Planning in Garden City, NY. "Or you could squander it and end up no better."

Heidik, though, still has his eyes on the prize.

"I'll double it, triple it, then quadruple it," Heidik said Friday on the CBS Early Show, where he collected the pre-tax check for $1 million. "I'm going to take care of business. Take care of the people around me. And take care of myself."

Granted, he won't have a full million after the Feds take their cut. Instead, he'll have about $675,000 after federal income taxes - and that's before state taxes, according to New York City certified financial planner Scott Kahan.

If he wants to play it smart, here's what Heidik should do:

GO AHEAD, SPLURGE Both Kahan and Flynn encouraged Heidik to spend a fixed amount on a luxury of his choice, like a dream vacation or a high-end car. People who come into sudden wealth should indulge the urge to splurge at the outset, they explained. Otherwise they risk spending it all in fits and starts.

"Right off the bat, spend a set amount, maybe 10 percent," said Flynn. "You earned it. You're rich, so get it out of your system."

LET YOURSELF RETIRE IN STYLE Flynn then recommended putting aside about 20 percent of his after-tax winnings – about $135,000 – for long-term retirement savings.

"He should aim for long-term growth in his retirement portfolio and diversify into stocks, bonds, index funds and managed funds," said Kahan.

FUND YOUR SON'S COLLEGE EDUCATION Kahan also suggested Heidik put college funds aside for son Logan, now about a year-and-a half old. He also recommended socking $50,000 away into a tax-free 529 plan. If Logan attends college in 16 years and the money earns a conservative 6 percent, it'll grow to about $120,000.

BUY THE HOME OF YOUR DREAMS Though Heidik would be able to pay for a house in cash – even in his pricey home state of California – experts cautioned against it.

"If he decides to buy an $800,000 house, he shouldn't pay cash for it," Kahan said. Instead, planners recommended putting a piece of his money – say, a $200,000 down payment – toward the home he wants, and keep funds available for mortgage payments, repairs, renovations, and the sundry costs that come with owning a new home.

Mortgage payments, after all, represent one of the greatest tax breaks around since any interest you pay is tax deductible. Also, married couples pay no capital gains tax on home-sale gains up to $500,000, while single taxpayers get a pass on up to $250,000.

Believe it or not, more newly minted millionaires lose all their money than you might think. So while a million dollars does sound like a lot, it's important to remember it can only go so far.

In fact, two out of three lottery winners lose or spend all their winnings within five years, according to Stephen Goldbart, co-director of the Money, Meaning and Choices Institute in San Francisco. For more on millionaires who lost it all, click here.

Common pitfalls include uncontrolled splurging or investing heavily in risky business ventures. It's also important to avoid large, speculative investments, Flynn said.

With a million dollars suddenly on hand, "you get offers for more sophisticated things than you should be involved in [at that level of wealth]. Don't invest all your money in some crazy limited partnership," Flynn advised.

Remember, whenever people find themselves suddenly flush, friends and family tend to come out of the woodwork, eager for a piece of the action. Heidik may get a variety of pitches, from your long-lost cousin who needs a loan for graduate school, to your best friend from third grade who wants you to open a restaurant with him. In any case, try to steer clear of mixing money and love.

Then again, Heidik doesn't seem like a softie who will hand out money left and right. He seems to have his financial goals clear. "Increase, increase, increase," he told Early Show anchor Julie Chen. "Build, build, build."