I wouldn't do anything with it because then people around me would know that I had $50,000 laying around just waiting to be spent. Although I would spend some of the money on a new car and maybe buy some other luxeries. Most of it is going straight to the bank as well as investments while I try to hide it from my peers as much as possible. My reason for this is that the majority of people that know me will, even subconsciously, think that I didn't deserve the money, or I'm being selfish, or just being envious.
50 grand is nice way to pay for college although assuming my parents are still paying for that, then I could spend it on maybe my first house or even grad school. Sorry various charities, it may appear selfish to not donate to anyone, but in my defense, it is selfish.