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I'm going to be dissenter and say bank the money in some IRA account.
If you hadn't said you already have a collection of 10 watches (which I will assume you purchased) in the price range you've specified, then I could see buying a commemorative watch celebrating your graduation. But you already have a bunch of decent watches.
To make it clear, I love watches. But I didn't start my collection of watches which is similar to price range you have now until a couple of years ago. And I have an established career and do well financially.
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