Better to live while you're young, or live better when you're old?

I'm an 18 yr old college sophomore studying finance. I consider myself very passionate and modestly educated in investments and personal finance.

I'm receiving a windfall of 365k soon, and I have found myself at an impasse as to how I will budget the rest of my life with this money. All three of these plans involve immediately investing the money in a portfolio and withdrawing income.

A. I can live frugally through college on around 3 percent per year of the balance (I own the tiny home I live in with no mortgage), and then use it as a modest supplement to my income through my life and have a multi-million dollar nest egg to retire on.
B. I can live a relatively affluent life for a college student on 8 percent per year of the balance until I'm 40
C. I can live a relatively luxurious lifestyle for a college student on 15 percent of the balance until I'm 28

Obviously most people including myself believe it's better to live frugally so that you can enjoy wealth later, but part of me questions at what point wealth is enjoyed the most. Will I be chained to a desk one day with a wife and kids and back pain and a mortgage and curse myself for not living while I was young and free? 365k will most likely never be a drop in the bucket to me, but it is more money than me or anybody my age could ever imagine. I won't be blowing 25k in vegas on this, but I could do some really awesome things in college on 55k/yr with no rent or family. Curious to hear thoughts.

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