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[quote=Anonymous]Generally you don't want to pay your mortgage off faster, because the length of time you agreed to in the beginning determined the amount of interest you were ordered to include in your payments. Banks cleverly make you pay the bulk of the interest in the first payments. If you are able to pay the whole thing off down the road, there isn't much benefit, given that later payments tend to be mostly principal. Essentially, paying your mortgage off faster means you're not benefiting from the right you paid for to pay it slower. You're not using any leverage the new lump of money could have given you if you invested it in the stock market, or elsewhere. I hope that makes sense...

On the other hand, Trump 2.0 may not be a great time to invest in the stock market, even though it looks great at times, because with unpredictable tariff decisions, it's hard to know in which company to invest. You could place the money in a general fund, if you believe the market will rise, without getting bogged down into details.

As others have pointed out, an immediate use for your money would be ensure your children's college funds are ready to go. And that's where we get into questions of financial aid, whether you're eligible for it, and which vehicle could shield your new-found money from financial aid calculators. Retirement accounts are not taken into account for federal FAFSA calculations of aid, and *rarely* taken into account for the CSS, which is the form for private colleges. However the CSS is more demanding than the FAFSA, and looks at the value of your primary home and grandparent-owned 529s, whereas the FAFSA does not. If you think you may be eligible for aid of any sort, you might want to do your research before accepting this new money into any of your accounts.
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