There are a bunch of factors here but the key one is: what are your goals? How do you see your next 5/10/20 years? The point of this is maybe you're intending

There are a bunch of factors here but the key one is: what are your goals? How do you see your next 5/10/20 years? The point of this is maybe you're intending to retire in 5 years. If that were the case, I wouldn't suggest dumping into the S&P500 necessarily. Another is: what other assets do you have? Do you own your own home? What do you have in retirement savings? What other assets? If you have children, live in the US and intend to for the foreseeable future, you may want to divert some funds into Roth IRAs for your children. This could be instead of or in addition to 529 savings plans. If you come from somewhere else and intend to return to taht country then buying property in that country might make sense. I would generally say own the house you live in. I don't mean outright. If you have a low interest rate locked in for 30 years there's zero point in repaying it early. The default option would be to dump it in VTSAX but so much depends on individual circumstances and goals.