Consider that at least some of that should probably be reserved as the beginning of a retirement fund... perhaps 150k if you and your spouse are currently 30?

Consider that at least some of that should probably be reserved as the beginning of a retirement fund... perhaps 150k if you and your spouse are currently 30? Id look for some sort of reasonably safe financial vehicle to place that as retirement. The rest of it depends... If you like where you live I'd probably get rid of the mortgage and keep the remaining as an emergency fund. Minimizing living costs gives you a lot of financial freedom to do many other things and knowing you'll always have a roof over your head can increase your ability and appetite for trying the riskier sorts of things (starting a business, investing, etc).