My wife and I are coming into a load of cash - should we pay off the mortgage or save the money for our kids college fund?

Financial windfalls, while not ‘hard-earned,’ should be used prudently, focusing on debt repayment or saving for future needs, rather than splurging on luxuries.

Chipping away at high-interest debt like credit cards or a mortgage should be a priority when allocating a financial windfall, especially with rising interest rates.

Investing in stocks for a child's education can be beneficial, but one should avoid the assumption of consistently high returns. It's crucial to consider mortgage interest as well.

It's important to strike a balance between tackling debt and planning for future expenses, especially with the complexities introduced by new family responsibilities.

Read at 24/7 Wall St.