If you don't need more education, establish an Educational IRA or some other tax-sheltered account for your children. For information on the rules and how to set up an account, contact your bank or a large, well-established discount brokerage house. Pay off existing debt, especially if it is credit card debt. Think how hyped you would be if your company gave you a 16 percent raise in salary. When you're paying high monthly interest rates on car payments or other consumer debt, it's like a reduction in your income of that amount.
Most people can buy breathing space by paying down a mortgage ahead of schedule.
There are several books and online sites that can help you figure the benefit of early loan paydown. Often your bank will make the calculation for you. The current stock market volatility may be hair-raising, but you can take advantage of market declines to snap up stocks at bargain prices. You'll be hooked once you start. Not only is there a good chance your investment will grow, but WD-40 has an annual dividend of 4.7 percent.