<prompt> Human: Hi Reddit,My partner we are legally married and I are about to inherit around 1M before taxes and are looking for some advice on how best insert it into our overall financial picture. We make a lot of money but the debt payments and expensive rental housing mean theres never much left at the end of the month.Heres our breakdown:401K: 7kRoth IRA: 7kStudent Debt: Total 325k. 175K of this is at 2.2, the rest ranges between 5 and 8Rental Properties These generate some cash flow, but its negligible... they are long-term investments1 Note for 225K, property worth 275, really low interest rate but can adjust1 Note for 258K, 30 year fixed at 4.25Other things to Note:-Baby on the way, whats the best way to support the kid down the road with nontaxable gifts, college fund, etc? -We currently rent, but would like to buy. This could be a hefty down payment, or even buy a place outright, leaving us with lots more cash flow to pay off everything else- Other than some piddly funds in retirement accounts, we basically have no retirement plan. The daunting debt numbers have always been crippling and shattered dreams of ever saving money.Basically, its tempting to just pay off all of the student debt all at once and breathe a sigh and split the rest between a down payment and some kid-related investments. Then wed have more cash month to month from our salaries to invest in retirement.Any advice is much appreciated! Edit: Partner legally married  <response>: This is a friendly reminder to visit our FAQ entry on WindfallsYou might also benefit from this common topic: I have X, what should I do with it? and Whats the best way to pay down my debt?Also, please visit our FAQ!I am a botrAutoModeratorcommentsq11puwhat_is_automoderator, and this action was performed automatically. Please contact the moderators of this subredditmessagecompose?to2Fr2Fpersonalfinance if you have any questions or concerns. 