My current financial situation.Combined Income: 2937.82 monthly after taxes 1/10Checking(0%)- 940.71Money Market (.35%)- 28,129.10 Investments403b (OPTFX/100$ per month/3.5% of after tax income)- 98.24 (as of 1/7)DebtsDiscover- 115.81Car Loan- 12933.10 (1.9%/60 mos.)Goalsconsidering establishing Roth IRA ASAPwould like to increase % in 403 b (just started)FYIwife will stop working in June. will stay home to raise new baby.our income will decrease $840. -I am a teacher so my pay will increase next Sept. (by 4%? contract is up).-When I earn my masters, I will get close to an additional $5000 increase. I currently have 18 credits and need 33. I will "max out" in 11 years at 85K (in today's dollars) -we are in a "starter home." bought in 02 for 90K. It would probably go for 127-130 K today. our current school district is mediocre but has a good repuation. we are on the finge of the city and concerned about the neighborhood going down rapidly; some parts already have. I would like to sell but know we cannot at this point.QuestionsI am considering paying off the car and using the $266 from the car to start paying down the house. Is this the best way to use the inheritance? What other options do I have, considering all of the factors and the new baby? Thanks for reading.
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