My parents gave me a late graduation present of $5k. I'm not sure how to best use this money, so I was looking for some opinions.
My salary is 105k/yr, and of that I bring home about 5k/mo. My basic monthly expenses run around 1700, so I've got about 3300/mo to do whatever with.
After putting the 5k into my checking account, I've got about 11.5k in cash.
My debts are:
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Student loan: ~6.9k @ 4.89%
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Car loan: ~16k @ 4.54%
Some options I've been considering are to:
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Pay off my student loan in full so that I only have one loan to pay.
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Open and put 5.5k in a 2016 Roth IRA (I haven't done much towards retirement other than my company 401k).
Any thoughts?
Submitted April 04, 2017 at 10:49AM by OrbitalGumDrop http://ift.tt/2oxL5Sp
