Looking to invest $7,800- what should I do with it?

[docstudent]

Hey Guys,

Current Stats: About $14,000 in a 403b account, I put $300 a month from each paycheck into the account before my pay is taxed. Secondly, I have $10,100 in a 3-month CD account that matures on 1/18/08, I am most likely going to put it back into a 4- month CD with about a 4.75 interest rate, is that a good decision? Lastly, I have about $24,000 and $11,000 in two STRS accounts. I have new incoming money and I wanted to know what is the best way to ivest it?( I contribute about 8% of my income which is about $429 before taxes, what should I do to maximize my money making power? I was leaning towards starting an IRA or invest in a Fidelity Mutual Fund, I want to put $5,000 into a CD (more into the one I already have) and put $2,500 in an IRA and contribute $300 a month for the next 22 years, what do you think?

Debt, $0 Credit Card debt, I have access to about $48,000 in available credit
Car lease, $399, end in May of '08
Student loan, updated balance on all loans, $132,000 payment option suggested by Sallie Mae is $732 for 30 years.


Current income, $66,000 and $68,000
Take Home, $3,700
Income should increase after graduation to about $85,000 to $101,000.

Long term goals, retire at 53 and purchase a condo in Los Angeles.

[tripods68]

Since you are still fairly young---you should put that extra money Mutual Fund like an Index Fund (Vanguard or something) unless you need to access that money right a way CD or money market would do fine.

You stated that you plan to buy a condo as your long term plan, before you do that, I would focus in trying to pay down your student loan as much as possible. Think of how much interest you'll be saving. Set yourself a budget like 10 or 15 year pay off plan.

Good luck!