I have a question for my fellow mustachians. Basically a "what would you do in my situation" type of question. Now, I've read all the investment order stuff, and the other steps I should take in order, but I still find myself "paralysis by analysis." I'm new to all this stuff and there is so much info that I have no idea what to do next.
DEBT (Student Loans):
1.) $3386.00 @ 6.55%
2.) $2614.00 @ 6.55%
3.) $2826.00 @ 6.49%
4.) $5528.00 @ 4.41%
5.) $5329.00 @ 4.41%
6.) $2212.00 @ 4.41%
7.) $2420.00 @ 4.04%
8.) $2640.00 @ 3.61%
9.) $4079.00 @ 3.61%
10.) $3438.00 @ 3.15%
11.) $2931.00 @ 3.15%
MORTGAGE: $139,000 @ 4.1%
We have only about $2000 saved up for an emergency fund. No credit card debt, and no car loans.
We just found out my wife's father has an IRA set up for her that currently has about $31,000 in it. So my question is, should we use that IRA to pay off debt? What is considered high interest debt? Should we just pay minimum on student loans since the interest rate isn't very high? Should we start investing right now (other than my required 9.8% contribution toward a 403b?) Household income after tax is about $60,000.
Thank you guys.