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New to sim racing, help with computer/monitor decisions

Hi all. I'm looking to get into sim racing (iracing) and want to be smart about my initial investment. I don't want to overbuy in case it doesn't turn out to be what I hope it will be for me, but also want to be sure that what I get is good enough to give it a fair shot.

Let's start with the computer and monitor. I currently have a gaming PC that's about 4 years old. I need to purchase a monitor (planning to start with a single monitor to keep costs down). Here's my current computer hardware:
GTX 1060 6GB
16GB DDR3 1600 RAM

This meets the minimum hardware specs for iracing. I don't think this setup will run a 1440p monitor at a very high fps, so thinking with this setup I'd need to stay at 1080p. I'm thinking something like a 29-34" 2560x1080 ultrawide for a decent fov and experience. I'm thinking one with a decent refresh rate (at least 100hz). Thoughts? I've seen some lower end ones (monoprice, sceptre, viotek) that are less than $300 that claim support for g-sync (with the updated nvidia drivers).

I could upgrade the gpu but in doing that I'd also need to upgrade the power supply. So not sure if that's worth it especially with that older i5. I could upgrade the cpu but only to a i7-4790 so again not sure if it's worth it. If upgrading is needed then my thought would be to look at selling off this setup and getting one that is running something a bit newer with a better gpu. If I do that then the question is whether I should re-think the monitor because a newer setup might allow me to go with a 2560x1440 or more ideally a 3440x1440. Thoughts?

I should mention that I do a little bit of other gaming, mostly FPS. I don't know if I'd use this same monitor when doing that. It -might- be better to look at a relatively inexpensive 24" 1080p 144hz monitor for that type of gaming. My current monitor is a nothing special Samsung 23" 60hz so it could use an upgrade and hence the reason I'm looking at monitor options.

Again I am trying to do this on a budget to start with but want something that should be good enough to get started and enjoy.

I'm hoping to put money into one of the fanatec CSL elite/clubsport bundles (wheel and load cell pedals) so that I have a quality experience in that regard. For the cockpit I've not settled on that yet but looking at something like the GTR GTA, GT Omega Pro, or Next Level G-GT. I may need to back those down a bit if I end up having to do some expensive computer upgrades.

I guess the bottom line questions are:
1) Should I stay with my current computer hardware or upgrade?
2) Single monitor recommendations if I stay with current hardware?
3) If I need to upgrade the computer, single monitor recommendations?
4) Any other feedback on my fanatec, cockpit setup.

Thanks in advance for any thoughts/guidance/feedback.
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