In my experience, having been where you were at and being where I am now...
I wouldn't necessarily get the 990.
I paid around $200 for 2 of them two years ago, and am hoping to sell both for $50 today.
There's a reason they're half-price, NEW, now.
Better to look at an SM58, or save up for a condenser that's more expensive. Do a search on here, and you'll find enough discussions on budget condensers to make your head spin.

Also, save your money for the M-Audio Bx-5s or something similar. There's plenty of decent monitor choices for a beginner in the $150-$300 range.
And avoid anything w/ the label "intense stereo". Those 'phones are gonna hype the sound, so if you're using them to mix or reference, you will NOT get an accurate listening experience. A $30 pair of headphones will produce results that match your investment.

Bottom line:
SM57 good, stands good, cables good.
Condenser mic bad, and can do much better for not a whole lot more on the monitors and headphones.
Trust me brother, even if you are doing this for yourself, you're gonna want better gear in less than 18 mos.
I'm not telling you to spend $1000. I can tell by your choices that budget is critical.
But if you can wait and make it $500-$700, you can improve your situation a lot - and have some things you can use for years if you take care of them.

Don't waste your money. I did.

Ditto to Soap. In fact, if money is the main issue, then I would just make a cheap pop filter for that 57 and use it for vocals and for instruments, take the 50 bucks you save on the cheap condensor and put it in your monitor fund. Plus the 20 for the stand. And 15 for the Nady pop filter you don't need now. You were willing to spend 80 on those monitors, now you have 165 - you're on your way, just a little more and you have something half decent that you won't need to upgrade a year from now. Save your money and get a SM58 or a different condensor for vocals in a couple of months, or 6 months, or however long it takes. If you do this, almost everything you have (except the headphones) will be useful for a long time to come. Heck, ditch the headphones and put another 30 bucks in your monitor fund. For 195$a used set of KRK 5's or 6's are within reach.

Unless of course you need to record vocals and one instrument at the same time and you need to do that right away and can't wait to save up for the better vocal mic. If that's the case, then I can't suggest anything. What you've chosen will do the job, but it isn't going to do the job for very long -- you'll end up upgrading the monitors, the headphones and the condensor mic soon enough, and you will get almost nothing for the ones you no longer need.

Thanks for the echo, ap!
I get knots in my stomach every time I see someone insistent on getting a bunch of cheap stuff on the quick. I realize I am going to repeat some of your points, but I feel they bear mentioning a 2nd or 3rd time.

Your plan lets trumpetprod explore using one of the most universally used and acceptable mics on the planet, while investing for the future.
I can't reiterate enough how important this is.

I had a job to do. First project.
They gave me stands/cables (2 of them worked for a distributor), and in return I recorded drums, bass, guitar, sax, keys, and 3 vox.
Hell, I needed the stands and cables just to do the job. 24 songs, 2 nights.
I made the most glorious guerrilla isolation contraptions you have ever seen.

I used the 990s for backup vox, an AT2020 for the sax, MXL603s for OHs, an MXL 3000 for lead vox, 52 on the kick, and pretty much 57s elsewhere. I also had some cheap ribbon mics (Nady).
Guess what I still use, 21 months later?
The Shure mics. And the 2020 has made a few appearances. Although the 603s make for a pretty nice inexpensive pencil condenser - I have better now. And the 3000 made for some great vocals in the early days, still some of the best I captured - although I think that was just a lucky pairing with a wise singer.

Point being I've listed 7 mic models, 5 of which get little to no use. If we're counting individual mics, thats 8 duds versus 3 SM57s, and a 52. And for the sports fans... a .286 and .333 winning percentage, respectively.

Total cost? Some came as "free w/ purchase" (beware!), but about $400 for the MICS I DONT USE!
Not to mention others I don't use totalling another $200+. Or other wasteful purchases. Looking back, I probably wasted the money I need to buy the API 3124+ I am desiring (~$2400!!).

Do I regret it? Mostly. I had to get a job done, and got cheap-to-mid stuff to do it. I did the job. The gear did the job. I had other jobs that forced me to make more impulse buys. Similar story, but fortunately for me I started getting smarter. Still, you gotta get the job done.

I've since spent my money on gear that I can:
(a) use indefinitely
(b) get a good return sale
(c) usually, both a and b

The good news for the OP is that there *are* things he can buy on his budget that fit the above.

To Mr. Trumpet and everyone else out there in a similar position:

PLEASE, PLEASE, be patient and make smart purchases. It still stings me to think of the $ I've wasted - even if I was just doing my own bedroom setup for myself!!

Sorry for the rant, but b/c these mistakes are recent enough in my memory, I can't stand to see someone else repeat them. Don't be me.
Or even better - be me, but make better decisions at the beginning of your recording adventure.
I promise you won't regret it.

Wow, thanks guys. OKAY, no more MXL 990! So let's get it strait here.
Get rid of the MXL 990 - 50$
Get rid of the monitors and find better ones - 80$
Get rid of the headphones - 30$
Get rid of the stand - 20$
Okay so let's add all of this up.
$180 saved.
I had a budget of $520.
$301.04 is left after I subtract what I'm already going to buy. So that means I have $301.04 to spend on... monitors?!?! So that takes me to a Shure SM58! And as a bonus, good monitors. I never knew I could make such a big mistake! And maybe if I'm lucky I can fit in some headphones. So I'll hold off on buying all of this until I make a final decision. What do you think I should buy with the $301?

What are you recording to? If currently nothing then get a Zoom H4n.

So it looks like one microphone is not an option. If it was me, I'd probably skip monitors in the short term, get a quality set of headphones, and the sm58, cable and a stand.

58, cable and stand package: 109$
Headphones: I'm not a headphone expert, but there has to be something pretty serviceable for 200$. You can get better headphones for 200$ than you can get monitors for 200$, IMO, and that's why I'd go this route. Shure SRH840 perhaps...199$.

Then save your pennies for decent monitors later on. It's not ideal, and mixing through headphones alone is not ideal, but a budget of 520$ is not ideal to begin with, and this way everything you've bought will get used for years to come. Instead of upgrading (and losing money), you're just building on what you've already got with additional, good quality components.

Jackattack's question is also a good one, because if the answer is "straight into my computer through the built in soundcard", then everything that has been said so far is out the window.

I have a Lexicon Lambda audio interface with Cubase LE4, so not strait into the computer...

apstrong, post: 300505 wrote: So it looks like one microphone is not an option. If it was me, I'd probably skip monitors in the short term, get a quality set of headphones, and the sm58, cable and a stand.

58, cable and stand package: 109$
Headphones: I'm not a headphone expert, but there has to be something pretty serviceable for 200$. You can get better headphones for 200$ than you can get monitors for 200$, IMO, and that's why I'd go this route. Shure SRH840 perhaps...199$.

Then save your pennies for decent monitors later on. It's not ideal, and mixing through headphones alone is not ideal, but a budget of 520$ is not ideal to begin with, and this way everything you've bought will get used for years to come. Instead of upgrading (and losing money), you're just building on what you've already got with additional, good quality components.

Jackattack's question is also a good one, because if the answer is "straight into my computer through the built in soundcard", then everything that has been said so far is out the window.

Hear, hear!

What if I totally hold of on buying the second mic? What monitors are good?

So now you have 300$ for monitors. Use the advanced search on the forum and search for "budget monitors" in quotes and you'll get plenty of options. Musicians Freend has the KRK Rokit 5's for 150 each, so that's exactly 300. The Rokit 6's are 175 each, so 350 for a pair. I used to have the 6's and I liked them quite a bit. I eventually upgraded, but it took a couple of years. But there are others. The main thing about cheap monitors is recognizing that all of them will have their own unique sonic personality, and that you have to use them, learn that personality, and adapt to it. But at 300-350$, you can get something very serviceable that will last you quite a while.

Okay, I'm good to go. When I found a good pair of monitors I'll tell you.

I just noticed that Musician's Fiend has bright red Rokit 6's on for 150$ each. I wouldn't hesitate to get a pair myself if I was just starting out (and who cares what they look like), but still feel free to search around old posts on the subject and see if something else catches your eye, there are other options in that price range. Ideally you'd take a CD with music you know really well into a shop and actually listen to a bunch of 300$ monitors. If you can't do that, I think the Rokit's are a safe choice.

Here's my vote:
OK...so you already have a Lexicon Lambda USB...I'll assume you have a decent computer with enough power, memory, HDD space to record with..I don't think you mentioned what you have.
You have a keyboard apparently hence the keyboard stand. I would put the keyboard on a desk or something and maybe save $20 for a cheap stand like that. Doesn't add much value to your recordings...Did you mention a keyboard or MIDI cables maybe that would be a better $20 value?
SM57 or SM58 mic and a cable $120, use it for vocals and micing acoustic instruments or guitar cabinet. Not clear what all you are going to record...just vocals and keyboard?....but either of those mics are the best mics for the money! No brainer there.
Mic stands.....ehhh $60 is kinda high you could probably find something cheaper or used...?
Headphones instead of speakers...well Sony MDR7506 $85 are pretty nice headphones to start out with but not as good as ATHM50's which are more like $150.
KRK Rokit5 RPG2 powered monitors can be had for $300 a pair if you want monitors...but I'm sure you have some sort of speakers or sound system around you can get by with for now.....

Maybe I missed it, what are you recording?

I will be primarily recording trumpet, and then some vocals, guitar, drum set (electronic), and yes I already have a keyboard (some old Roland but still pretty good) but I badly need a keyboard stand considering how TINY my room is and so I can't put it on my desk (which is also a bit tiny). And I already have midi cables. I think one mic for now will do it because I will be overdubbing a lot. And yes I have a decent computer. You are right about the stand, but considering how useful it will be in the long run, I still want to get that instead of replacing horrible ones, unless you have a suggestion. And as for the monitors, I have some other uses for them ATM other than recording, so I would like to get a decent pair of those before I move onto headphones, which I will buy in the near future.

If your room is that tiny then no monitors will sound good.

Okay, what does tiny mean to you? And also as I said I have some other uses for monitors, not just recording...

I would get some monitors then if you need them for other things!

Ok so here it all is FINALLY!:
Mic Stand for Shure SM57 (If you guys have a cheaper suggestion I would be more than willing to take a look) - $60
[="http://accessories.musiciansfriend.com/product/DR-Pro-Tripod-Mic-Boom-Stand?sku=451141"]Buy DR Pro Tripod Mic Boom Stand | Microphone Booms | Musician's Friend[/]="http://accessories…"]Buy DR Pro Tripod Mic Boom Stand | Microphone Booms | Musician's Friend[/].

KRK Rokit 6 G2 Limited Edition Studio Monitor (x2) -$300
[[url=http://="http://pro-audio.mu…"]Buy KRK Rokit Powered 6 G2 Limited Edition Studio Monitor (Red) | Powered Monitors | Musician's Friend[/]="http://pro-audio.mu…"]Buy KRK Rokit Powered 6 G2 Limited Edition Studio Monitor (Red) | Powered Monitors | Musician's Friend[/]

XLR Cable for Shure SM57
[="http://accessories.musiciansfriend.com/product/CoreX2-XLR-Microphone-Cable?sku=332500"]Buy CoreX2 XLR Microphone Cable | Microphone Cables | Musician's Friend[/]="http://accessories…"]Buy CoreX2 XLR Microphone Cable | Microphone Cables | Musician's Friend[/]

Keyboard stand
[[url=http://="http://accessories…"]Buy On-Stage Stands KS7190 Single-braced Stand | Keyboard Stands & Racks | Musician's Friend[/]="http://accessories…"]Buy On-Stage Stands KS7190 Single-braced Stand | Keyboard Stands & Racks | Musician's Friend[/]

The mic itself!
[[url=http://[/URL]="http://pro-audio.mu…"]Buy Shure SM57 Instrument/Vocal Mic | Dynamic Microphones | Musician's Friend[/]="http://pro-audio.mu…"]Buy Shure SM57 Instrument/Vocal Mic | Dynamic Microphones | Musician's Friend[/]

So that's it! Unless there's another problem?

Get 2 57s - you'll want more than that eventually. I currently use as many as 4 on a full-band session.
Plus, then you can stereo mic an acoustic guitar. I like to do this as it makes stereo imaging in a mix easier.
Just a few thoughts.
And my thoughts remain the same on cheap mic stands - I have a boneyard in my studio.
I'll only buy Hercules or Atlas from now on.

Looks good to me....you'll have to come back and post some examples of your recordings!
Good luck, Enjoy!, have fun!

-EDITED-
Hmm I looked at some of the reviews on the cable and they weren't too good so how about these:
http://accessories.musiciansfriend.com/product/Live-Wire-Advantage-Standard-EXM-Microphone-Cable?sku=331095
These would be good with a Shure SM57 right?

That cable should be sufficient for your needs.
However, companies like Monster and Planet Waves offer a lifetime replacement.
Will their cables break? Likely, at some point.
But at least you have a replacement policy.
Either way, as long as you treat a cable with care it should provide good service.
For the moment, I think the cable is one of the less important items.

There's a lot of things you never thought you had to think about when purchasing recording equipment (I know).
If you're dabbling, #1 is buying stuff you can count on / get a decent return on.

Hey guys, I just recently sold some things and got an extra 900 bucks, so my budget of $520 is now $1420. I could get a pretty decent setup with that much cash couldn't I?

First off, I'd upgrade my interface.
Go firewire. Expect to spend anywhere from $200-$800. More expensive typically indicates more channels/features in this price range.
There's too many options to list, so decide what your current needs are, and what you expect your needs to be in a couple of years.
Then do a search here and elsewhere based on those needs.

That leaves $700-$1100 for everything else.
If you stick w/ previous recommendations on mics, stands, and cables, you'll be in good shape to get a nice pair of monitors and headphones.
If you're serious about the trumpet, I would consider a good ribbon mic at some point.
Until then, the 57s will do fine.

2 channels? 4 channels? 8 channels?
Only doing your own thing or hoping to do more?
If you can let us know your specific goals, we can better serve you - the new budget really changes things in that regard, but does not change the principles!

I don't want to upgrade my interface since my uncle recently got it for me and he would have just wasted 150 bucks on me. So I'll keep it for a while. What I want to add is maybe a more versatile keyboard/synth that has a lot of good drum sounds, or a good drum machine. Unless I should buy acoustic percussion equipment? Because I will be doing a lot of drum rolls.