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What will you do when your debt free?

January 2nd, 2011 at 02:02 pm

So you have worked your butt off to pay your debt off. Now what? You have now freed up your greatest wealth building tool which is your income. What kind of good can you do for someone else?

What is that thing that you have always wanted to do but didn't feel you were able to because of all the debt that way hanging over your head? Take a step back to look deep within yourself and find that true passion that has been lying dormant for years and let it out.

8 Responses to “What will you do when your debt free?”

  1. crazyliblady Says:

    If I were debt free (with the exception of my mortgage), I would do the following:
    1) Beef up emergency savings to $4000
    2) Beef up car savings to $3000
    3) Beef up house savings to $5000
    4) Increase my contribution to my professional memberships account - ~ $1200 per year
    5) Increase my 403b contribution by 1%
    6) Work on some home improvement projects - new windows to start with (take this out of my house savings)

  2. ltj2010 Says:

    I love it. I love to help people get out of debt with a plan

  3. Jerry Says:

    Ha, I feel like I can't even lead myself to see that far ahead, at this point... but I think when I reach that happy day I will 1) really pack my EF full of cash, 2) fund my childrens' educations, 3) donate to charities, 4) travel to help those charities. I can't be as specific as crazyliblady yet because it is so far in the future and I don't know what my income will be at that point. Still, I think it is good to think about because it offers some form of insurance that that time is out there, and achievable. Good question...
    Jerry

  4. Digging out of the hole Says:

    DH and I already discussed that if we were debt free, I wouldn't have to work (provided we had adequate savings and retirement built up). We both have always said we like it better when I'm at home. Smile

    That would free up my time to volunteer and help others. I do like to do that!

    Being debt free is still quite a few years down the road, and may coincide with retirement age anyway. But it is still nice to dream.

  5. OneAZ woman Says:

    When I am debt free I will build a nice big emergency fund, fully fund my husband's and my IRA each year and start investing just for the fun of it. I definitely will continue to be frugal with grocery shopping and clothes shopping.

  6. baselle Says:

    I think that its great that you think pie-in-the-sky about what you will do when you are debt free. However, if your plans are spendy, you risk throwing yourself back into debt. And yo-yoing debt isn't any better than yo-yoing weight.

    One needs two plans:
    How will you maintain being debt free?
    What will you do for the rest of your life after attaining debt freedom?

  7. patientsaver Says:

    Now it's time to save for retirement.

  8. tripods68 Says:

    We would maximized ROTH, IRA, kids savings acct, and EF every year. Also, we will add few mini-vacations here and there probably...

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