What’s Next After Debt Freedom
I meet a lot of people these days who are in the midst of their pursuit of Debt Freedom. I call it a “Debt Freedom March.”
They have used a tool like our Debt Freedom Date Calculator to calculate their Debt Freedom Date, and they have realized just how much of their money is going to a bank or lender. For the average family with non-house debt, somewhere between $500 and $1,250 per month is being paid in monthly payments. If you include the house payment, that average amount is between $1,250 and $2,000 or more per month.
For those who remain focused and diligent, debt freedom is achieved, and it is incredible!
Then the inevitable question shows up – “What’s next?”
If you are one of those who is asking this question, here are a few things to consider using the newly-released money for:
- Pursue a dream
- Give more away to causes you really believe in
- Build a larger emergency fund
- Invest money into a dream
- Invest money into someone else’s dream
- Reward yourself with a purchase of something you’ve always wanted
What other things would you recommend using this money for?