We're debt free, what should we do now?

  Many individuals and couples are thrilled when they become debt free. This is a pivotal time in personal finance. Most people simply spend the extra cash flow that was used to make debt payments. We should make a savings plan before the debt is completely paid off. Making plans will keep us from squandering this large opportunity to increase our savings. The freed up income could be used for any of the following: rethinking emergency fund levels; increasing 401K or IRA contributions; treating ourselves to a vacation; helping our favorite charities. Wealth doesn't usually happen by accident. Making plans gives us a much better chance to succeed in any endeavor. This will be the last post until fall, golf is calling. Please go back and read past posts. Wealth building is about applying ourselves, not how much income we generate. Finwiz.