It can be a huge relief to get out of debt whether it be credit cards, personal loans, auto loans, what have you. I applaud you for doing so but your job isn't done yet. Getting out of debt was only the first step. I recently wrote an article for the American Debt Project about what to do after you are out of debt. The American Debt Project is a blog about one man's journey out of debt and his advice on how to manage and pay off your own debts.
My article focused on what to do after the debt is paid off and includes the following tips:
1. Start an Emergency Fund - This will help you avoid getting back into debt when something big comes up.
2. Use Credit Cards as a tool - Credit Cards were probably the reason you were in debt in the first place. But you should learn to love them for their convenience and cash rewards.
3. Start Investing - Being an Investment Manager this is my favorite part. Use your extra cash flow to start building real wealth.
4. Create a Financial Plan - Figure out why you are investing and what you want to accomplish.
5. Don't forget about simple estate planning - even if you aren't wealthy (yet!) you should still get your estate in order.
6. Don't forget about the kids! - Make sure they never have to suffer through the same debt problems you did. Education is key!
You can find more detail on all of these points by reading the full article here.