Knowledge of a foreign language opens many doors for travel to destinations beyond those on the beaten track. It's also often possible to find enclaves of language speakers in your own community, giving you an opportunity to immerse yourself in another culture without getting on a plane. This is a great way to meet and interact with new people. Additionally, joining language clubs can help you meet other language learners; volunteering in ESL classes or disadvantaged communities around the world or in your own locality is a great way to make excellent use of your newly acquired language skills.
While it is true that many of the classics of other languages have been translated into English, there are far more works that have not been translated. Acquiring a new language not only allows you to appreciate a great deal of otherwise inaccessible literature, but also gives you the ability to read works in the original. Beyond literature, however, languages give you a unique perspective on other cultures. Whether your own ancestors' culture or another has fascinated you, language enables you to learn about and even join in other cultures and better appreciate their heritage.
There is much evidence that learning a new language offers a great many cognitive benefits, expanding your mind by introducing new ways of thinking about the world around you and of communicating experiences. Learning a new language is not merely memorizing vocabulary and learning new ways to shuffle words around; different languages are truly distinct ways of encoding information. These mind-expanding properties are only part of the mental benefits, however: A new language also offers you new insights into your own language, improving your comprehension and utilization of your own native tongue.
Perhaps most practically, abilities in another language widen the range of jobs available to you, and increase your standing in the applicant pool even of jobs that do not require secondary language skills. This is not only true of jobs overseas. Many domestic companies deal internationally and with local emigrant populations, and as such having employees that can interact directly with non-English-speaking parties is quite important. If you are still a student, foreign languages also increase your opportunities for study abroad, as many programs require some amount of language study prior to the abroad experience.