PSA: My accountant told me I was wrong about paying off my truck early

I had a local tax guy in Denver look at my return last week and he straight up told me I was losing money by paying off my F-250 ahead of schedule. He showed me how the interest rate at 2.9% is way lower than what I could make in a basic savings account right now. I always thought debt was bad no matter what, but he explained that keeping liquid cash is more important for my small plumbing business if a big repair comes up. It hit different because he pulled up actual numbers on his laptop and proved it with my own financial history from the past 3 years. Has anyone else had an accountant or banker talk them out of paying off a vehicle or a house loan early?

2 comments

2 Comments

james_singh726d ago

@torres.sage right, changed my whole mindset about debt after seeing the numbers.

torres.sage28d ago

Wait, a 2.9% interest rate on a truck? That's wild. I didn't even know they gave rates that low anymore.