CFO Q&A: Should You Pay Off Loans with Extra Cash?

In this episode of Keep What You Earn, Shannon addresses a common question from a member of CFO on Demand: Should extra cash be used to pay off a small loan with 1% interest or placed in a high-yield savings account generating 3.5% interest? Shannon's insightful response delves into the logical and financial considerations behind this decision, challenging the traditional notion of debt as inherently negative. Her practical advice encourages entrepreneurs to carefully evaluate where their money can work most effectively for them, emphasizing the importance of making informed financial decisions. If you've ever grappled with similar dilemmas about optimizing your cash flow, this episode is not to be missed. Tune in to discover how to leverage your financial resources for maximum benefit and join in on the conversation with Shannon in the CFO on Demand community.   What you'll hear in this episode: 04:40 Be thoughtful about financial decisions for success.   If you like this episode, check out: Best Practices to Collect Cash from Customers Faster How to Generate Cash Without Increasing Price   Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.