Share some great articles, blogs etc

[Tucandream]

I'm a CPA on a mission. In the course of my tax prep work I deal with a lot of clients who refinance their homes to pay off credit card debt....and then 5 years later rinse and repeat. It drives me crazy.

A recent email discourse with a client:
Them: How long before the taxes are ready, my lender wants to know?
Me: What are you planning to do with the 100k cash out? Are you sure more debt is a good idea?
Them: Paying off the high rate credit cards, repairing the roof,so yes its a good idea.
Me: silence.
I'd like to be able to send them a few good links to get them thinking. Can you recommend any basic blogs to follow or articles or perhaps even videos that explain why this isn't a good idea? And any piece that might nudge them into a better financial mindset.

Ive been told to look at some of Dave Ramsey's and Suze Orman's stuff, which I'll do. Just hoping I can find that one good eye opening post or article that might change their ways.

[Moustachienne]

I'm assuming you already know about this classic.  Even if your clients aren't motivated by the idea of RE, maybe the peace of mind of FI would get them moving in the right direction.
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

[Tucandream]

Thanks, I don't know that I had in fact read that one, it's good.

Know of any posts that explain why converting unsecured debt to secured debt is foolish?

[Ron Scott]

I think Ramsey tries to punch above his weight a lot of the time, especially on investing, but household debt is really his wheelhouse. Suze Orman is similar.

Some people don’t seem to understand simple things…

‘You didn’t get a discount on your pants if you pay it off over time on the store card.”
“When you pay the balance on your card every month you’re getting a free loan.”
“You live in a house. It’s not a bank.”
“The EQUITY in your home gets added to your net worth…not the MARKET VALUE.”
“Paying less than the balance on your monthly card bill means you’re in emergency mode.”
Etc

So Ramsey and Orman are good for people who don’t understand the basics of debt because they speak in simple terms to those who need that approach.

It might also help some people to update their net worth statement regularly and maintain a written list of personal habits that foster growth.

[solon]

Life is hard, but it's harder if you're stupid.

If this was my client I would do his taxes and move on. You can't make people see the light if they don't want to see the light. Be the best CPA you can be, and when he's ready he'll come to you.