#33: What to do when a client asks to take out a loan for home renovations?

2022-07-19

Episode 33: What to do when a client asks to take out a loan for home renovations? Today, Josh and Garrett discuss financial coaches’ often dogmatic approach to clients’ ideas about taking debt on for things like home renovations. Key takeaways: We have to be careful about this conversation because it’s not really about the numbers, it’s about people’s lives. You WILL have an emotional reaction, whether positive or negative, so recognize that you’re having that reaction and notice how it could im...

Episode 33: What to do when a client asks to take out a loan for home renovations?

Today, Josh and Garrett discuss financial coaches’ often dogmatic approach to clients’ ideas about taking debt on for things like home renovations.

Key takeaways:

We have to be careful about this conversation because it’s not really about the numbers, it’s about people’s lives.
You WILL have an emotional reaction, whether positive or negative, so recognize that you’re having that reaction and notice how it could impact your coaching.
Your client WILL have an emotional reaction to what you say, so be aware of that going in!
Saying, “That’s interesting, tell me more.” is a GREAT way to gain more information and more time to process.
Think about the numbers, of course, but also take into consideration things like impact on quality of life and timelines etc.

Resources mentioned in this episode:

FCN Podcast Episode #28: What is a good account for an emergency fund besides a savings account?

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