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Financial planning can be a tough sell. Its been said a budget is something everyone wants until they actually get one.

You have advised your clients well. However, they see the lifestyles their neighbors are leading and wonder Why cant we do that too?

Its likely everyone they know is in a similar economic range. They wonder, Where did we go wrong?

Years ago, my wife and I would drive through our area in Bucks County. Lots of big houses everywhere. New luxury cars. Do these people have printing presses in their basement, just turning out money? we thought.

Then came the Great Recession, the foreclosures and For Sale signs. Apparently they didnt have printing presses in their basement.

Heres how your client can live like their neighbors. (Its an opportunity to communicate why its a really bad idea.)

You get a good bonus. Your boss loves you at work. The stock market will continue going up. Live from paycheck to paycheck. Assume your next bonus can pay down debt. What could possibly go wrong?

Your advice: Understand why a cash reserve is important. The economy and stock market run in cycles.

Its so far away. We will worry about that later. Our parents will die. We will inherit their homes and assets. Our parents are our retirement plan. They just dont know it.

Your advice: The goal is financial independence. Once you get there, you can stop working if you choose.

Its so east to pay with plastic! I pay my bills so they keep raising my credit line. Im earning so many air miles. My concern isnt paying down these cards, its just servicing the debt. Isnt that the way big companies and governments do it?

Your advice: The debt you dont pay off compounds at a high rate of interest. Divide that rate into 72 to learn how long it will take to double!

You keep getting offers for new cards in the mail or online. Its a sign of our success people are eager to lend money to us. They must think we are responsible.

Your advice: you only need a couple of credit cards. You should shop around to get the lowest interest rate possible.

We really should take that vacation of a lifetime. The folks across the street went on safari in Africa. We need to do something cool we can talk about. Whats the biggest suite on that ship?

Your advice: Youve heard theres good debt and bad debt. What are you using this money for? Adding value to your home? Buying something with no resale value?

You are into immediate gratification. Your parents and grandparents saved before buying things. Life is short. We should enjoy everything now. After all, things will only get more expensive in the future.

Your advice: Exercise restraint. Touching an item increases the likelihood you will buy it. If you really want it, leave the store and do something else for 30 minutes. Then ask yourself if you should go back to the store and buy it. Often the answer is I dont really need it.

This applies to both partners. The spouse in one house saying We need a new kitchen is downed out by the person in the next house yelling Why cant I have a restored 1967 Ford Mustang? the logic if you make life intolerable for the other person, they will eventually give in.

Your advice: Schedule time for these discussions. Think these things through. How are we going to pay for it? Where will the money come from? Perhaps its a reward. Maybe you accumulate the money first.

Groceries are a commodity. They go on sale, too. You have plenty of choice where you shop. Some people insist on going to the Carriage Trade supermarkets, where they appear to be sending the message: This is what food will cost in the year 2100. They have the ability to brag they only shop at this store

Your advice: Shop sales. Once you put the food on the plate, no one knows where you bought it.

You can enjoy filet mignon at home that ran $10 a pound at Costco or you can visit a restaurant where an 8-ounce filet costs $36. Its been said the cost of ingredients for a restaurant meal should be 25% or less than the entree price. Lets not forget drinks, tax and tip. Why worry? Its going on a credit card.

Your advice: Schedule date night. Eat out once a week. Make it an event. Learn about cooking at home. Take turns.

Who invented fashion furniture? The concept is you completely change your look often. This means the furniture doesnt need to last that long. It wears out quickly. Our furniture is looking tired. What will the neighbors think? We must replace it.

Your advice: Buy quality. Buy classics. Good design stands the test of time.

Sophisticated people like you dont want ordinary marble countertops. You want this special stone that only comes from one place in the world. Of course, its going to cost you. You deserve this luxury

Your advice: Do some research. How much should a new kitchen cost you? Shop around. How much might it add to your homes resale value? Whats wrong with your current kitchen?

When you and your client have this discussion, they will likely think What an idiot about their free-spending neighbors. This should get them back on the financial planning track.

Check out How to Put the Brakes on Out-of-Control Spenders on ThinkAdvisor.

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9 Pieces of Bad Money Advice Your Clients' Neighbors Are Taking - ThinkAdvisor