Transcripts

Shira Boss:
I think it's human and even animal nature to want to be the biggest and best on the block type of thing - it's part of the American dream - it's all based on doing better, constantly.

Shira Boss, author of the book, Green with Envy- Why Keeping up with the Jones's is Keeping Us in Debt, says what makes the problem with keeping up with the Jones's so much worse today is that with easy credit anyone can appear to have money.

So, it used to be yes you could keep up with the Jones's but you were still spending real money to get what they had and they spent real money. And now when you see someone with money, they might have it and they might not and it didn't use to be that way.

The other problem is that keeping up with the Jones's isn't about having money, it's about spending money.

Consumption is very visible and conspicuous but being financially responsible and having savings and investments - nobody can really see that, so it looks like you're not doing as well.

Shira interviewed people at all levels of wealth and found that even billionaires are trying to keep up with the Jones's.

That's what you have to realize - you never arrive. Even when you go right to the top, there's this need to do better and have more. And thank goodness there is, otherwise everyone in America would be satisfied and we wouldn't move forward. So you do need some of that striving for more but you also need to appreciate what you do have. Just realizing that and being more realistic can really change your mind set and how you're managing things.

At somethingyoushouldknow.net I'm Mike Carruthers and that's Something You Should Know.