Like basketball and blockbuster moves, keeping up with the Joneses is something Americans do better than anyone else in the world.  It’s why consumer spending is the leading driver of our economy, and why so many of us are now burdened by staggering debt.

Only because of this mentality could we have seen people making $50,000 a year and buying $500,000 homes with zero down and interest-only payments.  It’s the reason why so many new wallets were bought to hold all the credit cards we stacked up.  And it’s the mindset that Debtbeats have to get out of if they ever want the kind of fiscal freedom enjoyed by the rich.

This week’s Required Reading is Stop Acting Rich: …And Start Living Like A Real MillionairebyThomas J. Stanley, the bestselling author behind The Millionaire Mind and The Millionaire Next Door. Stanley in an expert on the wealthy and knows better than anyone that most rich Americans don’t live extravagant lives.

And that’s precisely why they are able to amass riches.

Stanley sheds light on the people who have the trappings of wealth, but no real financial foundation or security.  Here’s a description from Amazon.com:

These are residents of mini-mansion neighborhoods. And owners of luxury automobiles and Rolex watches. They send their children to private schools and belong to expensive country clubs. They buy Brooks Brothers suits and shop at exclusive department stores. They are glittering rich wannabes, and they spend most of their income on a prestige lifestyle. There’s nothing left for saving.

Sound familiar?  This book is a great investment and tutorial for you to move from this group to being just an average, run-of-the-mill millionaire.

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