Book Review - Green with Envy

I just finished reading the book Green with Envy: A Whole New Way to Look at Financial (Un)Happiness and want to share some thoughts about it. First I should say that I am fascinated by the psychology of money and what makes people spend vs. save, and the concept of “keeping up with the Joneses” certainly falls into this category. In fact I think that the media and advertising play into the concept, trying to ensure that we are dissatisfied until we have at least as much (if not more) than our neighbors and friends. And often, just becoming aware of the phenomena is a big part of battling it - much like tracking our expenses helps us establish our spending priorities.

This is not your typical personal finance or manage-your-debt kind of book. It exposes more of the emotional issues underlying our relationship with money, giving us a clear look at how some other groups may be living, and clueing us in to what may be motivating our own spending patterns. In some ways it reminds me of The Millionaire Next Door, but approached from the other side.

The book starts off with a story about a young couple who moves into a condo next door to the author and her husband. Rumor has it that the couple has purchased the pricey New York condo with all cash (no mortgage). They then proceed to live a nice, somewhat extravagant lifestye with a cleaning lady, fabulous vacations and mountains of packages delivered from upscale stores. The author is refreshingly honest about the envy she and her husband feel, envy that eventually turns into eager delight as they learn all is not as it seems.

This story and those that follow it give us an in-depth look at the finances and spending habits of those who appear to have it all. It is interesting in that nosy-neighbor kind of way, and makes for valuable reading in a couple of ways. Most importantly to me was the reminder that often things are not as they seem. First impressions and misconceptions may cloud the truth; the couple that appears to have an endless supply of cash may in fact be on the brink of bankruptcy (there is an honest look at a family that eventually does file for bankruptcy). The book may also be a wakeup call for anyone living life on the financial edge - borrowing from one credit card to pay the minimum balance on another. There is also a more subtle undertone reminding us that money does not buy happiness - as is evidenced by the profile of a wife of a billionaire, and the circles she travels in.

Much of the material was familiar, but interesting nonetheless. The most intriguing profile was the senator and his family. The story gives a lot to think about - that unless a congressman comes from money, he too may be struggling to make ends meet. I never really thought about all the costs incurred when a politician leaves home and sets up camp in Washington, D.C. The story is told with refreshing honesty and made me a little ashamed that I’d never appreciated some of the financial sacrifices a congressman may be making. The six-figure salary is clearly not all is appears to be in this case.

I found too much background material between the stories - a bit too much vague psychology for my taste. But I solved that problem by quickly flipping through to the next story. Overall I recommend the book as I think it will have some appeal to almost everyone, even if it is just to satisfy our curiousity about someone else’s financial picture.

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• Book Review: How to Live Well Without Owning a Car
• Question Expenses Twice
• Defining Moments Part 2 - Stop the Impulse Buying
• Book Review: How to Survive Without a Salary

Tags: debt, money management, spending