Stop Acting Rich is a follow-up, in the fashion of Hollywood studios who can't help milking a movie Franchise over and over again until every marginal dollar has been made.
The book makes several points:
- Many people who drive expensive cars and live in rich neighborhoods are themselves not rich. The few who are, tend to come from a special type of household and childhood that they are trying to banish by deliberately spending on "the best."
- Living in a wealthy neighborhood before you are wealthy makes it harder to accumulate wealth. People measure themselves by comparing what they have to what their neighbors have. By constantly surrounding yourself by people who are so wealthy that $50,000 cars are a minuscule portion of their net-worth, you set yourself on a hedonistic treadmill which depletes your wealth instead of accumulating it.
- Engineers are the most frugal millionaires in America. They have no problem living below their means, and driving cheap cars for the sake of efficiency. Engineers account for 7.6% of millionaires but are only 2.3% of the working population. They also never pay retail. What amuses me the most about this, of course, is that engineers have a notoriously hard time attracting mates, which tells me that a lot of "acting rich" is really about demonstrating proof of reproductive suitability (don't ask me whether the strategy succeeds --- the author doesn't mention it). And true to form, I checked this book out of the local library rather than buying it.
- By contrast, middle managers and attorneys have a hard time accumulating wealth despite having high incomes. That's because their peers tend to live in expensive neighborhoods, which tends to accelerate their spending. This also explains why I've occasionally seen signs of jealousy from managers in the past.
All in all, the book is entertaining, but provides limited additional insights if you've already read The Millionaire Next Door, so I can't in good faith recommend it.