RE: Keeping up with the Joneses - the race to the bottom

Yep.
At the end of the day, run your own race. The only person you should compare yourself to is your past self.
Reminds me of a property developer that I know. He drives a 25 year old jaguar worth mayybe 20 grand. Everyone in his friendship circle, my uncles included drive brand new porsches, beamers mercs etc. I asked him once why he didn't by a better car. His response, "why? I like this car. I don't need to prove to anyone how much money i have. "