Stop trying to keep up with the Joneses - the Joneses are broke!

How to stop wasting money, from Canada's top consumer advocate.

We are a credit crazy society. Many Canadians are stuck in holding pattern - paying off bills each month while at the same time running up almost equal amounts of new debt. As CTV's Consumer Reporter Pat Foran knows, the real secret to financial success is simply spending less than you make and smartly investing the rest.

In his new book, The Smart Canadian's Guide to Building Wealth, Foran discusses how Canadians can stop wasting their hard-earned money paying interest to faceless corporations and cutting costs on cars, insurance, credit cards, taxes, and travel. He also outlines smart investing strategies to help make your savings grow.

For a complete list of chapters, see The Smart Canadian's Guide to Building Wealth Table of Contents.

For this book Foran interviewed prominent Canadians and asked them to share the best financial advice they have received in their lifetimes. He has quotes from politician Ralph Klein, rocker Sass Jordan, broadcaster Lloyd Robertson, cable czar Ted Rogers and artist Ken Danby as well other successful Canadians.

Foran can tell you how to get the best deal on a mortgage, why you need to wipe out credit card debt and limit lines of credit. On this topic, he's firm - get rid of debt as fast as you can as it's the number one killer of financial health.

Some of Foran's advice includes:

• If you are going to buy something that doesn't go up in value - pay cash for it. This is difficult when buying a car, which is why you should never buy a brand new one when you are still in the process of paying down debt.
• Be aware that every time you apply for credit it shows up on your credit rating. If you are hopping from one credit card to another, these activities can lower your credit score. It can look like you are a credit junkie or someone who has been denied credit all over town.
  
• Never be in a hurry to buy into new technology. Let the Joneses buy it first. You can always get it later when it's cheaper and better, once the design kinks have been worked out.
  
• Saving just $20 a week on your grocery bill can save you more than $1000 a year. Saving $60 a week could help you save more than $3000 a year.

The Smart Canadian's Guide to Building Wealth is a comprehensive guide to achieving financial security in a world where buying now and paying later has become too commonplace. With Foran's strategies and tips, Canadians of all means can put together a plan to save money and build wealth.