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First published October 17, 2011
23 people are currently reading
465 people want to read
About the author
Richard C. Watts
2 books9 followersAs personal advisor and legal counsel to the super wealthy, Richard Watts is called on to counsel his clients on some of the most intimate decisions they have to make. He spends his workdays within the castle walls of America’s most successful families.
Richard studied economics at University of California at San Diego, Earl Warren College, and was admitted to practice law in California in 1982. He is an alumnus of Harvard Business School.
His primary passion is conveying the wisdoms of life through his practice, lectures, and writings.
Richard and his wife, Debbie, live in Laguna Beach, California, in the neighborhood of their three boys: Aaron, Todd, and Russell; two daughters by marriage Rene and Stephanie; and his three extra-special grandchildren, Maclane, Lucy, and Chandler.
You can also find Richard surfing at San Onofre, golfing at Santa Ana Country Club, or sitting in a local coffee shop with friends, talking about subjects that really matter.
Richard studied economics at University of California at San Diego, Earl Warren College, and was admitted to practice law in California in 1982. He is an alumnus of Harvard Business School.
His primary passion is conveying the wisdoms of life through his practice, lectures, and writings.
Richard and his wife, Debbie, live in Laguna Beach, California, in the neighborhood of their three boys: Aaron, Todd, and Russell; two daughters by marriage Rene and Stephanie; and his three extra-special grandchildren, Maclane, Lucy, and Chandler.
You can also find Richard surfing at San Onofre, golfing at Santa Ana Country Club, or sitting in a local coffee shop with friends, talking about subjects that really matter.
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Displaying 1 - 20 of 20 reviews
October 24, 2021
"The richest person is not who has the most... But the one who needs the least"
August 1, 2018
I believe I was recommended this book in the text of Tony Robbins’ Money: Master the Game- under the auspices of “here’s what rich people have that you DON’T want.”
An interesting, quick read- this book took me less than 2 hours to read. If you are in pursuit of wealth, or wish to understand the lives of the wealthy better, check it out. Otherwise, you might pass.
One other note- the author asks that you accept him as an authority on the super-wealthy, and also positions himself as a dispenser of moral guidance on rearing non-entitled kids in an environment of wealth/abundance. I have not researched whether he is credible on either matter- maybe he is, maybe not.
A few take-aways:
Lots of discussion of the difficulty of raising non-entitled kids and grandkids. Long story short- you must allow your kids to struggle to achieve, and go through hardship. If you ease their way by giving them money/access, you take from them their development/grit.
Though not mentioned in the text, the “Hedonic Treadmill” is discussed at length- when you can buy anything, everything loses its utility/value/special-ness.
Lot of talk about how the real value in life is genuine connection to family and friends.
A lot of discussion of how wealth can easily ruin your life, not enhance it.
The old saw of “grandpa earns it, the kids enjoy it, the grandkids squander it is dissected. Interesting commentary that the children enjoy it but often do not squander the wealth because they still remember “grandpa’s” struggle- and the family tells stories of the struggle. But by the grandkids’ time, the story of the struggle is forgotten and the grandkids are just entitled.
A great insight- “In essence, being “poor” is having nothing and knowing it. Being “rich” is having everything and knowing it. Being “entitled” is having everything and not knowing it.”
Lots of discussion that the rich have big problems with making friends and spouses as they are (rightfully) worried that everyone wants their money, not their friendship.
Some discussion that the best way to be a friend to a very wealthy person is to never accept or seek their money, and to politely challenge them, as everyone else seeks their money and no one challenges them.
If you are involved with an ultra-wealthy person, never never never speak about or seek their money.
If you marry into wealth, never accept money/job/etc from the in-laws. They will never see you as an equal if you do.
Wealth often turns the families against one another as each seeks to protect what they see as “their” wealth- seeking to take the wealth away from siblings, and even the elderly parents grandparents who earned it. Often the children and grandchildren fight bitterly over great wealth, only united against one another or outsiders (in-laws, new wives, etc.)
Table of Contents:
Introduction: Pulling Back the Brocade Curtain
PART ONE: LIFESTYLES OF THE RICH AND FAMOUS
Chapter One: The Hundred-Million-Dollar Definition
Chapter Two: Uncommon Lives
Chapter Three: Giving a Lot for a Little More
PART TWO: SOAP-OPERA FAMILY DRAMA
Chapter Four: The Money-Proof Marriage
Chapter Five: Children of Entitlement
Chapter Six: The Dangers of Inherited Wealth
Chapter Seven: Under the Thumb of Rich In-Laws
Chapter Eight: Bitter Family Battles
PART THREE: LIVING BEHIND CASTLE WALLS
Chapter Nine: Pretend Friends
Chapter Ten: Unrelenting Competition
Chapter Eleven: Inevitable Alienation
Chapter Twelve: Artificial Intelligence
Chapter Thirteen: Myopic Vision
Chapter Fourteen: Leading a Double Life
Chapter Fifteen: Spiritually Challenged
PART FOUR: I’D RATHER NOT BE RICH
Chapter Sixteen: The Myth of Midas
An interesting, quick read- this book took me less than 2 hours to read. If you are in pursuit of wealth, or wish to understand the lives of the wealthy better, check it out. Otherwise, you might pass.
One other note- the author asks that you accept him as an authority on the super-wealthy, and also positions himself as a dispenser of moral guidance on rearing non-entitled kids in an environment of wealth/abundance. I have not researched whether he is credible on either matter- maybe he is, maybe not.
A few take-aways:
Lots of discussion of the difficulty of raising non-entitled kids and grandkids. Long story short- you must allow your kids to struggle to achieve, and go through hardship. If you ease their way by giving them money/access, you take from them their development/grit.
Though not mentioned in the text, the “Hedonic Treadmill” is discussed at length- when you can buy anything, everything loses its utility/value/special-ness.
Lot of talk about how the real value in life is genuine connection to family and friends.
A lot of discussion of how wealth can easily ruin your life, not enhance it.
The old saw of “grandpa earns it, the kids enjoy it, the grandkids squander it is dissected. Interesting commentary that the children enjoy it but often do not squander the wealth because they still remember “grandpa’s” struggle- and the family tells stories of the struggle. But by the grandkids’ time, the story of the struggle is forgotten and the grandkids are just entitled.
A great insight- “In essence, being “poor” is having nothing and knowing it. Being “rich” is having everything and knowing it. Being “entitled” is having everything and not knowing it.”
Lots of discussion that the rich have big problems with making friends and spouses as they are (rightfully) worried that everyone wants their money, not their friendship.
Some discussion that the best way to be a friend to a very wealthy person is to never accept or seek their money, and to politely challenge them, as everyone else seeks their money and no one challenges them.
If you are involved with an ultra-wealthy person, never never never speak about or seek their money.
If you marry into wealth, never accept money/job/etc from the in-laws. They will never see you as an equal if you do.
Wealth often turns the families against one another as each seeks to protect what they see as “their” wealth- seeking to take the wealth away from siblings, and even the elderly parents grandparents who earned it. Often the children and grandchildren fight bitterly over great wealth, only united against one another or outsiders (in-laws, new wives, etc.)
Table of Contents:
Introduction: Pulling Back the Brocade Curtain
PART ONE: LIFESTYLES OF THE RICH AND FAMOUS
Chapter One: The Hundred-Million-Dollar Definition
Chapter Two: Uncommon Lives
Chapter Three: Giving a Lot for a Little More
PART TWO: SOAP-OPERA FAMILY DRAMA
Chapter Four: The Money-Proof Marriage
Chapter Five: Children of Entitlement
Chapter Six: The Dangers of Inherited Wealth
Chapter Seven: Under the Thumb of Rich In-Laws
Chapter Eight: Bitter Family Battles
PART THREE: LIVING BEHIND CASTLE WALLS
Chapter Nine: Pretend Friends
Chapter Ten: Unrelenting Competition
Chapter Eleven: Inevitable Alienation
Chapter Twelve: Artificial Intelligence
Chapter Thirteen: Myopic Vision
Chapter Fourteen: Leading a Double Life
Chapter Fifteen: Spiritually Challenged
PART FOUR: I’D RATHER NOT BE RICH
Chapter Sixteen: The Myth of Midas
July 21, 2025
I really liked this book. Richard Watts describes what life looks like behind the scenes of extreme wealth. His perspective is interesting, some statements are really on point, and the stories he tells are emotional.
One thing I especially agree with is how he describes what goes wrong in relationships when everything turns into business talk. He really captures how couples and families begin to drift apart, not necessarily because they stop loving each other, but because their conversations shift to logistics and transactions. That emotional closeness fades when the partnership or the family becomes too focused on the mechanics of success.
That said, there’s a part I don’t fully agree with. Watts describes wealth as becoming addictive, but I don’t think that’s accurate, especially not for self-made people. I’m not that sure self-made entrepreneurs are addicted to money. I believe what really drives them is the thrill of building something, the adrenaline of closing a deal, the pride of growing their business. The money comes because of that passion it’s a side effect, not the goal. They chase excellence, competition, and success. So I’m not sure I agree that the motivation is to “become richer” in the way Watts suggests. Maybe that applies to some… but can you really become successful if money is your only motivation? I think the engine has to be the business itself, money just follows. Maybe that’s also why wealth tends to disappear by the third generation, as he describes. The addiction to money might be there, but the drive, the hunger, the connection to what it took to build it, isn’t. And without that, money alone doesn’t sustain anything.
I also found myself thinking a lot about loneliness in wealth. I remember this story of a wealthy man who shared how sad it made him that his closest friends had stopped inviting him over. Not because they didn’t care, but because they felt embarrassed by their homes, assuming he wouldn’t be comfortable unless everything was luxurious. But what he missed the most was exactly that, being at someone’s house, having a normal lunch, and just talking like real people. Reading this book reminded me of that story, because Watts touches so well on how misunderstood wealthy people can feel, and how assumptions about their preferences only isolate them further.
All in all, I think it’s a pretty good read with a lot to reflect on :)
One thing I especially agree with is how he describes what goes wrong in relationships when everything turns into business talk. He really captures how couples and families begin to drift apart, not necessarily because they stop loving each other, but because their conversations shift to logistics and transactions. That emotional closeness fades when the partnership or the family becomes too focused on the mechanics of success.
That said, there’s a part I don’t fully agree with. Watts describes wealth as becoming addictive, but I don’t think that’s accurate, especially not for self-made people. I’m not that sure self-made entrepreneurs are addicted to money. I believe what really drives them is the thrill of building something, the adrenaline of closing a deal, the pride of growing their business. The money comes because of that passion it’s a side effect, not the goal. They chase excellence, competition, and success. So I’m not sure I agree that the motivation is to “become richer” in the way Watts suggests. Maybe that applies to some… but can you really become successful if money is your only motivation? I think the engine has to be the business itself, money just follows. Maybe that’s also why wealth tends to disappear by the third generation, as he describes. The addiction to money might be there, but the drive, the hunger, the connection to what it took to build it, isn’t. And without that, money alone doesn’t sustain anything.
I also found myself thinking a lot about loneliness in wealth. I remember this story of a wealthy man who shared how sad it made him that his closest friends had stopped inviting him over. Not because they didn’t care, but because they felt embarrassed by their homes, assuming he wouldn’t be comfortable unless everything was luxurious. But what he missed the most was exactly that, being at someone’s house, having a normal lunch, and just talking like real people. Reading this book reminded me of that story, because Watts touches so well on how misunderstood wealthy people can feel, and how assumptions about their preferences only isolate them further.
All in all, I think it’s a pretty good read with a lot to reflect on :)
June 3, 2019
A wise man once said that wealth is the ultimate magnifying glass: it not only increases your opportunity, but also your chance for failure. The stories in this book illustrate that quite well.
The author, a legal adviser to people he describes as 'super-rich', spills the beans on the destructive power of wealth. For those curious about the dangerous business of being rich I can recommend this book! Down below I leave you with 2 core lessons I learned to give you a simple.
The core lessons I got from this book are the following:
(1) Mo' money, mo' problems. Once you have so much money it doesn't matter, the first thing you should do is protect it. And not just from sneaky business people, but from your family. A bunch of sad stories in the book illustrate that once money (read: inheritance) is at stake, love doesn't enter the equation.
(2) You're better off not telling anyone about how much money you have. This will instantly change how others treat you. The author likens it to being a celebrity that doesn't have anyone to relate to anymore, because everybody wants something from them.
The author, a legal adviser to people he describes as 'super-rich', spills the beans on the destructive power of wealth. For those curious about the dangerous business of being rich I can recommend this book! Down below I leave you with 2 core lessons I learned to give you a simple.
The core lessons I got from this book are the following:
(1) Mo' money, mo' problems. Once you have so much money it doesn't matter, the first thing you should do is protect it. And not just from sneaky business people, but from your family. A bunch of sad stories in the book illustrate that once money (read: inheritance) is at stake, love doesn't enter the equation.
(2) You're better off not telling anyone about how much money you have. This will instantly change how others treat you. The author likens it to being a celebrity that doesn't have anyone to relate to anymore, because everybody wants something from them.
August 3, 2017
This book provided wonderful insights for what effects money plays in people's life. The vast majority of Americans are hard working middle class, the so-called have-nots. There must be times we envy the super-riches thinking life must be better with more money, but this book provides new view points and stories that a simple life is just as good, if not even better than the life that a super rich would have.
One thing this book didn't elaborate is that, not all super rich families will have unbearable tragedies. There will be people who own money, estates, resources but can manage them well. And there are people who can find balance between owning a lot and enjoying their life. Maybe the author can write another book on "how to be happy when you are super rich".
What money means for you? To me, sufficient money can bring me security and comfort. But how much money would one person or one household really need? These are great questions everyone should ask themselves.
One thing this book didn't elaborate is that, not all super rich families will have unbearable tragedies. There will be people who own money, estates, resources but can manage them well. And there are people who can find balance between owning a lot and enjoying their life. Maybe the author can write another book on "how to be happy when you are super rich".
What money means for you? To me, sufficient money can bring me security and comfort. But how much money would one person or one household really need? These are great questions everyone should ask themselves.
Read
February 5, 2024Wow, this has got to be one of my most favorite financial books out there. This book is so perfect, and it is a shocker that no one ever recommends this book, I don’t know exactly how I even heard about this book in the first place.
This book is about how terrible it is to be rich. How lives of the rich are often worse than the lives of the middle class and how money truly ruins relationships. This whole book makes you feel so good that you're not a millionaire. He says a quote about if you really want to punish your enemy, give them millions of dollars. I like that.
This book is about how terrible it is to be rich. How lives of the rich are often worse than the lives of the middle class and how money truly ruins relationships. This whole book makes you feel so good that you're not a millionaire. He says a quote about if you really want to punish your enemy, give them millions of dollars. I like that.
February 12, 2019
Be Content with Your Current State
The grass is not always greener on the other side. This is a great expose on the fables of Fortune from the rich. I really enjoyed it. There are lots of memorable quotations and highlights. It was a quick read, and I especially like the latter half of the book, with some tips, tricks, takeaways, and action items, for how to avoid the trappings that come with wealth, even minor wealth.
The grass is not always greener on the other side. This is a great expose on the fables of Fortune from the rich. I really enjoyed it. There are lots of memorable quotations and highlights. It was a quick read, and I especially like the latter half of the book, with some tips, tricks, takeaways, and action items, for how to avoid the trappings that come with wealth, even minor wealth.
December 30, 2020
Quite an entertaining read on the insight of the lives of the super-wealthy and the 'challenges' they face on their every day life. The path to financial success is long, hard and it all always, inevitably put strains on your relationships - the author's message is clear:
money doesn't solve your problems, most of the time it multiply them, and mostly acquiring money means giving up time, so ultimately finding balance between accumulating wealth and conduct a meaningful life is the real goal.
money doesn't solve your problems, most of the time it multiply them, and mostly acquiring money means giving up time, so ultimately finding balance between accumulating wealth and conduct a meaningful life is the real goal.
May 11, 2020
This book could have been SO much more. Had the author been a gifted storyteller, the content could have been crafted in a way that was super compelling.
As it is, it is dull and lifeless. I get the point he was trying to make, but he needs help writing in a way that makes for more dynamic reading.
Also I have NO desire for opulent wealth.
As it is, it is dull and lifeless. I get the point he was trying to make, but he needs help writing in a way that makes for more dynamic reading.
Also I have NO desire for opulent wealth.
May 3, 2019
Eye opening, quick and interesting.
March 13, 2025
Fascinating for me and so sad for the really rich
January 8, 2018
I’m rather at a loss as to how to review this book. On the one hand, I am rolling my eyes at the claims that every wealthy person has terrible anxiety, no work ethic, untrustworthy friends, no-good kids, backstabbing siblings, is cheating on his or her spouse with their personal trainer and is being cheated on in return. That they all give to charity for the kudos they receive in return, that they work through every vacation, that they don’t know how to maintain real relationships, that they take no joy at all in simple pleasures and that they are spiritually bankrupt. On the face of it, that is exactly what this book claims.
On the other hand, I have seen up close the effects that wealth can have through generations – the parents that worked hard for it, the kids who didn’t and who take it for granted, and the grandkids that grow up spoiled to no end by parents who won’t say no to sharing money they didn’t even earn. I agree that there is more to life than earning money, and that many of life’s greatest joys are free. I know that I trust my friends and family in part because there’s not much they could get out of being my friend, perks-wise.
But what, exactly, this book was supposed to do about that is somewhat a mystery to me. It’s something between a tell-all and a pat on the back from the lawyer to the wealthy who’s managed to rise above all the pettiness he sees on a daily basis (yet, given the vacations he’s able to take from which he can spy on non-client millionaires, he’s clearly being well-compensated himself). Is he really one of us, the 99%? Or is he a 1%-er who doesn’t even realize it?
Ultimately, I’m not sure. The book is a very quick read, which was a relief, because I realized at one point that my favorite bits were cheap tabloid fodder – the affairs and misfortunes of the poor little rich girls and boys the author worked for. I don’t like to spend my time indulging in that kind of content in magazines, and I didn’t want to do it in book form either. I think the best I can say is that if US Weekly is your type of beach read, this book could be a fun little peek inside the world of the real wealthy.
On the other hand, I have seen up close the effects that wealth can have through generations – the parents that worked hard for it, the kids who didn’t and who take it for granted, and the grandkids that grow up spoiled to no end by parents who won’t say no to sharing money they didn’t even earn. I agree that there is more to life than earning money, and that many of life’s greatest joys are free. I know that I trust my friends and family in part because there’s not much they could get out of being my friend, perks-wise.
But what, exactly, this book was supposed to do about that is somewhat a mystery to me. It’s something between a tell-all and a pat on the back from the lawyer to the wealthy who’s managed to rise above all the pettiness he sees on a daily basis (yet, given the vacations he’s able to take from which he can spy on non-client millionaires, he’s clearly being well-compensated himself). Is he really one of us, the 99%? Or is he a 1%-er who doesn’t even realize it?
Ultimately, I’m not sure. The book is a very quick read, which was a relief, because I realized at one point that my favorite bits were cheap tabloid fodder – the affairs and misfortunes of the poor little rich girls and boys the author worked for. I don’t like to spend my time indulging in that kind of content in magazines, and I didn’t want to do it in book form either. I think the best I can say is that if US Weekly is your type of beach read, this book could be a fun little peek inside the world of the real wealthy.
October 2, 2012
This book is a must read for everyone, especially those who have coveted wealth. Being rich is largely perceived by the middle class as the key to a happy, successful life. "What Rich People Have That You Don't Want" gives the reader an insightful glance at the realty of becoming super wealthy, providing an opportunity to rethink the sacrifice required once you reach this ultimate goal. Richard Watts writes from experience and his stories are captivating and thought provoking. The reader is given the opportunity to glimpse at what it might be like to have everything they've always wanted, only to realize what they already have deserves greater appreciation. I highly recommend this book, especially for those who believe money can solve their problems.
March 22, 2012
Entertaining read and he makes some very good points.
He says that rich people are not nearly as happy as most people assume and that if you got really rich you wouldn't remain happy very long either.
For one thing the more you have the more you want...it is sort of like an addiction...you get used to it and keeps taking more and more to get the same effect. So pretty soon you are not rally happy with anything.
I think being relatively "poor" as I am now is much better.
If you have doubts...check this book out! I'm pretty sure you will be convinced too.
He says that rich people are not nearly as happy as most people assume and that if you got really rich you wouldn't remain happy very long either.
For one thing the more you have the more you want...it is sort of like an addiction...you get used to it and keeps taking more and more to get the same effect. So pretty soon you are not rally happy with anything.
I think being relatively "poor" as I am now is much better.
If you have doubts...check this book out! I'm pretty sure you will be convinced too.
Want to read
January 27, 2015Quote from book:
"Although we may never be super-rich, we have moments ... moments when we gain a little ground in the struggle, when we achieve a small victory, when the pressure lets up for just a second and we realize life is good. Everyone longs to be in that moment. But the super-rich, who live in that moment full-time, find it difficult to appreciate the privilege. They often miss the joy we find in everyday blessings: a healthy marriage, a close family, a position of respect in the community, a happy memory from childhood, or time with a few good friends."
"Although we may never be super-rich, we have moments ... moments when we gain a little ground in the struggle, when we achieve a small victory, when the pressure lets up for just a second and we realize life is good. Everyone longs to be in that moment. But the super-rich, who live in that moment full-time, find it difficult to appreciate the privilege. They often miss the joy we find in everyday blessings: a healthy marriage, a close family, a position of respect in the community, a happy memory from childhood, or time with a few good friends."
October 2, 2012
I found this book very easy to read. It was fascinating and informative. Everyone who has ever dreamed of being rich or becoming super rich should read this book. The author does a great job of detailing his personal experiences with the super rich and the struggles they endure. I highly recommend it.
March 14, 2015
Quick read. Has lessons for every family. It isn't just about the the power of money, though that is a significant portion.
October 1, 2012
Great read! Highly recommend you check this book out.
May 11, 2013
Couldn't put it down. Easy and interesting to read. Makes you glad you are not rich.
October 12, 2022
3.5 stars
Displaying 1 - 20 of 20 reviews