Summary of Richard Watts's Fables of Fortune

By IRB Media

Please note: This is a companion version & not the original book. Book Preview:

#1 The world of the super-rich is different from the world of the rich. To be considered super-rich, you must have a net worth of more than $30 million. The majority of people who have this amount of wealth do not spend their days shopping at the Mall of Life without ever looking at a price tag.

#2 The line between being poor and being super-rich is somewhat relative. If you were to sell your company and invest the proceeds, you would receive an average income of about $1. 4 million per year. After taxes, you would have between $700,000 and $1 million of net spendable income.

#3 The owner of the boat, a billionaire, had not used the boat in three years. He kept it because he could. The slips started at $600 per day. Maintaining a boat that large and the helicopter, its pilot, and its mechanic must be costing him at least $200,000 per month.

#4 The author went on a hunting trip with a group of super-rich individuals, and while the cost of the trip was $90,000, my friend wrote a check for $45,000. His standard daily attire consisted of worn blue jeans, and he much preferred a meal of hot dogs and french fries over filet mignon and foie gras.

• Language: English
• Publisher: IRB Media
• Release date: May 14, 2022
• ISBN: 9798822517639

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Insights on Richard Watts's Fables of Fortune

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 1

#1

The world of the super-rich is different from the world of the rich. To be considered super-rich, you must have a net worth of more than $30 million. The majority of people who have this amount of wealth do not spend their days shopping at the Mall of Life without ever looking at a price tag.

#2

The line between being poor and being super-rich is somewhat relative. If you were to sell your company and invest the proceeds, you would receive an average income of about $1. 4 million per year. After taxes, you would have between $700,000 and $1 million of net spendable income.

#3

The owner of the boat, a billionaire, had not used the boat in three years. He kept it because he could. The slips started at $600 per day. Maintaining a boat that large and the helicopter, its pilot, and its mechanic must be costing him at least $200,000 per month.