Skip to Content

Book review: Rich Like Them

More
Text SizeAAA

Filed under: Wealth

Author Ryan D'Agostino's proposal for his book, Rich Like Them must have sounded terrific back in 2006. He would cold-call at houses owned by obviously prosperous people and ask them to explain how they came about their fortune. Unfortunately, between the inception of his idea and the publishing of Rich Like Them, a recession intruded.

D'Agostino, an editor at Esquire and widely published elsewhere, had surprising success in convincing those who answered his knock to open up about the source of their bounty. He targeted homes in the top 100 toniest zip codes across the country, and recruited a wide variety of subjects, from software magnates to fruit peddlers, investment brokers to credit card processors. The books suffers, however, from two flaws; one predictable, and one that should have been.

Fault one, no fault of D'Agostino's, is that many of the subjects gained most of, if not all, their fortunes in property speculation. While investing in land and housing will no doubt eventually be once-again lucrative, in today's market such stories of success seem archaic.

The second fault is that the lessons taught by those who the author interviewed ran to platitudes, lacking the concreteness from which readers might gain insight. Among the obvious lessons D'Agostino's interviewees taught are--

  • Study your market obsessively
  • Work your ass off
  • Adopt a growth mind-set
  • Specialize
  • Network
  • Always be open to opportunity
  • Don't get greedy
  • Save
  • Watch every dollar
  • Follow your heart
  • Be patient

I can't help but think that a better book would come from interviewing the same number of people who failed, to learn why they failed. Sometimes successful people succeeded simply because they were damned lucky, and few would confess that face to face.

Subscribe to Walletpop
Murray's Cheese: Serving New York Since 1940
Murray's Cheese in Manhattan is nominated for a Luxist Award in the Best Cheese Shop category. ...
Caviar Russe: The Destination for America's Top Chefs
Caviar Russe, which is nominated for a Luxist Award in the Best Caviar Retailer category, has been ...

Amy Pyle
Amy Pyle Filed under: Banks, Budgets, Credit, Real Estate, Recession

Faces of loan modification: Christine Attalla, Bolingbrook, Ill.

How well is the government's loan modification working? WalletPop's four-part special report continues with profiles of some of those trying to get help. To read the overview, click here. Christine ...
Barbara Bartlein
Barbara Bartlein Filed under: Budgets, Debt, Home, Real Estate

Extreme home makeover, Part V: $55,000 later, we're finally done

This is the last of a five-part series about how the writer and her husband, Charlie, tackled a major overhaul of their home and the pitfalls they faced along the way. To read the first installment ...
Barbara Bartlein
Barbara Bartlein Filed under: Budgets, Home, Real Estate, Wealth, Recession

Extreme home makeover, Part IV: Progress at last, but roadblocks remain

This is the fourth part of a five-part series about how the writer and her husband, Charlie, tackled a major overhaul of their home and the pitfalls they faced along the way. To read the first ...
Kelly Phillips Erb
Kelly Phillips Erb Filed under: Tax, Technology, Taxes-income-tax-basics, Taxes-advice

E-filing tips that should save time, if not money

If the trend in e-filing continues, the IRS expects more than 100 million individual taxpayers to file their tax returns electronically for the 2009 tax year. More than one-third of those taxpayers ...

Headlines from WalletPop Partners