Author Richard Watts Explains Why Being Richer Isn't Always Better

STUDIO CITY (CBS) — Think the rich have it all? Read author Richard Watts' new book.

Watts stopped by the KCAL9 studios Monday to talk about his book, "Fables of Fortune: What Rich People Have that You Don't Want" and explained why richer is not always better.

"You can characterize money as being similar to alcohol or drugs," Watts says. "When it is used intermittently and in relatively conservative portions, the results can be enhancing and beneficial. But as with any substance abuse, it becomes more and more difficult to tell the difference between 'a little' and 'a little more.' This behavior can lead to a phenomenal loss of finances – and family."

Watts' book explore these topics and more:
• The 'American Dream' and how it's morphed into something unattainable - and perhaps even undesirable - over the years
• How dangerous never having to hear the word 'NO' can really be
• The promiscuous lure of wealth
• The #1 mistake that parents of all income levels - but especially the uber-wealthy - make when it comes to raising their kids
• What the middle income earner can learn from the very rich

For more on the book, click here.