When Alvin meets the girl of his dream, he tries to impress her but he has to compete with the richest kid in school. In order to do so, Alvin pretends he is as rich as Nicholas. Both boys invite Tiffany to go to the charity auction with them. At the event Nicholas outbids Alvin on everything but a $40,000 yacht. Trying to help pay for the boat, Theodore sets up a stand selling lemonade for $10,000 a glass and Simon creates a messenger pigeon service. Both are flops so Alvin creates a charity before Dave informs him that the yacht was sold to a higher bidder. Tiffany informs them after the concert that she is leaving for France.
- "Uptown Girl" originally performed by Billy Joel.
- The title is a spoof of the saying "Rich and Famous."