I live in India and I am pretty poor, I hope to be middle-class/upper-middle class someday, but I have noticed something sinister from some people who are extremely privileged, they can be still be bought with money.
Lack of money makes you desperate, and paranoid, and comparison drives you crazy, hard to be morally perfect as a poor man, but I see actors who have made insane amounts of money on the backs of their Indian fans like Shahrukh Khan, Canada Kumar, Ajay Devgan, Hrithik Roshan and many more who are well-respected in the industry and who still can sell their own fans financial ruin (gambling) or death (Tobacco) in ads. I thought the point of being rich was that you could be more moral, what is the use of getting rich if you use your influence and fame to do more harm than good?
Also, all the actors mentioned above have made numerous movies about patriotism, many in their private conversations like to brag how much they “love their country… blah… blah… blah”, but yet they feel ok selling Tobacco to their fans who made them what they are.
I have a cousin who worships Shahrukh Khan and who took up Pan(Tobacco) because he was naive and because he probably thought it was “cool” since his favorite actor (on whom he has modeled all aspects of his life was selling tobacco), thankfully we were able to get him off that a few years ago, but he spent money like water and he gained worse health for it. He got off easy, many suffered financial ruin or even death. So, when is it fucking enough!? When will these people have enough money?
edit: It’s just not India, it happens everywhere (just watch CoffeeZilla to see more prime examples of this) Also, I am not saying I am perfect, if someone gave me an insane amount of money to sell Pan, I will, judge me if you will. But, I like to think if I had “enough” money, I would be immune to the attractions of blood money, I like to think I can try to be as moral as I can be then, but these people almost make me think that there is never “enough” money.
I think we can put a specific maximum for a comfortable western lifestyle. You can certainly argue that a comfortable western lifestyle is already far and away better than most of the people on Earth will ever see. This is something of an arbitrary point where past this, most of us are going to agree that it’s excessive.
It’s USD 10 million.
Why? Let’s start with the Trinity study:
https://thepoorswiss.com/updated-trinity-study/
The original looked at a standard retirement portfolio and asked how much you can withdraw over a thirty year retirement. It took market data from 1925 through 1995 (the updated version linked above goes to 2023) and then checked a thirty year window over that entire period with various withdrawal rates.
What it found is that if you withdraw 4% of the portfolio the first year, and increasing it by inflation each subsequent year, it’s highly unlikely the portfolio will run out in the 30 year window. The time period covers has market ups and downs, high inflation and low, and this 4% stays.
The updated study above says a 3.5% withdraw had a high chance of lasting 50 years.
Lets play it ultra safe and put it at 2.5%. With $10M, we’ll have $250,000/year to play with, and our rules adjust that for inflation.
(Median household income in Manhattan is $128k)[https://www.point2homes.com/US/Neighborhood/NY/Manhattan-Demographics.html]. We’re pulling almost twice that. I feel comfortable saying a person can live nicely in any city on this income.
So there you go: $10M. If you want a 100% tax bracket, that’s a good place to put it. Any more money past that is just a game that hurts everyone else.
So is that $10M per person or family or family generation? I think the part where things start to spiral is when someone has a few kids who themselves have a few kids each and then add in the spouses. Even at 2 kids per generation and only the first Gen kids have spouses and you’re up to 10 people or $100M.
Household income would be a whole family that lives together.