How Much $ Is Too Much For One Person To Have?

Originally posted by Raist
reply to post by ludwigvonmises003

 

How is 25 million too low? I am not sure how I would ever spend over a million.

Maybe it is just me, the "world" I live in and how I was raised, but to me 25 million is more than sufficient to do my family. I would not be looking to spend a great deal on a home and as for cars I am fairly happy with what I have. With 25 million I would never have to work again get the stuff that I want and still have well over 24 million to spend.

Raist

This is quite reasonable from the perspective that a person who has wealth is only concerned about what kind of house they live in, what kind of car they drive, or what vacations they will take every year.

But if you are seriously trying to grow a business, if your wealth had to be "capped" at $25 million, this would cause serious problems. Do you suppose, for example, that anyone could try to buy out General Motors...or establish a national trucking firm...or set up a solar factory to compete with the Chinese...or whatever...if all anyone could ever hold or work with is $25 million?

And what if one managed to set up his/her national trucking firm, for under $25 million, and then it prospered? Would we have to start to extract all net worth of that busdiness that amounted to over $25 million?

So..the business owner risks everything to grow his business into something that can compete with others (given the economies of scale), but as soon as he does we start docking his bank accounts to ensure he stays below $25 million.

All of the incentive to live "the American Dream" would be gone. America would become a third world nation in under one generation.

Here is an interesting thought, for you. Even in Communist China, no limits are placed on personal wealth - in fact they are creating more billionaires now than the United States. Do you think that they have recognized the value, even within their system, of providing capable entrepreneurs the opportunity of unlimited income and wealth?

Do you really think that China's meteoric economic growth is based on on some kind of staid central planning system?

reply to post by mobiusmale


I understand what you are saying. However, if you read my second post you will see I stated that I did not see a reason to cap a person's wealth.

A decent small business can be started for under 25 million though. And if each person was capped at 25 million I suppose a person could have their family hold anything above the first 25 million. Again though the question was how much is too much? If one is simply trying to live 25 million if far more than anyone needs.

Raist

When that persons behavior shifts into the tunnel vision mode of using money to achieve satisfying sensualties, one of which is to obtain more money. A runaway fire where the heat from it causes more fuel to be available by melting the surroundings.

Originally posted by Domo1
I've seen a lot of complaints about some members in society holding vast amounts of wealth. I certainly understand why people feel frustrated. It IS frustrating to know that some people can wipe with $100 bills and some people can't afford to feed their families. My question, as the title implies; how much is too much? Should there be a limit? Should the wealthy (and I'm going to say someone with more than 5 million dollars) be required to pay more tax than they do already?

Someone in another thread something that I liked, 'How much do they really need at that point (referring to Walmart estate beneficiaries) it's seems like it's just to show off after awhile!' That's what really sparked this tread. I don't really need half the things I own. I'm not a millionaire, but live very comfortably. Since I don't technically need my assets, and could theoretically survive working at McDonalds, should I just give everything away? I don't mean that to sound snarky, it's just an example.

There is obviously a problem in this country, but do you feel that the rich deserve to keep the money they have made, and do you believe there should be a limit on personal assets? If so, what should be done with those assets? How would you redistribute them fairly?

What would you do to close the wealth gap. I do readily agree this is a problem, and not just a 'they're lazy' issue.

I know I'm kind of a pain in the OWS threads, but I am asking this as a serious question and don't really want to debate, just listen. I have really come to respect other members opinions here, a number of people have really said things to challenge my beliefs and think about them more deeply.

In short.. it doesn't matter, at least to me. I know the true value of fiat currency. It's worthless. It's created to enslave you to work and keep you in line. Having billions and having nothing to me is the same.

This is why I asked earlier on the thread are we talking about income, total wealth; that is a big arguement. The business side of the matter is completley different, you can not place a total wealth on a company, especially a global business.

Originally posted by broahes

In short.. it doesn't matter, at least to me. I know the true value of fiat currency. It's worthless. It's created to enslave you to work and keep you in line. Having billions and having nothing to me is the same.

I am always absolutely fascinated by comments such as this...by the comment itself, that someone would pretend to live by such a philosophy...and would further espouse it openly. Do I really need to point out the complete hypocrisy of such a stance - well, assuming you are living in the modern world (my first clue is that you have somehow managed to accumulate enough currency to either purchase a computer and internet service, or to pay the toll at an internet cafe)?

Is it really your position that forms of currency were created to enslave workers...as opposed to devising a more convenient non-commodity-based form of exchange to facilitate trade? You know, to create a portable exchange system that allowed for the purchase of fuel, clothing and food stuffs - without having to directly exchange goats or handcrafts for them - particularly in cases where the proprietor was not in the market for any more whole goats?

Having billions, and having nothing is the same to you...so I am guessing you are much closer to the nothing than the billion. Your inability, or lack of desire, to produce a personal service or a product that has value to the rest of society is not a badge to wear...as though you are some kind of crusader for the "true values" in life.

If you choose to live a hermit's life, so be it. But do not try to lord your isolationist views over on others who have families to raise and support...and/or who want to make a contribution...and on making such contributions wish to compensated for them.

I am guessing, at the very least...you have clothes, and you eat on a regular basis...maybe even have a roof over your head...maybe you have a house and a car - who knows you might even have a job. If not, you are collecting unemployment insurance...or a disability pension...or welfare...or living at home with Mom and Dad (not that there is anything wrong with that).

But bottom line...I am certain...you are a participant in the very systems of currency that you claim to have no interest in, or use for.

reply to post by Domo1


What would I do to close the wealth gap?
I would bring back the jobs sent off shore and restore
the middle-class.
I know that that will never happen in a cold day in hades.
I don't believe in the socialist views of "spreading the wealth"
either.

Hello

Why do we always gravitate to punishing the rich for being rich and rewarding the poor just because they are poor.

If someone works their way up the corporate ladder ot starts a business which makes them financially successful why should they be punished by having to pay more taxes.

If people can become self made millionaires after living in slums or coming from poor families then that tells me its a matter of focus.

Kev