Rory Sutherland

If someone told you when you were a kid, you're going to be a millionaire one day, but you're going to be really worried about where you buy lemons. You'd think, this is a pretty weird world. I mean, one great idea, Roger L. Martin's idea is that you should, at the moment, you get your first 10,000 or whatever it is of your annual salary is tax-free every year. Roger L. Martin, a Canadian...

If someone told you when you were a kid, you're going to be a millionaire one day, but you're going to be really worried about where you buy lemons. You'd think, this is a pretty weird world. I mean, one great idea, Roger L. Martin's idea is that you should, at the moment, you get your first 10,000 or whatever it is of your annual salary is tax-free every year. Roger L. Martin, a Canadian...

If someone told you when you were a kid, you're going to be a millionaire one day, but you're going to be really worried about where you buy lemons. You'd think, this is a pretty weird world. I mean, one great idea, Roger L. Martin's idea is that you should, at the moment, you get your first 10,000 or whatever it is of your annual salary is tax-free every year. Roger L. Martin, a Canadian...

proposed that that should be a lifetime tax allowance.

proposed that that should be a lifetime tax allowance.

proposed that that should be a lifetime tax allowance.

So the first 250,000 Canadian dollars you earn in your life is tax-free, after which the tax system kicks in. Now, that would be extraordinarily beneficial to younger people who need the money more and who could build up some... Actually, you don't need that much in the way of savings. I mean, one of the interesting things about the benefits to wealth is that there are inflection points.

So the first 250,000 Canadian dollars you earn in your life is tax-free, after which the tax system kicks in. Now, that would be extraordinarily beneficial to younger people who need the money more and who could build up some... Actually, you don't need that much in the way of savings. I mean, one of the interesting things about the benefits to wealth is that there are inflection points.

So the first 250,000 Canadian dollars you earn in your life is tax-free, after which the tax system kicks in. Now, that would be extraordinarily beneficial to younger people who need the money more and who could build up some... Actually, you don't need that much in the way of savings. I mean, one of the interesting things about the benefits to wealth is that there are inflection points.

First house deposit. Well, actually, having £5,000 you can call on in a crisis is a really, really big difference. It fundamentally changes what people can do. Very interesting thing. When I first went to America, I was, I think I was 29, roughly. And I remember thinking, I'm glad I never came here when I was skint.

First house deposit. Well, actually, having £5,000 you can call on in a crisis is a really, really big difference. It fundamentally changes what people can do. Very interesting thing. When I first went to America, I was, I think I was 29, roughly. And I remember thinking, I'm glad I never came here when I was skint.

First house deposit. Well, actually, having £5,000 you can call on in a crisis is a really, really big difference. It fundamentally changes what people can do. Very interesting thing. When I first went to America, I was, I think I was 29, roughly. And I remember thinking, I'm glad I never came here when I was skint.

It's a terrible country in which not to have $10,000 sitting there. Correct. You know... You know, one bad thing goes wrong and suddenly, you know, you're in Leavenworth doing a nine stretch.

It's a terrible country in which not to have $10,000 sitting there. Correct. You know... You know, one bad thing goes wrong and suddenly, you know, you're in Leavenworth doing a nine stretch.

It's a terrible country in which not to have $10,000 sitting there. Correct. You know... You know, one bad thing goes wrong and suddenly, you know, you're in Leavenworth doing a nine stretch.

And so, you know, so there are these inflection points where you can take people, you know, one of them I always think is that when you start earning a bit above median income, you notice that actually it's quite nice because things are priced for people who are a bit poorer than you, you know. Televisions, for example, flat screen TVs. Let's be honest, okay?

And so, you know, so there are these inflection points where you can take people, you know, one of them I always think is that when you start earning a bit above median income, you notice that actually it's quite nice because things are priced for people who are a bit poorer than you, you know. Televisions, for example, flat screen TVs. Let's be honest, okay?

And so, you know, so there are these inflection points where you can take people, you know, one of them I always think is that when you start earning a bit above median income, you notice that actually it's quite nice because things are priced for people who are a bit poorer than you, you know. Televisions, for example, flat screen TVs. Let's be honest, okay?

Let's imagine that flat-screen TVs cost five grand, okay? We both would have bought one by now, but we don't have to pay five grand because they're priced for sale to people who earn a lot less than we do. And so, you know, I think there are these interesting inflection points in earnings. Now, what's really interesting, by the way, and this fascinates me, is the extent to which pre-2020...

Let's imagine that flat-screen TVs cost five grand, okay? We both would have bought one by now, but we don't have to pay five grand because they're priced for sale to people who earn a lot less than we do. And so, you know, I think there are these interesting inflection points in earnings. Now, what's really interesting, by the way, and this fascinates me, is the extent to which pre-2020...