In most cases, I would agree with you. But I expected more from Jimmy. I expected more from someone who has piloted his own airplane (a seaplane no less) around a good part of the world (don't even go there with John Revolta, he's a whacko scientoligist).
I expected more from someone who (besides writing his own, sometimes insightful, lyrics) has actually written his own books. While his books weren't great literature (which I wouldn't have bothered to read), they were quite well written and very entertaining.
I agree with the first half of your second point. They have earned their money and are free to do with it as they please.
I differ from you in that I choose not to consciously continue funding a point of view I disagree with, regardless of how little or how much I earn.
Finally, if you can honestly expect to compete dollar-for-dollar with Jimmy, and earn the money honestly without compromising your integrity or health, then I envy you.