4 ms·

Right. $5 a day is a significant amount of money to a huge number of people. In the UK, if you're on minimum wage, a 3 quid coffee represents approximately 5%

Right. $5 a day is a significant amount of money to a huge number of people. In the UK, if you're on minimum wage, a 3 quid coffee represents approximately 5% of your daily income. If such an individual (someone who earned minwage for a lifetime) were to end up with even "merely" 100K in today's money at age 60 that would actually be an enormous amount relative to their cohort.

failrate 8y ago
If someone has that marginal an income, they will never even begin to start a savings plan, nor will that money survive to retirement. It will be gobbled up by the first medical or vehicular emergency that comes up.
- hopler 8y ago
  I'd rather lose my savings in a vehicular emergency than lose my car and therefore lose my job and future income.
- atomwaffel 8y ago
  Unless of course they live in a country that has tax-funded health care and useable public transport, of which there are quite a few.
- markdown 8y ago
  He/she is talking about the UK, where the burden of healthcare costs are shared by all taxpayers and there are no nasty surprises after a visit to the emergency room.
  - failrate 8y ago
    Whereas I live in the US, where it is common to have to do a back of the envelope calculation whether to drive or take an ambulance. Pro tip: if you are conscious, you'll never take the ambulance.
geodel 8y ago
> 3 quid coffee represents approximately 5% of your daily income. So 60 pounds a day is minimum wage in UK? It seems to be very decent middle class income rather than minimum wage. Or maybe you meant 50%?
- jnurmine 8y ago
  Minimum wage in the UK seems to be around 1260 GBP/month, that is 60 GBP a day for an 8 h workday. This is pre tax. If it were 6 GBP/day you'd get 120 GBP a month (pre-tax). That is extremely low. Living with so little anywhere in Western Europe would be very challenging, if not impossible. I mean, stingy food shopping at Tesco for basic stuff four times a month would land at (guesstimating) around 10..15 * 4 = 40..60 GBP. This means eggs, bread, butter, vegetables, chicken, yoghurt etc. and no tobacco or beer. This estimate is probably too low as I did not count in soap, toilet paper, toothbrush/paste etc. Likewise, the minimum of 1260 GBP/month in UK or Western Europe is not a lot, but I guess enough to get by somehow. I am curious, what do you think is a high income in the UK (or Western Europe in general)?
- esotericn 8y ago
  In London (admittedly a more expensive part of the country) renting a 1 bedroom flat will cost you approximately 1000pm. 60 pounds a day for 20 days is 1200pm. That is to say, it is impossible to rent a basic small flat and you will have to live with housemates or family. Even having done that, transport and basic food will suck up all of the rest of your time and money. It is by no means a 'very decent middle class income', in most of the South East it's poverty level. 6 pounds a day would be utterly comical, I'm not sure if this is a troll, I doubt that would be liveable in cheaper parts of Eastern Europe.

failrate 8y ago

If someone has that marginal an income, they will never even begin to start a savings plan, nor will that money survive to retirement. It will be gobbled up by the first medical or vehicular emergency that comes up.

hopler 8y ago
I'd rather lose my savings in a vehicular emergency than lose my car and therefore lose my job and future income.
atomwaffel 8y ago
Unless of course they live in a country that has tax-funded health care and useable public transport, of which there are quite a few.
markdown 8y ago
He/she is talking about the UK, where the burden of healthcare costs are shared by all taxpayers and there are no nasty surprises after a visit to the emergency room.
- failrate 8y ago
  Whereas I live in the US, where it is common to have to do a back of the envelope calculation whether to drive or take an ambulance. Pro tip: if you are conscious, you'll never take the ambulance.

geodel 8y ago

> 3 quid coffee represents approximately 5% of your daily income. So 60 pounds a day is minimum wage in UK? It seems to be very decent middle class income rather than minimum wage. Or maybe you meant 50%?

jnurmine 8y ago
Minimum wage in the UK seems to be around 1260 GBP/month, that is 60 GBP a day for an 8 h workday. This is pre tax. If it were 6 GBP/day you'd get 120 GBP a month (pre-tax). That is extremely low. Living with so little anywhere in Western Europe would be very challenging, if not impossible. I mean, stingy food shopping at Tesco for basic stuff four times a month would land at (guesstimating) around 10..15 * 4 = 40..60 GBP. This means eggs, bread, butter, vegetables, chicken, yoghurt etc. and no tobacco or beer. This estimate is probably too low as I did not count in soap, toilet paper, toothbrush/paste etc. Likewise, the minimum of 1260 GBP/month in UK or Western Europe is not a lot, but I guess enough to get by somehow. I am curious, what do you think is a high income in the UK (or Western Europe in general)?
esotericn 8y ago
In London (admittedly a more expensive part of the country) renting a 1 bedroom flat will cost you approximately 1000pm. 60 pounds a day for 20 days is 1200pm. That is to say, it is impossible to rent a basic small flat and you will have to live with housemates or family. Even having done that, transport and basic food will suck up all of the rest of your time and money. It is by no means a 'very decent middle class income', in most of the South East it's poverty level. 6 pounds a day would be utterly comical, I'm not sure if this is a troll, I doubt that would be liveable in cheaper parts of Eastern Europe.