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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
by 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 agoI'd rather lose my savings in a vehicular emergency than lose my car and therefore lose my job and future income.
- atomwaffel 8y agoUnless 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 agoHe/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 agoWhereas 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.