Mine has to be £75 - £80 a day because of childcare, before and after school clubs, petrol, driving to work etc.
2007-05-15 22:47:21 · 16 answers · asked by Old Man of Coniston!. 5 in Social Science ➔ Economics
I do not know about your local economics but here in Savannah, Georgia USA. I do not leave my bed for less than $10.00 an hour or approximately $80.00 a day. Full time student, Father of 2, Primary income maker of the house.
2007-05-15 22:58:13 · answer #1 · answered by mousehth72 5 · 0⤊ 0⤋
You hit the nail on the head. Every individual will have a different "reservation wage", or minimum amount of money that would induce their entry into the labor market. Factors affecting one's reservation wage includes thier tast and preferences (such as preference for labor versus leisure), the fixed cost of working versus not, varible cost associated with transportation and other work related conciderations, and a slew of other factors. Personally my reservation wage is near non-existant since I have a relativly high "taste for work" and low "preference for leisure". Although I will admit my salary is directly related to my labor effort and intensity. Not so much due to factors suggested by efficency wage theories but more so due to the relatively low "cost of job loss" associated with lower wages.
Reservation Wage is a concept in Labor economics which suggests that each worker has a specific wage rate whereby they are induced to perform paid market work. Wages offered below a worker's reservation wage would keep said worker from participating in the labor force.
An individual's reservation wage is not set in stone and therefore can change over time depending on a number of factors which include the increase/decrease of an individuals overall wealth, change in marital status or living arrangements, length of unemployment and health & disability issues.
[edit] Example:
A worker was recently laid off from her job making 10 dollars per hour. She began receiving Unemployment Benefits roughly equal to her former salary. During her job search she was offered numerous jobs paying in the 6 to 8 dollar per hour range. Though she wished to work these jobs were turned down because she had a reservation wage of 10 dollars per hour. This reservation wage was a product of at least two elements: 1. Her previous job paid her 10 dollars per hour and, 2. She was receiving unemployment benefits which were greater than the salary of the job offers.
Her reservation wage is not set at 10 dollars per hour. Suppose her unemployment benefits run out and she has just endured a few months of unsuccessful job searching she may be induced to adjust her reservation wage and take a job which pays less than her previous one. On the other hand, if she wins the lottery or comes into a large sum of money during this time her reservation wage may jump to the point where even job offers at double her former salary would still not meet the requirements of her new reservation wage.
2007-05-16 10:52:00 · answer #2 · answered by bluescape420 2 · 0⤊ 0⤋
I get out of bed to remind myself I'm still alive. Oh, okay, actually I get out of bed because I realize if I don't I'll be sleeping in a puddle!
I've never figured out what was the minimum amount of money I'd need to go to work. I never had children, but my husband couldn't work, so I went to work for what ever I could get. I also worked on getting my degree along the way. My husband died, and now I'm a starving artist. Whaddaya know? I guess I could have used you to send me in the right direction, couldn't I?
2007-05-16 06:06:41 · answer #3 · answered by Jeanne B 7 · 0⤊ 0⤋
Same as Steph J, I'm an NHS funded student doing speech therapy and after paying my rent I have £4.40 per day (combination of NHS bursary and student loan) left for house bills, food, travelling etc etc.
Luckily I only have to worry about myself cos I have no children! But even when I'm on placement and only receiving that amount of money, it's worth it, cos I love what I do, and hopefully I'll be qualified soon(ish), but I know that even when I qualify my salary won't be fantastic
2007-05-16 06:12:47 · answer #4 · answered by Happee 4 · 0⤊ 0⤋
Lucky you! I HAVE to get out of bed for £2.50 an hour, I am a student nurse. I still have to pay childcare, food, bills and petrol.
2007-05-16 05:51:15 · answer #5 · answered by Anonymous · 2⤊ 0⤋
I have to get out of bed for the minimum wage to enable me to survive and pay full rent etc or the job centre would get me a worse job with same wages and I have plenty of qualifications but cant get a better job as they are taken by the immigrants for lower wages.
2007-05-16 05:59:11 · answer #6 · answered by Jackie M 7 · 0⤊ 0⤋
I'd rather work and earn my money than sponge off the state, regardless of the pay, my self respect is more important.
But in an ideal world I'd say I'd like to earn £126 a day, that would see me straight.
2007-05-16 06:04:54 · answer #7 · answered by draytondon 4 · 0⤊ 0⤋
Saw a £1 coin on the bedroom floor this morning, thought my wife may have dropped it my mistake, so I got up and put it in my pocket, but there again I am a tight git....
2007-05-16 06:02:05 · answer #8 · answered by Knownow't 7 · 1⤊ 0⤋
I suppose necessity is the main motivator, but I'd say £200 a day.
2007-05-16 05:51:04 · answer #9 · answered by Barbara Doll to you 7 · 0⤊ 1⤋
£70 as I am single
2007-05-16 06:02:37 · answer #10 · answered by black_dahlia 5 · 0⤊ 0⤋