The same amount of money can represent vastly different things to different people.
For a minimum-wage earner (in 2019), $10,000 represents roughly 65% of a year’s total salary.
But for the very top level of executives at one of the top 350 U.S. firms, that number represents less than a day’s salary.
Thus, it can be very difficult for people to understand how much a product actually costs from someone else’s perspective.
For example, someone who doesn’t have a ton of money might say: “Who would be so crazy as to pay $14 for a box of cereal? Or $9 for an organic head of lettuce?”
- To the minimum-wage earner, the box of cereal represents ~2 hours of work.
- But to a cardiac surgeon earning $400,000 a year, the same box of cereal represents 5 minutes of earnings.
- The cereal box would have to cost $378 to make the same dent in the cardiologist’s overall income!
On the opposite side, someone who earns a lot of money might have thought: “Who would be deterred by a $400 speeding ticket? That’s barely even a slap on the wrist.”
- However, for the minimum-wage employee, a $400 ticket represents over SIXTY hours of earnings!
- The ticket would need to be for almost $11,000 for the cardiologist to feel the same wallet pain. (A few countries levy fines in a scaled-by-income fashion to avoid this scenario: https://en.wikipedia.org/wiki/Day-fine )
A browser plugin can take the following pieces of information:
- Your actual salary, as a baseline.
- A “target” salary that you are trying to understand
Then, prices on all web sites are scaled naively: so a person earning $50,000 who wants to “remember” how it felt to earn $5,000 a year working part-time would configure the plugin to simply multiply all prices by 10x.
Likewise, if you wanted to better understand the lifestyle of a rich oligarch, you could enter “$100,000,000” for your annual income. For someone with that sort of annual income, a $500,000 exotic sports car is the same fraction of total income as a $250 purchase is to someone earning $50,000 a year.
Fig. 1: Setting up the plugin requires configuring exactly two options: your actual salary (in red above) and the target “simulated” salary (in blue above).
Fig. 2: Here, the plugin is configured to multiply prices by approximately 6: this simulates the difference between a $120,000 earner and a $20,000 earner. This box of chocolates was actually listed for $19.34, but with the scaled up prices, it displays as “$118.54-ish”: that’s what it “feels like” to the $20,000 earner as compared to the $120,000 earner.
PROS: Allows a person to get a more intuitive feel of what a particular income level feels like. May increase human empathy, who knows!
CONS: Since this plugin edits dollar values on EVERY single web page, it may lead to you to filing wildly incorrect tax returns if you forget to disable it when filing your taxes online.
P.S. This was made as an actual Chrome plugin, so those are real screenshots, but it isn’t actually distributed anywhere.
Fig. S1: This supplementary figure shows the configuration screen for this plugin, with a basic description of its intended purpose.
Fig. S2: This supplementary figure shows the original UI mockup.