Cost of living is the cost of maintaining a certain standard of living. Changes in the cost of living over time are often operationalized in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas. Differences in cost of living between locations can also be measured in terms of purchasing power parity rates.
Standard of living is the level of income, comforts and services available, generally applied to a society or location, rather than to an individual. It is relevant because it is considered to contribute to an individual’s quality of life. Standard of living is generally concerned with objective metrics outside an individual’s personal control, such as economic, societal, political and environmental matters – such things that an individual might consider when evaluating where to live in the world, or when assessing the success of economic policy.
In this podcast, we discuss what the Cost of Living is in Taiwan, how much goods/services cost us here, and our respective experiences/expectations with earning money and carving a life here. So please bring your calculator, budgeting app, and get ready to be Amazed/Schooled as we delve into the Cost of Living.