The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

[RANT]: Raise the minimum wage! This is so unfair!

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
A detailed account of a Fastlane process...

DayIFly

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Jul 16, 2012
110
152
I never really understood the concept of minimum wage and what is the point of increasing it. I am currently in the USA (since about a year) but I come from a country that has no minimum wage concept. I just looking up some stats online and I see it is about $2-$3 PER DAY(yes you read it right). Needless to say you can imagine the economy and with the level of corruption there are people who are getting way less than that. It all comes down to the level of competition and how much others with equal skill level as yours are willing to work for.

So say you are willing to do work X for $10 but someone says he will do it for $9, everything else being equal the second guy gets the job. The whole point of this is that the value of something is determined by everyone else other than you.

If tomorrow everyone gets a minimum wage of $15, the people who are currently making $15 will start earning $25 and those who are earning $25 will start earning $35. It is all relative.
Another example would be say everyone has a $1 million. What would the price of a gallon of milk then be? Would it still be $4? It would be say around $1000.

All I am trying to say is that wages and net worth everything is relative. $1 million is a lot if only 5% of the population has >1 million. It is pocket change if >95% has it.

Note that I have no background in economics. All I understand in economics is demand and supply. So if I am wrong please educate me :)

Some people think that they deserve handouts, but don't realize that there are enough hand-up opportunities if they are motivated and eager enough to improve their market value. This makes the rich and wanna-be-rich angry or at least rather disinterested in the struggle for social justice :cigar:

The problem is that the real wages (adjusted for inflation) didn't rise since the 70s despite huge increases in productivity. I think we have 1.5%-increases each year nowadays but don't pin me down on it. Why, one could ask? Well, because the government spends mindlessly on stupid things instead of colonizing Mars and increasing our lifespans to 250 years xD

So the minimum wage constitutes only one aspect of a wellfare state and won't work if other aspects are lacking. For instance, one can have a very well functioning and fully developed welfare state. And one can have open borders (finanially speaking, i.e. globalism and of course in terms of people, i.e. look at Sweden). But one can't have both at the same time.

Even Adam Smith wrote about such things. He not only wrote "The Wealth of Nations," the bible of all die-hard capitalists (even if some supply-demand guys don't know about it yet). He also wrote "The Theory of Moral Sentiments." Reading it first would prevent people from misunderstanding TWoN and twisting its meaning. It would provide you a more well-balanced outlook on life compared to, say, Ayn Rand worshipping.

This being said, I am not arguing for or against a welfare state. I think that this is a thing that every country ought to be able to decide for itself, minding its unique history and thus its peoples' inclinations.

What I have found out for myself is that countries who where largely under Anglo-influence (mindset) are more prone to capitalism and Northern European countries (and Germany) are more inclined to choose a welfare state. Which worked great until the EU was created, which is now entering into its terminal stage; Brexit as the starting shot. Even Soros didn't make money on it, though other investments made him a net profit.
http://www.bloomberg.com/news/artic...g-the-pound-before-brexit-vote-says-spokesman

I don't know the inclinations of the US people because the biggest chunks of the state founding elements were largely of German, Irish and English ancestry. But as we all know they are bound to become a minority in a couple of decades. So more study is needed :)
http://www.dailymail.co.uk/news/art...s-melting-pot-ethnicities-make-USA-today.html

In my opinion, capitalism and social elements are not mutually exclusive but can rather develop into more than the sum of its part. But injecting social elements into our system NOW and as the ONLY things added, will surely end in a disaster.
http://www.dailymail.co.uk/news/art...s-melting-pot-ethnicities-make-USA-today.html
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

jesseissorude

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 12, 2014
379
806
39
Nashville
I'm going to take the contrarian opinion, just because I love to ;)

I actually LIKE the minimum wage.

If the poverty line is $24,250 for a single mother family with 2 children, then she has the right to be able to earn that much with a 40 hour work week, even if she is doing the most basic job our society has available.

$17,568/yr / (40hrs/wk * 52weeks/yr) = $8.44/hr

Now if we are talking a family of 4 (man, woman, 2 children), their poverty line is $22,283. The man cannot provide for his family unless he makes $10.56/hr.

So even if the person is doing the most basic task, or a manual labor job such as being a janitor, then at least I know she and her kids can meet their most basic needs, get above the poverty line, and (bonus!) no longer qualify for foodstamps etc.

The min wage was originally set to meet the poverty line, but while the poverty line has moved (inflation) the min wage has to be adjusted, gets bogged down in govenerment, and moves very little.

That's right. All the "big government is wrong!" people should be on the side of an inflation-adjusted minimum wage since it's big government that stymies the adjusting of the wage.

If people can work 40 hrs a week and stay above the poverty line (a line that determines if someone can meet their basic needs to survive in a society), then that society is safer because of it. It's not making people rich. It's not even enough for them to put something away in savings, but it will cover basic needs. If you work a second job, THEN you have the opportunity to save some more money and start pulling yourself out of poverty.

I hear a lot of opinions in this thread (Min wage = everyone gets fired!) but no actual links to studies.
ex, Min wage increase doesn't affect unemployment rates: http://cepr.net/documents/publications/min-wage-2013-02.pdf


Yay! This is fun. No lets see if people are actually having a discussion or if they are just saying their opinions over and over again with their fingers in their ears, thinking that they'll get internet good-boy points at TheFastlaneForum because they assume capitalists MUST be opposed to keeping the poorest of the poor at least safe from living in absolute poverty.
 

Ubermensch

Bronze Contributor
Speedway Pass
Jul 7, 2008
1,034
117
Chicago
I'll bite. Guess this shows my (lack of) self-control. I tried, I really tried. :(

The first time the idea of a "minimum wage" was kicked around was 1912, long before FDR. This is what I was referring to in my earlier post. At the time when it was established in Massachusetts, it was intended for women and children.

Now I'm not trying to be sexist here, but this is 1912, so stick with me. "Women and children" basically meant simple and uneducated. Again, not my opinion, but we're talking about a decade before knee-skirt-wearing flappers were a thing. This is a time period when a man was the sole earner for a family, so to have this wage rate established for women and children (read: not men) meant that it was not intended for the primary money maker of the household.

This was not a law created for the men of 1912. Which is to say, this was not a law created for those earning a living in 1912. When we adopted minimum wage nationwide years later--that's when this whole minimum=living wage thing began.

FDR's opinion on the matter does not change mine. If we want to bring this back to economics; I believe the market should decide what the minimum wage is, not some slimy politician who's simply pandering to his constituents.

http://en.wikipedia.org/wiki/Minimum_wage_in_the_United_States

Ideas and knowledge are hierarchical and interconnected.

Political conversations at least imply and entail economic assumptions and conclusions.

An entrepreneur must know and study economics in order to properly assess opportunities, and their associated potential risks and rewards.

This is just part of why political, economic and business conversations often dovetail and intersect.

I see people posting this picture and similar ones all the time on my Facebook timeline all with the same message, but for some reason today it irritated me more than usual.

The simplest delta between the Slowlane/Sidewalk lifestyle and the Fastlane lifestyle is:

***Drumroll**


Mindset



jxcY7pb.png



Wahh wahhh boo hoo.


The 99% needs to shut the f*ck up and get off their a$$ and create value so that you can be that "CEO" guy.

Technically, the last girl is headed in the right direction, maybe. Just depends where her "second online income" is coming from and how much time it's costing her.

About a year ago, I was these people. I thought the exact same way they do, which is the same way my mother and most of my family still does. Complaining because "the price of groceries is going up! This is outrageous", well maybe you people should do something about that! Yanno...something other than continuing down the same path of insignificance that society pre-subscribes you to.

I mean I know this is constantly talked about on here, but it took me until this year to really flip my mindset from "value-consumer" to "value-producer", and everything that goes along with it, and also it took me until this year to realize that this is how roughly 99.999997% of people think.
Then they get to be 65 or late 50s and I have to hear them whine and bitch because they worked all their lives and have back problems and now they have nothing to show for their 50+ years of toil.

I mean is this REALLY how most people are content living and thinking?

The thinking of the 99% stands at complete odds against the 1% thinking.

The sad part is that they're blind to it.

They're blind to the fact that all they have to look forward to at the end of the day is mind-numbing television. They've numbed themselves to life itself, because - from sun up 'til sun down - they work to perpetuate another entrepreneur's (or worse, a soul-sucking corporation) dreams and vision. If our dreams and passions form our spiritual selves, what does it say about the majority of humans who subjugate the yearnings of their own hearts, suppress their desire to truly live... so much so that they seek to punish those of us actually courageous enough to try to succeed and reach for the sky.

"There go I, but for the grace of God."

I look at what I've been through in life, and I am thankful for all of it, even the times that seemed really messed up. I am thankful, because I wouldn't sacrifice my current position for the world.

People, these 99% people (and really, the number is more like 99.999%), just coast through life, living comfortably. Like rats in the maze, they thoughtlessly obey the walls in the proverbial maze, what many of us call "The Matrix," this invisible, insipid, insidious system that sucks the time out of our lives.

I think that, ultimately, one of the irreplaceable values of this site is that posts like the OP are embraced for the utter truth that they are, instead of the ridicule and scorn it gets elsewhere (the truth hurts those too afraid to live their own true lives). The value of this site, at least in part, rests in line after line, post after post, thread after thread, from MJ, from @Vigilante and @Mattie and @SteveO , stories that tell the ever-recurring and glorious story of an entrepreneur, of the self-made individual: Fight. Sweat. Fail. Sweat. Fight. Succeed. Sweat. Fail. Fight. Fight. Practice. Practice. Practice...

Win.

So, lol, I guess this post was a long way of saying that this is an oasis for winners, which is most welcome in a world that continues to baby the losers with unearned trophies, participation ribbons... and increases in minimum wage.


What is the task worth to you? What are people willing to do it for? What are the industry standard labor rates for the work at hand?

It's not rocket science.

If I have 6 people lined up and ready to do a task for 100 dollars and one guy wants 150 for the same task obviously I won't hire the 150 guy. Labor is a buyer's market folks. Unskilled labor is almost a commodity.;)


Economists use a phrase that would help @KLaw understand the thinking of a real entrepreneur.

Ceteris paribus - All else equal.
 
Last edited:

luniac

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Dec 7, 2012
1,776
2,768
31
brooklyn
I just believe minimum wage folks wouldn't be as mad if the 2008 bailout didn't happen.

The 1% of the 1% have their cake and eat it too. They play around with bought AAA stocks and when all the money's gone they get a bailout.

Seems to me like both the 1% of the 1% and the lazy welfare freeloaders of the 99% need an a$$ kicking. Public hangings for the former and work camps for the latter.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

rc08234

Bronze Contributor
Read Fastlane!
Speedway Pass
Jun 29, 2011
312
207
32
South Jersey
Where
I'm going to take the contrarian opinion, just because I love to ;)

I actually LIKE the minimum wage.

If the poverty line is $24,250 for a single mother family with 2 children, then she has the right to be able to earn that much with a 40 hour work week, even if she is doing the most basic job our society has available.

$17,568/yr / (40hrs/wk * 52weeks/yr) = $8.44/hr

Now if we are talking a family of 4 (man, woman, 2 children), their poverty line is $22,283. The man cannot provide for his family unless he makes $10.56/hr.

So even if the person is doing the most basic task, or a manual labor job such as being a janitor, then at least I know she and her kids can meet their most basic needs, get above the poverty line, and (bonus!) no longer qualify for foodstamps etc.

The min wage was originally set to meet the poverty line, but while the poverty line has moved (inflation) the min wage has to be adjusted, gets bogged down in govenerment, and moves very little.

That's right. All the "big government is wrong!" people should be on the side of an inflation-adjusted minimum wage since it's big government that stymies the adjusting of the wage.

If people can work 40 hrs a week and stay above the poverty line (a line that determines if someone can meet their basic needs to survive in a society), then that society is safer because of it. It's not making people rich. It's not even enough for them to put something away in savings, but it will cover basic needs. If you work a second job, THEN you have the opportunity to save some more money and start pulling yourself out of poverty.

I hear a lot of opinions in this thread (Min wage = everyone gets fired!) but no actual links to studies.
ex, Min wage increase doesn't affect unemployment rates: http://cepr.net/documents/publications/min-wage-2013-02.pdf


Yay! This is fun. No lets see if people are actually having a discussion or if they are just saying their opinions over and over again with their fingers in their ears, thinking that they'll get internet good-boy points at TheFastlaneForum because they assume capitalists MUST be opposed to keeping the poorest of the poor at least safe from living in absolute poverty.

Where did you get your poverty stats from? I would think this varies greatly state to state?

Also, this comes down to a matter of opinion but families arent suspose to be raised on a min wage job. There is no way a single mother should have 2 kids when making min wage.
 

jesseissorude

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 12, 2014
379
806
39
Nashville
Where did you get your poverty stats from? I would think this varies greatly state to state?
Poverty rates are calculated and published. A quick google can help you find the levels for each year.

Also, this comes down to a matter of opinion but families arent suspose to be raised on a min wage job. There is no way a single mother should have 2 kids when making min wage.
So what do you recommend she do with her kids?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

ZF Lee

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 27, 2016
2,580
4,535
23
Malaysia
In that same respect, no business which depends on free traffic from the Google SERPS has any right to be in business.

In any event, I parodied the picture for your Fastlane enjoyment.

View attachment 8777
My parents keep hogging me to be the middle person to be wealthy and successful.
Who are you kidding? You might as well shave me bald and call me a pig with wings!

I'm not frazzled with them. Just doubled over laughter at this real-life comedy of active denial.
 

ZF Lee

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 27, 2016
2,580
4,535
23
Malaysia
In that same respect, no business which depends on free traffic from the Google SERPS has any right to be in business.

In any event, I parodied the picture for your Fastlane enjoyment.

View attachment 8777
My parents keep hogging me to be the middle person to be wealthy and successful.
Who are you kidding? You might as well shave me bald and call me a pig with wings!

I'm not frazzled with them. Just doubled over laughter at this real-life comedy of active denial.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

GMSI7D

Gold Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 27, 2016
992
1,984
45
Lyon, France
I see people posting this picture and similar ones all the time on my Facebook timeline all with the same message, but for some reason today it irritated me more than usual.

The simplest delta between the Slowlane/Sidewalk lifestyle and the Fastlane lifestyle is:

***Drumroll**


Mindset



jxcY7pb.png



Wahh wahhh boo hoo.


The 99% needs to shut the f*ck up and get off their a$$ and create value so that you can be that "CEO" guy.

Technically, the last girl is headed in the right direction, maybe. Just depends where her "second online income" is coming from and how much time it's costing her.

About a year ago, I was these people. I thought the exact same way they do, which is the same way my mother and most of my family still does. Complaining because "the price of groceries is going up! This is outrageous", well maybe you people should do something about that! Yanno...something other than continuing down the same path of insignificance that society pre-subscribes you to.

I mean I know this is constantly talked about on here, but it took me until this year to really flip my mindset from "value-consumer" to "value-producer", and everything that goes along with it, and also it took me until this year to realize that this is how roughly 99.999997% of people think.
Then they get to be 65 or late 50s and I have to hear them whine and bitch because they worked all their lives and have back problems and now they have nothing to show for their 50+ years of toil.

I mean is this REALLY how most people are content living and thinking?


thank you , this is well explained .




 
Last edited:

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Aug 28, 2014
1,133
4,932
Poland / Belgium
*blows some dust and spider webs from this topic*

My sister is divorced and has 3 daughters. She lives in a public housing and her rent is calculated according to her income. So actually they stimulate people to stay low, preferably without a job at all. That's why so much public housing inhabitants STAY in public housing.

I feel bad for my sister because she has the same mindset. After years of working low paying jobs, she finally found a good job at a support desk. But after 5 months of working, she realizes she can't handle the stress and has to stay home for 6 months and shit like that. It's too difficult. Too hard. Just too much.

Spoon fed by my parents, doctors and her environment she feels the ultimate victim. Of course she deserves 3-4 travels a year and new clothes every month, and she really NEEDS that Netflix and Spotify subscriptions! And that Volvo she has to pay off for 4 years was also a better choice than any other cheaper car.

And can somebody please explain why her ex is making problems for coughing up 450 euro a month in alimony?!

So yeah, raise the minimum wage! AND meanwhile lower the amount of weekly working hours too! (In some European countries we have still real communists in government, no joke, people even vote for them).
 

#nowhere

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 29, 2016
192
289
Germany
*blows some dust and spider webs from this topic*

My sister is divorced and has 3 daughters. She lives in a public housing and her rent is calculated according to her income. So actually they stimulate people to stay low, preferably without a job at all. That's why so much public housing inhabitants STAY in public housing.

I feel bad for my sister because she has the same mindset. After years of working low paying jobs, she finally found a good job at a support desk. But after 5 months of working, she realizes she can't handle the stress and has to stay home for 6 months and shit like that. It's too difficult. Too hard. Just too much.

Spoon fed by my parents, doctors and her environment she feels the ultimate victim. Of course she deserves 3-4 travels a year and new clothes every month, and she really NEEDS that Netflix and Spotify subscriptions! And that Volvo she has to pay off for 4 years was also a better choice than any other cheaper car.

And can somebody please explain why her ex is making problems for coughing up 450 euro a month in alimony?!

So yeah, raise the minimum wage! AND meanwhile lower the amount of weekly working hours too! (In some European countries we have still real communists in government, no joke, people even vote for them).

Am I disqualified for fastlane because of my spotify subscription? :p
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Longinus

Platinum Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Aug 28, 2014
1,133
4,932
Poland / Belgium
Me too, that's not my point. It's just not something I would use my minimum wage or welfare for.

Besides, there is no ultimate "fastlane", "slowlane" or "sidewalk" definition. It's a common mistake many people here make.
 

ChrisJHarrington

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Nov 27, 2014
337
666
28
Have to bump this one back from the dead because this is truly gold. I saved the image MJ made on how your choices change your life and put you into 1 of the 3 buckets of people...

I've been taking some notes myself and came up with my own set of criteria for the difference between a 'median-wage earner' and a successful entrepreneur.. obviously not as black-and-white as I'm making it out to be, but you get the point ;)

minumum-wage-and-responsibility2.jpg
 

ZF Lee

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 27, 2016
2,580
4,535
23
Malaysia
Have to bump this one back from the dead because this is truly gold. I saved the image MJ made on how your choices change your life and put you into 1 of the 3 buckets of people...

I've been taking some notes myself and came up with my own set of criteria for the difference between a 'median-wage earner' and a successful entrepreneur.. obviously not as black-and-white as I'm making it out to be, but you get the point ;)

View attachment 16675
Good add on.
Reps+
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

Administrator
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
33,474
128,819
Alpine, UT
I've been taking some notes myself and came up with my own set of criteria for the difference between a 'median-wage earner' and a successful entrepreneur.. obviously not as black-and-white as I'm making it out to be, but you get the point

Thanks for the post.

IMO, some of these things an go either way and are not hit or miss.

Just because someone uses dating apps and engages in social media, doesn't meant they will be relegated to wage slavery.

Same goes for the person living at home with their parents.

There's a difference between a 25 year old living at home with their parents who is busting their a$$ to do something...
And a 25 year old living at home who refuses to do anything but play video games and moan on Reddit.
 

Bhanu

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Oct 23, 2017
156
278
35
Meanwhile in India slowlane mentality is so entrenched that we kids often joke about it like this he he (Its absolutely Insane here )
IIT JEE : Stands for Indian Institute of Technology Joint Entrance Exam .IITs are most sought after colleges in India for engineering .
main-qimg-d79edd104766901f9287d2a12a147e68-c

-Question : I am a sp**m currently residing in my fathers n** sack. Is it too late to start preparing for IIT JEE ?
ha ha ...
I must thank M J and this forum for showing how stupid it is to follow prescribed life path dictated by your parents,society,media .
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

NarcoBlings

New Contributor
Feb 11, 2018
21
16
32
SouthWest
Meanwhile in India slowlane mentality is so entrenched that we kids often joke about it like this he he (Its absolutely Insane here )
IIT JEE : Stands for Indian Institute of Technology Joint Entrance Exam .IITs are most sought after colleges in India for engineering .
main-qimg-d79edd104766901f9287d2a12a147e68-c

-Question : I am a sp**m currently residing in my fathers n** sack. Is it too late to start preparing for IIT JEE ?
ha ha ...
I must thank M J and this forum for showing how stupid it is to follow prescribed life path dictated by your parents,society,media .
so are you a millionaire or have a smoking hot spouse?
 

Galaxy16

Bronze Contributor
Read Fastlane!
Feb 4, 2018
300
152
26
Germany
Have to bump this one back from the dead because this is truly gold. I saved the image MJ made on how your choices change your life and put you into 1 of the 3 buckets of people...

I've been taking some notes myself and came up with my own set of criteria for the difference between a 'median-wage earner' and a successful entrepreneur.. obviously not as black-and-white as I'm making it out to be, but you get the point ;)

View attachment 16675
I really like your picture, Chris!
Do you have more infographics like that?
 

Galaxy16

Bronze Contributor
Read Fastlane!
Feb 4, 2018
300
152
26
Germany
I see people posting this picture and similar ones all the time on my Facebook timeline all with the same message, but for some reason today it irritated me more than usual.

The simplest delta between the Slowlane/Sidewalk lifestyle and the Fastlane lifestyle is:

***Drumroll**


Mindset



jxcY7pb.png



Wahh wahhh boo hoo.


The 99% needs to shut the f*ck up and get off their a$$ and create value so that you can be that "CEO" guy.

Technically, the last girl is headed in the right direction, maybe. Just depends where her "second online income" is coming from and how much time it's costing her.

About a year ago, I was these people. I thought the exact same way they do, which is the same way my mother and most of my family still does. Complaining because "the price of groceries is going up! This is outrageous", well maybe you people should do something about that! Yanno...something other than continuing down the same path of insignificance that society pre-subscribes you to.

I mean I know this is constantly talked about on here, but it took me until this year to really flip my mindset from "value-consumer" to "value-producer", and everything that goes along with it, and also it took me until this year to realize that this is how roughly 99.999997% of people think.
Then they get to be 65 or late 50s and I have to hear them whine and bitch because they worked all their lives and have back problems and now they have nothing to show for their 50+ years of toil.

I mean is this REALLY how most people are content living and thinking?

Minimum wage?
No problem for UnScripted FastLaners‼
Unbenannt.png
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

minivanman

Platinum Contributor
Speedway Pass
Mar 16, 2017
1,723
4,464
52
DFW
My best friend and business partner since 1989 is from India. We both started at minimum wage when minimum wage was only $5.15 an hour. He talks about retiring but he has a cush job making $450,000 a year and works maybe 15 hours a week. Bringing both posts together, he and I worried about minimum wage because we always started everyone out at minimum when we had employees. Within 3-6 months they could be making way more but that's what they started at. These people are why we stayed in service businesses for so long. We came from nothing and we were trying to help. We used to not think twice about hiring the homeless..... hired! There is 1 guy that still stays in contact. He had worked for us for about a year or two when we hired this other homeless lady.... they hooked up and got married. They have an apartment and are doing as good as they want. I mean, they aren't rich but they have a roof and that's all they care about. I still pay attention to minimum wage in case I ever think about going back in to a business where I have this style of worker. Right now, we do not have this low pay of a worker in any joint venture and in my personal business I do not pay hourly.

The difference in the 2 25 year olds MJ is talking about is this. An Eagle who never leaves the nest is a turkey!
 

Chx

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Feb 6, 2018
68
201
United States
Im new here and need to gain some fastlaneforum points so read my next statement and watch the like count go up./s

Poor people suck and the world would be better off without them and if your poor you must be an idiot. PS India is a sh*t country because its poor.
That’s a little uncalled for...:clench:
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

minivanman

Platinum Contributor
Speedway Pass
Mar 16, 2017
1,723
4,464
52
DFW
I dont think it's that simple. Let's say the $100 guy does exactly as you expect - nothing more - and has a negative attitude about your company. This attitude affects other team members' attitudes. Now, lets say the $150 guy does exactly as you expect, but has a great attitude and is always looking to promote your company and goes above and beyond your expectations?

So then you do the math and determine if his positive attitude brings in more than $100,000 profit for the year. Either just him or throughout the company, if you think it benefits the whole company with his positive attitude. If you show up with a smile and a bag of donuts every day that's all great but that might not be worth the extra $50 an hour. I can hire someone to walk around the office with a smile and a bag of donuts for $8 an hour.
 

KLaw

Gold Contributor
Speedway Pass
Aug 4, 2012
917
1,063
ohio
So then you do the math and determine if his positive attitude brings in more than $100,000 profit for the year. Either just him or throughout the company, if you think it benefits the whole company with his positive attitude. If you show up with a smile and a bag of donuts every day that's all great but that might not be worth the extra $50 an hour. I can hire someone to walk around the office with a smile and a bag of donuts for $8 an hour.
Lol..i don't have to do the math. It's your company.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

minivanman

Platinum Contributor
Speedway Pass
Mar 16, 2017
1,723
4,464
52
DFW
Lol..i don't have to do the math. It's your company.

That makes no sense, we aren't talking about my company. I know how to run my businesses. I doubt you will ever see a question about running a business from me.... been there and done that for a couple of decades now.
 

Tommo

Silver Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Jan 21, 2018
413
693
68
Perth Australia
My best friend and business partner since 1989 is from India. We both started at minimum wage when minimum wage was only $5.15 an hour. He talks about retiring but he has a cush job making $450,000 a year and works maybe 15 hours a week. Bringing both posts together, he and I worried about minimum wage because we always started everyone out at minimum when we had employees. Within 3-6 months they could be making way more but that's what they started at. These people are why we stayed in service businesses for so long. We came from nothing and we were trying to help. We used to not think twice about hiring the homeless..... hired! There is 1 guy that still stays in contact. He had worked for us for about a year or two when we hired this other homeless lady.... they hooked up and got married. They have an apartment and are doing as good as they want. I mean, they aren't rich but they have a roof and that's all they care about. I still pay attention to minimum wage in case I ever think about going back in to a business where I have this style of worker. Right now, we do not have this low pay of a worker in any joint venture and in my personal business I do not pay hourly.

The difference in the 2 25 year olds MJ is talking about is this. An Eagle who never leaves the nest is a turkey!
I've always enjoyed your posts Minvanman but this is what I love to hear.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top