I am so inspired by Dan Price, the owner of Gravity Payments.

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This guy just announced each and every one of his employees, from low-level clerks on up, will earn a minimum of $70,000 per year.

How he is going to do it? By shrinking the pay disparity between employees and executives, cutting his own salary from nearly one million to seventy thousand, and using more of the company’s profits to compensate his staff.

There is so much I could say about this story but suffice it to say that I think THIS sort of business practice is the way we should move as business owners.

I’ll even go beyond that and say that I think it is our social duty to make this our societal norm vs an outlier.

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Mr. Price’s move was inspired by the science behind happiness, and the notable fact that for people who earn less than $70k per year, extra money means MORE quality of life.

It’s not about acquiring things, it’s about acquiring experiences people.

Money is about freedom folks. Not buying fancy shoes (okay. fine. maybe sometimes it’s about buying fancy shoes). 

A few days ago I read that Reed Hastings, the CEO of Netflix, just got a bump in his salary moving up to $3 million from a paltry $2 million. I haven’t read a terrible amount about the base labor of Netflix but something tells me that if Reed sacrificed part of his handsome compensation package, the lives of many, many people would be changed. Not just his employees, but their children, their spouses their parents etc.

In fact, their is certain evidence that shows that while happiness and money are connected, more money doesn’t always bring more happiness, and indeed plateaus.

I think I just found a new business idol, and a new business model. #moremoney #morehappiness #forall