CEO Raises Minimum Wage to $70,000

[Nebor]

http://www.nytimes.com/2015/04/14/b...ing-a-new-minimum-wage-70000-a-year.html?_r=0

Grumble grumble job creators grumble 1%ers

Good for him I say. But shareholders would never stand for this sort of behavior from a publicly traded company.

 

[Subyman]

Definitely a niche thing. Small company in a high volume, fee driven service field. Each employee is very valuable to the company unlike a massive company like Walmart where they need people to mop floors, push carts, and run a scanner.

 

[Ken g6]

It's also headquartered in Seattle, the city that's raising its minimum wage to $15/hour soon.

Although this is more than double that.

 

[JSt0rm]

thats great. You know I make more then 70k a year and I have found I live perfectly well on 1k a week. Everything else goes into savings or roth ira or for very large purchases (condo in los angeles isnt cheap). I challenge everyone who makes more then this to trim your bills down and live on 1k a week. That's probably 70k after taxes.

 

[Atreus21]

thats great. You know I make more then 70k a year and I have found I live perfectly well on 1k a week. Everything else goes into savings or roth ira or for very large purchases (condo in los angeles isnt cheap). I challenge everyone who makes more then this to trim your bills down and live on 1k a week. That's probably 70k after taxes.

What financial responsibilities do you have?

 

[Smoblikat]

As someone who is making 36,000 a year and hasnt ever had a raise in the three years ive been working here, I support this idea.

 

[ch33zw1z]

Kudos to the CEO. He just earned completely loyal employees forever.

 

[brycejones]

Good for him I say. But sharehold...a publicly traded company.[/QUOTE] Costco?

 

[Blackjack200]

What financial responsibilities do you have?

It doesn't matter. $70k is enough for everyone, comrade. Doesn't matter how hard you work, or how much education you have.

Also, did you see this?

http://money.cnn.com/2015/04/14/news/economy/heforshe-equal-pay-day/

I'm going to take a picture of my hand holding the $1.50 the the women in my office make for my dollar, promoted over me despite my greater experience, product knowledge, and competence. Promoted over me because of reasons. How do you think that will go over?

 

[ch33zw1z]

thats great. You know I make more then 70k a year and I have found I live perfectly well on 1k a week. Everything else goes into savings or roth ira or for very large purchases (condo in los angeles isnt cheap). I challenge everyone who makes more then this to trim your bills down and live on 1k a week. That's probably 70k after taxes.

It's relative. 1k /week for my family of 4 is pushing it very close, and no savings.

70k would mean lots of extra money to save, however.

It's important to note the increase in medical premiums has become a big hurdle for many

 

[MiniDoom]

pretty cool, on the flip side though i would be a little distraught if I was making 71k and now joe mail room dude gets a raise to 70k.

 

[JSt0rm]

pretty cool, on the flip side though i would be a little distraught if I was making 71k and now joe mail room dude gets a raise to 70k.

Im sure everyone gets a raise accordingly.

 

[JSt0rm]

What financial responsibilities do you have?

Car and house payment? Food? No debt except my condo and bmw lease. All cc at 0 or always revolving around 0.

Thats my choice to be conservative with my money. Im not saying to not get paid more Im saying to save everything over 1k a week. If you figure out what bills you dont need you can trim a lot. If you make a lot and spend a lot you end up wasting money on things you dont need.

 

[fskimospy]

What financial responsibilities do you have?

I could live on $1k a week in NYC if I needed to, although it's just me. If I had kids I could probably do it too but it would not be pleasant.

 

[JSt0rm]

It doesn't matter. $70k is enough for everyone, comrade. Doesn't matter how hard you work, or how much education you have.

Also, did you see this?

http://money.cnn.com/2015/04/14/news/economy/heforshe-equal-pay-day/

I'm going to take a picture of my hand holding the $1.50 the the women in my office make for my dollar, promoted over me despite my greater experience, product knowledge, and competence. Promoted over me because of reasons. How do you think that will go over?

Its not about 70k being enough for everyone and everything to do with being smart with your money. But go ahead and spend everything you make. It certainly has no effect on me.

 

[crashtech]

The question becomes, how do we elevate the type of altruism shown in the story to the point where it confers greater social status then wealth alone? It's a cultural problem more than anything else, imo. According to the story, even J.P. Morgan himself advocated CEO pay be no more than 20 times the average employee, yet here we are with CEOs making hundreds of times more than the average. Not that I think it isn't their right, but just because one has a right to something doesn't mean it is necessarily good to exercise it. What is it about our culture that has encouraged this?

 

[Blackjack200]

Its not about 70k being enough for everyone and everything to do with being smart with your money. But go ahead and spend everything you make. It certainly has no effect on me.

I'm sure leasing a BMW is really smart with money. Everyone should follow your frugal example.

 

[Genx87]

Cut back on keeping up your neighbors helps a lot. I see a lot of my friends trying to one up each other now. Building nice large houses, adding on additions, new cars, new kids, new expensive toys, kid is in every sport known to man, financed to the brink of destruction. I even have one that took out a second mortgage on his house to pay for a wedding day. Really? Talk about a negative return on investment.

 

[JSt0rm]

I'm sure leasing a BMW is really smart with money. Everyone should follow your frugal example.

My s-corp pays for the bmw Its a tax thing. Plus I enjoy it and it is within my budget.

 

[Atreus21]

Car and house payment? Food? No debt except my condo and bmw lease. All cc at 0 or always revolving around 0.

Thats my choice to be conservative with my money. Im not saying to not get paid more Im saying to save everything over 1k a week. If you figure out what bills you dont need you can trim a lot. If you make a lot and spend a lot you end up wasting money on things you dont need.

A grand a week would be a raise for me. I make about $3100 a month after tax. No car payment, but several debt payments, a mortgage, a wife and three kids. Also trying to put my wife through nursing school. If it weren't for her tuition we could get by.

If there was one thing I wish I had done differently, it would've been to stay out of debt.

Not sure where you are, but New Orleans probably has a lower cost of living that you do if you're in one of the cities on the East Coast. Whenever my sister in law comes in from LA, she's always in awe of home and gasoline prices here.

 

[JSt0rm]

I live in Los angeles. And yes you make less then 70k a year so my remarks were not directed towards you. I make in take home your monthly in 1.5 weeks. Plus I have passive income streams via digital sales through my s-corp. Could I spend everything I make and be in debt? Hell yes I could. But I wouldn't like that. My point is by keeping my cost of living artificially low I keep myself at a level that will be ok if this gravy train stops. If you have the means to do that (and I hope you will in the future) I recommend it. You sleep well at night, on a tempur pedic of course.

 

[Mxylplyx]

pretty cool, on the flip side though i would be a little distraught if I was making 71k and now joe mail room dude gets a raise to 70k.

So even though you would perhaps be making an appropriate amount of money for your profession, you have an innate need to see a group of people earn less in order to adequately asauge your ego? I'm not criticizing, as it's perfectly understandable, but a little fucked up, no?

 

[Blackjack200]

So even though you would perhaps be making an appropriate amount of money for your profession, you have an innate need to see a group of people earn less in order to adequately asauge your ego? I'm not criticizing, as it's perfectly understandable, but a little fucked up, no?

It's not really fucked up to be bothered that someone is getting nearly the same money to do a much easier job. If I could make my money dropping off mail for people, I would.

 

[JSt0rm]

It's not really fucked up to be bothered that someone is getting nearly the same money to do a much easier job. If I could make my money dropping off mail for people, I would.

Yes this. But I think everyone at that company will be getting a raise to make sure they are in the chain at the level of responsibility they have.

 

[fskimospy]

A grand a week would be a raise for me. I make about $3100 a month after tax. No car payment, but several debt payments, a mortgage, a wife and three kids. Also trying to put my wife through nursing school. If it weren't for her tuition we could get by.

If there was one thing I wish I had done differently, it would've been to stay out of debt.

Not sure where you are, but New Orleans probably has a lower cost of living that you do if you're in one of the cities on the East Coast. Whenever my sister in law comes in from LA, she's always in awe of home and gasoline prices here.

I have a number of friends who have gotten into a lot of debt and it's a terrible cycle. From my brief time looking at places in New Orleans the cost of living is definitely way lower there, so your money goes much further I imagine. (my housing costs alone are more than $2k a month, and a fucking beer can easily be $8+, depending on the place.)

Your gas might be cheaper too, but I think you guys might make up for it in car maintenance. I'm not saying NYC has good roads, but holy shit New Orleans roads are scary.