The stark divide between the haves and the have-nots irked him, and he felt that the pay-gap between himself and his employees was just too much. “I was just experiencing the difference, and seeing both sides of that every day,” he said. Gravity Payments made $2.2 million in profit last year, and Price earns a golden sum of $1 million a year.īut since making it big as an entrepreneur, Price said he’s had two friend groups: wealthy CEOs and “regular people.” With a food budget of $3 a day, he subsisted mostly on tacos. Price lived in an unfinished basement apartment and divided his days between building his company and class. He started Gravity Payments while he was still a freshman at Seattle Pacific University, after learning that small business owners paid as much as 5 per cent to credit card companies just to process payments. “My parents worked very hard to raise us, and provide with a great life, it was a struggle sometimes for them financially,” he said. The idea made sense to Price, the son of a business consultant and the fourth of five siblings. Happiness, the study concluded, isn’t about riches, so much as it’s about meeting all your needs and having enough left over so that you can save for the future. “I wanted everyone to have those basic opportunities.” “I think that’s the number where you can start to check off those life’s goal boxes - saving for college, buying a home, some of the basics, starting a family,” he said. He got the number from a Princeton University study that said emotional well-being increased with income, but only up to about $75,000. “We should all recognize that this is a big problem,” he said. If companies want to have happy, motivated employees, they should consider paying them enough to thrive, not survive, Price said. A new report suggests that Toronto couples with kids need to earn at least $18.52 an hour to make ends meet.īut what Price’s $70,000-base salary suggests is that living on the minimum isn’t living at all. are talking about raising the minimum wage, with some arguing for a “living wage” of at least $15. Price’s idea is revolutionary at a time when both Canada and the U.S. “How much money do you need to not have emotional stress from money?” he asked. The 30-year-old entrepreneur made the announcement on Monday in Seattle, to his astonished and happy staff of about 120 employees. That’s the bare-minimum wage the founder and CEO of Gravity Payments, a mobile credit-card payment service, decided everyone in his company should earn. Or more to the point, Price knows the value of $70,000.
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