Dan Worth is the CEO of Gravity Funds, a card funds firm he based as a teen that had made him a millionaire. He’d performed effectively. He owned a beautiful home that ignored Puget Sound. He’d been offered with the Nationwide SBA Younger Entrepreneur of the Yr by then-President Barack Obama.
However 5 years in the past, he had a revelation whereas speaking to a few of his staff when he realized that his private success hadn’t translated to them in any respect. The price of dwelling in Seattle was (and stays) excessive and even staff making $40,000 a 12 months had been struggling to make ends meet for his or her households. Worth was struck by the inequality of the scenario and realized that he may do one thing about it.
Worth is a Christian and tells the BBC that he’s deeply involved by the best way greed governs American society. The highest one % of People have extra money than the underside 50 %. “We’re glorifying greed all the time as a society, in our culture,” he advised them. “And, you know, the Forbes list is the worst example – ‘Bill Gates has passed Jeff Bezos as the richest man.’ Who cares!?”
Worth determined to be the change he needed to see on this planet. He took an enormous pay lower, gave up his shares, mortgaged two of his homes and made an announcement to his staff: to any extent further, $70,000 could be the minimal wage of any Gravity Funds worker. Worth arrived on the quantity as a result of he learn a Princeton examine that discovered that was the optimum wage for happiness.
That was 5 years in the past and since then, Gravity Funds has prospered. It’s twice as massive, his enterprise has tripled and most significantly, in keeping with Worth his staff can afford to start out households of their very own. Earlier than the shift, one or two infants was born yearly among the many workforce. Within the 5 years since, there have been 40.
“There was a little bit of concern amongst pontificators out there that people would squander any gains that they would have,” Worth mentioned. On the time, Rush Limbaugh advised his radio listeners that “I hope this company is a case study in MBA programs on how socialism does not work because it’s going to fail.”
“We’ve really seen the opposite,” Worth famous.
Worth mentioned he’d hoped the instance and its success would result in broader, extra systemic change amongst how People take into consideration cash and minimal wage, and he says he’s dissatisfied that the wealth hole has solely grown since then.
However he’s seen the non-public advantages within the gratitude of his staff who banded collectively to purchase him a brand new Tesla after he spent a number of years driving round in an previous Audi.
“I’m the same age as Mark Zuckerberg and I have dark moments where I think, ‘I want to be just as rich as Mark Zuckerberg and I want to compete with him to be on the Forbes list. And I want to be on the cover of Time magazine, making lots of money.’ All these greedy things are tempting,” he admits.”
“But my life is so much better.”