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Jan. 4, 2022

What Is The Maximum Wage?

There is nothing like the energy of the youth. As a parent of two teenage young men, and one a few years away from that milestone, we are encompassed with the excitement, intensity and vigor that comes with that phase of life. Between Christmas and through the beginning of 2022, Elizabeth's sister Kathy and her family came to visit us for some sun, relaxation and an added infusion of youthfulness with four more kids livening up our home. 

One evening, after they returned exhausted from the beach, we engaged in some chatter before getting ready for bed. Well, Elizabeth and I got ready for bed. The kids declared that they were wide awake. They might never have fallen asleep, for all I know. There are few rules when it's vacation with family. 

Earlier that evening, my niece Kaitlyn was discussing her two job options once she returns home. Either a position at the movie theatre or one at Panera. The topic quickly shifted to the pay rates, and then, to the topic of the minimum wage. It's been so long since I thought about the minimum wage, aside from telling the stories about the days when my nickname was Vinimum Wage. Yes, I come from lofty beginnings. 

This topic of conversation led a few of us to search what the minimum wage was currently in different states. There has been a lot written about this, the push for $15 minimum wage, and all of the arguments, assertions and battles that have come with that. Talk of minimum wage numbers are common for teenagers entering the workforce and those just beginning. Yet in the entrepreneurial space, I rarely if ever encounter anyone discussing anything around the topic of minimum wage. 

In these discussions throughout the media, there are a lot of adults who are desperate for a minimum wage hike. Not for their children, but for themselves. I realized that we choose the world that we want to live in. One one side, there are those who say there are no other options and employers should pay a better living wage. In a different world that I spend a majority of my time in, the conversations are vastly different. 

Tim Ferriss is an author and a podcaster who has ascended to become one of the most influential people in this space. He rose to success with his book The Four Hour Work Week, and followed that up with The Four Hour Body, The Four Hour Chef and Tools Of Titans. A few years back, he began what he called a 'noble experiment'. He would start a podcast with a handful of episodes and see what happens. 

Because of his preparation, his deep and informative conversations and his incredible network, The Tim Ferriss Show became one of the most popular podcasts in the world. Ferriss didn't do the podcast to make money- he actually waited longer than most would do before he even took on advertisers. When the advertisers were virtually knocking down his door, he then knew it was time. Now, those advertisers happily pay- get this- $42,300 per thirty second ad. The podcast has multiple ads per show. I know you are doing math right now. Even more mind boggling is that they are required to pay up front, and sign on for multiple slots to even be accepted for an advertising slot. And remarkably, they keep coming back because the ads yield results far beyond the rate they invest. 

So here we stand. What direction are you choosing? A career where you hope- and then demand- that some business owner will pay you minimum wage? A position that they don't value monetarily, nor do they value you in that position monetarily? But more importantly, will you focus on the minimum wage? Think a little down the line- how high is the ceiling in a career where you can be hired at the minimum wage?

Compare that with the world that Tim Ferriss is helping create. A world of lifestyle entrepreneurship where you bet on yourself, not on some business that you don't care about. If you choose that world, your thinking might shift from the minimum wage to the maximum wage. How often have you used that term? Maximum wage? What is the mostthat the industry might pay?

As a podcaster and a writer, I can tell you that putting in the extra work and the longer hours feels different when you see the unlimited celling. Granted, you or I might never command $42,300 per ad. But isn't it energizing to know that it's even possible? If a podcaster got five percent of that for one episode on a weekly show, they would be earning six figures. 

Potential is endless when you believe in yourself, stay consistent and remain focused. And speaking of focus, will you focus on the limits of the minimum wage, or the unlimited possibilities of the maximum wage?

- Vincent

P.S.- I discuss this topic in the latest episode of The Total Life Freedom Podcast titled The Difference Between Building A Job and Building A Business.