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Thread: Obama Pushes for Higher Minimum Wage on Plant Tour

  1. -61
    LandShark13's Avatar
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    Quote Originally Posted by MoFinz View Post
    That would be a little easier to do with the insane mark up on jewelry. But what happened to the people when you couldnt afford to pay them?
    Now your sounding foolish. Thousands of Jewelry stores just in the greater Miami area each competing for a piece of the market. Most costumers visit at least 3 stores before they buy, if your prices aren't competitive you're out of business in less than a year. Markup? yes of course but insane? not even close.
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    MoFinz's Avatar
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    Quote Originally Posted by LandShark13 View Post
    Now your sounding foolish. Hundreds of Jewelry stores just in the greater Miami area each competing for a piece of the market. Most costumers visit at least 3 stores before they buy, if your prices aren't competitive you're out of business in less than a year. Markup? yes of course but insane? not even close.
    Yeah, the ex-wife worked at a jewelry store, the markups pretty freakin' insane. I lucked out on a ring that would have cost me 8G's retail.

    Not knowing the particularsabout your family business, i will tell you ive run a million dollar retail operation. I know how to read a P&L, i understand payroll is the biggest controllable expense any retail business has. You don't hire people just to hire them, they have to justify their salary. Im glad your old man could pay better than minimum wage, but im betting he didnt hire a kid fresh from flipping burgers for more than minimum wage to sell high end jewelry. He got people that knew something about the business so he wouldnt have to waste the resources traing someone that may or may not work out.

    Im not ignorant about business. I'd dare say i'm someone that can speak more intelligently on the subject than many. With employees, it's all about ROI (return on investement). If they cant make you money, then you dont keep them...if your profit margins thin, you dont hire more people unless you HAVE to. Raising the min wage is not the start of the apocalypse...but judging by early reports from walmart and target, people miss that chunk of change the government started taking from their checks again. Lower sales wont mean more jobs anytime soon, so the rise in the minimum wage wont really help many people that arent already working at minimum wage.

    For the record, the most money i made as a salesman was on commission....min. wage + spiffs and bonuses. I cleaned house because i knew how to hustle and take care of my customers. If i was paid minum wage and nothing else, how motivated would i be to make money? Its always about WIIFM...Whats In It For Me


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    Quote Originally Posted by GoFins! View Post
    He said, "giving someone $8.00 an hour is a little easier than $10.00."

    You accused him of splitting hairs and then suggested $9.00 if he could afford it.

    How is $9.00 not more than $8.00?

    If it's just splitting hairs then why can't you come up with the difference? Don't you want to actually do something to help someone else make more than minimum wage?
    And I would say:
    a) If you can afford to pay someone new $8/hour (on a 40-hour week) but not $10/hour than your business is not profitable in the first place and maybe should not hire anybody period.
    b) If that business is so profitable yet can't afford the $40/week difference maybe ownership should look at cost cutting somewhere else (lining their own pockets)

    This minimum wage debate remains me of the 'Joe the plumber' moments with a lot of made-up BS excuses.
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    MoFinz's Avatar
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    Quote Originally Posted by phins_4_ever View Post
    And I would say:
    a) If you can afford to pay someone new $8/hour (on a 40-hour week) but not $10/hour than your business is not profitable in the first place and maybe should not hire anybody period.
    b) If that business is so profitable yet can't afford the $40/week difference maybe ownership should look at cost cutting somewhere else (lining their own pockets)

    This minimum wage debate remains me of the 'Joe the plumber' moments with a lot of made-up BS excuses.



    Do you really think an employer who pays his worker $9 an hour only pays $9 an hour? He doesnt pay taxes....unemployment.....benefits......other expenses, its just $360 a week? Thats a little naive dont you think?
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    Quote Originally Posted by MoFinz View Post


    Do you really think an employer who pays his worker $9 an hour only pays $9 an hour? He doesnt pay taxes....unemployment.....benefits......other expenses, its just $360 a week? Thats a little naive dont you think?
    Its all relative. Wages/salary/commission/bonuses etc. are tax deductible business expenses.
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    So write-offs are revenue neutral? If you write-off $1000 do you save $1000 on your taxes?
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    Quote Originally Posted by MoFinz View Post


    Do you really think an employer who pays his worker $9 an hour only pays $9 an hour? He doesnt pay taxes....unemployment.....benefits......other expenses, its just $360 a week? Thats a little naive dont you think?
    bla bla bla....

    Employers have an additional cost of an average of approx 25% - 30%. It largely depends on what kind of benefits they have and/or offer. So you are looking at roughly $50 more per dollar pay raise. If our resident 'Joe the Plumber' is actually offering any benefits. Without any benefit plan the extra cost are somewhere around 10-15% (depending on State and your UI rate). My point stands: if you can't afford a couple hundred dollars extra you may want to rethink your business strategy.

    This whole "increase of the minimum wage is killing jobs or job growth" is the same crap as "if we tax our job creators a couple percent more it will kill jobs, reduces investment etc".

    ---------- Post added at 11:38 PM ---------- Previous post was at 11:37 PM ----------

    Quote Originally Posted by GoFins! View Post
    So write-offs are revenue neutral? If you write-off $1000 do you save $1000 on your taxes?
    That's not what the poster said.
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    Quote Originally Posted by LandShark13 View Post
    Now your sounding foolish. Thousands of Jewelry stores just in the greater Miami area each competing for a piece of the market. Most costumers visit at least 3 stores before they buy, if your prices aren't competitive you're out of business in less than a year. Markup? yes of course but insane? not even close.
    300% is the markeup on jewelry on average, the market is driven pretty much by the few one of which is De Beers. It can even be marked up to 1000% in some cases, I know my grandmother used to work in a Jewelry store.
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    Quote Originally Posted by NY8123 View Post
    300% is the markeup on jewelry on average, the market is driven pretty much by the few one of which is De Beers. It can even be marked up to 1000% in some cases, I know my grandmother used to work in a Jewelry store.
    No there is no standard markup in the jewelry business. Maybe on watches or something. Also a very small portion of the industry actually deals with De beers directly. Mom and pop stores are simply to small to even draw their attention.
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    Quote Originally Posted by phins_4_ever View Post
    That's not what the poster said.
    I was just asking follow up questions. I'd still like him to answer.
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