#339: How To Get Caught Up On The News That You Totally Already Knew About w/ Power Business Attorney Steven Fantetti
SUMMARY KEYWORDS
people market amazon supply chain workers realize pandemic money thinking good business life podcast bill company states talk important find 10th amendment
SPEAKERS
Speaker 2 (44%), Speaker 1 (43%), Speaker 3 (8%)
1
Speaker 1
0:00
Ready? As ready as sweat equity podcast and streaming show the number one comedy slash business, business, comedy podcasts in the world you can care do you even care pragmatic entrepreneurial advice with real raw 2020s best small medium enterprise business sponsored podcasts in United States from Lux global Excellence Award proudly hosted by Lux Life magazine. We also won 2021 version of that we're also winners of 2021 best podcast streaming entertainment studio, eastern United States of America Media to the Mississippi innovator awards on the badass 21 hosted by you guessed it, corporate vision magazine. Listen to us on iTunes, Apple podcasts, Spotify, your mom's Walkman. It's right on her fanny pack. Just pick it up. Listen to us share this podcast with someone trying to get their hustle on. We got a great guest we got power business attorney Steven fantasty on the blower. This episode is sponsored by Warby Parker. If you're watching the video of this, I'm wearing my Warby Parker glasses right now look at you Warby Parker. trial.com, forward slash sweat, light ki sweat gets five pair five free pairs to try on at home. Send them back. If you hate all five, you go for five. You can send them back. You can get five more you can just do that in an endless loop. Warby Parker trial.com. Forward slash sweat get your prescription in there. My mind's got my prescription. I just typed it in didn't it? And then the autofill but he's Pitt these fit my Peyton Manning? Huge noggin do have a Peyton Manning like head yes, Peyton Manning laughs at my forehead size Warby Parker trial.com forward slash sweat puts a little shekels in our podcast bank account puts you up let's get this party started what about my sweat equity? About my power business attorney, m&a specialist. What else? Life Coach sweater wear fancy sweater wear real life coach? Yeah, but you're your de facto life coach. How about that? You don't take you don't you're not one of those. Yeah, I realized that could be a pejorative as I'm saying it I was like every life coach my hero bro every life coach I've met him like I would commit suicide if you're my life coach. You would fail at it you want to live out a fantasy legal calm any other plugs sir?
2
Speaker 2
3:01
I was gonna say all the stuff I do you don't remember after all this time?
1
Speaker 1
3:04
Oh, I am trying to find that intro man. I had I wrote an actual beautiful intro one day and I couldn't one day I couldn't find
2
Speaker 2
3:12
we're not here for an intro so let's going on if you guys how are you? It's been a while
1
Speaker 1
3:15
I know we need you as a resident guest you know I'm ready.
2
Speaker 2
3:19
I've been hoping and waiting to get back on I appreciate the call when you got me on the blower as you called it from succession as
1
Speaker 1
3:27
we were we were both at the Bucs game and we Yeah last night football high five top gun style but yeah, or Redskins style
3
Speaker 3
3:38
then they do one like that. Ah Washington football team as a celebration.
1
Speaker 1
3:41
No, the Redskins Irving fryer Didn't you do like a high high up in the air and then slap on the ground?
3
Speaker 3
3:50
Man that's a deep hole you remember celebration dance? That's
3:56
what the ladies like football
2
Speaker 2
3:59
Yeah, yeah so lot lock hold me even after the game we're talking and he's like you ready to do the pod tomorrow? I was like I'm just ready to Kendall Roy to take over the company.
4:08
Don't ruin season three. I'm not there yet. I'm catching I can't even talk about it then. I don't even know what's about to happen. I know what you were secretly
4:17
secretly watching it
1
Speaker 1
4:18
we never we never you never been like hey, successions a good show in the last two years.
3
Speaker 3
4:23
You don't listen to a word I say whatever. Would you say? I would talk about it all the time. And I guess he just don't like it.
1
Speaker 1
4:31
No, I probably just hadn't listened to it yet. So I purposely just shut down like my kids. Right? Yeah. And by the way, congrats. I don't think we've said it on the show. But you know, second kid, you're doing a lot of stuff. The How about any tips for the entrepreneur? That is the got kids going and how to balance that out.
4:51
Amanda man?
2
Speaker 2
4:52
Yeah, I would say I would say um, you have to sacrifice a little bit of sleep to get your business done. I know That's not what people want to hear, but I'll just be straight up honest with you at the end of the day, you want to make gains and strides. Gonna sacrifice a little bit of sleep. You got to get that extra work done and burn the midnight oil and everybody else is sleeping and it'll pay off. Trust me.
5:15
Yeah, lost a lot of people at sacrifice.
1
Speaker 1
5:17
Yeah. And less sleep. No, I mean, I sleep like Anne Frank. So my problem is trying to get on a regimen or how I assume she slept. But like, think of
5:30
a different light sleeper.
5:31
It's pretty funny.
3
Speaker 3
5:32
I know. I just want to have it's just dark all the time. But like,
1
Speaker 1
5:37
you're gonna hear a lot of repeated jokes. Dot DadBod lives no,
2
Speaker 2
5:41
really give me a second one though. Besides that one that wasn't good enough, keep going. Get a second one I would say is if you're going to work late at least, there's different things going on in the world at different times while the US is sleeping, believe it or not, the sun doesn't set and rise on the US Empire.
3
Speaker 3
5:57
Marine ping pong tournaments instead of oh, look, ball, whatever
2
Speaker 2
6:01
Australia's China's doing a lot of things, their markets and economies are open when ours are closed. So I would say my point is you can find out a lot of things that are going on and get ahead of the game before the US markets open sometimes by find out what's going on elsewhere in the world, whether it's supply chain issues, issues with supplies, and I was trying to get some builds done on some homes, and you know, you can tell items are going to be more expensive, Steel's gonna be more expensive, but you'll know that ahead of time you can start planning you can sometimes plan your month or your quarter just based on what you're seeing going on within 24 to 48 hours in a different part of the world. So that's another part of advice. So
6:36
what's the routine? What's the routine for this? How do you
6:39
want to talk about supply chain issues after the routine Yes,
6:42
that's a more important thing to talk about what
1
Speaker 1
6:44
do you what what shows really dispense advice for others and so it's like you know, what's the know what time do you wake up you have like a regimen for looking at this stuff. Okay, I look at I just opened up Apple news
3
Speaker 3
6:57
or China or the Philippines you know, venture
2
Speaker 2
7:01
to keep out all this time Yeah, but keep it simple. I mean, the way I set my my my clock in my time is I want to get a 4am every day and before I go up, Jim I checked the news and find out things that were going on while I was sleeping or things that could be coming up and then obviously you could look at what the legislature might be voting on that day or what could be going on. And then when you get back from doing everything you have to do you know parenting getting ready for work wise get your workout in and check emails, obviously the workday is going to start the markets going to open but then eventually you're going to get to the nighttime markets are closed, different parts of the world are waking up when you're getting ready to go to bed you can check on what they're going to be doing. And so you could obviously read different news outlets you can look at you know how the markets closed what the commodities are like and then you can look obviously what the markets are gonna open up elsewhere in the world and you can use all that to your advantage so it's kind of just staying up like I said, You sacrifice sleep for those reasons not just working as part of it but even when you're not actually thinking you're working or billion hours like you're doing my no job sometimes you can still be working by doing research and reading and doing
1
Speaker 1
8:04
Yes, you book in your day essentially with
8:07
it. That's it You break it up into into blocks with purpose.
3
Speaker 3
8:10
Yep, we need to start talking like that when you start referring to things what what time is the market open then I know about the market all the time people think you know, I just want to say I just want to say that we better
8:24
get out of the law a little bit now and
8:28
start calling for em bro for em buddies now
2
Speaker 2
8:30
I'll be a chocolate will Nick but don't take pictures on my watch and put it on my Instagram.
3
Speaker 3
8:35
I know. Jocko I'm gonna take a picture of my calendar doing it for 20 years dude.
8:40
I'm a huge Jocko fan I love
1
Speaker 1
8:44
the Jocko is a good Instagram example. microcosm effect Fantasia is a microcosm example I think more of the rock schedule of just like how are you doing all these things in a day? Right? Do you actually do them all? Are you an AI? You're an AI robot
9:00
time warping technologies
1
Speaker 1
9:02
supply chain so I've never I've never heard this term more in the last four months than I look it up no I know what it is but I'm saying like I was a dork because I would say it in like referencing something and they're like yeah, I'm like well I don't like wasting food if I don't have to because I feel about the supply chain of it getting from where like where it was grown I had to get three different distributors to get to the grocery store for me to buy it to take it home. And I think I try not to waste as much or be conscious of there Yeah, so that's like a blow your mind
3
Speaker 3
9:39
that they can make money off of a 99 cent like frozen vegetable. When you think about it that way about all the shit they have to do to get it then you're you're still making money on this ain't a lot but yeah, it's like 1% margins. I get that right still. No,
1
Speaker 1
9:55
yeah, I mean, we need far made back. We need that big concert to help out I've got it. I've got it read aids watch. See I'm for stopping aids mean Bono.
10:07
You guys want I think it's over? Oh, really?
1
Speaker 1
10:09
Pretty sure. So, supply chain, how's that affecting, you know, business that you're from your standpoint. You mentioned real estate wise, we had William Hanson on who's a builder in Arkansas. And he was about, what, five months ago and he was telling us, you know, we were looking at the stats, it's like, he can't find enough lumber to build. And there's the same problem. And then when he does, I think we looked it up, there's 323%, like, priced market gouge. Yeah, I would call that gouge but the market demands what the market demands. So you know, whatever.
2
Speaker 2
10:45
Yeah, it's I mean, I guess it's all if you want to call it a market demand. I mean, I guess you say inflation, the market demand? I guess it is it does have to do also with supply and demand, because obviously, that flies gonna be obviously inverted with this. I mean, you're right. I mean, at the end of the day, he's right. I mean, that does slow down production with real estate, it's caused an issue, there's already a housing shortage as there is in America. And of course, with the market being inflated as it is, and there's less assets out there to be bought, there's less assets even to build. So if you can't build them, because you don't have as the supplies, obviously, that creates a big issue, but in that market. So I mean, every industry is being hit differently. That's just the one from the construction side of it. But I mean, in terms of like the global supply chain issue, if you really tried to narrow it down. I mean, I was talking to somebody the other day about this that was asking me about my my thoughts on it. And I was basically telling me what sees every day 99 cent things that you don't really think about that will ever come up. You could say a pandemics. One I mean, you could say if there's even a recall on beef or chicken or something, you can go and eat that and what that would do to just people's everyday living because everything you buy is beef or chicken related sometimes unless, you know, you know vegan or something. But you got we got chicken nuggets out there. Well, that's what I'm saying. But these things are these are like market disruptors, life disruptors, right. But what the supply chain is really doing obviously, is it's slowing the ability for the economy to continue to move at a rate where you don't have inflation, because again, when goods are scarce, people know they can jack the goods up on the or the price up on them, because people have no choice to get them. If there's a lot of them that obviously that price comes down because that demand isn't there. That's simple economics 101. But what we're seeing the main root cause of this, which is an argumentative point with a root cause, but I think there's several you could point to it, one of them obviously had to do with the pandemic, there's a lot of international trade and shipping that occurs where a lot of these people coming from these countries that are involved in that logistical type transport, sure that you know, aren't vaccinated. And so they're going to come to the border sometimes, and they can't unload or load because they're in a country's port, where they're not vaccinated, they have to keep their ship out and import until they can have somebody else float in that actually is from their country, and is available to work in a bit of, you know, familiar with the goods and has the type of authority to sign, you know, bills of lading, and all these different things when these transactions occur, or to even do the reviews or inspections of goods when they come off. So a lot of that was causing problems, and has caused a big delay. So that's only one factor of several other
1
Speaker 1
13:21
ones on state level. I didn't realize that there's mandates on the state level, because I just kind of got COVID News fatigue. And everybody did. Yeah. So it's like, I didn't know I was working with a client. They're like, Yeah, we had a mandate in October, you know, we couldn't have our staff couldn't be in office. And it was like, Ooh, and what those numbers mean, and well, states have a lot of power with a lot of those kinds of mandates. Federal level doesn't really do it as much as as doesn't have as much power on it like a everyday level for
2
Speaker 2
13:57
there was no federal legislation. The states were in a situation. It's obviously dictate the rules and be honest, unconstitutional. Right. Yeah. Yeah. The 10th amendment obviously gives the states the rights to govern where the federal government has not already so yeah, I mean,
14:10
I got it tattooed on the lower No, all my back. No,
2
Speaker 2
14:12
no, there you go. Right next to your Never mind.
14:19
I take that back. It's actually the symbol for the 10th amendment. So it kind
2
Speaker 2
14:26
of so yeah, I mean, that's a little bit of back. I mean, there's a lot of other a couple other issues or submission with or some border disputes and things coming in. There's issues with tariffs, that still outstanding, and then obviously, you know, you have your own geopolitical issues when there's certain goods that can't move the way they want gas is one of them, which we're seeing now you saw on the news today, right? That the US wants to attack the SPR to try to make sure that they could try to bring down the price of gas. So they're going to tap into the Strategic Petroleum as the US has. Take oil and gas out of the out of the US that it's already stored. which is not technically supposed to use more of a Safehold. But they're gonna use that to try to help with the shortage and try to bring the price down. Whether the bite administration's doing that for political reasons, or they're doing it to really just help out the economy as a whole. Okay,
15:10
go back to LPR
15:12
Sure. Strategic Petroleum Petroleum
2
Speaker 2
15:15
Reserve. Yeah. Right. So that's been going on since OAC, was created and or OPEC, excuse me, and when the US going. When they were, well, when they really started doing drilling in the Middle East, the US realize that they have the ability when they made a lot of their, you know, allies over there, some of those governments were probably put in place by the CIA, I think that's kind of already been heard. And they were able to pump a lot of oil and gas out of the Middle East and the United States realized they may not be able to do it, they may not be able to obviously do it forever. So they might as well start storing a lot in the US created the SPR for that reason, to reserve a lot in the event that there is ever types of embargoes and things like we saw under the Carter administration and 70s and stuff. So once the Gulf War happened in the US realize that we're going to have a good enough of a foothold in the region to get oil, you know, they were able to start storing more and more barrels of oil in the United States. But that's what it's there for is to help in situations like this, if this was is one of those grave situations where they really can't bring oil in from overseas.
1
Speaker 1
16:15
So it but does it don't? Wasn't it like that thing that we actually get most of our oil from Canada, right?
2
Speaker 2
16:23
Part of it, too. I mean, there is that? I mean, some of those pipelines are being blocked, if you haven't already heard about that a lot of it even comes from the Alaska and up northern regions as well. On the deal. Got to use for this the Yeah, well, there's a lot of environmental groups member Even Obama was trying to help get that passed, and people were trying to block it. I mean, you even saw that with the infrastructure bill, there was people who were voting against that Democrats as well. You know, alien, Omar and Cortez and all that the whole,
1
Speaker 1
16:50
like, guys, talk to us, like, we're fine, guys, the infrastructure bill,
2
Speaker 2
16:54
the infrastructure bill, there was a $1 trillion infrastructure bill that President Biden and his administration just passed saying, what it was for what it was for now, it's good, it's this is a good bill, this should have been passed a while ago, because states mess bridges roads that are failing the
17:10
50s and 60s, right, a lot of
2
Speaker 2
17:14
this bill breaks that money back into the economy will create jobs will obviously be able to help fix some of this failing infrastructure in the US, which is important. But I mean, these some of these representatives in Congress, were voting against it, because they didn't think there was enough, you know, green type aspects to it, where what they were going to be doing, in terms of the actual work itself, or anything being built, or the products being used, or, you know, how much gasoline is going to be used to run all the machines and things like that, and excavators ever, it wasn't greedy enough. You know, I think that's obviously a concern you have, but I think you got to fix what's really broken first, to really make sure you can even be around much longer, you know, to even, you know, deal with other types of fraud. So yeah, we're
17:54
a small that's not how government does it.
2
Speaker 2
17:58
But I think you have to sometimes look at it a different way. I mean, this this had to be done, but people voted against it. But again, like any other bill, there's gonna be other issues in I mean, they had a cryptocurrency tax amendment attached that they heard about tax grip. Oh, yeah. So
18:11
yeah, cuz it's like,
18:13
taking on a mind of its own.
1
Speaker 1
18:15
Like, if something's like, lucrative enough, the government's gonna be like, Hey, what's up? Like, there's a sale, like, there's a sales tax, I realized I hadn't, I hadn't talked about it on here. But I forgot I forgot about this. Every time. I buy something online, there's like a sales tax on it for the state. I'm like, oh, that really got initiated in and they're making it every sale he made. Sure. That didn't on us. That's, that's a digital sales tack for E commerce stuff. And I was like, Oh, shit. Okay. So I know you're gonna get it all, baby? No, it's just one of those things. It's like, Ooh, there's a lot of transactions going on. And we should have, we should have some of that, because it's
2
Speaker 2
18:54
good to get revenue on off. It'll be enough your revenue the government's looking to get from you. But I think I think it's a smart thing to begin. It's like any other thing under the tax code. It's a Realized event. Yeah, you'd
1
Speaker 1
19:03
have to do a marginal issue the tax tax, if you made any money off a crypto in the urine. So
2
Speaker 2
19:08
that's exactly right, in the government, just making sure that that that aspects being protected, and they should have they should use some of that money to obviously help with the infrastructure. They can use less, you know, money from other taxpayers and doing that in people that are in that that space, obviously, I think that's obviously we're looking into, just like they would tax anything else. But But yeah, I mean, like I said that that infrastructure bill is good for America. I think it's something that's been needed for a long time, I actually thought that Trump administration was gonna pass one because he was such a builder. This is what he thought he was known for. And he really seemed to pay a lot of attention to one so but this is good. I think obviously, worrying about, you know, green, new, you know, aspects are important, but I think right now, you know, things have been, you know, going by the wayside for so long. I think you just got to get this bill passed and start building and building back better, you know, as they say on that, that, that, you know, presentation that the administration gave I think that's smart. I think you have to I think it's going to help the economy and I hope it's gonna To create more jobs and hopefully get more people off the couch and working again, which is very important.
1
Speaker 1
20:04
Yeah, yeah. Well, speaking of that, I mean, how does this dictate the labor market? Because, look, we we've talked a lot on the show about unemployment was so good for a lot of people that you couldn't beat it, even money, like, to go back to work a lot of the time because, like, I'm wait until I'm wait until this stops. And I think work is so important, especially for men, you know, just stay in a very broad stroke way. But I think guys have to work or I don't know, it just something
3
Speaker 3
20:35
when the federal government does that. And they're also basically control the money supply, like just kind of, you know, pay these people more than unemployment, like, good bit more for their work, and then just well, and then it gets inflated, and that's fine. But then
1
Speaker 1
20:51
the value of the dollar gets a lot worse, right? But they're doing that anyways. I know, but you can't, we'll we'll turn into fucking what's
3
Speaker 3
21:01
the people that their eyes are so they paid them, they pay them? Well, they pay them even more than what's you know, expected.
2
Speaker 2
21:09
You know, it's, it's, it is interesting, though, because it's funny if the, the labor markets supposed to be opening up more, and you think that as you go into a new year, you know, there's going to be more opportunity, when you have bills like this being passed, and different types of industries growing, you know, and a lot of people weren't working, I mean, the unemployment rates still low, you know, where it's supposed to be, it's hovering around five or 6%. Or even below that you're really in a good space, considering coming out of a pandemic, or at least at the very tail end of it, hopefully, is where we're at. But what people are thinking some people are failing to realize some are really realizing it, because I see it every day, that the worker right now has the most levers, and it probably ever has in a long time. Right now, wages and salaries for positions have gone up, people are leaving jobs left and right, because they can get higher salaries somewhere else. There's good and bad to that it's good that the worker has that freedom of choice, and the ability to make more money in their own rational pursuit of their home profits, of course, but at the same time, I would caution him to be very careful to not just chase the dollar despite a higher salary being better. Because a lot of those people when the when the when the economy does do a course correction, they will be the first ones on the chopping block if they have bloated salaries. These new guy? Well, yeah, so I would just caution is important. If you are someone who has obviously a nine to five job in your in in that space, and you're looking for the next salary, you see your friends, skipping jobs to go get Chase at higher one, I'd be very careful on make sure you're in a good mean bracket where you know, at least you can you can make yourself indispensable enough, you should certainly start trying to do that your new job. But obviously, you really want to make sure you're in a place where you're not going to be someone who's going to be first let go because your salary is just so high. It's so outside of the norm because you can get it now but you wouldn't get it in regular normal economic times, you know, not involved from a pandemic, like I said, talent pandemic, where companies are scrambling to find people because they lost so many people for different reasons.
3
Speaker 3
23:06
I do think it's good though, that these companies that not necessarily, you know me, leave it but you have people leaving their jobs because it makes companies then be better at keeping people and having a nice bow. Yeah, workers are
2
Speaker 2
23:18
doing a great point. That's a great point. Maybe we are paying our employees too low.
23:24
Right? For that, right. Step it up.
1
Speaker 1
23:27
It's good that these things come in waves in a way because it makes you kind of tighten up like, you know, the crash of oh nine or whatever you're calling it like, yes, it's terrible. It was devastating for a lot of people, but it made a kind of everybody go like I need to get my shit together. Corrective? Yeah. And so so I feel like COVID In a weird way is kind of like that. I wish it was more health related to kind of be proactive in that way. Because you want to talk about where we can find money. Yeah, you can take it out of like the $40 trillion healthcare costs that are avoidable, you know, voluntarily. But if anybody wants to listen to episode 333, with Orlando Haynes, he he's a he's like a badass recruiter. You came on? I'm just talking about like, yeah, in the kind of white collar jobs right now. Yeah, it's harder to find talent than it's ever been. And now and people are realizing the leverage, because it's unlike any other time where you have access to this information.
3
Speaker 3
24:28
Yeah, think about how weird that is for is like, Wait, are you gonna? You're not gonna leave me Are you? I think today here and they're really good.
1
Speaker 1
24:35
I think though, it's like the NBA players they like hey, we've we've pretty much like we're pretty important to this
3
Speaker 3
24:43
right? Do you watch the old white play basketball instead? Well, they they really I kind of actually would date now that I think
1
Speaker 1
24:49
they implemented a lot more change by leveraging what they knew they had and I think that's like, just my dumb guy example of I think like, a lot of people are still stifled in positions because they're scared. There's that fear of even even looking elsewhere because you could get fired. But there's so many people are i Everybody I talked to that's a business owner is like struggling to find employees and it was already bad for the trades before all of this. And now it's harder. Oh, man, all right. But the late where I want to get to, nobody ever knows. I had another question in this area. Well, the labor
25:28
like close your eyes and think about it. Everybody be quiet.
1
Speaker 1
25:31
How do you feel about the labor markets really dictated on the low skill side? I think we were talking about this last night, but I can't remember anything we talked why? Because it was Monday Night Football Bucs game. Yeah, I just I walked home like a good citizen. My orange jumpsuit looking like an international dealer. creamsicle, orange green circle orange with a red shirt. Beside the sweaty from just greasy from eating shitty Little Caesars Pizza at the stadium. But like, Amazon has so much. It's thinking of supply chain and kind of labor markets. Amazon dictates the market in like low to no to low skill workers. And that's that's kind of your minimum wage kind of dictator. Right? It's not really it. It's one company that owns a lot of that, that kind of pie of have no doubt low skill workers, entry level workers. What do you what do you think about that? Is that does that scare you? Are they monopoly?
3
Speaker 3
26:39
Or they just wait till they get the robots that could have to do all of it?
1
Speaker 1
26:43
Well, that's the thing they do. Wrong. They have the r&d probably already working on that. Oh, it's like when Seattle's like, raise the minimum wage to $25 or whatever they said. And then like they're like, Okay, and they did it. And then McDonald's was like cool. You see
3
Speaker 3
26:59
this new robot we've had for six months you now order from we heard you were pregnant. So we kept the robot in the back nothing now we you know how to bring the robot
1
Speaker 1
27:08
they replaced everybody that takes the orders inside drive there with touchscreens. And it's like, yeah, this this touchscreen does a lot better. Right. Except the fucking Coca Cola ones that never work. Oh, no. Yeah.
3
Speaker 3
27:23
I mean, they're people with Coca Cola covered fingers, no motion onto a plastic screen like the first screens ever made that work that way like right, you touch it once it's done. The megaton all nine at one time, the mega
1
Speaker 1
27:36
touch video game touchscreen thing that you only see at shitty bowling alleys is better than that coke found machine. You can add any Coke, any coke product, except none of them, or all of them, because you can't. They're all selected. By the way. That's how my hand is all the time. Like trying to touch my iPhone. It's always sweaty. So it's kind of smudge like that. I get it. Now. I'm texting. Yeah, it's a good metaphor,
2
Speaker 2
27:59
I guess. So. So what? Yeah, so your question was, do you think that Amazon's monopolizing the market on kind of low wage workers was that
28:07
you re hosted a
3
Speaker 3
28:08
show? I thought it was about like, Oh, that was that was it? That was more or
2
Speaker 2
28:12
less so. So I mean, I think that's, that's, that's a that's a fair question. Um, you know, I think you can obviously, look at it in two ways. And just pick one side of the fence, which I don't think is a smart thing to do. I think it's I think there's different points at play. Number one, the main US federal minimum wage, I believe, is around $7.25 an hour, the lowest wage you can make an Amazon right now is $15. So they've doubled it. So they made sure that these workers aren't at the lower spectrum side of low wage
1
Speaker 1
28:37
and hourly work. According this Bloomberg article I have Walmart went up hourly wage by $1 to 1640 an hour.
2
Speaker 2
28:47
Yeah. And so Amazon raise a completely more. So where would you want to work? So my answer to first your questions, I wouldn't. I mean, you could say that they are monopolizing by offering more, I think they're trying to offer the workers more because they expect more from the workers. As you know, they have quick turnaround times, they have to produce certain amount of outputs. I mean, a lot of that cameras on
3
Speaker 3
29:06
you when you drive and I never want snipers,
2
Speaker 2
29:10
the bid in their facility. But I do know that obviously, they have, you know, certain metrics to me, like any other employer would obviously want to employ. But I think, I think obviously, that brings people into the door number one, number two, from what I've been told, you know, you do have the ability to still move up a lot at Amazon and sometimes people who may not be able to get a career somewhere else. They may not have had, you know, those four year degrees or don't have a master's degree, or maybe they just haven't, they've only graduated high school, and they're trying to find a decent paying job to kind of start their life often. It obviously may not be their, you know, their life job forever at $15 an hour but if you have the ability to move up in a company as big as Amazon and there is space to you can eventually become a manager they're opening up Amazon just went to space. So
1
Speaker 1
29:56
very important. If you get anything from this episode, I I was talking about this last night with a couple business owners before the game and I was like, you want to retain people, you got to stop thinking about it in like an insecure way like, like a guy. That's like my girl's cheating on me. I know it. Like, you're just you're just manifesting if I leave, I don't care, right? Like I just, but like to retain people. Here's Chick fil A, how do they get to say, my pleasure? And never You're welcome? Because they have these people on a path. They go, here's your career path. If you stick with us, if you stick with us, there's a trajectory. There's a there is a Chutes and Ladders way to move up. Oh, yeah. But like, so that that's what I was telling these guys, I go, have you sat down with all your employees? Because it's all there was all soft skills, kind of soft keyboard soft people. And I was like, have you know who your bosses had? No. Have you sat down and ask them what they want to do within the company for the next couple of years? And have you have a vague path for him? Like that's why people, right? Don't want to Yeah, and sometimes I think
2
Speaker 2
31:03
this is I just know that workplace. No workplaces is gonna be perfect. But I think people do that they are looking for certain things. Am I going to be paired have paid a fair enough wage? Am I going to have an opportunity to develop my skills for my next job potentially in? Am I going to have the ability to move up? Or am I going to have benefits these types of things? People want to be incentivize if they're going to work somewhere. And obviously, they're not getting that somewhere else, there's only a limited amount of places that are doing that for them based on the education, skill set or experience that they have. Sometimes you have no choice and one of the biggest companies in the world is the only one that may be offering what they what they can get, they have no choice and then obviously, you know, workers can make their own decisions from there, if it's a bad environment, or they think it's intimidating. It's not I think that's fair, that people should have that choice if they don't like it, but but I think that's where Amazon opened the door law to really get to the root of your question as to why they can bring people in in that regard. And it is it is obviously the hope and maybe even that that dream of moving up in a company to certain levels where your pay increases your responsibility increases, your position increases maybe you can get stock options. It's a great stock to own I tell people you know, you should you know, be long on any Amazon perhaps even some Facebook Tesla's stock short the rest of the market and those three stocks are going to be fine for a while. I mean, that's
32:23
a big short yardage. Yeah, I'm already writing to you Dr. Michael Byrne, I forget what the guy's
32:29
name is anyway Well, I hope I hope
1
Speaker 1
32:30
that Yeah, yeah, it definitely did and like it's reminded me of another thing maybe you're cash strapped business owner and you got you need to retain you know, really key people and you're worried about losing them just look at Maslow's hierarchy of needs and go to those like kind of two bottom rungs and just try to look at some of that as like these are free things you can do a good job on this
2
Speaker 2
32:54
cosmic hug way I like it great 10 sociology class references and I love it but John goes back to the basics like
1
Speaker 1
33:01
that. But yeah, it all goes back to that in a lot of ways you get so granular on what you're doing sometimes with the company managing it all the stuff you do have to take a step back and take that unreflected life is not worth living. You're gonna business style on it and go like okay and by congratulating wins Am I too hard on the last day right Am I keeping myself accountable so I can lead servant leadership kind of stuff like those remember
3
Speaker 3
33:28
those people have like golden rule when you when they leave they have like their own thoughts their their whole their whole person are you here for like eight hours
1
Speaker 1
33:37
or you present when you're actually asking about them right exactly how many dead eyes have you had were like how how was your kids dossier on you? And it's just like they're thinking about the next thing they got to do. Anyway, thanks for Thanks for Thanks for coming on. We'll have you on as a resident I don't know what's so funny I guess we're really
3
Speaker 3
33:57
weird audio thing in there I don't know what Zoom is glitchy.
1
Speaker 1
34:01
I blame China fantasti appreciate you coming on let's let's hang out soon man.
34:08
Absolutely we definitely will you guys have a great Thanksgiving you too.
34:11
equity. Equity
