Dan Price is a web entrepreneur from the United States. Gravity Payments, a startup that processes credit cards online, is his company. Dan Price, the CEO of Gravity Payments, rose to international prominence after announcing that he would cut his $1 million salary by 90%. Not only that, but he also announced plans to raise the salary of his 130 employees to a minimum of $70,000 per year, despite the fact that he now claims to be having financial difficulties. To learn more about Dan Price net worth, earnings, and wife, keep scrolling down.
How much is Dan Price net worth? Is he a Millionaire?
Dan Price net worth is estimated to be $12 million. He is the CEO of Gravity Payments, an online credit card processing company. In 2015, he reduced his income by 90% and allowed employees to receive a minimum of $70,000 per year; Dan now makes $70,000 USD per year. His decision came as a shock; in 2015, his company employed roughly 130 people, and currently it employs around 200. Price revealed that he had liquidated all of his assets, drained his retirement accounts, and mortgaged his two properties, including a $1.2 million home in Washington, in order to invest $3 million in Gravity Payments.
In 2015, Price became well-known after raising his company’s minimum wage to $70,000 and lowering his personal income from $1.1 million to $70,000. On Tuesday, he took to Twitter to claim that since making this revolutionary decision, his company’s revenue has tripled, its headcount has increased by 70%, their customer base has doubled, 70% of his employees have paid off their debt, 76 percent of his employees are engaged at work, which he claims is twice the national average, customer attrition has decreased by 25%, and so on.
How did he start his struggling career?
Price founded Gravity Payments when he was 20 years old and a student at Seattle Pacific University in 2004. He extended the same minimum wage to all employees of ChargeItPro, a company Gravity Payments bought in 2019. In 2015, Price signed a $500,000 book deal with Viking Press to be published.
The book will contain a first-hand narrative of the founding of Gravity Payments, as well as a discussion of socially conscious business. Price claimed in March 2020 that the wage hike had worked well for his company in particular, but he hesitated to declare it a complete success because global income disparity has continued to rise.
What makes him increase his employees salary by cutting his own?
He said “We were hammered in 2008, and we lost 20% of our sales in what seemed like an instant. We were barely breaking even and barely adding to our money.” He could charge retailers and small businesses additional fees, as most of our competitors did. That is the polar opposite of everything we believe in. According to Angus Deaton and Daniel Kahneman’s 2010 case study, an income above $75,000 could buy life contentment but not happiness.
After reading this case study, Dan became inspired. In addition, the study found that happiness rises with income, but only to a degree. Dan spoke with a friend who believed that a $70,000 wage would help her pay rent and raise her son, so he decided to reduce his salary by 90% from 1.1 million to $70,000 USD per year. His company now employs roughly 200 satisfied employees.
Dan price early life, parents, struggling childhood, siblings
On May 13, 1984, Price was born. He was homeschooled till the age of 12 in a strict Christian family in rural southwest Idaho. In an interview, Price stated, “I have three elder brothers and two younger siblings.” I’m the youngest of six children. Although I was born in Michigan, my family relocated to Idaho when I was a child. I grew up in a strict Christian family that homeschooled me. Before I turned 12, I probably created 15 or 20 enterprises, including trading cards and worm farms. Because my parents lacked a college education, they had to labor extra hard.”
“I started working on Gravity with my older brother, Lucas, in 2001. We hired our first employee in early 2004. The plan would be to work our way up to roughly $2,000 to $3,000 in monthly profit by hustling hard for several months, after which we’d hire someone. We would recruit another worker if we added 30 or 40 clients. Then we’d do it all over again.”
Who is Dan Price wife? Is he married?
Kristie Colón and Dan Colón married in 2007. Kristie is a poet, dramatist, actor, and educator from the United States. She is a Cave Canem Fellow, the originator of #BlackSexMatters, and the co-founder of the #LetUsBreathe Collective. The Black Mall named her the Best Black Playwright of 2017. Her plays have had their world premieres in Chicago, New York, London, and a number of other places. Colón has written a number of plays and poems. She won the Drinking Gourd Poetry Prize in 2013. Colón earned the Arizona Theatre Company’s 2014 National Latino Playwriting Award for her play Octagon.
Dan and Kristie were married until 2012, when they divorced. Due to personal circumstances, the couple’s relationship does not work out, and they both separate. Price’s ex-wife Kristie exposed her experience with domestic abuse during a TEDx lecture at the University of Kentucky after years of silence, although she never mentioned her ex-name. The University of Kentucky initially refused to disclose the recording of Kristie Colón’s address, but after receiving backlash, they reconsidered their decision and released the recording. In a blog post published in January 2016, she also stood by her charge of Dan Price.
Quick facts about Dan
|Age (as of 2021)||37 years old|
|Place of Birth||Michigan, United States|
|Net worth||$12 million|
|School/College||Seattle Pacific University|