On today’s show we’ve got an interview with Dennis Hof, owner of a string of legal brothels in Nevada including Moonlite BunnyRanch.
Under a program unveiled last week, Hof will match his workers’ student loan payments up to the amount they make as prostitutes during the first 60 days of work.
Workers split the gross proceeds of their work with the brothel, and Hof estimates that the average worker brings home approximately $30,000 during her first 60 days at the brothel before taxes. All workers are classified as independent contractors.
Surveys say that 30% of borrowers would sell an organ to repay their student loans, and more than half of millennials have put off making major life decisions because of educational loans. There are even websites that allow young college girls to be matched up with wealthy “sugar daddies” to help them pay their student loans (reportedly in exchange for services that may include sex).
Employers, recognizing that employees who can’t pay their student loans are more likely to look elsewhere for better jobs, are starting to offer student loan repayment assistance as a benefit to retain their best talent.
Global consulting powerhouse PricewaterhouseCoopers plans to pay up to $1,200 of an employee’s student loan debt annually for up to six years on top of an employee’s salary. Compare that with Hof, who’s willing to kick in up to $30,000 to help his workers pay down their debts – over a two month period.
The interview reveals a business owner with a firm understanding of the economic realities that new college graduates face as they struggle with student loan debts. His plan benefits not only those who work for him, but also his bottom line as he reduces his overall business costs.
Say what you will about BunnyRanch, Dennis Hof, and the women who work for him. Employers need to start picking up the slack for stagnant wages, and the government needs to take a hard look at the ways in which the educational system is failing the next generation.
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