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Jobless Claims Higher Last Week

Jobless Claims Higher Last WeekiStock/Thinkstock(WASHINGTON) -- Jobless claims jumped higher last week, increasing by 12,000, according to the latest figures released Thursday by the Labor Department.For the week ending April 11, the number of people filing for benefits climbed to 294,000. The previous week, claims stood at 282,000.The Labor Department said there were no "special factors" impacting that week's figures.The four-week moving average also increased by 250 to 282,750.Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Fast Food Workers Hit the Streets for Higher Wages

Fast Food Workers Hit the Streets for Higher WagesABC News(NEW YORK) — Thousands of fast food workers took to the streets in more than 230 cities and towns Wednesday, demanding a national minimum wage of 15 dollars an hour.The “Fight for $15” protests were staged on April 15 -- 4/15 -- and included rallies, marches and “die-ins” where protesters laid down on streets and sidewalks pretending to be dead.Jorel Ware, a McDonald's worker in New York City, said the purpose of the “die-ins” is to show the fast food giant “that they're killing us.” “This is what's going to happen to us and all our families if they don't decide to change their ways and the wages of what they pay their workers,” Ware said.“We only make $8.75 an hour,” Ware continued. “We can't support our families or nothing, like something has to be done about this, because we're dying, we're literally dying and that's our whole point, that they're killing us, literally, because they want to be greedy.”In a number of cities, protesters were joined by a number of high-profile officials. Former U.S. Labor Secretary Robert Reich led a walkout at a McDonald's in Oakland, prompting three workers to go on strike, according to USA Today.McDonald's continues to be the main fast food target of protesters, despite the company stating in the past that wages are set by independent franchisee owners, which covers about 90 percent of its U.S. restaurants.McDonald's released a statement saying, “We respect people's right to peacefully protest, and our restaurants remain open every day with the focus on providing an exceptional experience for our customers.”The statement continued, “Recently, McDonald's USA announced a wage increase and paid time off for employees at its company-owned restaurants and expanded educational opportunities for eligible employees at all restaurants. This is an important and meaningful first step as we continue to look at opportunities that will make a difference for employees.”Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Segway Inc. Purchased by Chinese Company

Segway Inc. Purchased by Chinese Company Kim Carson/Digital Vision/Thinkstock(NEW YORK) -- Segway Inc., the company that produces the distinctive transportation devices, announced on Wednesday that it would complete a "strategic combination" with China-based Ninebot Limited. Ninebot, described in a press release as "a leading company in the short-distance transportation industry," focuses on research, development, manufacturing and sales. The company's founder and CEO Lufeng Gao said in a press release that the combined company "creates a development opportunity for the short-distance transportation industry."The two companies will work as one on a series of technologies, including "electric driving, mobile internet and human-computer interaction."Rod Keller, President of Segway, said the combination would allow his company to "provide more intelligent and valuable products to our customers."The U.S. International Trade Commission had previously agreed to look into a claim that Ninebot was infringing on Segway's patents and copyrights. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Gyrocopter: How the Chopper, Like the One That Landed at the US Capitol, Works

Gyrocopter: How the Chopper, Like the One That Landed at the US Capitol, Works Goran Bogicevic/iStock/Thinkstock(WASHINGTON) -- The peculiar helicopter that took flight Wednesday afternoon bound for the U.S. Capitol is known as a gyrocopter, a small aircraft that has often been compared to a flying bicycle.The various models are light, often single-seater vehicles that can be purchased complete or in kits, making them a cost-effective way for many aviation hobbyists to take to the skies.Gyrocopters are characterized by their ability to fly at a low altitude and slow speeds. Most models contain only three controls -- a joystick, pedals to manage the rudder, and a throttle.While the body of a gyrocopter looks bizarre for flight, the vehicle's unpowered blade on top of the aircraft is given a spin -- often by hand in the most basic of models -- to create lift.The propeller then begins spinning to create thrust while the engine-powered rudder in the back starts powering the aircraft down the runway.In flight, the pilot can cruise close to the ground and at a slow speed -- often times traveling at around 60 mph or less, Brent Drake, a gyrocopter instructor who said he has four decades of experience on the aircraft, told ABC News."They’re one of the safest flying machines there is," Drake added.Around the time of the Capitol landing, a senior law enforcement official told ABC News the aircraft was flying slowly and below 150-feet making the pilot under radar detection capability.Landing the aircraft requires the pilot to let off the throttle, sending the aircraft into a smooth and controlled descent, which in Wednesday's case, landed one pilot at his intended destination: the lawn of the U.S. Capitol. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Nokia to Purchase Networks Rival Alcatel-Lucent for Nearly $16.7 Billion

Nokia to Purchase Networks Rival Alcatel-Lucent for Nearly $16.7 Billion Photo by Patrik Stollarz/Getty Images(NEW YORK) -- Nokia announced on Wednesday an agreement to purchase networks rival Alcatel-Lucent to "combine to create an innovation leader in next generation technology and services for an IP-connected world."According to a Nokia press release, the purchase will cost 15.6 billion euros -- or nearly $16.7 billion. The transaction has been approved by the boards of directors for each company, and is expected to close in the first half of 2016.Rajeev Suri, president and CEO of Nokia, said in a press release that the combined company will have "the scale to lead in every area in which we choose to compete, drive profitable growth, meet the needs of global customers, develop new technologies, build on our successful intellectual property licensing, and create value for our shareholders." Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Markets Climb on Hope of Increased Home Sales and Economic Growth

Markets Climb on Hope of Increased Home Sales and Economic Growth tarabird/iStock/Thinkstock(NEW YORK) -- Wednesday brought small gains on Wall Street amidst economic growth news from the Federal Reserve and hope for increased home sales. The Dow Jones Industrial Average closed at 18,112.41, up 75.71 from its open.The Nasdaq climbed 33.73 to close back over the 5,000 mark at 5,011.02. Meanwhile, the S&P 500 gained 10.75, finishing the session at 2,106.59.American homebuilders expect sales to increase in the coming months. The National Association of Home Builders reported Wednesday that low interest rates and job growth will push sales higher. The Federal Reserve's latest Beige Book, including information collected from the various districts, was released Wednesday. According to the report, most districts saw moderate economic growth, while a number of others either experienced modest growth or remained steady. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Ben & Jerry’s Is Making Salted Caramel Brownie Brown Ale Beer

Ben & Jerry’s Is Making Salted Caramel Brownie Brown Ale Beer New Belgium(NEW YORK) -- Call it a match made in environmentalism: Ben & Jerry’s and New Belgium Brewing, both registered “beneficial corporations,” are teaming up to release an ice-cream-flavored beer.There will soon be -- in fall 2015 -- a Ben & Jerry’s Salted Caramel Brownie Brown Ale Beer.“We’re big fans of New Belgium Brewery, their values, and their fun culture and, of course, their beer,” Ben & Jerry’s senior global marketing manager Jay Curley said in a statement. “We’re excited for the campaign we’ve developed together. When two B Corps collaborate, our fans can expect something both delicious and impactful.”B Corps, or “Beneficial Corporations” are certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability and transparency. The two companies, which are both certified, plan for the beer to raise awareness “around issues [they] are passionate about,” according to a news release.More details will become available later this year about the focus of the campaign and the specifics around the partnership. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Why the European Union Is Taking on Google

Why the European Union Is Taking on Google iStock Editorial/Thinkstock(NEW YORK) -- The European Commission has a couple of gripes with Google and on Wednesday, smacked the search giant with a statement of objections, alleging it abused its dominant position in search.A second probe has been opened into Google's open source Android operating system.Google said it "strongly disagreed" with the allegations and looks forward to making its case. The company has 10 weeks to respond to regulators, who first opened the probe in November 2010.Here's a look at what comes next in a battle that is shaping up to be the biggest since the European Commission served Microsoft with a record fine in 2004.SearchAt issue is whether Google abused its dominance in search to serve its own Google Shopping advertisements in a more prominent position ahead of other search results.The European Commission said this could drive away traffic from competitors and hinder them from competing. Consumers are also hurt, the commission alleged, because they do not always see the most relevant results to their searches.In a blog post Wednesday, Google said consumers today have more choices than ever for where and how they search for goods."While Google may be the most used search engine, people can now find and access information in numerous different ways -- and allegations of harm, for consumers and competitors, have proved to be wide of the mark," the company said.AndroidA separate probe has been opened into Google's open source Android operating system. The European Commission said the investigation will focus on whether Google has been operating unfairly in the way it bundles Android apps and services.At issue are the partner agreements many device manufacturers enter into with Google in order to install Google's apps on their devices. The commission will investigate whether these agreements have hindered competition and consumer choice."Our app distribution agreements make sure that people get a great 'out of the box' experience with useful apps right there on the home screen (how many of us could get through our day without maps or email?)," Google's response said.The company also pointed out that having these baseline apps allow makers of Android devices to better compete with Apple, Microsoft and other companies that come pre-loaded with similar baseline apps.What's at StakeThe European Commission also said it would continue to investigate other potential anti-trust violations. Google now has 10 weeks to formally respond to the Google Shopping complaint.Wednesday's filing marks the beginning of the formal legal process that could either lead to Google being acquitted of the allegations or saddled with a potential multi-billion euro fine.Margrethe Vestager, the European Union's commissioner in charge of anti-trust policy, said that Google could also be faced with having to change the way the company does business in Europe. The BBC noted, however, that Vestager said she would not seek a design overhaul of Google's results nor would she ask the search giant to change its algorithms. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Tax Day 2015: What to Do If You Can’t Meet Tuesday’s Deadline

Tax Day 2015: What to Do If You Can’t Meet Tuesday’s Deadline iStock/Thinkstock(NEW YORK) -- If it's clear you're not going to pass the midnight finish line for Tuesday's "Tax Day," don't panic. You have options.Though about 100 million individuals filed their taxes as of April 3, according to the Internal Revenue Service, millions of Americans still miss the April 15 filing deadline for their federal taxes. You could ask for more time, but it won't be without consequences.If you can't file your return, you still need to file an extension on Tuesday."But the most important thing to remember is that an extension is only an extension to file, not an extension to pay," Richard Gartland, H&R Black senior tax advisor said.Not paying on time could be costly because you'll be subject to both interest and penalties.Gartland said the interest can be "reasonable," but the penalties can add up to 25 percent of the tax bill. But, if you are owed a refund, or expect to break even, you do not need to send a payment.What if you still can't get it together on Tuesday? The IRS says you should still file as soon as possible to keep those extra costs to a minimum.There are several ways to file an extension, including through the Free File link on IRS.gov, or by designating a payment as an extension payment via one of the IRS' e-payment methods, including IRS Direct Pay. Or, taxpayers can file Form 4868. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Pocatello Mayor to issue two proclamations Thursday night

Pocatello Mayor to issue two proclamations Thursday nightPOCATELLO — Mayor Brian Blad is scheduled to issue to proclamations at a Pocatello City Council meeting Thursday. The meeting begins at 6 p.m. The first proclamation recognizes April 18, as Portneuf Valley Community Environmental Fair Day. Human activities have an impact on the Earth, and local communities can do much to slow down the […]

Dallas CEO Says Female Shouldn’t Be President

Dallas CEO Says Female Shouldn’t Be President Photodisc/Thinkstock(DALLAS) -- The CEO of a small marketing firm in Dallas is defending a private Facebook post that declared "a female shouldn't be president," noting "hormones" and other arguments.Cheryl Rios, CEO of Go Ape Marketing, posted on her Facebook page in response to Hillary Clinton's announcement on Sunday that she's vying for the Democratic presidential nomination."If this happens -- I am moving to Canada," Rios' post read. "There is NO need for her as she is not the right person to run our country -- but more importantly a female shouldn’t be president. Let the haters begin...but with the hormones we have there is no way we should be able to start a war. Yes I run my own business and I love it and I am great at it BUT that is not the same as being the President, that should be left to a man, a good, strong, honorable man."After a barrage of criticism, Rios defended her statement via Twitter: I am an individual with my own personal beliefs, any previous clients and/or current have nothing to do with it & Gas Monkey isn't a client — GoApeMarketing (@JustGoApe) April 14, 2015 In an extended post late Tuesday, Rios wrote: "Will say this and leave it at that. I believe in what I believe. In this great country we are allowed our own opinions. Mine may be something you don't agree with, and so be it. I am old fashioned, I am Christian and believe what I have said." "I didn't say that women should be abused, or that they are stupid or can't be lawyers, doctors or run successful businesses, I fully know and support that they can as I have done that," she continued. "I mentioned one position only the Head of our government, the Head of State, the Commander in Chief, the President. With that, please stop the nastiness as it wasn't meant in that light. Peace, Love and Happiness."Rios could not be reached for comment. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

A Third of Millennials May Be Skipping Credit Cards

A Third of Millennials May Be Skipping Credit Cards iStock/Thinkstock(NEW YORK) -- Millennials may be so spooked by their chances in the job market and by student debt that they're forgoing credit cards.A survey found that approximately 36 percent of a group aged 18 to 29 years old never has had one.Robyn Welling, 39, a mom of five in southwest Michigan, has two stepsons, ages 20 and 23, who don't have credit cards. But she doesn't think that's a bad thing."Even when I was in that age range myself, I thought it was a terrible idea to start sending credit card offers to kids as soon as they turned 18. I consider myself extremely financially responsible, but at 18? Not so much," she said.Welling, New York Times bestselling humorist and writer behind Hollow Tree Ventures, applauds young adults who are waiting to sign up for the responsibility of a credit card."Of course, when they try to buy a house or a car and they have no credit to speak of, they might wish they'd started a bit sooner," she said.The findings about millennial credit card ownership are based on a survey of 1,000 adults, with a group of 142 millennial respondents, that was commissioned by CreditCards.com and conducted by Princeton Survey Research Associates International. The wider survey of 1,000 adults listed a margin of error of plus or minus 3.6 percent, though the margin of error for the millennial subset was not immediately clear."One of the biggest takeaways is just how quickly things have changed in a big way," said Matt Schulz, CreditCards.com senior analyst. "When I was in college in the 1990s, every kid in my dorm had a mailbox filled with credit card offers and you couldn't walk around campus without being offered a Frisbee or a t-shirt in exchange for signing up for a card. That was the case for many, many years. It’s not the case anymore, though, and that's a good thing. Those tactics led to a lot of college kids making uninformed decisions that led to a whole lot of credit card debt."Schultz said many millennials are forgoing credit cards simply because they’re skittish about the possibility of spending more than they have, surrounded as many are by student debt and a tough environment to find a job."That’s pushed them more toward debit cards -- and even prepaid cards," he said. "Combine that with the fact that the Credit CARD Act requires someone under 21 to either have proof of income or a co-signer in order to get a credit card and it’s not hard to see why card ownership would be down among millennials."The trouble is that by relying on debit cards, people are taking a bit of risk when it comes to identity theft and fraud, Schultz said. If your credit card is used fraudulently, the bank typically waives the charge."If your debit card is used fraudulently, real money goes missing from your checking account. You’ll likely get all that money back, but it can take a couple of days or even a week or more," Schultz said. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Taxes 2015: How to Spot and Avoid Tax Scams

Taxes 2015: How to Spot and Avoid Tax Scams iStock/Thinkstock(NEW YORK) -- Tax Day is here, but that doesn't mean it will be the end of tax-related scams. There are a few simple steps you can take to make sure you don't get ripped off.First, you should know that the Internal Revenue Service will never call you for its first point of contact."The IRS never, never, never telephones you. They never send you email either," Richard Gartland, senior tax advisor with H&R Block, said. Instead, the agency will typically send you a letter.In a typical tax-phishing scam, someone will try to pose as an IRS agent and demand payment immediately."They threaten them with arrest or going to court or in the case of immigrants they threaten to deport them if they don't pay money immediately," Stephanie Zimmerman, ABC News' "The Fixer," said.One other tip: Never sign a blank tax form for someone else to fill out, and know where your tax preparer will be after April 15, in case the IRS has questions. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Facebook CEO Mark Zuckerberg Reveals Surprising Length of His Work Day

Facebook CEO Mark Zuckerberg Reveals Surprising Length of His Work Day Facebook(NEW YORK) -- Mark Zuckerberg may be a billionaire CEO, but the amount of time he spends in the office is surprisingly close to normal.In an unannounced question-and-answer session Tuesday night on his Facebook page, Zuckerberg, 30, said he spends about 50 to 60 hours per week in the office and at meetings.But then again, to Zuckerberg, what is work?"If you count all the time I'm focused on our mission, that's basically my whole life," he said."I spend most of my time thinking about how to connect the world and serve our community better, but a lot of that time isn't in our office or meeting with people or doing what you'd call real work," Zuckerberg said. "I take a lot of time just to read and think about things by myself."Zuckerberg gave another glimpse into life as a CEO last month during a town hall where he revealed the one question he asks before making any key Facebook hire."I will only hire someone to work directly for me if I would work for that person," Zuckerberg told a group in Barcelona, Spain that participated in the Facebook co-founder's monthly town hall meeting. "It's a pretty good test." Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Americans Spend Billions on Video Games

Americans Spend Billions on Video Games Wavebreak Media/Thinkstock(NEW YORK) — More than 150 million Americans play video games, according to a new report by the Entertainment Software Association.The group is the trade association that represents the video game industry, but the stats from the new survey remain significant.According to the group’s 2015 Essential Facts About the Computer and Video Game Industry report, consumers spent more than $22.41 billion on game content, hardware and accessories in 2014.The report also reveals that 42 percent of Americans play video games regularly, or at least three hours per week.  Fifty-six percent of the most frequent gamers play with others, and 54 percent play in multiplayer mode at least weekly.  According to the report, frequent gamers say video games help them connect with friends, and about half of them say that video games enable them to spend time with family.The report also reveals that about 60 percent of parents whose kids are gamers play computer and video games with them at least weekly.Additional findings: The average game player is 35 years old. The most frequent female game player is on average 43 years old. Women 18 years or older represent a significantly greater portion of the game-playing population than boys 18 years old or younger. The report surveyed more than 4,000 U.S. households.Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

Beech-Nut Nutrition Recalls Baby Food After Glass Found in Jar

Beech-Nut Nutrition Recalls Baby Food After Glass Found in Jar Beech-Nut Nutrition(WASHINGTON) — Beech-Nut Nutrition announced a recall of approximately 1,920 pounds of baby food products after a consumer found a small piece of glass in one of the products.The recall, announced Tuesday on the website of the U.S. Department of Agriculture (USDA), involves 4-oz. glass jars containing “Stage 2 Beech-Nut CLASSICS sweet potato & chicken” that were produced on Dec. 12, 2014.The USDA said the baby food products were shipped to retail locations nationwide.Beech Nut, based in Amsterdam, New York, also received a report of an oral injury associated with the consumption of the now-recalled products, according to the USDA.The recalled product contains the establishment number “P-68A” inside the USDA mark of inspection and includes product numbers “12395750815” through “12395750821”.Consumers with questions about the recall can contact the Beech-Nut Consumer Hotline at (866) 674-4446.Beech-Nut says on its website that it initiated the “voluntary recall” after receiving a single report of a small glass piece found in a jar of its baby food. The company says consumers can return a recalled product to the store where it was purchased for a full refund or exchange.Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

One-Third of Americans Plan to Use Tax Refund for a Vacation

One-Third of Americans Plan to Use Tax Refund for a Vacation Tetra Images/Getty Images(NEW YORK) — Are you receiving a tax refund this year?  If so, have you already spent it?Seventy-eight percent of Americans are expecting money back on their taxes this year. The IRS says the average refund is $2,815.A new survey conducted by Travelzoo Inc., a global Internet media company, reveals that one-third of Americans plan to spend this year's tax refund on a vacation. Many Americans divide their refund dollars between a vacation and their savings accounts.Here are the top uses for tax refunds from Uncle Sam: 33 percent plan to spend their refund on a vacation 32 percent plan to put their refund into savings 31 percent plan to pay off debt 2 percent plan to purchase a home 1 percent plan to go on a clothing shopping spree 1 percent plan to spend it on gifts for their children The Travelzoo survey involved 5,811 adults.Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

United Launch Alliance Announces Creation of Reusable Rocket with US-Made Engine

United Launch Alliance Announces Creation of Reusable Rocket with US-Made Engine Previous United Launch Alliance Atlas V rocket is seen ahead of its launch in Cape Canaveral Air Force Station in Florida, United States on January 21, 2015. (Photo by Kenan Irtak/Anadolu Agency/Getty Images)(NEW YORK) -- The United Launch Alliance, a partnership between Boeing and Lockheed-Martin, announced on Tuesday the creation of a new reusable rocket that will no longer use a Russian engine.The "Vulcan" rocket is expected to be capable of involvement in missions ranging from low-Earth orbit to missions to Pluto. "More capabilities in space mean more capabilities here on Earth," Tony Bruno, president and CEO of ULA said in a statement. "Because the Next Generation Launch System will be the highest-performing, most cost-efficient rocket on the market, it will open up new opportunities for the nation's use of space."The Vulcan name was chosen by online vote, no doubt boosted by Star Trek fans.ULA partnered with Blue Origin, LLC, a privately-funded aerospace company owned by Amazon founder Jeff Bezos to create the U.S.-made engine. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

FDA Blasts Misbranding and False Claims on Kind Bar Labels

FDA Blasts Misbranding and False Claims on Kind Bar Labels Photo by Sergi Alexander/Getty Images for Food Network SoBe Wine & Food Festival(WASHINGTON) -- The U.S. Food and Drug Administration ripped Kind LLC for violations involving misbranding on product labels and making false claims.According to a letter sent to the company by the FDA last month, the labels on Kind's various products include notations, markings and claims that its products do not meet the requirements to use or make. The agency specifically mentions claims such as "good source of fiber," "no trans fats," "low sodium," or "+ antioxidants." "Additionally," the letter says, "your website...states 'there's healthy. There's tasty. Then there's healthy and tasty' and 'all of our snacks are pretty much the nirvana of healthful tastiness.'" "However, none of your products listed above meet the requirements for use of the nutrient content claim 'healthy,'" the FDA says. Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

CEO Will Live on $70,000 Worker Wage, Thinks His Life Will Be Luxe Enough

CEO Will Live on $70,000 Worker Wage, Thinks His Life Will Be Luxe Enough Ryan McVay/Stockbyte/Thinkstock(NEW YORK) -- The CEO of a credit-card payments company in Seattle said executive pay is "out of whack," so he's cutting his own pay and creating a minimum salary for his workers. Now, he will be earning $70,000 like many of them, and he's OK with it.Dan Price, 30, announced this week that any employee at his company, Gravity Payments, making less than $70,000 annually will receive a $5,000-per-year raise or be paid a minimum of $50,000, whichever is greater. The aim: By December 2017, everyone will earn $70,000 or more.To facilitate this change, Price said his salary will decrease to $70,000 from about $1 million until or unless the company's profits are greater than last year's approximately $2.2 million."My salary wasn't $1 million because I need that much to live, but that's what it would cost to replace me as a CEO," Price told ABC News. "I think CEO pay is way out of whack. It ended up impacting me, because I want the company to be sustainable even if something happens to me. Temporarily, I’m going down to the minimum until the company gets back to where it was."Price started the company in 2004 when he was only 19 years old, and when he said the cost of living in Seattle was much lower than it is today. When asked what life will be like for him at a lower pay, he said, "I haven’t even thought about that at all, too much. My life started pretty simple, in a lot of ways. I don’t have a lot of financial obligations or debts."Price grew up in rural southwestern Idaho with four brothers and later studied music at the Christian Seattle Pacific University. When Gravity launched, the company paid $24,000 per year even for senior positions. Price said he was paid less than that for the first five years in business.Today, the company, which pays an average salary of $48,000, has 120 employees -- and 70 of their paychecks will grow with this plan. Of those, 30 will double their salaries, Price said."I may have to scale back a little bit, but nothing I’m not willing to do. I’m single. I just have a dog," Price said.He owns a three-bedroom home, where he likes to host guests and is admittedly "a nice place for sure," he said. He's been driving the same car for the last 12 years: an Audi that he bartered for at a local car dealership in return for credit card processing from his company --- "so, basically, for free," he said.Price chose the $70,000 figure based on a 2010 Princeton University study that showed happiness is positively impacted up to $70,000 or $75,000 per year; but increases above that figure did not have a significant positive effect on happiness.He said his friends include the super-rich, who invite him on their private planes and expensive yachts."I have an incredibly luxurious life, for some reason, but I don’t end up paying for a lot of it," he said.He also has friends who earn $40,000 a year. Hearing of their struggles and those of others struggling to make ends meet inspired him to make a dent in the country's growing income inequality.Plus, after all, he said, he'll live comfortably at $70,000."I’m a big believer in less: The more you have, sometimes the more complicated your life gets," he said. ABC Breaking US News | US News Videos Follow @ABCNewsRadio Copyright © 2015, ABC Radio. All rights reserved.

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