What are the best and worst purchases Scott has made?
I love that, too.
Yeah, no, we're not big. We're not big gifters. Okay.
Because I will say, by the way, you get presents for us at the end of the holidays. I don't know if you know what you're getting us, but we have received Christmas gifts from you. And I would assume that that's sort of part of, you know, you build that into the budget. Okay. Over the holidays, I need to put aside this amount of money to get my employees some gifts and to get these people gifts.
Like, I feel like it's an important part of the income statement, if you will.
But it's strategic and it's selfish. So employee gifts. And it's the following. First off, I don't buy anything. I don't know what's going to be in that fucking bag. MJ, who has much better taste than me. She does a great job. She'll say, I'm going to spend $500 or $1,000 on employee gifts per person. I'm like, fine.
And she'll figure out the latest cool thing and she'll do a great job and merchandise it. And I just give her my credit card number. And the reason it's strategic is that if I spend $1,000 on a gift or gifts for employees, it's worth more than $1,000. Right.
If I gave them $1,000 in compensation, one, they'd have to pay 30%, 34% taxes on it, whereas if I give you $1,000 with whatever, AirPods and a scarf or something, it's pre-tax income, and also it's more meaningful. And the psychological benefit is greater than if I'd just given you $1,000 cash. My first business partner would always be like, he was totally gruff.
He'd be like, just give them cash. And I'm like, no, they like gifts. The kids like gifts. You know, for me, the holidays, I don't, I can't stand the holidays. They were not an enjoyable time for me growing up. So I literally loathe them. it's so personal though. You might find, I mean, so for example, I think gifts are more important for women, cocaine, jewelry, cocaine and jewelry.
Women have a special relationship with that. And maybe you don't like cocaine. Maybe you don't like jewelry, but if you don't in your twenties, offer that to women and in your thirties and forties offer jewelry to women, then You are not a good person. And mostly the jewelry. Like, I can't ever imagine spending... Oh, I guess I buy watches now. I never used to buy watches.
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