Pay Peanuts Get Monkeys | Monday Moments

Summary

Kreatures Of Habit Podcast: "Pay Peanuts Get Monkeys | Monday Moments"

Release Date: July 7, 2025
Host: Michael Chernow

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Introduction

In this solo episode of the Kreatures of Habit Podcast, host Michael Chernow delves deep into the profound impact that investment in quality—whether human capital or products—can have on personal and business success. Drawing from his extensive experience in the restaurant industry and his current entrepreneurial ventures, Michael emphasizes the age-old adage, "Pay peanuts, get monkeys," and explores its relevance across various facets of life and business.

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The Essence of "Pay Peanuts, Get Monkeys"

Timestamp: [02:15]

Michael begins by unpacking the meaning behind the quote, "Pay peanuts, get monkeys," illustrating how insufficient investment often leads to subpar outcomes. He articulates:

"If you pay peanuts, not a lot of money, you're gonna get the monkeys. You don't want a bunch of monkeys running around in your business...you want strong lionesses."
— Michael Chernow [02:15]

This metaphor serves as the foundation for his discussion on the importance of valuing and compensating individuals appropriately to foster a high-functioning and dedicated team.

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Lessons from the Restaurant Business

Timestamp: [03:00 - 06:37]

Reflecting on his early days in the restaurant industry, Michael candidly shares lessons learned from underestimating the value of investing in quality staff. He admits:

"I've got stung so many times in the restaurant business because I thought, man, if I could just pay $10,000 less, if I could pay $15,000 less... it was just immaturity in my business acumen."
— Unknown Speaker 1 [06:37]

This admission highlights the pitfalls of prioritizing short-term savings over long-term gains through investing in competent and motivated employees.

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Investing in Human Capital for Sustainable Growth

Timestamp: [04:10 - 05:17]

Michael draws parallels between investing in quality employees and investing in robust stocks. He emphasizes:

"When you pay for the better human, that human is going to bring way more value to your bottom line. So that bottom line is going to grow."
— Unknown Speaker 1 [04:10]

By advocating for equitable compensation within his current venture, Kreatures of Habit, Michael illustrates how aligning team members' interests with the company's success fosters a cohesive and high-performing environment.

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Real-World Applications and Personal Anecdotes

Timestamp: [07:24 - End]

Bringing the discussion full circle, Michael shares a relatable example from everyday life that underscores the podcast's central theme:

"I'll give you one great example... I get caught on the TikTok ads... it's a clear example of pay peanuts get monkeys."
— Unknown Speaker 1 [07:24]

This anecdote serves as a metaphor for the broader implications of cost-cutting measures, be it in hiring practices or consumer purchasing decisions, where lower costs often lead to inferior quality and dissatisfaction.

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Key Takeaways

1. Value Investment Over Cost-Cutting: Investing adequately in quality personnel and products yields exponential returns, both financially and in customer satisfaction.

2. Long-Term Vision: Short-term savings through underpaying staff or purchasing cheap products can lead to detrimental long-term consequences.

3. Quality Breeds Success: By prioritizing quality in every aspect of business and personal life, individuals and organizations set the stage for sustainable success.

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Conclusion

In "Pay Peanuts Get Monkeys | Monday Moments," Michael Chernow compellingly underscores the significance of valuing quality through his personal and professional experiences. By advocating for thoughtful investment in human capital and resisting the allure of short-term savings, he provides listeners with actionable insights to foster success in their own lives and ventures.

"The decisions we make on a consistent basis truly define who we are as human beings."
— Michael Chernow [00:31]

This episode serves as a potent reminder that the habits and decisions we cultivate today lay the foundation for our future achievements.

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Thank you for tuning into the Kreatures of Habit Podcast. Stay committed to building positive habits that propel you towards success!

Transcript

[Unknown Speaker 1]

You know, I've got stung so many times in the restaurant business because I thought, man, if I could just, you.

[Unknown Speaker 2]

Know, if I could just pay $10,000 less, if I could pay $15,000 less.

[Unknown Speaker 1]

And it wasn't about. It was just immaturity in my business acumen, not understanding that you make the investment in the better person, that person is not only going to pay for themselves, but ideally, they're 5xing their salary in revenue that they're bringing because they're just better.

[Michael Chernow]

What's going on, Podcast Family? My name is Michael Chernow, and this is the Creatures of Habit podcast. Our habits will make us or they will break us. I've lived on both sides of the tracks and have experienced some of the best and the worst that habits have in store. The decisions we make on a consistent basis truly define who we are as human beings. This episode will be a solo episode where traditionally I interview guests. This is a solo episode where I share with you guys experiences that I've had things that are relevant in my life today that I think could potentially be interesting for you to hear, things that I simply just want to share.

[Unknown Speaker 1]

Or quotes or activities that I've done.

[Michael Chernow]

Over the last few weeks that have inspired me. So sit back, relax, and get out.

[Unknown Speaker 1]

Your pen and paper, because what you hear in this podcast could potentially make some big changes in your life. Let's go. What up, creatures of habit Community Monday moments. Happy Monday. Happy, happy Monday. If you're listening to this on a Monday, if you're not happy, whatever day. I've said that too many times. Maybe I won't say that anymore, but I'm happy you're here. I heard a quote. I'm trying to think of where I heard the quote, but it really, it made so much sense to me. I loved it. It's a fun quote, too. Pay peanuts, get monkeys. That was a quote. And what does that quote mean? It means that and, and, and, and I'm talking about. I'm. I'm using this quote in a reference towards work and being a. A business owner, an entrepreneur in business for a long time now. And it's so true. If you pay peanuts, meaning not a lot of money, you're gonna get the monkeys. And that's. You don't want a bunch of monkeys running around in your business, right? You want a bunch of, like, strong, you know, you don't want people throwing the peanuts back at you. You want, like, stallions, gorillas, strong lionesses. That's what you want. And I've, I'VE I've, I have a.

[Michael Chernow]

Lot of experience with this because especially.

[Unknown Speaker 1]

In the early days of business, in the restaurant business. You know, the restaurant business is very different than Creatures of Habit. But it is so difficult to, to find great humans. And fortunately great humans require more money. Now you can think that spending more money on a human to help you run your business, help you manage your business is going to come right out of your bottom line. But that's thinking short sighted. When you pay for the better human, that human is going to bring way more value to your bottom line. So that bottom line is going to grow. It's just the facts, if they're the right person. And so I always used to think about this and how am I going to get these great managers in these great, in these restaurants when we don't have a lot of money to spend, you know, And I was not thinking about it the right way. How can I find the best human and pay them what they're worth so that they can make the business a lot more money? That's actually the way to think about it right now. It creatures a habit. It's a small, small team and we all get paid essentially the same amount of money. Like I get paid the same amount of money as the other people on the team, give or take 10 or 20 grand. And that's because I just know that I need people that are thinking the way I am. And in order to get people that are thinking the way I am, you gotta pay, you gotta pay. And they're probably worth more money, but they believe in the business so much that they're willing to take a little bit of a hit. For the time being. The GM of Creatures of Habit makes the exact same amount of money as I do. And our brand director, she makes just.

[Michael Chernow]

A little bit less.

[Unknown Speaker 1]

And that's really like the full timers at the company, small team. You know, we have a bunch of part time people and some fractionals. But I just, when I heard that quote, pay peanuts, get monkeys, I was like this. It's just true, it's just true, it's just true. You know, like when you make an investment into something, let's just call it a stock, you buy a stock, you pay more for the stocks that have performed better. And the goal is, is that you invest into this stock so that down the road that stock is going to make you a lot more money. You know, and obviously there's risk in that. But historically that has been the case. Over the course of time, the stock market has made People, over the course of long periods of time, more money. I think about business and human capital that way. If I, you know, like, I don't have enough money to get rich on penny stocks, so I'm not going to play penny stocks in business. I'm going to take. I'm going to. I'm going to be making bets on. On Apple. I just. So it's the way to do it. You know, I've got stung so many times in the restaurant business because I thought, man, if I could just, you.

[Unknown Speaker 2]

Know, if I could just pay $10,000 less, if I could pay $15,000 less.

[Unknown Speaker 1]

And it wasn't about. It was just immaturity in my business acumen, not understanding that you make the investment in the better person, that person is not only going to pay for themselves, but ideally they're 5xing their salary in revenue that they're bringing because they're just better. So I just. When I heard that pay peanuts get monkeys, I was like, all right, I gotta talk about that on the pod, because, you know, I think a lot of us are, you know, trying to make the best decisions for our businesses. But this. This also goes for, like, anything in life. You try to take the cheap way out of it, you are typically going to end up with cheaper products. It's so funny.

[Michael Chernow]

This is.

[Unknown Speaker 1]

I'll give you one great example, and then I'll shut up and let you go on about your day. I get caught on the TikTok ads, man. I just get caught on them because the things look so cool when I'm like, if I'm zipping through TikTok and something catches my eye and it typically is for toys for my kids. That's a fact. I'm a target for that. But, like, I'm like, oh, man, that thing looks so cool. What? What? It's only 18.99. Poop buy. It shows up, breaks within a week. I do it consistently. And my wife is like, what is wrong with you? What is wrong with you? And it's is a. It's a clear example of pay peanuts get monkeys. Like, that is exactly what is in real time. Because, you know, there are times where I still just kind of have that mentality, man, that's so cheap. It's got. It looks so cool. I'm going to. I'm going to pick that thing up, throw it in. Doesn't work. Doesn't work. So anyway, I appreciate you guys listening. Thank you so, so much for being a part of this community, being on this journey. It means the world love you, appreciate you.