Update
The accepted answer shows a more up to date way of doing
Swift 1
This is how Paul Hegarty has shown on Stanford's CS193p class in 2015:
wageConversion = NSNumberFormatter().numberFromString(wage.text!)!.floatValue
You can even create a computed property for not having to do that every time
var wageValue: Float {
get {
return NSNumberFormatter().numberFromString(wage.text!)!.floatValue
}
set {
wage.text = "\(newValue)"
}
}