Monthly Archives: July 2019

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Want To Manufacture Your Own Products? Read This First

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While the business world is seemingly more and more dominated by service-based businesses these days, there is still a place for companies that manufacture their own products. If you have an idea for a product, then here are three things you’ll need to consider as you start the journey towards bringing your product to market… 

#1 – The importance of innovation

There are hundreds of thousands of different products currently available on the market, so making sure you only choose to manufacture genuinely unique products is incredibly important. Unfortunately, choosing to create products with almost identical functionality to existing products offers little to no benefit; if you’re going to manufacture, then always make sure your finished product will genuinely offer something new, different, and exciting to the overall marketplace. 

#2 – Protect your ideas 

When you have found a genuinely innovative idea that you want to manufacture, it is incredibly important to think about how you will protect that idea. This means you will need to look at intellectual property laws, with a particular focus on whether or not you can patent the idea in order to prevent other companies from benefiting from your hard work.

#3 – Eliminating the risk of defects 

With your IP protected, you will then need to consider the manufacturing process itself, with a particular focus on eliminating defects. Defects in the manufacturing process can be hugely detrimental to your business for a number of reasons, but thankfully, there are ways and means of ensuring defects are kept to a bare minimum. One of the best options currently available is Six Sigma, which you can learn more about in the infographic below.


Infographic Design By Rutgers University

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A “Grassroots” Gym: Turning Your Garden Into An Exercise Space

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While we are all more than knowledgeable in the fact that exercise is an essential component of our lives, either because of how it helps reduce depression or it’s a great way to get the blood pumping, we seldom have the chance to get round to it. So what is the answer? Do we get up a couple of hours earlier every day, and run the risk of feeling more tired at the end of it, or do we find a way to exercise at home? The latter option is infinitely more appealing, but people don’t always have the space. As such, the garden is the secret ingredient. So what can you do to turn your garden into a proper exercise space? 

Is There Room For A Pool?

Of all the designing, industrial pumps that need installing, and the sheer scale of the task, a pool is still one of the best ways to get an all-over exercise. If you don’t like the idea of running everywhere, you can turn part of your space into a pool, and get that all over workout that you need. If you can make the room for a pool, this is a fantastic addition to any home, not just because of the opportunity to exercise, but it gives you the opportunity to have pool parties galore! Never underestimate swimming- it is one of the best exercises ever.

Install A Circuit Space

Circuit training is would have the perfect ways to increase your strength but get that all-important cardio so your heart is pumping for longer. Circuit training doesn’t require much in the way of space if you don’t have it. And you might even think that it’s impractical to do this in a garden, but take inspiration from the numerous outdoor gyms. All you would need is a pull-up bar, bench to do dips, and if you wanted, a couple of dumbbells that won’t rust, and you are able to fashion any sort of exercise routine. A lot of people think that you need a barbell and all of the weights known to man to have a proper workout. In actual fact, a lot of the time, all you need is your bodyweight.

All You Need Is A Surface!

It all depends on the type of workout you want and if you can’t afford anything, all you need is your bodyweight and a surface. You can take inspiration from the numerous prison workouts there and start to perfect your burpee form, and this exercise alone is incremental in building up strength. A lot of us believe that we need the most sophisticated of equipment, when, at the very outset of our strength training, all we need is a little bit of space, and we can do so much. Our body is designed to be exercised, and if you can’t bear the thought of sitting on the couch anymore, and you have got a garden space, just get yourself out there, and do some calisthenics. You only have to look at Insanity training and other bodyweight exercise regimes to see what you can do with just your body and a flat bit of surface.

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3 Tips for Rallying Your Forces and Moving Forward When You’re Caught in a Negative Spiral

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Sometimes things are going well, and sometimes things are going badly. It’s never exactly positive or pleasurable when something’s gone wrong in your life, but it happens to all of us from time to time.

Sometimes, however, it’s not just a matter of one or two things going a bit wrong, but of an entire series of things falling apart before our very eyes, and sending us into a negative downward spiral that it can be very difficult to pull out from.

If you don’t have effective ways of escaping from these negative spirals, you can quickly end up in real trouble. But, on the other hand, when you do have techniques at your disposal for “breaking the cycle,” you can often save yourself from a lot of trouble.

Here are a few tips for rallying your forces and moving forward when you’re caught in a negative spiral.

Seek out help or guidance

At the end of the day, you are always the person who is responsible for your own circumstances, and for correcting any issues that exist in your life. If you try to rely on someone else to do the job for you, you’re in for a nasty surprise – because no one else can live your life for you.

That being said, though, there are definitely situations in life where you might not be able to see the way out of a fix you’re in, and where you need someone else’s help in order to take that all-important first step.

If you’re caught in a negative spiral, seek out help or guidance from people you can trust, or who you feel will have skill sets that can save you from a messy situation. Contacting criminal defense attorney Matthew Leyba, for example, may keep you out of jail.

Find ways to get yourself a bit of breathing space and evaluate your systems and habits

One of the most important things to do when everything is falling apart around you, is to find ways to get yourself a bit of breathing space, where you can then evaluate your systems and habits, and recover a bit from the shock and disorder that you are experiencing.

Certainly, this is almost always easier said than done. If you’re working 12 hour days, seven days a week, there’s not a lot of opportunity readily available for finding the time to catch up on your sleep, and to go for a long walk.

Still, though, whether you need to take time off work, make arrangements with your family, or anything else, it’s important to try and find time to get a sense of perspective on things, to rejuvenate, and to analyse and tweak your system and habits to begin moving you in a better direction.

Deal with any health and energy issues as a matter of priority

If you’re caught in a negative spiral you need to be able to act proactively in order to get out of it, and you also need to have enough energy and wherewithal to consistently move yourself in a different direction.

Clearly, if you are chronically fatigued and are experiencing overall ill health, it’s going to be much more difficult to try and sort things out in this way.
That’s why one of your first priorities should be to take care of any health and energy issues, to the best of your ability. Try different nutritional supplements, consider consulting with medical professionals, and do what you can to get better first and foremost.

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4 Functionality Problems That Are Ruining Your Business Website

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Every business needs a website these days, otherwise, you’ll struggle to find new customers. But having a website isn’t enough, you need a good website that potential customers can use easily. The most important thing when building a website is functionality because a website that isn’t user friendly isn’t going to get many conversions. If people enter your site and they can’t work out how to navigate the pages and find the products that they’re interested in, they’re quickly going to leave. If your website isn’t getting that many conversions, you might be making one of these simple functionality mistakes. 

Image From Pixnio

Not Making A Mobile Version 

The majority of websites are accessed on mobile devices and tablets rather than laptops or desktop computers these days. If you only have a browser version of your website, it will be incredibly frustrating to use on a mobile device because the proportions will be all wrong, and that means that the majority of users aren’t experiencing the best version of the website. It’s so important that you make a specific mobile version of the site so it runs smoothly on all devices. If you’re having trouble with this, you need to get in touch with a professional digital marketing agency that specializes in website building. They will be able to help you create a website version of the site that functions properly on all devices. 

Too Much Going On 

When you’re creating a website, you need to consider the 3 I’s; inform, invite, and intrigue. You need your website to look good and it needs to have enough information, but still leave room for people to explore the website. But you won’t be able to achieve that if you have too much going on. It also means that people can’t easily spot what they’re looking for. It’s good to have pictures and videos on the site as well, but if the front page is filled with them, it becomes overwhelming. Less is more when it comes to website design so only include things that are absolutely necessary and cut the rest. 

Tiny Hyperlinks 

Hyperlinks are there for a reason, to be clicked on. So why would you make a website with tiny hyperlinks that are hard to spot and frustrating to click on? You’d be surprised how many people make this basic mistake and it makes navigating the website very frustrating for the user. You don’t have to put giant buttons on everything but when you’re adding hyperlinks to your website, make sure that you’re not making them too small. 

Too Many Pop-Ups 

Pop-ups can be useful on your website, especially for things like building your email list or advertising deals and offers. However, you’ve got to remember that people hate pop-ups and they can quickly become annoying. If somebody goes on your website and they are met with a pop-up, they’ll close it down and it won’t bother them too much. But if they have to close down 5 separate pop-ups before they can even see the homepage, that is going to be a problem. You can still use pop-ups, just use them sparingly. 

If your website isn’t converting very well, it’s likely that you’re making some of these simple functionality mistakes.

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Is It Time For A Career Change?

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If you’re not happy in your career, it could be a huge sign that you need to make a career change. But how do you work out what you really do want to do? Let’s take a look.

Following Your Passion

Have you always wanted to be a writer? Or do something creative? Or teach? Maybe you’re in the wrong career right now, and you know it! Then why not think about what you need to do to change jobs or move industries? Or, start to write your first book. Just make sure that you have savings behind you if you decide to take a pay cut, before you make the move.

Doing Your Own Thing

Or maybe you’ve always wanted to start your own business? Or go freelance? When this is the case, you’re going to want to put the work in behind the scenes, in order to build this up before you change careers. It’s always important to know that this can work, and have savings behind you as we talked about in the previous point.

Going Back To School

You’ve also got the option to go back to school to get your master’s. This can be either in your current field, or in something new if you’re looking to move. With a master’s, you may be able to go after a better job, earn more, or even start teaching yourself. There are so many benefits of going back to school and getting your master’s. Just take a look at the infographic below and you can see why.


Infographic Design By Kent State University

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The Mindset Of An Entrepreneur: 7 Simple Changes That Will Inspire Success

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Mindset, Programmer, Machine Learning, Brain, Mind

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Running a successful business is hard work, but equipping yourself with the right mindset will boost your chances. Conversely, falling into the common pitfalls will significantly hold you back. 

In many aspects of business, the simple shits in approach generate the biggest improvements. Here are seven that you need to incorporate for maximised results in the quickest possible time. 

#1. Embrace The Skills Of Employees 

Most companies invest a lot of time, money, and effort into their recruitment policies. After all, a quality team is the most valuable asset at any company’s disposal. However, finding the best candidates is a little redundant if you don’t allow them to showcase their talents.

As a leader, you naturally wish to guide your staff to success. Still, they are the experts in their specific fields. Placing your trust in them allows them to unlock their full potential. Moreover, it’ll work wonders for their motivation levels, which will translate to greater productivity. 

#2. Focus On Your Customers Alone 

Knowing how to win new customers by going beyond basic lead generation is vital. While it may be tempting to chase the biggest possible audience, though, it’s imperative that you learn to focus on your demographic. Unnecessary diversification can alienate your audience. 

Researching and interacting with your target audience are crucial steps for success. The insight gained helps you make data-driven decisions. This can influence marketing, customer support, and operations. This saves time and money while spearheading future growth. Outside views don’t matter. 

Target Group, Advertising, Buyer, Focal Point, Customer

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#3. Lose The Need To Own Everything 

Profit is a two-way street, but many fall into the trap of focusing solely on the revenue. In truth, reducing your expenses is the far quicker route to improved bottom lines. Now is the time to take advantage, and one of the best ways is to stop feeling the need to own everything. 

A number of products are best used to rentals. Using a crane hire company is far better than investing huge sums on machines you won’t need for that long. Similarly, leasing cars and vans for the business can save you a lot of money in the long run while also aiding short-term cash flow. 

#4. Don’t Just Do Things Because It’s The Norm 

Doing things because it’s the traditional approach can be very damaging. It can waste several resources, not least your time. If a task or assignment fails to actively aid productivity, the brand image, or sales figures, it should be lost. Streamlining the venture by utilising your time is vital. 

There are many aspects of the daily operations that can benefit from this mindset change. The biggest culprit to consider, though, is team meetings. Holding an hour briefing that could be handled with an email or group message is costing you money. Now is the time to fix it. 

#5. Sell Experiences, Not Products 

While it links quite closely to the idea of thinking about your audience, the idea of selling experiences is key. People buy into brands that ‘get them’. Tailoring your services to their needs and creating memorable relationships is key. And the lifetime customer values will skyrocket. 

Knowledgeable staff that provide advice and genuinely care are crucial. Meanwhile, using mobile POS terminals so that you can provide a personalised service can be hugely rewarding. When this is underpinned by passion, customers won’t be able to resist a purchase. 

Pos, Tablet, Mobile, Hisense, Hm388

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#6. Embrace The Latest Technologies 

A lot of businesses are reluctant to utilise modern tech. The harsh reality is that avoiding this will leave the company behind. Automation impacts the speed of production as well as the accuracy. When these crucial items are under control, you can focus on other assignments too. 

New tech can also save you a lot of space around the business. Outsourced data storage is a great example for those with limited office space. Meanwhile, 3D printing and the use of cloud computing can bring big improvements. A tech-savvy and efficient company will be set to thrive. 

#7. Focus On Prevention 

Problems occur in business, and that will never change. Prevention is the best form of protection. This is why you should use safety equipment, security cameras, and other items. Above all else, you should warn employees and visitors about potential hazard to reduce the threats. 

However, it’s not all about on-site damage. Intellectual theft is a serious problem that can damage your reputation while also stealing leads and sales. From copyrights to using staff contracts that prevent potential issues, the changes can make all the difference. Sustainability awaits. 

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Benefits Of Umbrella Companies For Contractors

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There has always been a significant proportion of the population that have favoured contracting as opposed to a permanent employment position. It is fair to say that this proportion has increased over the past few years. There are lots of reasons why this is the case. Nonetheless, if you are a contractor or you are considering moving into this type of work, you definitely need to consider the prospect of hiring an umbrella company. This will make your life a lot easier and ensure that everything is handled above board. Essentially, an umbrella company will technically employ you. As a result, you will submit your timesheet and they will handle all of your paperwork, invoices, and taxes for you. Of course this is something you could do yourself, but why is it better to use an umbrella company instead?

https://www.pexels.com/photo/accounting-analytics-balance-black-and-white-209224/

One of the main benefits associated with going down this route is that you can be one hundred per cent certain everything is handled in line with the law. This can be a lot easier said than done. After all, there is a wealth of regulations in place for contractors and freelancers, and these are changing all of the time. They can be extremely difficult to understand, especially when you take all of the confusing legal terms into account. Nonetheless, if you do not abide by these laws, you can find yourself in big trouble. Luckily, if you use an umbrella company you don’t have anything to worry about, as they will handle all of this for you.

In addition to this, the ease and convenience associated with this option should not be underestimated. The only thing you need to worry about is constructing and submitting your timesheet, which you can do with an electronic workflow solution. This is great for working efficiently. This eliminates an enormous amount of paperwork. And let’s be frank, who likes paperwork? Moreover, this task takes a substantial amount of time – time you could be spending focusing on what makes you money. Therefore, one can safely say that using an umbrella company also enhances efficiency as well. 

It is also worth considering the fact that budgeting will be made a lot easier if you use an umbrella company. If you were to handle everything yourself you would need to budget for tax every month. This can be very difficult to do, especially when most tax is paid on an annual basis. Can you really put that money aside every month and not touch it? You don’t have to worry about this with an umbrella company. They will deduct your tax and you will be left with your net profit for every month. This guarantees you don’t find yourself in a sticky situation in relation to tax.

All in all, there are many benefits associated with using umbrella companies. If you are a contractor or freelancer, or considering becoming one, you should definitely assess the various umbrella companies that are on offer in order to find the best one for you. Seek someone with a good reputation, favourable fees, and a quick turnaround time in relation to processing your profit. 

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Being A Great Business Owner Means Recognising Your Limitations

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There’s no doubt that running any kind of business is going to be a serious challenge. Anyone who goes into it thinking otherwise is in for a pretty nasty wake up call. However, there’s an assumption among a lot of new business owners that, in order to run a successful business, they have to be able to do everything and never require any help or support. Not only is this is a terrible way to run a business but it also has the potential to leave you feeling utterly exhausted and burnt out. With that in mind, here are some ways that you can come to terms with your limitations and learn to accept help from other people. 

Your employees

It’s easy to fall into the assumption that you’re always going to know better than your employees. After all, you started the business, you understand what their jobs are, and you’re the one with the best perspective on your business. However, the truth is that a bird’s eye view is often limited in a lot of ways. What it doesn’t offer you is a close-up perspective on specific aspects of your business. That is something that your employees do have and it’s essential that you learn to listen to them and take on board the things that they say. From a suggestion box on how to improve things to an open door policy for being able to come to you with feedback, it’s so important that your employees feel as though they can give you their perspective on the business.

Outsourcing

No matter how great a business owner you are, it’s pretty unlikely that you’re going to be able to do everything. And unless you’re working with an incredibly large team your employees may well be limited in that way as well. That’s where outsourcing can be incredibly valuable. It offers you the ability to put certain elements of your business in the hands of the people who really know what they’re doing. From IT outsourcing to marketing to recruitment, there are so many areas of your business that could be improved by putting them in the hands of someone else. You’ve just got to be willing to put your pride to one side for the sake of the business.

Your competition

Now, this is not to say that you need to go, hat in hand, to your competition and beg for their help. However, it’s still incredibly valuable to pay attention to what they’re doing. Look at your competition, acknowledge where they have strengths that your business lacks, and learn from them.

You might think that you could end up being the exception to this rule but the truth is that simply isn’t worth the risk. Business owner burn out is a very real thing and it is very serious. The truth is that the only thing stopping most business owners from seeking the help they need is their pride. If you’re letting your ego stop you from doing what’s best for your business, you’re also putting yourself at risk as well.

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History of Hemp: A Comprehensive Look at the Past and Future

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history of hemp cbd

It’s hard not to browse a feed, turn on the television, or read a magazine without coming across news about CBD. CBD is a powerful compound found in hemp. While hemp-based products are soaring with popularity, using them was taboo just a couple of years ago. For over a century, hemp was outlawed throughout the United States. Yet, this crop was a source of food, clothing, and medicine for our ancestors who settled in this country. So, what led to the prohibition on hemp and inevitably, the lifting of the ban? Here is a comprehensive look at the complicated history of hemp.

History of Hemp Origins

The hemp and human connection dates back as far as 8000 BCE. Archeologists recovered hemp cloths in regions associated with ancient Mesopotamia (present-day Iran and Iraq). Indigenous people used the durable hemp fibers to create textiles. Meanwhile, those who lived in present-day China and Taiwan used hemp seeds and oil for food sources and to make pottery.

While hemp flourished in the areas that we know today as Asia, the hardy plant can be grown in a variety of climates. As our ancestors migrated west, they brought hemp along with them. The plant was used by our ancestors to make shelter, sails, food, and eventually, medicine.

Hemp was held in such high regard that ancient texts, The Vedas, dubbed it one the five essential plants. Records indicate the herb was christened with the name, “sacred grass.”

Early civilians grew dependent on hemp. In fact, King Henry VIII of England fined farmers who didn’t cultivate the crop. It was imperative that our ancestors brought hemp along with them on their journey overseas. It was in the New World that the value of hemp would hit an all-time high and a near-fatal low.

History of Hemp in the New World

Hemp made its way to the New World in 1606. By 1616, the first settlement of Jamestown was established. The first line of action was to transform the fertile soils of modern Virginia into robust hemp farms. In 1632, the Virginia Assembly mandated that farmers grow hemp on the farms–a practice that would continue as our ancestors colonized New England throughout the 1700s.

The plant was of such importance that hemp was considered a legal form of tender in early settlements. Even the Declaration of Independence was drafted on hemp paper!

Throughout the 19th century, America continued to rely on this durable plant. Congress was as far as enacting a law in 1841 that required the Navy to purchase hemp from domestic farmers.

The hemp industry was booming, requiring innovations in technology such as the hemp decorticator. This machine would strip the fibers and stalks off the hemp plant, making manufacturing more efficient. It also revolutionized the way we handle agriculture to this day.

By 1850, hemp was listed in the United States Pharmacopeia. In this important historical text, they recorded the uses of hemp for everything from hysteria to gout to tetanus. It wasn’t long before hemp was included in many over-the-counter products. All of these practices would continue until 1937. That was when a century-long prohibition went into effect, almost erasing the history of hemp forever.

History of Hemp: The Path to Prohibition

At the beginning of the 20th century, the New World experienced a cultural shift. Settlers leaned toward more conservative values. In the early 1900s, the use of mind-altering substances was frowned upon. These outlooks led to the prohibition of alcohol. Simultaneously, these actions helped foster the growth of a stigma that would bleed over into the cannabis industry.

Our ancestors didn’t have the technology or the primary cannabis extraction methods in the 1930s that we have today. They couldn’t distinguish that hemp was a plant species in the cannabis genus. No one had a way of differentiating between hemp and marijuana. People figured out that smoking a cannabis plant will sometimes create psychoactive effects. Early civilians didn’t know they were smoking marijuana, not hemp.

Around the time of a national cultural shift, California was undergoing a local one as well. During this era, there was political unrest in Mexico. Many Mexicans were migrating to the border, and they were smoking cannabis recreationally.

Playing on the nation’s fear of immoral behavior, and in an attempt to thwart the colonization of immigrants, California became the first state to lay a hefty tax on hemp items. They signed into law the Marihuana Act of 1937.

marihuana tax act

With cotton being sewn for textiles, twine being used for rope, and the rise of pharmaceuticals, growing hemp wasn’t worth the tax. Eventually, hemp production started to slow down. By 1957, the last commercial hemp field was planted in Wisconsin. In 1970, growing hemp became illegal.

Hemp Becomes Illegal

The Controlled Substance Act was drafted in 1970 as a replacement to the 1956 Narcotics Control Act that cracked down on drug arrests. Most notably, the Controlled Substance Act put drugs in tiers based on how dangerous they were to the community. Cannabis was declared a schedule 1 drug, making punishment comparable to those who possess heroin, LSD, and cocaine. This is perhaps one of the worst things to happen in the history of hemp.

Since cannabis landed on the list, that meant hemp was treated the same as marijuana. This ban would take place just as science and technology would hit an evolutionary boom. While scientists discovered CBD and THC in 1946, they didn’t realize how these chemical compounds potentially interacted with the body.

In 1964, scientists defined the molecular structures of both THC and CBD. It was in those moments that the differences between hemp and marijuana started to become clear. Dr. Raphael Mechoulam concluded that cannabis plants with high concentrations of THC caused psychoactive reactions.

Whereas, plants with low levels of THC seemed to have elevated amounts of CBD. Dr. Mechoulam noted CBD didn’t exhibit euphoric side effects but may have other benefits.

With advances in technology covering all of our ancestors’ uses of hemp, the plant wasn’t missed. Coupled with the War on Drugs and propaganda against cannabis, hemp was merely an afterthought until the end of the 20th century.

Industrial Hemp Movement Begins

In 1998, the very state that closed the door on hemp was the first to reopen it. California enacted a medical marijuana program. This gesture would open the door for hemp legalization a crack and therefore one of the best things to happen in the history of hemp. However, it would take almost 20 years to bust it down.

By 2012, several states enacted medical marijuana laws. With each passing state, education about cannabis became more available. People started to see firsthand that those using hemp-based products didn’t act high.

Simultaneously, the opioid crisis grew to epic proportions. The very products that were created to save people from cannabis were killing them. Desperate for an alternative, millions got behind the hemp movement. President Obama couldn’t ignore the demand and signed a 2014 Farm Bill that called for a pilot farming program.

Following the 2016 election, many perceptions of hemp changed. With medical marijuana becoming legal in over half of the nation, it became time to readdress how we categorize the two separate cannabis plants.

At the end of the 2018 calendar, a new Farm Bill entered Congress. With a hemp pen, Mitch McConnell lifted the federal ban on hemp cultivation. Thanks to the new Farm Bill, hemp was downgraded from a schedule 1 controlled substance to a schedule 5 under the Controlled Substances Act. Now, hemp-derived products are legal in all 50 states.

The Future of Hemp

Many companies are taking advantage of the ban lift on hemp and growing interest in CBD products from consumers. CBD products are popping up in everything from supplements to cosmetics to pet treats. Suffice to say; the sky is the limit for hemp.

While hemp is no longer criminalized, it is still under a watchful eye. The Justice Department no longer holds jurisdiction over hemp cultivation. It is now regulated by the United States Department of Agriculture (USDA). All hemp products must contain 0.3% THC or less. Otherwise, it will be classified as marijuana and you run the risk of breaking local laws.

Currently, CBD products are not regulated. However, the demand for hemp-based products continues to grow. That means stricter guidelines and transparency will be required of anyone attempting to sell hemp products in the near future. Until that day comes, you should buy products from reputable brands you can trust.

Contributed Post. Article originally posted on https://madebyhemp.com/

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Build Your Retirement Plan with the Three L’s

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Originally posted by Jerry Golden on Silvernest.com Dec 6, 2017 3:14:05 PM

retirement-three-ls

You know about the Three R’s of schooling—reading, ’riting and ’rithmetic – that continue to form the foundation of education even as it becomes much more complex and sophisticated.

There are also “Three L’s” that are just as foundational as you plan for retirement: Lifetime Income, Liquidity and Legacy. 

These Three L’s address your objectives, and will ultimately drive your investment strategies and tactics. Just like a business plan, if you prepare and decide first on the objectives of the Three L’s¸ you will significantly improve your chances for a successful retirement. 

Lifetime Income 

Lifetime Income is the goal you should look to secure first. Your plan should ensure that your income continues year after year, even if it requires you to adjust the numbers so that you live on less, and/or your legacy to your heirs is reduced. You needn’t hit this target when you retire, but should have a plan that gets you there by the start of Stage Two of your retirement.  

Most people typically worry less about dying after they retire than about running out of money. That’s why it’s essential to secure income for the rest of your life, no matter how long (rather than devising a plan that will provide income only for your anticipated, but unknown life span). Your Social Security payments and any pension benefits may be the base for this number.  

Liquidity 

Liquidity involves the resources that can be readily converted to cash to meet expenses that go beyond those supported by your Lifetime Income. That cash can come from bank accounts, a Roth IRA, or even equity in your home. In retirement, your costs for unreimbursed medical expenses, a caregiver or other surprise events—such as learning you need to replace the roof—could be substantial. A cash cushion will eliminate some worries about whether your money will last through retirement.  

Legacy 

A legacy could come from liquidity that you don’t use during your lifetime, or it might be a financial asset dedicated to the legacy, e.g., a life insurance policy. Money invested in stocks and bonds outside your rollover IRA or 401(k) is a good source for an inheritance because it receives favorable income tax treatment at your passing and shifts investment risk to your heirs, who typically will have more years to deal with it than you do. 

Legacy is the last goal for an obvious reason: Take care of yourself and your spouse with income and liquidity to ensure a reasonable retirement—and only then consider an inheritance to the kids and grandchildren.  

Set achievable goals, then develop tactics 

If you plan for the Three L’s and you discover you haven’t come up with enough Lifetime Income or Liquidity, make adjustments. When you are satisfied that the numbers add up, you can begin to look at the tactics for achieving your goals. 

One product that adds Lifetime Income to your plan are income annuities. They are the only financial products that guarantee income for the rest of your life — similar to Social Security or a pension. An immediate annuity can supplement your income as soon as you retire; a deferred income annuity offers payouts at an age you choose. Of course, you need to look at the impact on liquidity or legacy. 

No matter what solution best applies to your specific circumstances, understanding the Three L’s of Lifetime Income, Liquidity and Legacy will help you develop your retirement plan — and select the right set of strategies and tactics. 

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