Finance

Without a doubt, there are few experiences more gratifying than going out and buying your very first car. It can be quite a cathartic experience, and it can be easy to get swept away by the excitement. Unfortunately, therein lies the main problem. Considering the fact that it is all too easy to get carried away, you could end up with a happy purchase that slowly becomes something you end up regretting in the coming months (or years).

To avoid such a scenario, it would be a good idea to consider your options and figure out the best course of action based on your current situation. While it might be tempting to go with your favourite vehicle and not bother with any of the details, it can quickly become a significant problem if you are not careful. Here are a few vital tips to consider when purchasing your very first vehicle!

The idea of second-hand vehicles

It is understandable to be against the idea of purchasing a second-hand car as your first vehicle. After all, your first vehicle is unique, and one that seemingly deserves to be a brand-new vehicle as part of the experience. However, keep in mind that the idea of purchasing a second-hand vehicle is not as shady as many people think. Here are just a few advantages of second-hand cars:

• They are often a more stable riding experience – There are some cars out there that come with inherent flaws, which are usually only dealt with when you have the problems patched up by a mechanic. While brand new cars are undoubtedly durable, most second-hand vehicles have had their inherent flaws ironed out by their previous owners.
• The difference in price is staggering – Perhaps one of the most significant reasons for going second-hand, the difference in price can be surprising – especially when you consider that quality dealerships provide a similar experience when it comes to the physical state of the vehicle. Without a doubt, you can save a lot of money with an open mind when it comes to second-hand cars.
• You have a variety of options – While new models often feel like the ideal choice, previous models are tried and tested, which means all it takes to find a decent model to go for would be a bit of research. There are also plenty of great deals out there for second-hand vehicles thanks to no deposit car finance options.

While it can feel like a second-hand vehicle might tarnish your very first purchase, it is often the opposite. You will not be roped into hidden fees, and it can be easier to search for parts for previous models rather than brand new counterparts.

The purpose of the test drive

Those who are riding high on the excitement of their first car will likely buy their first vehicle based on the model alone. The idea of owning their favourite vehicle is often enough that first-time car owners will not bother with a test drive to see if it is a snug fit. While it is all well and good, it is often a better idea to go for a test drive – especially if you are searching for a second-hand vehicle. You never really know how a car feels unless you can get behind the wheel and see for yourself. It would be a shame to get carried away and make a purchase before you have a chance to give a vehicle a test drive, as your instincts will tell you whether or not it is worth your money.

Going with extra parts and accessories

One of the tactics that most dealers use to make you spend more money is to suggest accessories and peripherals for your vehicle. It is often offered with seemingly reasonable discounts, which is why most tend to take the deal. However, the accessories and peripherals of a vehicle are not nearly as essential as the car itself. As a matter of fact, all you need is the car – there is no need to add accessories as they end up fattening the price tag.

For those who are going for financing, a higher price tag could also increase the amount of interest. There is a time and place for everything, and when it comes to parts and accessories, it is often better to make such purchases after you buy the car.

When it comes to second-hand cars, have a mechanic give it a thorough check-up

While getting a great deal with a second-hand car is an excellent way of getting what you want while saving money, keep in mind that such vehicles sometimes come with hidden issues. The best course of action would be to have your local mechanic stress test the car to see if there are any quick repairs to be made. Many dealerships offer refund options – especially if they are done within the day – which is why it is ideal to have a mechanic look into potential problems. It is better to be safe than sorry!

Collect potential options before making your decision

Last but certainly not least, it is essential to look into a variety of possible options before coming to a decision. While it might be tempting to go for the first great deal you see – even if you likely will not see another deal – the best-practice method would be to collect a list of all the great deals and make comparisons. It might surprise you at how much money you can save by playing it safe. Even if you found some excellent deals, in the beginning, you could end up with a far more agreeable situation if you craft a list first!

While it might be somewhat overwhelming to deal with your very first car, a bit of preparation goes a very long way. So long as you are thorough when it comes to your search for the ideal vehicle – and you follow the tips above – you will have the best chance of making a decision you will not regret.

Some investors believe that cannabis has the potential to divert business from the alcohol and pharmaceutical industries. The marijuana industry also points to the prospect of bigger deals with companies and nations abroad that are relaxing their marijuana laws. But should you invest in marijuana stocks? We’ve compiled some information to help you make that very decision.

The Facts

Earnings growth, or the expectation of growth, is a trait of superior stocks; however, the marijuana industry is suffering losses. The industry’s billion-dollar estimations overshadow million-dollar quarterly sales figures. It’s no surprise that marijuana stocks have poor Earnings Per Share Ratings. Then there’s marijuana’s legal status. Although Canada legalized marijuana, it’s still illegal under federal U.S. law and is classified as a controlled substance without proven medical benefit. But, with about 30 states voting to make cannabis legal for medicinal use, recreational use, or both, marijuana regulation in the U.S. may be relaxing.

Whether you should invest in marijuana stocks or not depends on your tolerance for high levels of risk. How aggressive you are as an investor will ultimately determine if you are up for investing in marijuana stocks.

Marijuana Stocks to Watch 

We’ve listed some of the best marijuana stocks below. You may want to invest in growers, the “plant-touching” companies, or invest in companies solely focused on the business of medical marijuana.

• Canopy Growth Corp. (CGC), a marijuana company located in Canada, is the largest publicly-traded weed company in the world. The company runs many brands, Tweed being one of the most popular. In 2019, CGC showed close to $60 million in revenue.
• Aurora Cannabis Inc. (ACB) is another industrious Canadian pot company. Aurora Cannabis acquired rival MedReleaf, which will help the new entity cut costs and gain efficiency.
• AbbVie (ABBV) is a pharmaceutical company with a FDA-approved synthetic cannabis-based drug on the market. The drug, Marinol, works to reduce nausea in chemotherapy patients and appetite loss in AIDS patients.
• KushCo Holdings (OTC:KSHB), founded in 2010, provides packaging solutions, supplies and even branding services to cannabis producers. Operating across 12 facilities in the U.S., it reported a 2018 revenue of $52.07 million.
• GrowGeneration Corp (OTC:GRWG) owns and operates specialty hydroponic and organic gardening supplies stores across six states. GRWG sells nutrients, soil, lighting, and hydroponic supplies. The company generated $29 million in 2018.
• General Cannabis Corp (OTC:CANN) is based in Denver and provides additional services to producers and businesses in the marijuana industry. These services range from real estate, consulting, and business development, to security. The company also owns a specialty cannabis lifestyle apparel line under the brand Chiefton Supply Co.

So are marijuana stocks a viable investment? Investors who have a high-risk tolerance may jump at these opportunities. Still, you should bear in mind that marijuana stocks are volatile. Although the future of the marijuana stock industry looks bright and while the marijuana industry is passing milestones, some maturation of the cannabis industry is required before tangible results are seen by investors.

 

Almost everyone in the world has experienced at least one financial disaster in their lifetime. But what sets the survivors apart is their ability to bounce back.

Of course, bouncing back can take time, patience, and a little creativity. The important thing is not to dwell on your mistakes, but to pick yourself up and start over before you have too much time to think about it. Here are five steps you should take to help you do just that.

Take out a short-term loan

Depending on the circumstances of your particular situation, traditional loans may be hard to get. This is especially true if you’ve just lost your job or if your credit is less-than-perfect.

In these situations, you can turn to companies like Eastern Loans to get you out of a bind. These types of loans can see you through a gap in employment, a medical emergency, or any other sudden change in your finances.

Cut back on expenses

During a financial crisis, you’ll probably find it necessary to cut back on expenses immediately. And these cuts can feel brutal in the beginning, especially if you’re typically a spender. But this will also help you out of a bind, possibly even better than the other solutions.

You might even find you can live on less than you thought. Some examples of budget cuts you can make are to stop eating out, cancel any subscriptions you have, and avoid expensive habits like smoking or drinking.

You’ll probably find out during your budget cuts that you’re spending way too much on a lot of things. Call your cable company and ask them if they have a cheaper plan. Start drinking tap water instead of bottled. The possibilities are endless.

Host a fundraiser

It’s become pretty common for people to ask for help with the emergence of websites like GoFundMe. So you shouldn’t feel ashamed about doing it yourself. The key to making it more than just handouts is to offer something in return, like a party or dinner.

Think of it as a way to spread cheer, gather friends and family, and have some fun. You don’t even have to structure it like a fundraiser if that makes you uncomfortable. Just ask for donations to help pay for the party. But if you can have a sense of humor about the situation, that’s all the better.

Look into a dunk tank rental and let people pay to drop you in the water. Ask your favorite cousin to cook up some barbecue and set up the karaoke machine. The people who love you will be happy to surround you in your time of need.

Learn what sells

Finding extra money may be easier than you realize. For one thing, you probably have a lot of useless items lying around your house that you could sell.

And before you think no one would want your stuff, check out some of the sold listings on Ebay. You’ll probably be surprised to find out that people have sold things as strange as boxes of toilet paper rolls, tumbleweeds, and pine cones for profit.

Get a side job

Selling your old stuff can certainly be considered a “side job” if you do it enough. But aside from that, you can also pick up a buck or two by doing things no one else wants to do. For example, you can earn decent money walking dogs, mowing lawns, or tutoring.

But if you don’t feel up to starting your own business, you can always check with local retailers or temp agencies for seasonal or part-time work that’s flexible with your schedule.

 

These days, the success of a business often hinges on effective marketing. After all, there’s hardly any point in offering any products or services if the target customers remain unaware and oblivious to their existence. And more importantly, the strategies adopted must be as economical as they are effective in delivering their intended results; to keep the company costs low and, as a result, maintain consistently high profits. To this end, here are a few low-budget marketing strategies that everyone should know.

Social media

You’ll be hard-pressed to find anyone without a social media account today. This presents a unique opportunity for many businesses to generate awareness and acquire many potential customers too. Best of all, it’s a cost-effective approach to marketing since it requires no more than a small investment of time in identifying your target market as well as promoting any products and services offered by your company.

Blogs

Blogging websites continue to become increasingly popular not only amongst aspiring writers but established businesses since they serve as a marketing strategy that demands no more than time in generating interesting and relevant content. And if the budget allows, you can monetise existing blog sites, creating more leads that will enhance your company’s presence online and allow you not only to secure your target market but increase it as well.

Website

There’s a reason why plenty of businesses today often have websites: not only does it help create brand awareness, but it also provides potential customers with more information and insight about what the company is all about too. This allows a business to build a relationship with the target market even before securing them, creating both rapport as well as social credibility in the process. Small as this might appear to some, you’ll be surprised at how effective a marketing tool a website can be to any business.

Promotional materials

While the World Wide Web may serve as an endless well of potential consumers to a company, not everything can be accomplished online. As such, it makes sense to augment marketing strategies with promotional materials. From display stands and outdoor banners created with high-tech banner printers to giveaways such as pens, clothing, and other items, the investment made in promotional materials can pay dividends. And by spending time on research, you’ll be surprised at just how inexpensive the investment can be too.

It’s not hard to see why businesses continue to invest in more cost-effective marketing. The methods don’t just fulfil their intended purpose, after all, but they do so without the need for a company to commit a considerable amount of resources. By adopting the marketing strategies mentioned above, not only are you far more likely to maximise your chances of getting the desired results, but you will be able to keep your expenditure at a minimum. And as small as this might appear to some, it can make all the difference especially for companies that have no more than a modest budget to work with.

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To ensure growth, every business in the 21^st century needs to subscribe to general and commercial insurance. Some types of insurance cover may be expensive but the important question to ask is “can I afford not to have insurance?” rather than “can I afford insurance?”

You can protect your business against lawsuits and the loss or damage of data or physical assets with the use of insurance, enabling the growth of your business in the long term.

The cost of business insurance depends on two factors namely:

         The size of payment the insurer may have to make in the event of a claim; and

         The likelihood of the business making an insurance claim.

Here are 3 types of insurance covers available to businesses.

1.       Commercial property insurance: Every business with property needs to have an insurance policy that will cover for damage from varied causes, including protecting the business premises and buildings from certain risks. If you require this type of insurance to cover the needs of your own business, the things you can expect to be covered will include floods, storm damage, lightning and fire, riot protection, and the destruction of property, to name a few.

However, it is important to note that property insurance policies typically do not cover mechanical or electrical breakdown, “wear and tear”, or any policy-specified property deterioration.

2.       Business contents insurance: Machinery, stock, and contents need to be insured separately since property insurance only covers the physical business building. While getting business contents insurance, there is a choice of indemnity insurance or a replacement as new insurance.

Indemnity insurance: This is the type of insurance many working professionals will choose to protect themselves in the event of some type of human error affecting the output of their work. Indemnity insurance deducts the cost of a project that might have gone wrong due to a mistake being made on the part of the person who was hired to complete a particular task.

We can be prepared to undertake any kind of job, but mistakes will always happen at one point in the process, which makes some kind of indemnity insurance all the more vital for a hard-working professional. Businesses can choose a business interruption policy which insures against loss of profit and the higher overheads incurred as a result of a loss.

3.       Cyber insurance

Cyber risk insurance covers the damage or loss of information from IT networks and systems. This insurance is important where reputational damage and regulatory enforcement are concerned.

Cyber risks are covered by first-party insurance cover and third-party insurance cover. The former covers the assets of the business while the latter covers the assets of the customers.

Conclusion

Insurance needs differ from business to business. You could seek advice from regulated insurance brokers or insurance companies in the UK, to find the insurance covers that are suitable for your business. The Financial Conduct Authority (FCA) regulates insurance advisers, brokers, and other insurance intermediaries. A good insurance adviser should have FCA authorisation.