Remember that time you clicked on a link that promised you riches but the catch was you had to pay $22 for registration, and another $10 for god knows what? I’m sure you do, I have done that, lots of times, and I realized that the only way to make real money nowadays is to provide something or a service that people need.
Here is the thing, there are plenty of reasons why people use marijuana, some use it for recreation, others use it for medical reasons, and some make a living off it. So the question is.
What are you good at?
Do you have a passion, do you have an idea or are you just sitting on your butt thinking “I should have studied harder”? Feeling sorry for yourself and Googling inspirational quotes all day won’t change anything; in fact, it will make you more miserable than you are right now. So suck it up buttercup and think about what you are good at.
Your idea no matter how retarded it sounds can make you rich, the trick is to turn your passion into something people are willing to pay for.
Related: Get Paid to Smoke Weed
Are you Good at Math? Invest in Marijuana Stocks
The important thing to always remember is. Stock trading is very similar to gambling i.e. there is always the possibility that you might lose all your hard earned cash. That also means that if you know what you are doing, you might make a lot of money investing in marijuana stocks.
Here is the thing, the legal marijuana industry in Canada and here in the US is still in its infancy. If you get your math right and invest in the right company or business now, you might make a lot of money somewhere in the future.
If you choose to invest in marijuana stocks, there are three simple equations that you should learn:
- The Gordon equation: this is a model used to determine the intrinsic value of a stock based on a future series of dividends that grow at a constant rate. The model assumes that dividends grow at a constant rate and that is its major limitation.
Formula: expected return=dividend yield + dividend growth rate.
- Expense ratio: this is a fee charged by investment companies to manage your investment.
Formula: expense ratio = operating expenses/average value of fund assets
- ROE (return on equity): this is a ratio that tells you how much profit the company can earn from your money.
Formula: ROE = net income (annual)/shareholders’ equity.
The reason why you should learn how to use these formulas is. You will know exactly what is happening to your money thus you won’t have to hire someone else to help you invest. So take a class, learn from a professional or read some books.
Be smart, don’t be a ‘Homer Simpson’.
Remember, even if you get your math right, you may still lose money. My advice, Invest an amount you are willing to part with if things go sideways.
Find a Gap in the Marijuana Industry
Have you heard of pregnacare? This is a product that is marketed to pregnant women that has been proven to be of no benefit to them, look at it this way, a recent review found that there is:
“No evidence that multivitamins results in better health for a mother or her baby and were an unnecessary expense”
The truth is, if you market a product just right, people will buy it even if it is as useless as this.
Marijuana can be used to treat lots of illnesses. That means that you can use it to create a product that works. For example, make your own version of ‘Rick Simpson’ oil and market it as a cure for a specific disease or condition. Let’s say you have acne or any other condition that can be cured by weed, what you can do is. Make your own hemp-based product and document progress. If people see it working, some of them will want it and they will give you money for it.
Have you heard of Suzie Wokabi? Suzie is a Kenyan woman who discovered a gap in the retail cosmetic space back in 2007. Today she runs a million dollar cosmetic business in the country. Think about that for a minute. Marijuana products here is the states are very expensive, meaning, lots of people are looking for cheap hemp-based products.
If you find a way to create a product let’s say ‘weed shampoo’ at reduced cost, you will make more money for less. Some ways to cut operating costs while operating a marijuana business are:
- Grow your own weed.
- Move to Canada or to a state where hemp-based products are not taxed heavily.
- Use modern marketing methods e.g. create a blog, or sell on social media.
- Focus on quality.
- Work with the right people (maximize your employees’ skills).
- set a budget
- Purchase used equipment.
- Plan ahead
I can’t guarantee you that if you follow what I have written above you will become a millionaire, but, if you don’t try, you will never know how things turn out. So, find something you are good at and exploit it as much as you can, starting today. That’s all I can tell you.
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