In this series we will be highlighting burgeoning entrepreneurs in the modern era. These are folks who have taken the risk of quitting or working double to quit their conventional jobs in pursuit of their passions. This is a difficult road that many never find the courage to venture upon, but the rewards are so worth it, and as you know, no risk, no reward, know risk, know reward.
This episode highlights Kamani Jefferson, who took it from the lobbies of Brooklyn apartments to being the premier lobbyist for the Massachusetts legalized cannabis industry. Taking your passions, and rolling them up into goals large enough to challenge you grow is how we find ourselves in rarified air. Read on to learn how Kamani has taken America's favorite taboo plant, and ensuring that a burgeoning new industry remains clean, ethical, and open so that people from all walks of life can toke in it's business.
Tell Me A Little More About What You Do And How You Got Into It
I'm a registered lobbyist and community educator in the cannabis industry.
Do you Remember Your First Day? What Were You Feeling?
I knew once legalization of Marijuana happened last November in MA, I need to form a group of consumers to advocate. I was hyped. Ready to work in the field of my dreams.
What Were You Doing Before? Why Made You Want To Try Something New?
I was helping my first nonprofit Cannabis Cultural Assoication get it's feet wet. I was hungry for specifically get more involved with pot politics and helping others chase their marijuana dreams in Massachusetts.
How Do You Balance Your Time?
I read, smoke pot (lol), bike and run.
Tell Me About Your Business?
Massachusetts Recreational Consumer Council, or MRCC, seeks to ensure the safety of recreational marijuana consumers by bridging the gaps between communities, local legislators, and Massachusetts businesses.
How Much Time Per Week Would You Say You Dedicate To Your Work?
At least 30 Hours. But, I'm pretty much always working or atleast thinking about the legal weed industry.
What Else Do You Like To Do With Your Free Time?
I read. Reading case in point and just finish rereading "Founders at Work." I also read articles on the Cannabis industry everyday.
What's Next For You?
Fund MRCC and make sure Cannabis Cultural Association is ready to take over NYC (hometown) while I'm in MA.
Any Advice For People Wanting To Follow A Similar Path?
Follow us on IG @maconsumers or check out massreccouncil.com
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.