Subscribe to our Technology & Innovation newsletter
Tesla and Elon Musk Offer Green Energy to Hurricane Ravaged Puerto Rico
A children’s hospital is “the first of many solar + storage projects going live” on the island, Elon Musk announced.
Construction of the solar field. Credit: Tesla.
Hurricane Maria, a category 4 storm struck Puerto Rico, a US territory, on September 20 flattening it. The island was already in trouble with crumbling infrastructure, soaring debt, and an antiquated electrical grid. This wiped all three out, at least for the time-being.
The total devastation could cost between $45-90 billion. And the destruction has had a significant impact on the agricultural, pharmaceutical, and tourist industries... upon which much of the island’s economy depends. While its inhabitants are technically US citizens, critics have argued that the Trump administration has been slower to respond and less robust in doing so, than in Florida and Texas, both recently ravaged by extreme weather events.
Today, the island faces lack of cell phone service, food and water shortages, and the growing fear of a water-borne disease epidemic. The death toll stands at 51. Meanwhile, over 3,000 still live in shelters two months after the hurricane made landfall.
Only about 25% of Puerto Ricans today have power, and some places on the island are expected to be without electricity for months. Analysts say it could take six months to restore electricity to the entire island. This is in stark contrast to the situation in Florida after Hurricane Irma, where 95% of the state’s power was restored within a week.
It all started with a tweet. Tesla CEO and founder Elon Musk tweeted back. Credit: Getty Images.
Part of the difference in response is because the territory’s grid was far more antiquated. It was more than a half-century old. The Puerto Rico Electric Power Authority experienced mounting debt in recent years which the island’s citizens have been paying down. In addition, Hurricane Irma which hit the island only a week prior destroyed much of the grid. Maria finished it off. Still, some argue that compared to the number of workers who ameliorated Florida’s power woes, the number of technicians sent to Puerto Rico is underwhelming.
Earlier this week, a small Montana outfit called Whitefish Energy Holdings, announced a $300 million contract with Puerto Rico's electricity authority, to restore over 100 miles of power lines. But the island has 2,500 in all. So what now? Is Puerto Rico stuck? Fear not dear friends, its Tesla to the rescue! On Tuesday, Oct. 24 CEO Elon Musk announced the successful installation of Tesla’s Powerpack commercial energy storage batteries and solar panels, restoring power to Hospital del Niño, a children’s hospital in San Juan. It serves about 3,000 patients, 30 of which are in serious condition and require 24-hour care.
It all started back Oct. 5 when on Twitter, one Scott Stapf asked Elon Musk if he could restore power to the island with Tesla’s solar panel and battery systems. The tech leader replied, “The Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it can be done for Puerto Rico too. Such a decision would be in the hands of the PR govt, PUC, any commercial stakeholders and, most importantly, the people of PR.”
Puerto Rico Gov. Ricardo Rossello reached out to Musk. The two had “a great initial conversation,” according to the governor and after several more, they announced plans to get the hospital’s power needs met. Three weeks later, it’s outfitted with a solar field out back and all the juice it needs. Rossello and Puerto Rico’s Chief Innovation Officer Glorimar Ripoli, have discussed with Musk, Tesla using the island as a model to show how their solar and storage systems can transform electrical grids across the world.
Tesla storage batteries outside of Hospital del Niño. Credit: Tesla.
Rossello has promised all the lights will be on by Christmas, which analysts say may be unrealistic. Bloomberg News reported a phone interview with Puerto Rico’s Department of Economic Development and Commerce Secretary, Manuel Laboy, on Sunday. He said the San Juan government was hoping that the US federal aid package they were receiving can act as an opportunity to upgrade the grid and reinforce it, in order to withstand the next epic hurricane.
Meanwhile, Tesla tweeted out pictures of its initial efforts and said it was “the first of many solar + storage projects going live” in Puerto Rico. In addition, the company has been sending over its Powerwall battery storage units. Its batteries and solar panels are going to build microgrids all around the island. Hospital del Niño was just the first.
Still, questions remain. Funding and the scope of the project haven’t been delineated and queries have gone unanswered. Tesla is putting a lot of effort forth, however. It pushed back the announcement of its all electric semi-truck to November, to focus on helping restore the island’s grid. Musk himself donated $250,000 to help Puerto Rico get back on its feet. And he said they’re ramping up battery production in order to meet the island’s needs.
To learn more about this development, watch this:
What does kindness look like? It wears a mask.
Northwell Health CEO Michael Dowling has an important favor to ask of the American people.
16 October, 2020
Sponsored by Northwell Health
- Michael Dowling is president and CEO of Northwell Health, the largest health care system in New York state. In this PSA, speaking as someone whose company has seen more COVID-19 patients than any other in the country, Dowling implores Americans to wear masks—not only for their own health, but for the health of those around them.
- The CDC reports that there have been close to 7.9 million cases of coronavirus reported in the United States since January. Around 216,000 people have died from the virus so far with hundreds more added to the tally every day. Several labs around the world are working on solutions, but there is currently no vaccine for COVID-19.
- The most basic thing that everyone can do to help slow the spread is to practice social distancing, wash your hands, and to wear a mask. The CDC recommends that everyone ages two and up wear a mask that is two or more layers of material and that covers the nose, mouth, and chin. Gaiters and face shields have been shown to be less effective at blocking droplets. Homemade face coverings are acceptable, but wearers should make sure they are constructed out of the proper materials and that they are washed between uses. Wearing a mask is the most important thing you can do to save lives in your community.
<p><br></p><div></div><ul class="ee-ul"></ul>
Keep reading
Show less
Popular
Science confirms: Earth has more than one 'moon'
Two massive clouds of dust in orbit around the Earth have been discussed for years and finally proven to exist.
10 November, 2018
J. Sliz-Balogh, A. Barta and G. Horvath
Surprising Science
- Hungarian astronomers have proven the existence of two "pseudo-satellites" in orbit around the earth.
- These dust clouds were first discovered in the sixties, but are so difficult to spot that scientists have debated their existence since then.
- The findings may be used to decide where to put satellites in the future and will have to be considered when interplanetary space missions are undertaken.
After more than fifty years of stargazing, debate, and controversy, scientists have confirmed the existence of two "moons" or "pseudo-satellites" made of dust orbiting the Earth. Though the clever use of mathematics, they also argue that the location of these dust clouds gives them some unique characteristics.
What are they?
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODgyMDA0NC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzNTM1ODc0Mn0.NH33LuauIo__sUBi4tvhwxDcsvhflDFD-Nhx9FjlSNk/img.jpg?width=1245&coordinates=148%2C0%2C149%2C0&height=700" id="cec96" class="rm-shortcode" data-rm-shortcode-id="acb78abe2ab46a17e419ad30906751d6" data-rm-shortcode-name="rebelmouse-image" />Artist's impression of the Kordylewski cloud in the night sky (with its brightness greatly enhanced) at the time of the observations.
G. Horváth
<p>The<a href="https://en.wikipedia.org/wiki/Kordylewski_cloud" target="_blank"> Kordylewski clouds</a> are two dust clouds first observed by Polish astronomer Kazimierz Kordylewski in 1961. They are situated at two of the <a href="https://www.space.com/30302-lagrange-points.html" target="_blank">Lagrange points</a> in Earth's orbit. These points are locations where the gravity of two objects, such as the Earth and the Moon or a planet and the Sun, equals the centripetal required to orbit the objects while staying in the same relative position. There are five of these spots between the Earth and Moon. The clouds rest at what are called points four and five, forming a triangle with the clouds and the Earth at the three corners.</p><p>The clouds are enormous, taking up the same space in the night sky as twenty lunar discs; covering an area of 45,000 miles. They are roughly 250,000 miles away, about the same distance from us as the Moon. They are entirely comprised of specks of dust which reflect the light of the sun so faintly most astronomers that looked for them were unable to see them at all. </p><p>The clouds themselves are probably ancient, but the model that the scientists created to learn about them suggests that the individual dust particles that comprise them can be blown away by solar wind and replaced by the dust from other cosmic sources like comet tails. This means that the clouds hardly move but are <a href="https://www.nationalgeographic.com/science/2018/11/news-earth-moon-dust-clouds-satellites-planets-space/" target="_blank">eternally changing</a>. </p>How did they discover this?
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODgyMDAzNi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1Nzc4MjQ4MX0.7uU9OqmQcWw5Ll1UXAav0PCu4nTg-GdJdAWADHanC7c/img.jpg?width=1245&coordinates=0%2C180%2C0%2C181&height=700" id="952fb" class="rm-shortcode" data-rm-shortcode-id="a778280a20f1c54cd2c14c8313224be2" data-rm-shortcode-name="rebelmouse-image" />"In this picture the central region of the Kordylewski dust cloud is visible (bright red pixels). The straight tilted lines are traces of satellites."
J. Slíz-Balogh
<p>In their study published in the <a href="https://academic.oup.com/mnras" target="_blank">Monthly Notices of the Royal Astronomical Society</a>, Hungarian astronomers Judit Slíz-Balogh, András Barta, and Gábor Horváth described how they were able to find the dust clouds using polarized lenses.</p><p>Since the clouds were expected to polarize the light that bounces off of them, by configuring the telescopes to look for this kind of light the clouds were much easier to spot. What the scientists observed, polarized light in patterns that extended outside the view of the telescope lens, was in line with the predictions of their mathematical model and ruled out other possible sources. </p>Why are we just learning this now?
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8xODgyMDAzOS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MjUyNDMyMH0.Zl8GmQ_rJHiL4b7hN0r_YBmgb6_ZqIRvqOVuko2ubpw/img.jpg?width=1245&coordinates=0%2C141%2C0%2C185&height=700" id="87afe" class="rm-shortcode" data-rm-shortcode-id="dd4c0b5088e601d7279cc5eb226f8b7b" data-rm-shortcode-name="rebelmouse-image" />"Mosaic pattern of the angle of polarization around the L5 point (white dot) of the Earth-Moon system. The five rectangular windows correspond to the imaging telescope with which the patterns of the Kordylewski cloud were measured."
J. Slíz-Balogh
<p>The objects, being dust clouds, are very faint and hard to see. While Kordylewski observed them in 1961, other astronomers have looked there and given mixed reports over the following decades. This discouraged many astronomers from joining the search, as study co-author Judit Slíz-Balogh <a href="https://ras.ac.uk/news-and-press/research-highlights/earths-dust-cloud-satellites-confirmed" target="_blank">explained</a>, <em>"The Kordylewski clouds are two of the toughest objects to find, and though they are as close to Earth as the Moon are largely overlooked by researchers in astronomy. It is intriguing to confirm that our planet has dusty pseudo-satellites in orbit alongside our lunar neighbor."</em></p>Will this have any impact on space travel?
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="c3d797fff5430c64afcb5a49bddc3616"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/Ou8N3v9SFPE?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>Lagrange points have been put forward as excellent locations for a space station or satellites like the <a href="https://jwst.nasa.gov/about.html" target="_blank">James Webb Telescope</a> to be put into orbit, as they would require little fuel to stay in place. Knowing about a massive dust cloud that could damage sensitive equipment already being there could save money and lives in the future. While we only know about the clouds at Lagrange points four and five right now, the study's authors suggest there could be more at the other points.</p><p>While the discovery of a couple of dust clouds might not seem all that impressive, it is the result of a half-century of astronomical and mathematical work and reminds us that wonders are still hidden in our cosmic backyard. While you might never need to worry about these clouds again, there is nothing wrong with looking at the sky with wonder at the strange and fantastic things we can discover. </p>
Keep reading
Show less
Scientists stumble across new organs in the human head
New cancer-scanning technology reveals a previously unknown detail of human anatomy.
20 October, 2020
Credit: Valstar et al., Netherlands Cancer Institute
Surprising Science
- Scientists using new scanning technology and hunting for prostate tumors get a surprise.
- Behind the nasopharynx is a set of salivary glands that no one knew about.
- Finding the glands may allow for more complication-free radiation therapies.
<p>The research began about as far away from where it ended up as possible. Doctors were using PSMA PET/CT scans to assess whether patients' prostate cancer had spread to other parts of their bodies. In addition to being a promising new technology for detecting tumors, PSMA PET/CT scans also happen to be good at imaging salivary glands. Still, radiation oncologist Wouter Vogel and oral and maxillofacial surgeon Matthijs Valstar didn't know quite what to make of two lit-up areas behind the <a href="https://www.healthline.com/health/human-body-maps/nasopharynx#1" target="_blank">nasopharynx</a> that looked an awful lot like big, undiscovered salivary glands.</p><p>Since finding a whole new organ in the human body at this point is unexpected, to say the least, the researchers re-examined the PSMA PET/CT from all 100 patients in their study, plus two cadavers. Every one of them had the same thing. </p><p><a href="https://www.nki.nl/topmenu/about-the-nki/news/cancer-researchers-discover-new-salivary-gland/" target="_blank">Says senior author of the study Vogel</a>, "As far as we knew, the only salivary or mucous glands in the nasopharynx are microscopically small, and up to 1000 are evenly spread out throughout the mucosa. So, imagine our surprise when we found these."</p><p>The study's lead author Valstar adds, "The two new areas that lit up turned out to have other characteristics of salivary glands as well."</p><p>Vogel and Valstar work for the <a href="https://www.nki.nl" target="_blank" rel="noopener noreferrer" style="">Netherlands Cancer Institute</a>, specializing in the effects of radiation therapy on the head and neck. Their discovery may help technicians alleviate some common radiation side effects now that they know to avoid the new salivary organs, which they've named the "tubarial salivary glands."</p><p>The research is published in <a href="https://www.sciencedirect.com/science/article/pii/S0167814020308094" target="_blank">Radiotherapy & Oncology</a>.</p>
PSMA PET/CT technology
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="676e611b970c9b516cace0870447b325"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/RHAyoQF09X4?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>PSMA PET/CT is a new combination of <a href="https://www.mayoclinic.org/tests-procedures/pet-scan/about/pac-20385078" target="_blank">PET scans</a> and <a href="https://www.mayoclinic.org/tests-procedures/ct-scan/about/pac-20393675" target="_blank">CT scans</a> that is believed to offer a more reliable means of locating prostate cancer metastasis. A <a href="https://www.cancer.gov/news-events/cancer-currents-blog/2020/prostate-cancer-psma-pet-ct-metastasis" target="_blank" rel="noopener noreferrer">study</a> published last spring suggests it may be the most accurate way to diagnose prostate cancer metastasis than any method previously available.</p><p>Prior to PSMA PET/CT, the primary way to look for metastatic prostate cancer was to image the body using x-ray-based CT scans and to perform bone scans, since bone is where prostate cancer often spreads. CT scans, however, often miss small tumors, and bone scans can generate false positives as a result of other damage or abnormalities that have nothing to do with prostate cancer.</p><p>PSMA PET/CT scans track the travels of an intravenously administered radioactive glucose tracer throughout the body. For hunting down prostate cancer, this tracer contains a molecule that binds to the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1472940/" target="_blank">PSMA</a> protein that's present in large amounts in prostate tumors. The molecule is linked to a radioisotope, <a href="https://netrf.org/2018/11/13/gallium-68-scan-for-neuroendocrine-tumors/" target="_blank" rel="noopener noreferrer">gallium-68</a> (Ga-68).</p><p>In last spring's research, PSAM PET/CT was shown to be 27 percent more accurate than previous methods at finding metastases (92 percent accuracy as opposed to 65 percent). In addition, it was found to be much less likely to produce false positives, and it was particularly good at detecting tumors far removed from the prostate.</p>A good kind of avoidance behavior
<p>"Radiation therapy can damage the salivary glands," says Vogel, "which may lead to complications. Patients may have trouble eating, swallowing, or speaking, which can be a real burden."</p><p>The researchers looked back through the cases of 723 patients who had undergone radiation treatment, interested in seeing if inadvertent radiation of the tubarial glands was associated with the complications experienced by the patients. It turned out that this <em>was</em> the case: In cases where more radiation had been delivered to this area, patients did indeed report more in the way of complications of the type one would expect when salivary glands are radiated.</p><p>Now that we know the tubarial salivary glands exist, therapists can stay out of their way. Vogel says, "For most patients, it should technically be possible to avoid delivering radiation to this newly discovered location of the salivary gland system in the same way we try to spare known glands."</p><p>He's hopeful that that things may be about to get at least a bit better for cancer patients: "Our next step is to find out how we can best spare these new glands and in which patients. If we can do this, patients may experience less side effects which will benefit their overall quality of life after treatment."</p>
Keep reading
Show less
Millennials reconsidering finances and future under COVID-19
A new survey found that 27 percent of millennials are saving more money due to the pandemic, but most can't stay within their budgets.
20 October, 2020
Personal Growth
Millennials have been labeled the "unluckiest generation in U.S. history" after the one-two financial punch of the Great Recession and the pandemic shutdowns. A recent survey found that about a third of millennials felt financially unprepared for the pandemic and have begun saving. To achieve financial freedom, millennials will need to take control of their finances and reinterpret their relationship with the economy.
<ul class="ee-ul"></ul>
<p class=""><br></p>
<p>It can be tempting to look at the economic history of the last two decades and derive a certain lesson. That lesson being: The millennial generation is screwed. The Washington Post even tagged millennials as the "<a href="https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/" target="_blank">unluckiest generation in history</a>."</p><p>It's understandable why the punditocracy would think this. Born between 1981 and 1996, millennials exited school and entered work right into the Great Recession. The recession forced many millennials to postpone financial milestones such as marriage, buying a home, retirement savings, or even reliable employment. That global setback quietly became a generational one. While the baby boomers and GenXers recovered their lost wealth relatively quickly, <a href="https://bigthink.com/politics-current-affairs/millennial-income?rebelltitem=1#rebelltitem1" target="_self">millennials couldn't</a> and became the first generation with a standard of living lower than their parents'.</p><p>A decade later, millennials face the pandemic shutdown. Although we can't say with certainty how the pandemic will affect us in the long-term, early <a href="https://www.cnbc.com/2020/09/17/how-millennials-have-been-impacted-by-pandemic-unemployment.html#:~:text=At%20the%20height%20of%20the,for%20unemployment%20insurance%20since%20March.&text=Data%20from%20the%20Bureau%20of,facing%20longer%2Dstretches%20of%20joblessness" target="_blank">forecasts suggest millennials will again take the brunt</a>. <a href="https://www.pewsocialtrends.org/2020/04/21/about-half-of-lower-income-americans-report-household-job-or-wage-loss-due-to-covid-19/" target="_blank" rel="noopener noreferrer">Pew Research Center</a> data, for example, suggest that about a third of millennial-aged homes have had someone in the household lose a job, while Bureau of Labor Statistics (BLS) data forecast millennials suffering <a href="https://www.salon.com/2020/08/18/the-recession-is-creating-another-generation-gap/" target="_blank" rel="noopener noreferrer">longer stretches of joblessness</a>.</p><p>"Millennials are in a fundamentally different economic place than previous generations," Reid Cramer, director of the Millennials Initiative at New America, wrote in "<a href="https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/" target="_blank" rel="noopener noreferrer">The Emerging Millennial Wealth Gap</a>. "Relatively flat but volatile incomes, low savings and asset holdings, and higher consumer and student debt have weakened their finances. The Millennial balance sheet is in poor shape."</p>
Taking control of bad luck
<p>According to <a href="https://themanifest.com/accounting/budgeting-money-tips-for-millennials" target="_blank">a recent survey by The Manifest</a>, a business news website, millennials agree with Cramer. The study found that, of millennials surveyed, their largest expenses were housing (66 percent), educational expenses (9 percent), and health insurance (6 percent). In light of the COVID-19 pandemic, millennials are using the remaining 19 percent of their paychecks to budget and increase their savings.</p><p>About a third of millennials said they are saving more money in response to the pandemic and creating new budgets for themselves. In fact, of all generations surveyed, millennials felt the most comfortable creating personal budgets. They were also willing to think critically and adjust budgets to match financial changes, both signs that this highly-educated generation is willing to learn and adapt.</p><p>Millennials still have a rough road ahead, though. According to the survey, about half of millennials make less than $50,000 a year. That puts them into the upper-lower or lower-middle <a href="https://www.pewresearch.org/fact-tank/2020/07/23/are-you-in-the-american-middle-class/#:~:text=In%202018%2C%20the%20national%20middle,(incomes%20in%202018%20dollars)." target="_blank">income class</a>, depending on where in the country they live. That matches <a href="https://www.bls.gov/opub/mlr/2019/article/time-use-of-millennials-and-nonmillennials.htm#:~:text=Among%20full%2Dtime%20wage%20and,with%2031%20percent%20of%20nonmillennials." target="_blank" rel="noopener noreferrer">BLS data</a>, which shows millennials earning less than older non-millennials. <a href="https://www.bls.gov/opub/mlr/2019/beyond-bls/the-kids-are-alright-millennials-and-the-economy.htm" target="_blank" rel="noopener noreferrer">The BLS also notes</a> that while millennials have less debt than GenXers, most of that is student loan debt rather than mortgages.</p><p>And despite their budgetary plans, only 11 percent of millennials surveyed were able to stay within budget, while uncertainty still looms in the future job market.<em></em></p><p>With all this said, there are caveats to The Manifest survey. It hosted a relatively small sample size, only surveying 502 Americans. Of those, millennials made up 22 percent of respondents. They weren't even the largest cohort in the study. That was the baby boomers at 32 percent. </p><p>This makes the survey more suggestive than indicative. But the suggestion is that millennials, to borrow a phrase from writer Vicki Robin, are ready to reinterpret their relationship with finances.</p>A push for financial freedom
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="a463513bfbe5a2b7d5bcc59f8be265a7"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/J-B-b393epk?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span><p>While budgeting and financial savvy have always been important, the millennial generation will need to be far more critical of their relationship with the economy. What <a href="https://www.youtube.com/watch?v=T_tDthUWsVM" target="_blank" rel="noopener noreferrer">Robin calls the old roadmap</a>—the idea that "growth is good, more is better, game over"—is unlikely to support millennials as it did past generations. They'll need a new roadmap, charting both a new macro (the relationship between our economic and ecological footprints, for example) and micro (our individual relationships with money).</p><p>Because the macro is a whole other article, we'll stick with the micro here:</p><p><strong>1) Track and cut your spending</strong></p><p>The first step to financial freedom is to track your spending and cut unnecessary purchases. For Robin, these are often the things, services, and subscriptions that we buy out of habit, but we no longer consider whether they add value to our lives.</p><p>A pernicious modern example is the subscription economy. We subscribe to services for food, clothes, television, exercise, self-help, video games, bric-a-brac, computer programs, and on and on. These services quickly fade into the financial background as just another bill we pay. </p><p>But if we watch Netflix nine times out of ten, why pay for Hulu and Disney+ and HBO Max and CBS All access? Instead, every month or so, we should scrutinize our subscriptions to ask whether they still add value to our lives. If they don't, unsubscribe.</p><p><strong>2) Kill your debt</strong></p><p>Debt doesn't just take away money we could save elsewhere; it's also a self-replicating devourer of wealth. Your debt interest rates are almost certainly higher than your investment returns, especially on credit cards. Because of this, no matter your saving rituals, you're likely bleeding wealth the longer you remain in debt.</p><p>Instead, focus on removing debt from your life. Again, credit card debt especially. The good news is that most companies have hardship programs to help debtors. You can call them to see if they can lower your interest rates or provide other helpful services.</p><p>"Financial accommodations are generally readily available right now," Amy Thomann, the head of consumer credit education at TransUnion, <a href="https://www.nytimes.com/2020/08/29/at-home/manage-finances-save-money-millennials-coronavirus.html" target="_blank" rel="noopener noreferrer">told the New York Times</a><u>.</u> "Lenders, just like consumers, understand the hardships that are going on in the economy."</p><p><strong>3) Have an emergency fund</strong></p><p>Of course, you'll need some savings when the unexpected happens. Say—I don't know—a worldwide pandemic? Experts like Robin and Thomann recommend people have three to six months' worth of expenses on reserve. These should be in liquid assets so you can access them easily and quickly.</p><p>Of course, that's not always feasible, but you should save what you can. </p><p><strong>4) Find social outlets that don't cost</strong></p><p>The economic shutdown has offered one financial boon: It has revealed ways we can enjoy each other's company with overspending. We can host movies remotely with our friends. Play video games online. Enjoy physical-distance strolls through the park. And a host of other creative connections. After the pandemic, the occasional bar hop or Friday dinner out can still be a guilty pleasure. But unlike sitcom characters, we shouldn't be spending our social lives on the set of our favorite coffee shops or local watering holes.</p><p><strong>5) Reconsider your relationship with money</strong></p><p>Robin pushes her readers to be financially free. That is, to understand that there's an economy, people have a relationship with it, but it shouldn't become an obsession that runs their lives. As <a href="https://www.youtube.com/watch?v=xDaBjc4QyWU" target="_blank" rel="noopener noreferrer">she told <em>Big Think</em></a>: "It's like there are so many presumptions that drive us into wage [slavery], and it doesn't matter whether you are at the low end or the high end. If you are engaged in that sort of anxious process of 'more, more, more,' you are not free."</p><p>The millennial generation has certainly been dealt a bum hand, but it's perhaps defeatist, and more than a little premature, to label them the unluckiest generation. Perhaps after being led astray by the old roadmap, they will be the generation to reconsider their relationship with money—not as an end itself but a means to a healthier and more beneficial life. </p>
Keep reading
Show less
Personal Growth
6 easy ways to transition to a plant-based diet
Your health and the health of the planet are not indistinguishable.
Scroll down to load more…
