5G’s the talk of the wireless tech town. It’s the much cooler big brother of 4G that will let you like, comment, share, and download up to 100x faster than you can now.
The deets that matter for your wallet: If you want to experience the Internet of the future, you’ll have to swap out your phones, laptops, and routers for ones with 5G connectivity. That costs money. And since telecom companies are investing billions of dollars to upgrade their networks, they might start charging you more for your phone and Internet bills.
On the flip side, experts say 5G could speed up advances in industries like manufacturing and agriculture. Think: smarter robots making TVs and tech that helps farmers care for crops and livestock. That efficiency could = corporate savings...which could trickle down to you.
What you can do about it: Be a smart consumer so your wallet’s ready for whatever 5G does to it. A few ideas:
Make sure every price is right. Comparison shopping is a skill. Learn it, live by it. Download apps and browser extensions that help you find the best deal and automatically add promo codes when you’re shopping online.
Read the fine print. Know the return policy for anything you buy. Actually read the terms and conditions before signing any contracts. Oh, and get everything in writing.
Find places to downgrade. As in, get a similar service for less by giving up something. Like streaming your fav music...but with commercial breaks.
theSkimm: We probably won’t see the full impact of 5G for a few years. But it could change up how much things cost...for better and worse.
Say ‘hi’ to our weekly newsletter. Every Friday, we break down the news and info you need to make smarter money decisions.
Skimm'd by: Ivana Pino, Elizabeth Smith, and Elyse Steinhaus