How Climate Change Will Make You Poor!

Even if you don't live in a flood zone or tornado alley, climate change will still hit your pocketbook!

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
Fact checker: Yvonne McGreevy
Executive in Charge for PBS: Maribel Lopez
Director of Programming: Gabrielle Ewing
Assistant Director of Programming for PBS: John Campbell

Images by: Shutterstock
Music by: APM
Two Cents is produced by Spotzen for PBS

[williambryant]

Way ahead of you: I'm already poor.

[Peppermon]

All my neighbors laughed at me for getting solar. They said “my power bill is $40”
They all cried in the Summer when they paid $200 and I paid the same monthly payment on my panels.

[AvocadoAtrocity]

The leaky roof analogy is a deeply insightful reflection of human nature and further goes to prove that we will collectively do nothing to prevent the disaster. 🥰🥰🥰🥰🥰

[spaceship]

I get it, invest in safe heaven assets because the profit level usually drops in these times. Can't help but stay invested with hopes high. I recently saw an article about people that are still able to pull up heavy profits up to $500k within amidst the recession, and I'd like to know such strategies, that's all.

[micahbush]

The real injustice is that while those of us in the developed world are complaining about prices going up, subsistence farmers and fishermen across the world (who work harder just to get by than most Americans have ever worked in their lives) will be unable to make a living due to droughts, desertification, coral reef destruction, etc. They stand the most to lose, yet they have the least capacity to do anything without help. Meanwhile, many Americans (who consume far more resources on a per capita basis) persistent in thinking that climate change isn't their problem, IF they accept it at all, despite the fact WE are disproportionately responsible for the problem AND are the ones who have the capacity to do something about it.

[cupbowlspoonforkknif]

Stop waiting for technology to save you. Spoiler: it won't. We already have all the knowledge we need to thrive on this planet. For starters homes can be designed with passive solar heating and cooling which would cut your utility bill significantly for the entire life of the house.

[Allison_parker]

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term

[lauraoldanie]

So happy to see a personal finance channel on YT broaching how climate change will impact our financial futures. As a (coastal) Floridian, I'm especially attuned to the increasing costs of homeowner's insurance. I keep wondering when only wealthy people and those willing to self-insure (who are often one in the same) will be able to afford to live here. That said, I do think rising homeowner's insurance rates will become more and more of an issue for people in most places. And I wonder about the viability of the (homeowner's) insurance industry in general long term.

I've come to think in terms of building climate resilient wealth, which to me means thinking about wealth as far more than money. I'm emphasizing things like social capital, skills, maintaining good physical and mental health, and growing useful and edible trees/plants in my yard. Money does play a role in my journey – I'm investing in regenerative agriculture and locally owned businesses for example - but given how speculative and volatile our financial system is I prefer to cultivate this more holistic view of wealth. Plus, there's a great deal of connection, joy, and satisfaction to be gained dabbling in those non-monetary forms of capital.

[ajrobbins]

What if... Climate change is happening beyond just the US?
What if there are people and scientists completely independent of US politics that understand this to be true?

[Magdalena]

You guys used to look so professional now you look like partners at starbucks that call their cat their child

[efr]

Another great video. I can’t imagine the amount of work that goes into the research, graphics, script writing, and performing of your amazing videos. The result is an engaging educational piece we all can learn from. Thank you @Two Cents!

[CG_Hali]

Canadian writing this while there's a freaking RAIN and wind storm outside! I was born in 79, sure never happened back then. Started mid 90s and has gotten worse since. Thanks for covering this! SO important! Not doing anything against climate change costs a lot more than action. In Quebec the first major event was the 98 Ice Storm (I'm still traumatized lol). Maple syrup has struggled for years with a thawing season that's too short or abrupt. This year Xmas trees are more expensive than ever due to crop failure (someone I know who owns a farm lost a whole field of Xmas tree due to fungi because it kept raining this summer). Even in place where weather might cool more, we still get swing events that mess up every industry no matter where you live. Of course the poor will suffer more :(

[caliph]

Energy production prices are/will go up primarily due to environmental actions stopping the production of new wells and new plants. Price of food is primarily due to the same limit of production. Everything is made or transported by diesel and diesel is up someplaces passed 8 dollars a gallon.

[essixthefalcon]

This video are my anxieties for when I’ll have to move out and live on my own. And I hella do NOT envy the next generation that will need to deal with even worse shit.

[nephilimslayer]

I live in Queensland, Australia.
Here, the state government, via a federal funding scheme, offers home owners a subsidy to install solar power.
A similar scheme 10 years ago offered homeowners subsidies to install insulation. I was a home owner at the time and took full advantage of it.
I no longer own a home. I live in public housing.
I receive serious subsidies and discounts on my home electricity as well as free access to carbon-neutral electricity.
We also have clotheslines in our homes, even apartments.

[billion]

Some of us are already poor, it will be good to have company

[jovanmcintyre]

Are all of these percentage increases weighed with or without inflation already factored in?

[NicitoStaAna]

Libertarians have always said to not subsidize high-risk flood areas as for demand to adjust on the flood risks.


But hey, I guess blame it on rich people again

[infidelheretic]

What america ought to do is update its regulations around nuclear power and build as many plants as it takes to replace what we’re currently getting from burning coal.

Once this is completed we can electrify everything including vehicles, home heating, and industry.

We will also need to make some agricultural reforms as well. But even this won’t get us to net zero.

[makeupgirl]

This makes me think: actors/celebrities in Hollywood (not y'all) are always talking about the climate change and promoting "green energy". I'm just wondering how much electricity & energy is used for the production of movies and tv shows in some of the hottest, driest areas of the country (Los Angeles)? Actions speak louder than words.