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The temperature in Ottawa, where I live, hit 31 degrees Celsius on Sunday, hot enough for us to turn on the air conditioning for the first time since maybe July. Cool summer weather is the reason we haven't used our A/C much, but I've noticed that people in our neighborhood have been running theirs less, in general.
Cost has to be a reason for this trend. Hydro rates in Ontario have climbed over the years, and running your air conditioning for a summer can add significantly to your electrical bill.
But here's why the extra cost is worth it. When you're cooler, you're more productive.
Air conditioning is included in a new book by an economist on history's greatest breakthroughs. In an interview, the author said there are studies showing that human productivity peaks around 70 degrees Fahrenheit, or 21 Celsius. Consumer Reports suggests balancing cost and comfort by setting your A/C to 78 F, or 25.5 C during the day when you're home, 29 C when you're away and 28 C when you're sleeping (I converted their Fahrenheit temperatures).
If you need it cooler, you can justify the extra cost by saying it makes you more productive.
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Rob's personal finance reading list…
Bill Gates' kids will have to work for a living
Here's a list of rich people who say they're not leaving money to their children. Guess you don't have to leave a fortune to your kids when they grow up with all the advantages of massive wealth.
Five cheap vacation spots
Montreal gets a nod in a list of international cities you can visit without spending a bundle.
Want a house, millennials? Just give up Starbucks for 76 years
So much for the argument that young adults could afford houses if they'd just give up some of their little luxuries like Starbucks. The numbers presented in this blog post show you'd need to forego 11,806 Starbucks drinks to make a down payment. That would take about 76 years if you go to Starbucks three times per week.
Don't call me rich
A new book called Uneasy Street: The Anxieties of Affluence has been getting a lot of attention lately. The author interviewed 50 wealthy people to ask what it means to be rich. Their answers highlight how some wealthy people are uncomfortable with being referred to as rich.
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Thinking of setting up an online brokerage account or moving your existing account? Here's a list of recent online brokerage deals and promotions.
Ask Rob
The question: "Further to your advice for university students, what do I say to a granddaughter who says she will need a car for her co-op or next summer job?"
The answer: Tell her that owning a car would be a big, sucking drain on her finances and that it's better to borrow, rent or use a ride-sharing service like VRTUCAR or Zipcar rather than own. I assume the bus is not an option.
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