Hey Juno community!
Elon Musk is turning his focus to carbon removal, the UK economy has shrunk (but not as much as analysts expected!), and the annual rail fare rise in the UK is set to be delayed.
Plus, one community member dives into what she learned from taking a long, hard look at her salary over the years 👀
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In the news this week...
1. Elon Musk looks to fund a carbon removal startup
One minute he's being sued by Twitter, the next he's putting $80m towards funding a carbon removal start-up. If there's one thing that can be said about Elon Musk, it's that he's often unpredictable.
The entrepreneur and billionaire has pledged the amount as part of XPrize, a competition encouraging tech development for the benefit of humanity.
What does this mean for me?
It can feel like the climate crisis is all doom and gloom, but the possibility for genuine solutions and innovation is still there. Carbon removal is set to be a key solution in tackling the climate crisis, so Elon's money is likely to go far.
🌍 Dive into what exactly carbon removal is and why it's so important with this podcast.
2. The UK economy has contracted in Q2, but not quite as much as expected
While analysts predicted a contraction of 0.3% in Q2, the economy contracted by 0.1% instead. It's a sign that the economy is stagnating – no surprise given the ongoing cost of living crisis.
What does this mean for my money?
We're not quite in a recession yet, but this puts us on the verge. While there was growth in Q1, more contraction in Q3 would put us into official recession territory.
🇺🇸Stateside, news of a technical recession doesn't seem to have hit quite as badly as analysts expected.
3. Rail fares in the UK are set to rise (but less than inflation)
Usually the rail fares rise every January proportionally to the RPI measure (which is one way of calculating inflation) from the previous July. But in 2023, the rise will be delayed to March and will be less than inflationary levels.
What does this mean for my money?
Government ministers are pointing to the pledge as a way to control inflation and help struggling consumers with the cost of living, but given that rail workers are still striking over pay, the news is unlikely to go down well with sector employees.
What's happening in the community?
1. How can being strategic about your salary accelerate your career?
Community member Margherita sat down and went through all of her salary data over the last 7 years (props to her for the commitment!)
Here's what she learnt from getting into the numbers 📊
"This data made me realize that my financial situation could have been more strategic if I:
Knew how to negotiate my salary from early on in my career
Regularly revisited and negotiated my salary (at least once per year, if not even every 6 months in rapidly scaling companies!)
Jumped into a consistently higher salary when I changed job/company
Regardless of any future plan, looking into the data and trends from the past 7 years has been a gamechanger for my money mindset and beliefs!!"
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