Verizon wants you to pay $650 plus $85 a month for a 5G hotspot

Verizon yesterday announced its first 5G hotspot, namely the Inseego MiFi M1000 that Verizon is selling for $650. On top of the device cost, the monthly fees for 5G service will be higher than 4G even though Verizon's 5G network barely exists.

But the fine print states that customers get 50GB of high-speed 5G data, and 5G speeds are reduced to 3Mbps after that.

Verizon has said its 5G users "should expect typical download speeds of 450Mbps, with peak speeds of above 1.5Gbps and latency less than 30 milliseconds."