We all notice that smoking is not good for one's health. Actually in the evaluation of the CDC tobacco use causes more than 5 million mortalities per year across the planet. On average smokers die 10 years before nonsmokers do. So as 2014 has started, if you have made a decision to quit smoking as one of your resolutions, consider the following costs of smoking as added incentive to quit smoking.
Smoking Causes Big Opportunity Costs:
Smoking is a high-priced habit. Buying and using one pack of cigarettes everyday the average smoker spends about $2,500 a year. Those funds should be put to work paying down your mortgage, student loans or credit card balances, helping to enhance your personal finances. But the opportunity costs are even bigger when you look at the future.
The average yearly return for the S&P 500 including the Great Depression and Great Recession is 7.81% during the past 20 years. If you invested $2,500 each year over 20 years you may have $140,000. Invest $2,500 regularly for 30 years and the potential return is nearer to $350,000. Put those self same funds to work using an advanced finance publication service like what Summerland Associates offers and the total may be in the millions.
Smoking Creates Expensive Insurance Costs:
Smoking also increases the price of insurance premiums. As discussed earlier, smokers die at an earlier age than nonsmokers do. As a outcome your life insurance premium could be twice what a non smoker would pay. That amount can equate to thousands of dollars a year. Smokers also have more medical issues than nonsmokers do so you'll have to ante up more for health insurance. According to a featured article in Forbes, insurance brokers can charge smokers 50 % more than they charge nonsmokers under the Affordable Care Act.
House owners insurance is also more expensive for smokers. Stats are clear: folks who smoke have house fires more frequently than folks who do not. That fact leads to higher insurance premiums. Statistical information also demonstrate that smokers get into more car crashes than nonsmokers. This means a rise in auto insurance rates as well.
The Damage Smoking Causes Needs Costly Medicines and Medical Intervention
Smoking harms nearly all organs in the body in the according to the Center for Disease Control. In the process it seriously adds to your possibility of developing coronary heart disease, peripheral vascular sickness chronic bronchitis emphysema and a variety of cancers. The care for these conditions may need expensive drugs and hospitalization. According to the American Lung Association smoking costs the U. S. $96 bill in direct health care expenditures in 2004 or a median of $4,260 per adult smoker.
If you are a smoker you have plenty of financial motivation to quit smoking in 2014. While the health benefits are the best for people that quit smoking earlier, you can cut your likelihood of sickness and death irrespective of age. It may not be straightforward to do as the nicotine in cigarettes is as addictive as heroin, cocaine, and alcohol but it is doable. Be certain to visit the CDC web site for motivating stories and tips and communicate with your physician about smoking cessation programs available through your health insurer.
After you have successfully stopped smoking be sure to talk with your insurance agent about possible nonsmoker premium reductions on all of your insurance products. Ultimately put that additional money to work. Pay off debt. Save for a vacation. Put more into your retirement account. The sky is the limit!
About the Author:
John A. Larsen, the Managing Director of Summerland Associates, LLC, has worked in financial services for 20+ years beginning in banking. John has held Series 7, 63, and insurance licenses working with high asset value clients to craft better portfolios. John has spent the last 10+ years refining advanced investment concepts
into a series of applied methods that drive the Summerland Alerts. More articles can be found on Summerland Associates internet site or via Wealth Building Ideas, published for iPads.
into a series of applied methods that drive the Summerland Alerts. More articles can be found on Summerland Associates internet site or via Wealth Building Ideas, published for iPads.
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