We all notice that smoking is not good for one's health. Actually in the judgement of the CDC tobacco use causes more than 5 million deaths every year across the planet. Roughly smokers die 10 years earlier than nonsmokers do. So as 2014 has commenced, if you've made a decision to quit smoking as one of your resolutions, consider the following costs of smoking as additional motivation to quit.
Smoking Causes Massive Opportunity Costs:
Smoking is a high-priced habit. Buying one pack of cigarettes every day the average smoker spends about $2,500 a year. Those funds should be put to work clearing your home loan, college loans or credit card balances, helping to improve your finances. But the opportunity costs are much bigger when you look at the prospective future.
The average annual return for the S&P 500 including the Great Depression and Great Recession is 7.81% in 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 might be in the millions.
Smoking Creates Expensive Insurance Premiums:
Smoking also increases the cost of insurance premiums. As already discussed, smokers die at an earlier age than nonsmokers do. As a consequence, your life insurance premium may be twice what a nonsmoker would pay. That amount can add up to thousands of dollars a year. Smokers also have more medical issues than nonsmokers do so you'll have to cough up more for health insurance. According to a featured article in Forbes, insurance firms can charge smokers 50 p.c more than they charge nonsmokers under the Affordable Care Act.
Owners insurance is also more expensive for smokers. Statistics are clear: people who smoke have house fires more often than folk who don't. That fact leads to higher insurance premiums. Statistical data also demonstrate that smokers get into more vehicle crashes than nonsmokers. This means a rise in auto insurance rates too.
The Damage Smoking Causes Requires Expensive Medicinal compounds and Medical Treatment
Smoking harms almost all organs in the body in the in the opinion of the CDC. In the process it seriously adds to your chance of developing coronary heart problems, peripheral vascular illness chronic bronchitis emphysema and a range of cancers. Treatment of these conditions may need costly medicines and hospitalization. According to the American Lung Association smoking costs the U. S. $96 bill in direct health care spending in 2004 or a mean of $4,260 per adult smoker.
If you're a smoker you have masses of monetary motivation to quit smoking in 2014. While the health benefits are the best for people that give up smoking earlier, you can cut your likelihood of disease and death in spite of age. It might not be straightforward to do as the nicotine in cigarettes is as addictive as heroin, cocaine, and alcohol however it is possible. Be sure to visit the CDC web site for motivating stories and tips and talk with your doctor about smoking cessation programs available through your health insurer.
After you've successfully quit smoking be sure to speak with your insurance professional about possible nonsmoker discounts on all of your insurance products. Ultimately put that extra money to work. Pay off debt. Save for a vacation. Put more into your IRA. 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 starting in banking. John has held Series 7, 63, and insurance licenses working with high net worth clients to craft better portfolios. John has spent the last 10+ years refining advanced investment theories
into a series of practical techniques that drive the Summerland Alerts. More articles are available on Summerland Associates website or thru Wealth Building Ideas, made availalbe for iPads.
into a series of practical techniques that drive the Summerland Alerts. More articles are available on Summerland Associates website or thru Wealth Building Ideas, made availalbe for iPads.
