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Quit Smoking and Become Wealthy
Quit Smoking and Become Wealthy
If you are thinking about quitting your smoking habit, you probably have a variety of good reasons. You know that the nicotine is staining your fingernails and skins with an unhealthy yellow color that not even fingernail polish can successfully cover up. You know that smoking causes fine lines around the mouth that may look quite unattractive with advancing age. You know that smoking will stain your teeth and also contribute to the development of gum disease. Of course, you most certainly know about the cancer risks that smoking causes you as well as your loved ones around you. Yet, did you also know that if you quit smoking you might become wealthy? Yes, not just save money, but become wealthy.
Listen up.
A smoker may smoke one pack of cigarettes per day. Let’s assume that the trip to the store (gas, etc.), the purchasing of a brand name package of cigarettes, as well as the applicable sales tax make this little excursion cost $5.
Let’s assume that the smoker will not increase her or his habit, but instead remain steady at one package of cigarettes per day for an entire year. Therefore, let’s multiply $5 by 365 days. The result is a staggering $1,825 per year.
If you were to invest this money in an investment savings account - your stop smoking account - with a six percent annual return, and if you were to continue annually adding to this stop smoking account $1,825, in thirty years your investment would total $66,621! Better yet, invest in real estate - as soon as you have sufficient funds in your stop smoking account to raise the deposit, borrow the rest by way of a mortgage, and use the funds going into your stop smoking account to pay off the mortgage (together with the rental income from the property).
Maybe you have a two pack a day smoking habit? Imagine the savings from giving up a two pack a day smoking habit. $10 per day for 365 days adds up to an amazing $3,650. Investing this amount annually for thirty years in an interest bearing investment stop smoking account with a six percent yield, and in thirty years you will have saved a staggering $133,241! Now there is a little nest egg we’d all like to enjoy! And again, with this you can put a deposit on an investment property and pay it off twice as fast. Then in 10 years or so, you can add to your property portfolio by buying a second property. And then a third. Money is cumulative, so with double the savings going into your stop smoking account, you'll actually reap more than double the rewards if you invest wisely.
Not interested in investing in real estate? Well what would you do with an extra $66,621 or $133,241? You may be able to pay off your home, buy that sports car you always wanted, take an incredible cruise in the lap of luxury, or spend a year just bumming around the country or Europe, taking in the sights and sounds of states or countries you have never seen in person. And after stopping smoking, you'll live a longer life in which to enjoy these added luxuries!
Quite apart from saving the money you'd otherwise spend on your packs of cigarettes, consider some of the other costs of smoking. For example, if you will purchase life insurance, as a smoker you will have to pay about $1,000 per year more than a non-smoker. If you purchase your own health insurance as a smoker, you will quite possibly pay about $350 per year more on the premiums than a non-smoker in a similar state of health as you are.
Yes, smoking is a very expensive little hobby, all considered, isn't it?
Similarly, homeowners’ insurance carriers quite often not only ask if there is a big dog on the premises whose bites may result in suits against the policy, but they now also question if a smoker is occupying the premises.
Home fires caused by negligent smoking cost a small fortune, and the insurance rates for smokers are usually about $60 per year more on a policy.
Add an additional annual $50 for your car insurance rate as well, since smokers tend to engage in behaviors while driving that may lead to accidents.
Suddenly, our one-pack a day smoker is no longer just saving $1,825 per year, but an actual $3,285! Invest this over a thirty year period at six percent a year and you are looking at $119,917!
And if you're the heavy smoker with the $3,650 a year habit, you can accumulate an amazing $186,538 over thirty years simply by stopping smoking today.
So will quitting smoking make you wealthy? Well, all of these calculations have not even begun to factor in the savings of healthcare co-payments and medication expenses that will no longer be incurred simply because you have quit smoking.
Similarly, you will lose less time off work due to smoking related illness, which also will not mean lost wages and lost social security payments that will later on affect your retirement benefits.
So are you ready to stop smoking and become wealthy?
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