Recently, my dad quit smoking after years of us encouraging, motivating, persuading, yelling, and cussing (you name it, we’ve done it). It was a struggle for so many years, but the fear of sickness finally convinced him to quit smoking. Many of us smoke (in fact, one third of all male in this world do), but none of us ever think about the harm it has on our body and our wallets. From experience, I won’t dare try to convince anyone to quit smoking, but here are some financial facts we should all consider every time we light a cigarette.
- At $5 a pack of cigarettes, my dad could’ve accumulated $1.6 million in investment and savings. This is assuming that he would invest or save the money weekly for 50 years earning 10% annually. 50 years ago, the cigarettes were not $5, but my dad smokes more than one pack of cigarettes many days of the year too. This also does not include the cost of lighters or matches.
- His life insurance is much higher because of his “experience” in smoking. Actually, we were told that his insurance would probably be 1/4 if he never smoked.
- His health insurance is the same thing, read the life insurance point again.
- Non-smokers receive home owners insurance of about 10% less because there are fewer chances that they will burn down their home.
- Non-smokers usually perceive a better image than smokers which indirectly lead to a higher salary. This is due to smokers potentially having yellow teeth, bad breath and smelly clothes.
- Those extra packs of gum, extra trips to the dry cleaners all add up in our lives.
The list goes on and on. Smoking ranks as one of the most harmful activities we can do to our physical and financial health. If you read this blog because you want to live financially free, why don’t you quit smoking too?
Pass this on to your smoking friends.