Money Saving Tips - Smoking
If you are a smoker, your smoking habit may be costing you more than you know. A 2004 study by health economists from Duke University and a professor from the University of South Florida found that the combined price paid by the families of smokers and society was about $41 per pack.
This figure is based on the costs for a 24yr old smoker over 60 years of his smoking habit. It includes the cost of cigarettes,taxes,insurance,medical care and lost earnings through smoking related disabilities.
The figure is broken down to $33 dollars paid directly by the smoker, $7 is absorbed by their families and the remaining amount by others. The study used data including Social Security histories going back to 1951.
Smoking IS a Million Dollar Habit
Your smoking habit is a million dollar habit. If instead of smoking, you chose to invest - YOU WOULD BE A MILLIONAIRE - it's straighforward maths - guaranteed! Work out how much you spend on smoking in a week and enter that figure into our "Million Dollar Habit Calculator" - see how long it would take you to become a millionaire!
Lets assume you smoke a pack of 20 per day. If you plug that figure in to our "MILLION DOLLAR HABIT" calculator - Ouch! Instead of smoking yourself to death ( and those around you ) in just 26 years YOU COULD BE A MILLIONAIRE! - Hey, if you invested just moderately well in the stock market you could reduce that time period to just 22 years ( based on 10% p.a. return ). woops! only one little catch, you have to stop smoking now and invest what you save from smoking although the upside is that you'll probably live longer to enjoy your dosh!.
Just think about it now - if you are an 18 year old making the decision between smoking or deciding you have better things to do with your money. THINK ABOUT THIS - by the age of 40, you could be a millionaire if you invest what your smoking habit would cost. - I know what I would choose.
Even if you drop that statistical figure above, after all some of that cost is being paid by others or is calculated using fancy statistics and taking into account things that you are'nt paying for right now. Lets just throw that figure away and lets just keep it simple - $3 for a pack of 20 every day. If you invested that at just 7%, by the end of the study period (60 years) your investment would be worth $4,286,344.76 (Four and a Quarter Million).
There really is no escaping the truth, whatever your dreams are, whatever you desires may be - a smoking habit is simply turning them into just that - smoke. The very best money saving tip I can give you is to give it up NOW and invest in the life of your dreams.
Many will turn around and say, that's all well and good but I'm no longer 18 - I don't have enough time left to turn it around - WRONG! Have a look at these figures - lets work on a 15 year time-scale. Just investing $5 per day over that short period would be worth - $62,861.80. More than enough to help fulfill a dream or two!