We all understand that smoking isn't good for one's health. Actually in the evaluation of the Center for Disease Control and Prevention tobacco use causes more than 5 million mortalities per year across the planet. On average smokers die 10 years sooner than nonsmokers do. So as 2014 has already begun, if you've settled to quit smoking as one of your resolutions, consider the following costs of smoking as further impetus to quit.
Smoking Causes Big Opportunity Costs:
Smoking is a high-priced habit. Buying and using one pack of cigarettes each day , the average smoker spends about $2,500 a year. Those funds should be put to work paying down your home loan, college loans or credit card balances, helping to better your personal finances. But the opportunity costs are far larger 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 could have $140,000. Invest $2,500 yearly for 30 years and the potential return is closer to $350,000. Put those same funds to work using an advanced financial newsletter service like what Summerland Associates offers and the total might be in the millions.
Smoking Creates Expensive Insurance Premiums:
Smoking also increases the price of insurance premiums. As already discussed, 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 total thousands of dollars every year. Smokers also have more medical issues than nonsmokers do so you will have to pay more for health insurance. According to a article in Forbes, insurers can charge smokers 50 p.c more than they charge nonsmokers under the Affordable Care Act.
Owners insurance is also more costly for smokers. Statistics are clear: people who smoke have house fires more often than people who do not. That fact leads to higher insurance premiums. Statistical information also demonstrate that smokers get into more car crashes than nonsmokers. This suggests a rise in auto insurance rates also.
The Damage Smoking Causes Needs Expensive Drugs and Medical Treatment
Smoking harms virtually all organs in the body in the in the opinion of the Center for Disease Control. During the process it seriously ups your chance of developing coronary heart disease, peripheral vascular sickness chronic bronchitis emphysema and a spread of cancers. Treatment of these conditions may need expensive drugs and hospitalizing. In the opinion of the American Lung Association smoking costs the U. S. $96 billion in direct health care spending in 2004 or an average of $4,260 per adult smoker.
If you're a smoker you have masses of financial motivation to quit smoking in 2014. While the health benefits are best for people that stop smoking earlier, you can cut your likelihood of disease and death irrespective 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 doable. Be sure to visit the CDC web site for motivating stories and tips and communicate with your doctor about smoking cessation programs available through your health insurer.
After you have successfully stopped smoking be certain to talk with your insurance agent about possible nonsmoker credits on all your insurance products. Finally put that added capital to work. Pay off debt. Save for a vacation. Put more into your retirement account. The sky's 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.
We all understand that smoking isn't good for one's health. Actually in the evaluation of the Center for Disease Control and Prevention tobacco use causes more than 5 million mortalities per year across the planet. On average smokers die 10 years sooner than nonsmokers do. So as 2014 has already begun, if you've settled to quit smoking as one of your resolutions, consider the following costs of smoking as further impetus to quit.
Smoking Causes Big Opportunity Costs:
Smoking is a high-priced habit. Buying and using one pack of cigarettes each day , the average smoker spends about $2,500 a year. Those funds should be put to work paying down your home loan, college loans or credit card balances, helping to better your personal finances. But the opportunity costs are far larger 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 could have $140,000. Invest $2,500 yearly for 30 years and the potential return is closer to $350,000. Put those same funds to work using an advanced financial newsletter service like what Summerland Associates offers and the total might be in the millions.
Smoking Creates Expensive Insurance Premiums:
Smoking also increases the price of insurance premiums. As already discussed, 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 total thousands of dollars every year. Smokers also have more medical issues than nonsmokers do so you will have to pay more for health insurance. According to a article in Forbes, insurers can charge smokers 50 p.c more than they charge nonsmokers under the Affordable Care Act.
Owners insurance is also more costly for smokers. Statistics are clear: people who smoke have house fires more often than people who do not. That fact leads to higher insurance premiums. Statistical information also demonstrate that smokers get into more car crashes than nonsmokers. This suggests a rise in auto insurance rates also.
The Damage Smoking Causes Needs Expensive Drugs and Medical Treatment
Smoking harms virtually all organs in the body in the in the opinion of the Center for Disease Control. During the process it seriously ups your chance of developing coronary heart disease, peripheral vascular sickness chronic bronchitis emphysema and a spread of cancers. Treatment of these conditions may need expensive drugs and hospitalizing. In the opinion of the American Lung Association smoking costs the U. S. $96 billion in direct health care spending in 2004 or an average of $4,260 per adult smoker.
If you're a smoker you have masses of financial motivation to quit smoking in 2014. While the health benefits are best for people that stop smoking earlier, you can cut your likelihood of disease and death irrespective 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 doable. Be sure to visit the CDC web site for motivating stories and tips and communicate with your doctor about smoking cessation programs available through your health insurer.
After you have successfully stopped smoking be certain to talk with your insurance agent about possible nonsmoker credits on all your insurance products. Finally put that added capital to work. Pay off debt. Save for a vacation. Put more into your retirement account. The sky's 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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