Cease Smoking: The One Resolution For 2014 That Pays You Back

12:16 pm in Weight Loss News by seph

We all realize that smoking is bad for one’s health. Actually in the opinion of the Center for Disease Control and Prevention, tobacco use causes more than 5 million lost lives every year across the planet. Commonly smokers die 10 years before than nonsmokers do. Therefore as 2014 is upon us, if you’ve elected to quit smoking as one of your resolutions, consider the following costs of smoking as added bonus to stop.

Big Opportunity Costs

Smoking really is a expensive habit. Buying one pack of cigarettes everyday the average smoker spends about $2,500 a year. Those funds should be put to work paying down your mortgage, student loans or Master Card balances, helping to improve your finances. But the opportunity costs are even larger when you glance at the long-term.

The average yearly return for the S&P 500, including the Great Depression and Great Recession, is 7.81 percent over the last 20 years. If you invested $2,500 per year over 20 years, you might have $140,000. Invest $2,500 annually for 30 years and the potential return is nearer to $350,000. Put those self same funds to work using an advanced financial newsletter service like what Summerland Associates offers and the total might be in the millions!

Expensive Insurance Costs

Smoking also increases the cost of insurance premiums. As mentioned earlier, smokers die at a younger age than nonsmokers do. As a result, your life insurance premium might be twice what a non-smoker would pay. That amount can equate to thousands of dollars per annum. Smokers also have more medical issues than nonsmokers do so you will need to pay more for health insurance. According to a article in Forbes, insurance companies can charge smokers 50 percent more than they charge nonsmokers under the Affordable Care Act.

House owners insurance is also more pricey for smokers. Statistical data are clear: folks who smoke have house fires more often than people who don’t. That fact leads to higher insurance premiums. Statistics also show that smokers get into more automobile crashes than nonsmokers do. This implies an increase in auto insurance rates as well.

High-priced Medicines and Medical Treatment

Smoking harms nearly all organs in the body in the opinion of the CDC. In the process , it noticeably elevates your likelihood of developing coronary heart problems, peripheral vascular illness, lingering bronchitis, emphysema, and a spread of cancers. Treatment of these conditions may need expensive medicines and even hospitalization. According to the American Lung Association, smoking cost the United States $96 billion in direct health care outlays in 2004, or an average of $4,260 per adult smoker.

If you are a smoker, this is the time to quit smoking. While the health benefits are greatest for those that stop smoking earlier, you can cut your chance of disease and death without reference to age. It might not be straightforward — according to the CDC, the nicotine in cigarettes is as addictive as heroin, cocaine and alcohol — but it is possible. Visit http://www.cdc.gov/tobacco/campaign/tips/ for motivating stories and tips, and talk to your doctor about smoking cessation programs available through your health insurer. Once you’ve successfully given up, be absolutely certain to chat to your insurance pro about possible nonsmoker discounts on all your insurance products. Finally, put that extra cash to work. Pay off debt. Save for a vacation. Put more into your IRA. The sky’s the limit!

John A. Larsen, the Managing Director for Summerland Associates, LLC, has worked in and around financial services for 20 years starting in banking. John has held Series 7, 63, and insurance licenses working with high asset value clients to craft better portfolios. John has additionally consulted with major corporations and spent the last 10 years refining advanced investment theories into a series of practical methods that now drive the Summerland Alerts. More articles can be found on Summerland Associates web site or via Wealth Building Ideas, published for iPads.