Become a Millionaire – Stop Smoking

December 12, 2011 | Author: | Posted in Health & Fitness

So you would like to be a millionaire? If you smoke or are pondering it – I'll give you at least $1 million reasons not to start. For the sake of conversation, I'm going to use me as an example. I have smoked for over 20 years and frankly I loved it. It wasn't till I eventually got it through my head about the possible risks to health to me, my family and the increasing costs that I finally decided to give up.

You all know or should really know about the possible risks to health and I won't rehash it. What I would like to talk to you about is the monetary impact. I smoked 2 packs of cigarettes per day and on a good Friday night out on the town it might sometimes be as much as 3 packs.Ok.. Here it comes. Two packs of cigarettes per day at a typical value of $3.50 per pack multiplied by seven days equals $49.00 per week or $2555.00 for one year. Now lets take a teenager at age 18 who starts to smoke and lets also presume they were to stop at age 65 on retirement which is 47 years. 47 years x $2555.00 = $120,085.00 spent on cigarettes at todays costs.

Now one hundred and 20 thousand dollars is itself not enough to make you rich but you could buy some fairly nice stuff for that amount. The wizardry is in a little thing called compound interest. Presuming that rather than smoking – You took that same 2 packs a day or 7 greenbacks and invested it in a mutual fund. Let’s also assume that you invested it in an index fund which over the life of the stockmarket has averaged 10% per year. After 47 years you would retire with $2,730,489.02. That almost $3 Million bucks. How is that for an inducement to not smoke?

What about the rest of us who have smoked for 20 plus years? A woman or man who give up at age 40 under the same eventuality who save $282,615.51. Now that is not 1,000,000 bucks however it would still buy a fairly nice home. What's far more amazing is that these figures are based mostly on today’s prices and do not even account for inflation over the same amount of time.Even if you're not interested in investing the money saved from smoking then think about this: $2555.00 applied one time annually to a $200,000.00 mortgage would cut 10 years off a 30 year loan. You would be paying your home off in one in three the time.

The bottom line: If your fitness and family aren't enough to make you stop – Think about why your not living next to the rich and renowned. I hope this gives you food for thought about all of the extras in life you are giving up by smoking.

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