Michigan Smokers Spend Over $1.4 Million In Their Lifetime
The average smoker in Michigan will spend over $1.4 million in his or her lifetime, according to a recent financial analysis. Although the results of the latest survey from WalletHub sound nearly impossible, considering the average American with a high school diploma will earn only $1.2 million, Michigan smokers will apparently spend $1,492,182 on cigarettes, taxes and healthcare before becoming one with the worm.
Considering the average American holding a Bachelor’s Degree is estimated to earn $2.1 million throughout the course of their lifetime, the latest data indicates that semi-educated people are wasting more than half their income on smoking.
"It's Tobacco-Free Awareness Week, also paired with that it's New Year's resolutions season, we figured people who aren't too inspired to quit by the health risks, at least the financial costs should raise some awareness," Jill Gonzalez, a spokeswoman for WebHub told The Detroit Free Press. "I and most people really just think of the cost of cigarettes and taxes on the packs, but if you think about the healthcare costs, which can totally be avoided, healthcare insurance premiums and in the workplace, bias against smokers that can ... add up."
The latest statistics are based on an individual who smokes a pack a day for 51 year, plus what could have been earned if the money was put into investments. So, if you are looking to enjoy more of your annual income and save up some form of a retirement nest egg, quit smoking and invest those funds...perhaps in the tobacco industry.