Quitting Smoking Could Make You a Millionaire

Only people who have been living under a rock for the past decade could possibly be unaware of how expensive a smoking habit can become.

The government has initiated massive tax hikes over the past decade on all tobacco products, almost doubling the price over 10 years. The reasons stated for this huge increase are so that it discourages people from smoking in the first place, and for those who still choose to do so it funds the additional medical treatment required by the majority of lifetime smokers.

Most smokers who have thought about quitting have, at some point or another, worked out how much money they would save if they were able to stop. Most have realized the sums are in the thousands of dollars over the course of a year.

A new report from the Investor’s Chronicle goes even further.

Paul Claireaux compiled figures for the exclusive report showing how an average smoker, classed as one who smokes around one packet each day, can have the equivalent of almost a cool $1 million in their retirement fund by the time they reach 65!

The actual figure is closer to $3 million, but the report takes into consideration inflation, making it worth the same as $1 million today. This figure works on the basis that a person who takes up smoking in their teens quits when they are 20 and puts the average price of a pack of cigarettes per day into a good company defined benefit plan, where employer matches contributions of 60% or more.

While the $1 million may not be achievable for everyone there are huge savings to be made by quitting or changing your smoking habits.

E-cigarettes are now in use by an estimated 700,000 people in the UK alone. These nicotine vaporisers emulate the action and effect of real cigarettes, but at only half the cost and with none of the associated health risks bar those from nicotine itself, which are minor.

If you want to get an idea of how much quitting smoking could make you, then try the Quit Smoking Calculator at ecigarettedirect.co.uk and see how much you could potentially save.

WSL Editors Note: For years I smoked cigars – not the fancy ones but the Swisher Sweets you can buy in a pack – and I was able to quit cold turkey (after attempting the patch a few different times). One of my close relatives has been trying to stop smoking and has tried the patch in addition to Chantix. It seems to be working for him other than the terrible side effect most experience: extremely vivid and crazy dreams. I experienced those same dreams while on the patch and I can say that it wasn’t very fun. Regardless, quitting smoking can save you a TON of money over the course of 10 or 30 years. If you’re looking for a way to boost that retirement fund, then look no further!


  1. It really does add up. Thankful I have never smoked. This article would be motivation if I did!

  2. Savvy Scot says:

    I admire those who quit. I have never smoked, but I know so many people who are utterly hooked!

  3. My fiance and I FINALLY quit as a joint New Years Resolution. We’ve been going strong although this isn’t the first time one of us has tried. Problem was only one of us quit and the other wound up (not intentionally) dragging the other back in. Now we’ve both quit together and things are looking good. While I know we’ll save a ton by quitting, we’re more concerned with the whole not dying part 😉

  4. I’m really glad that I’ve never smoked. Very thankful, actually. It doesn’t sound like a habit that is easy for each and every person to quit, based on what I read and hear. Anything that has could have health ramifications AND costs money on a recurring basis is something to strongly consider cutting out.

  5. Laurie says:

    My parents did the hypnosis thing for quitting smoking almost 25 years ago, and it worked wonders the first time. They’ve never looked back, and have saved tens of thousands of dollars since! Great post, Andy.

  6. Jose says:

    I’ve been smoking for a long time and know I need to quit. I’ve tried many times and have failed. I need to screw up my courage, face a couple of days of misery and get with it. It’s not only the money that I’ll save (although that will be nice), it’s my health and longevity that I’m really concerned about.

  7. It is amazing how much money you can save if you change your habits. I don’t smoke but I do have habits that I have cut back on like eating out, going to Starbucks, etc.

  8. CF says:

    I’ve never smoked so I’m not sure how I would deal with it. I’m not the kind of person who gets easily addicted to substances, so I’d like to think I’d be able to quit.

    I do get easily addicted to things like video games though…

  9. Last week was my official one year anniversary of quitting smoking and I’m darn proud of it. The money was second to my health on the list and it should be for anyone. The money is just a perk, life well you can’t buy that. Great post of awareness Andy.

  10. I’ve never smoked (apart from one experimentation when in France with school!) but Maria used to smoke Camel – probably 20 a day.

    She gave up before our son was born but then relapsed before going to an Alan Carr workshop that cost £250 but has saved that every month or so since! She never considers herself a smoker now and never has the urge. So it is possible. Cigs in the UK are now over £7 for 20.

    If you are a smoker, it certainly is the best investment you can make as long as you succeed of course!

  11. Pauline says:

    A couple of friends have tried the e-cigarette and it seems to do the trick for them. It seems weird at first but keeps your hand and mouth busy, something that the patch doesn’t.

  12. I’m trying to get one of my friends to quit smoking, but he’s just going to have to do it on his own terms. Funny thing is that he wants to buy a new car and his rent is going up this year. If he cut out the smokes, he’d not only be healthier, but he’d be a sizable step towards being able to afford what he wants to buy.

  13. What I find so crazy about smokers is it’s usually the people who live paycheck to paycheck who are buying cigarettes. I”m not saying they don’t have the right to but if they could only realize how much they could have over the long term.

  14. Thad says:

    I don’t make nearly enough money to smoke (not that I ever would). Add the additional expense related to bad health and, thus doctor visits caused by smoking, and smokers really spend a ton of money.

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