Smoking costs you a pretty penny. And we're not just talking about those $5 packs at the 7-Eleven.
Personal finance site WalletHub recently crunched the numbers on what it costs you to be a lifelong smoker in California. The conclusion is a precise and astonishing figure: $1,508,790.
That's more six times the estimated cost of raising a child, said to be $241,080. But, hey, cigarettes won't grow up to hate you. Unless they give you cancer.
Tobacco costs alone in the Golden State will set you back $1,062,735, WalletHub found. Healthcare, if you're lucky, will take $188,368 from your pocket.
And income lost because you smoke? $243,352. That could almost buy you half a house around here.
The site says this is how it came up with its California stats:
WalletHub calculated the potential monetary losses — including the cumulative cost of a cigarette pack per day over several decades, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.
For our calculations, we assumed an adult who smokes one pack of cigarettes per day beginning at age 18, when a person can legally purchase tobacco products in the U.S. We also assumed a lifespan thereafter of 51 years, taking into account that 69 is the average age at which a smoker dies.
The figures come at you during Tobacco-Free Awareness Week. Experts say smoking's cumulative costs for the American economy is $301 billion a year. About 60 million Americans smoke.
The good news is that California did not make the list of the bottom 10 states when it comes to these costs, according to WalletHub. Our total cost per smoker ranking was 35th.
However, the Golden State nearly ranked last (49th) in “other costs” ($14,336), which include increases in homeowner's insurance and costs related to exposure to secondhand smoke.
The worst state for a smoker's total lifetime costs ($2,032,916!) was … Alaska.
With that in mind, don't smoke 'em of you got 'em. It'll save you cash. A lot of it.