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The Financial Mistakes Series (part #8)

by Apr 20, 2020

This is the 8th instalment of my Financial Mistakes Series, where I’m listing what I think are the big mistakes that can damage any plans of early retirement. Today I’m talking about one which is not just financially bad: it’s also plain silly.


I don’t think there is anything as bad for your health and your finances as smoking. Just focusing on the financial side of things, a quick calculation goes like this:

1 packet of Marlboro a day (around £10) for a full year will set you back a whopping £3,650. If you invested that money at 5% interest, it would increase to £15,775 in 30 years. If you did it every year, at the end of those 30 years you’d have around £255,000. Wouldn’t that boost your early retirement fund?

Having said that, someone might counterargue that the more you smoke, the shorter your retirement is likely to be, so you probably won’t need that money anyway 😜

The Family’s Perspective

This really doesn’t need any additional perspective. The health damages of smoking are proven, and the financial costs are simple to calculate. Luckily each day we see less and less people smoking, as it is not as cool, cheap, and socially acceptable as it used to be. Great! 

Are we going to make this mistake?

Absolutely not. We don’t smoke, and we are looking forward to those £255,000 in due course! 

…More money mistakes?

Check out the full series here.


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