Quitting This in New York State Could Buy You a Porsche

New Yorkers apparently spend so much money on this costly habit every year, they could have bought themselves a Porsche Boxster Spyder instead.

New National Report

There isn't a hobby out there that isn't cheap. From knitting to playing Dungeons and Dragons, the cost to buy the basic, yet quality items to enjoy the thing you love has risen to a painful price. Unfortunately, we're only going to continue paying more and more.

A recent report from the U.S. Labor Department found that inflation surged once again in December and the amount blew predictions out of the water. Forecasts said the highest inflation would climb in the month of December would be 3.2 percent, but the inflation rate actually rose by 3.4 percent last month.

Of course, this means the Federal Reserve might restart interest rate hikes to combat consumer price growth.

Read More: Why Is Allergy Medicine Going up in Price All of a Sudden?

Unfortunately that means we are paying even more to afford basic necessities - and that is forcing some Americans to cut into the budgets they've set aside for pleasure. As for others who cannot give up what brings them joy, they are forced to recalibrate their budgets to ensure they can continue doing what they love - no matter the cost.

But one particular habit has become so expensive, New Yorkers are, on average, spending what's roughly the cost of a luxury vehicle every year to feed it.

New York #1

It's estimated that there are 28.3 million Americans that smoke. Here in New York, the state Department of Health estimates about 12 percent of the population, or about 1.7 million residents, are smokers.

According to New York State Health Commissioner Dr. Mary T. Bassett, the state's average smoking rate is shrinking. For four years in a row, smoking rates dropped in the state.

That may be due, in part, to high cigarette prices. Currently, the average cost of a pack in the Empire State is roughly $12, and that price adds up fast for those who smoke a pack a day.

WalletHub conducted a survey on just how much smoking costs the average American and found the habit is burning a nasty hole in New Yorkers' pockets. In fact, residents here pay the most in out-of-pocket smoking costs.

On average, Empire State residents spend roughly $4,705 a year on cigarettes alone. That amounts to a lifetime cost of $225,833, which is enough to buy certain Lamborghini, Bentley, McLaren, Lamborghini and Aston Martin luxury models.

However, smoking costs more than just a pack of cigarettes, as the habit also leads to health care expenditures, income losses and other costs brought on by smoking and exposure to secondhand smoke.

WalletHub found the total cost over a smoker's lifetime in New York State averages about $5.18 million.

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Boiling it down, it amounts to $4 million in financial opportunity - or money redirected from things like savings to pay for smoking-related expenses.

One of the major expenses caused by smoking is health-care, which amounts to roughly $275,187. A prime example of that is insurance premiums being higher for smokers than non-smokers. This could also impact job performance and WalletHub estimates smokers in the state see $649,356 in income losses alone.

In all, the total cost per year per smoker in New York amounts to $108,097.  In comparison, US News says a 2023 Porsche Boxster Spyder costs $103,000 - meaning if smokers were to kick the habit and reap immediate benefits to their health and wellbeing, they could technically save enough money to buy themselves a luxury vehicle.

You can read more from WalletHub, and how they determined these insanely high numbers, HERE.

Want to Quit Smoking?

While it is your red-blooded American right to smoke, there's been an abundance of research that's proven a connection between frequent smoking and certain health issues or chronic diseases.

Said the NY Dept of Health:

Tobacco use remains a significant public health problem, with diseases caused by smoking and secondhand smoke killing more than 22,000 people each year in New York State. Another 650,000 adults live with a chronic disease caused by smoking.

On a national scale, the nation loses roughly 480,000 people to smoking-related deaths each year.

The Centers for Disease Control and Prevention has tips on how one can begin their journey to quit smoking.

There are several phone numbers one can call to get the process started if they need extra encouragement.

Those hoping to find the best plan of attack for them can call 1-800-QUIT-NOW (1-800-784-8669) or text QUITNOW to 333888.

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