“Millionaire” might be a label you never thought would apply to you, but we now know of a method that would allow just about anyone to join the exclusive 1 per cent club.
The real question is: are you be willing to go through with it?
New research released by the non-profit Canadian Men’s Health Foundation found that people could rack up between $275,000 and $1.1 million over several decades by doing nothing more than–wait for it–kicking all of their bad habits. It might not sound like much, but when we say “bad habits” we mean everything you consume or do that isn’t necessary or beneficial for your body. We’re talking every beer or alcoholic beverage, every side of fries you get at a restaurant or even every cigarette. The more bad habits you have, the more you stand to save.
For example, a 6-foot, 258 pound man who smokes five cigarettes and drinks one beer everyday could save $275,000 over his lifetime by cutting out those two products alone. If that person were to then invest that extra cash between the ages of 30 and 75, he could walk away with a whopping $1.7 million.
While the research focused on men, there’s no reason these savings couldn’t apply to women as well. Even if you don’t smoke or drink heavily, you can look at the bad habits you do indulge in and try to cut them out.
Of course, this approach requires intense discipline. Not to mention you’d likely notice a significant reduction in the amount of fun you have everyday. But it does help illustrate just how much money we blow on things that ultimately aren’t good for us. For example: the study notes that cigarettes, on average, cost you 10 years of life. Drinking saps about 7.9 years of your life expectancy, while obesity costs 5.8 years.
So why not do your life and your wallet a favour by investing that cash instead?
For more information about the study, check out the video above.