The Money Show's Bruce Whitfield interviewed Maya Fisher-French, Personal Finance Editor for Maya on Money and City Press, about the cost of bad habits.
Fisher-French touches on the following (and other) vices:
The cost of cigarettes on the time you take to pay off your mortgage
How much you save by sticking to your medically allowed units of alcohol
The real cost of not paying off your credit card in full
- The real cost of procrastination
Listen to the audio (scroll down) for more detail.
If you smoke a pack a day at R36 it’s R1100 a month. If you have a R1 million mortgage; you can cut the repayment by five years. You’ll also pay R290 per month less for life cover. Throw that in and you’re cutting eight years off your R1 million mortgage.— Maya Fisher-French, Personal Finance Editor for Maya on Money and City Press
If you stick to a glass of wine per night, instead of two, you’d save – at R50 a bottle – R360 per month. If you invest it and get a 10 percent return, you’d earn R230 000 in 20 years.— Maya Fisher-French, Personal Finance Editor for Maya on Money and City Press
If you only make the minimum credit card payment on R20 000 it’ll take you over 20 years to pay it off. The bank will love you.— Maya Fisher-French, Personal Finance Editor for Maya on Money and City Press
If you start saving R1000 a month at the age of 25 you’ll have R3.8 million at 60. If you start at 30 then you’ll only have R2.2 million.— Maya Fisher-French, Personal Finance Editor for Maya on Money and City Press
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