PFT #52 - Personal Finance Tip of the Week: Radon; The Silent Killer
Updated: Apr 5, 2022
Radon is a silent killer because it’s an odorless gas that we breathe in normally; and it is the second leading cause of lung cancer behind smoking. In addition, 21,000 deaths occur yearly.
So what is radon you may ask? Let’s do a quick assessment: It is the main source of our exposure to all radiation. The rocks and soil beneath our homes contain traces of uranium and over time, it breaks down creating radioactive decay which emits radioactive radiation.
So this is not a good thing; however, it can be managed safely.
For starters, you can purchase a home test kit from Amazon, Home Depot, Lowes and the like, in the $15-$20 range.
Now if you do have high levels of radon, it goes without saying that you should get a professional to fix the problem. From my research it costs an average of $1,200 with a range from $800 to $1,500.
Once the remediation is complete, you may also monitor it with a 24/7 device. I happen to own a Wave Radon detector through a company called Airthings and this is precisely how I realized that I had a problem.
So now I am in the process of putting a ventilation system into my home for $1,000.
So now that we have that covered, this is a reminder to keep an eye on hidden financial tips that people often overlook.
The first one is the rainy day fund comes into play, as this money is set aside for unforeseen events. If you take my situation, the radon kit, the Wave monitor and the professional service will cost me $1,165; however, I’ve saved the money to pay for it.
The second point is that there is no price that can be placed on one’s health. Unplanned surgeries, long-term conditions and diseases can be a large financial burden for people of all income levels.
The bottom line is that it is important to save properly, and look around your home and put preventative measures into place - upfront costs by far outweigh potential costs and health problems down the road.