I am 40 years old and with a few extra pounds and high cholesterol, what are the consequences?

Higher risk. The chances of bad outcomes such as heart attack and stroke are increased by those and other risk factors. I would rather prevent than treat them. Why not consult your doctor as to how to diminish your risk. The first step is always the hardest.
Cholesterol. For every 1mg increase of cholesterol the risk of developing heart disease increases 1 per cent.