How I Lost $1M Due to This Simple Mistake

This mistake cost me a million dollars. Yet most people either have made this mistake or are about to make this mistake in their career. I learned about this mistake when I was talking to Robert Allen recently. Robert Allen is the best selling author of books like Nothing down and Multiple Streams of Income. He is a business genius who helps people increase their net worth by teaching them property investing as well as how to create past streams of income. I first discovered Robert's books in 1998. In fact, his book Multiple Streams of Income helped inspire me to become an entrepreneur before I even grad graduated college. Recently, I got to know Robert when he was speaking at a Mindvalley event. And as we sat down, he told me something really interesting about his company. He said, in my company, when someone on my team buys a house, we do not celebrate them. In fact, we look at them as if they've made the dumbest decision in the world. And I found this really interesting because growing up, my dream was to own a home. For most of us, our dream is to own a home. Yet here is one of the top advisors to the wealthy saying, do not buy a home. He says, always rent, always don't buy. So I asked Robert to clarify because I had bought my dream apartment in 2012 and I was so proud of myself. I'd saved up for years to buy that apartment. And when I did the math Robert asked me to do, I realized that this dumb decision had cost me a million dollars. Now let me show you how it worked. I was buying a dream apartment. I was so excited about this. I was a new father, I had a kid, and I wanted a great place to raise my family. The mistake I made though is I decided to put a down payment of approximately 130,000 dol thousand dollars on an apartment. I then owed the bank approximately $2,500 a month. It's been 13 years since I've bought this apartment and I paid the bank close to $390,000 plus the down payment. That is $520,000. That's what I put into the apartment. Now this wasn't bad. I've had a place for 13 years now that I can call home. But here's what Robert explained to me. If I had chosen to rent that apartment for 13 years and instead taken that down payment and put it appreciating asset, I would be far wealthier. Today, he challenged me to do the math. Back then in 2012, when I bought my apartment, my favorite stock was Apple. I would buy a little bit of Apple, maybe a thousand 2,000 bucks of apple. I was just getting started in my career and most of my money was going into building up my business. If I hadn't put that down payment on that apartment, I would have been able to put $130,000 into Apple stock. Apple stock back then was 13 bucks and 60 cents. Today, that same Apple stock is $174. It's gone up 1,283%. That down payment that I would have put in Apple stock 13 years later would have been worth $1.6 million. How much is my home worth? I put approximately $520,000 into my home. And here's the thing of that $520,000, a large chunk of it actually isn't in the value of the home. It's paying back the bank loan. I've spent 320,000 dol. And today that same home, if I were to sell it, is worth $320,000. Because after the pandemic, the city I lived in was badly hit. I still have barely paid off the bank loan. If I had used Robert Allen's approach, if I put that down payment instead in Apple stock, rented and not bought my home today, that Apple stock, which I paid $130,000 for even after deducting the cost of my rent, would have made me a grand total of $1.26 million. That's a lot of money. That's almost a hundred grand a year in profit. That's a pretty damn good salary. But even if you didn't invest in Apple, even if you invested in a basic exchange traded fund such as Invesco, QQQS is a fund that grows with the growth of the top 100 companies in the NASDAQ. If I just put my money in a basic index fund or etf, I would have still made a gain and a profit of $683,000. That's still a lot of money. The big lesson here is this. Sometimes when it comes to getting wealthy, to making money, what we've been trained to do by our education system and even our parents is not necessarily right. They are powerful tips and strategies that we can apply to help us grow our income, grow our wealth. If I'd known 10 years ago what I know today, I calculated that I would be significantly wealthier. If you find this idea interesting, I want to invite you to join me and Robert Allen in a live summit we're going to be doing shortly. You see, so many people in Mindvalley are entrepreneurs. In fact, startup, founder, entrepreneur, and CEO are the three biggest job titles in mindvalley. So we know a lot of you are go getters, people who are doing great things and also want to accumulate a really great bank account. Just because you're an entrepreneur, a startup founder or a CEO doesn't mean that you're financially smart. These are two different areas of knowledge. And this is why on November 17, 18 and 19, Mindvalley has put together a three day wealth summit. It's going to be happening live in London, but you can also tune in via Zoom. Robert Allen, who has now become one of my mentors, is gonna be our main speaker. But you're also gonna hear from me, from Paul McKenna and from Alfio Bardola, who's one of the top financial trainers in Europe. Event tickets are super affordable. It's just 400 bucks for three days. On day one, we go deep in real estate. On day two, we go deep in stocks and trading. And on day three, we talk about how to automate a business for passive income. Most people today don't understand how to buy property with no money down. Most people today don't understand the difference between an index fund and a mutual fund. We make D decisions and these cost us millions of dollars over our lifetime. But if you could learn the simple practices here in just three days for 400 bucks, think about what that could do to your career, to your retirement fund, to the wealth that you accumulate. I wish I had this knowledge 12 years ago. I've realized I've made some pretty dumb mistakes. That's why I want to make sure that you who are part of our mindvalley community get access to this type of knowledge. So click the link below this video to learn all about this incredible wealth summit that Mindvalley is going to be putting on this November. And perhaps I'll see you. It.