This 29-year-old YouTube millionaire shares his biggest money mistake. (via CNBCMakeIt)
Real estate investor and YouTube star Graham Stephan has made a series of smart money moves throughout his career.
"I bought what I could outright," he says, including his first property, which cost $59,500. But, ideally, "I would have put 35-50% down per home and bought two to three times the real estate." If he'd been able to finance six homes, for example, instead of buying three outright, "I would definitely be way further ahead," he says.
Even though I had the savings and I had the income, no bank wanted to give me a loan because I had zero credit history.secured cardToday, he has 12 credit cards and owns six properties, which bring in $15,105 a month in rental income. After factoring in expenses, which include three mortgages, property taxes and insurance, he earns about $5,000 a month in profit.
He's not the only self-made millionaire encouraging young people to open credit cards as a means of establishing credit. Bestselling author of
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