A 'Million Dollar Listing' says he learned a life-long lesson from becoming a millionaire at 26 - and losing it all in 6 months
View all Offers
- 11% OFF
Tecno POVA 2 (Polar Silver, 4GB RAM, 64GB Storage)| 7000mAh Battery | 48MP Camera | Helio G85₹ 11999₹ 13499Buy On
- 47% OFF
Samsung Galaxy S20 FE 5G (Cloud Navy, 8GB RAM, 128GB Storage)₹ 39990₹ 70499Buy On
Redmi 9A (Midnight Black, 2GB RAM, 32GB Storage) | 2GHz Octa-Core Helio G25 Processor₹ 6799₹ 8499Buy On
- 20% OFF
iQOO Z5 5G (Mystic Space, 8GB RAM, 128GB Storage) | Snapdragon 778G 5G Processor | 5000mAh Battery | 44W FlashCharge | Rs.1000 Coupon Discount₹ 23990₹ 29990Buy On
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage)₹ 13999₹ 15999Buy On
The star of Bravo's "Million Dollar Listing Los Angeles" and cofounder of real-estate firm The Altman Brothers has sold over $1.5 billion in real estate, including the most expensive one-bedroom house in history, which sold for over $20 million.
Today, the 37-year-old has an estimated net worth of $10 million - but his journey hasn't been all rainbows and unicorns.
Ironically, it was a highly successful real estate investment - he and his brother put in $5,000 each to buy a house for $400,000 (with 100% financing) and ended up flipping it and making $200,000 - that precipitated the loss.
"We kept enrolling that money into bigger and bigger properties," he explains to Torabi - properties that they couldn't necessarily afford.
When the economy collapsed in 2007 and 2008, "I ended up getting stuck in a house that I couldn't move. I had lost all the money that we kept enrolling into the next one and into the next one."
"I thought that I'd never be able to get back to where I was," he continues. "But now, looking back, it was one of the best learning experiences I could have ever had. I learned I'm never going to be that person who's buying stuff that I can't afford."
Altman learned the consequences of buying more than you can afford the hard way.
Now, he pays himself first: "The second I get a check, I take half of it and put it into a separate account that I can't touch. That's my No. 1 rule. I don't even think I have more money than I have because it's already in a different account that I don't even look at."
NOW WATCH: 4 lottery winners who lost it all
- Best barbeque sets for an easy grill
- Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?
- A panel headed by a retired judge will probe if the Indian government used Pegasus to spy on journalists and other prominent citizens
- Sustainability in India is not just about 'going green’ but also topped with societal needs like equality, inclusiveness, and wellbeing: Report
- Fuel prices surged again by 35 paise per litre after a two-day break