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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years<\/strong> Trusted by<\/strong> Every self-made millionaire<\/a> has a different story of how they attained their wealth. While there are countless ways to build up your bank account, each approach requires focus, goals, commitment, a little luck and smart moves.<\/p>\n For Andrew Lokenauth<\/a>, a finance expert who leverages his Wall Street background to educate his millions of followers seeking investing and personal finance advice through his newsletter, Be Fluent in Finance<\/a>, he found a strategy that got him to the top. Today, he\u2019s a successful entrepreneur who helps others increase their net worth<\/a>, but he also lost a significant amount of money to financial mistakes<\/a> that he estimates cost him a staggering $5 million in wealth.<\/p>\n<\/p>\n \u201cThe worst part is that most were completely avoidable,\u201d he said.<\/p>\n Lokenauth has impressively achieved multimillionaire status, but his path wasn\u2019t easy \u2014 is it ever? He still has regrets, but reveals how he overcame his financial blunders and how others can avoid them in a candid interview with GOBankingRates.<\/p>\n Regret #1: Not Maxing Out My 401(k)<\/p>\n For employees with access to a 401(k)<\/a>, Lokenauth advises taking advantage of it and maxing it out.<\/p>\n \u201cMy biggest regret was not maxing out my 401(k) in my early 20s,\u201d he said. \u201cI was making good money \u2014 about $100,000 to $300,000 \u2014 but I only contributed enough to get the company match. I thought I was being smart by keeping cash for opportunities.\u201d<\/p>\n<\/p>\n The \u201crookie\u201d mistake cost him $1 million to $1.5 million in compound growth, he estimates.<\/p>\n Regret #2: Pulling Out of Investments Too Soon<\/p>\n Lokenauth used timing to work in his favor early on, but timing wasn\u2019t on his side later when he misread the market and pulled out a large portion of his portfolio during a downturn \u2014 his second major regret.<\/p>\n \u201cIt was my failed attempt at timing the market,\u201d he said. \u201cI was thinking I could outsmart everyone else and missed the recovery completely. The thing is, I was convinced I had special insight into market patterns.\u201d<\/p>\n That move cost him around $400,000 in lost gains.<\/p>\n<\/p>\n Regret #3: Letting Great Real Estate Deals Slip By<\/p>\n Lokenauth\u2019s third regret is not buying certain properties when he had the chance because he thought the asking price was too high.<\/p>\n \u201cThat same property\u2019s worth four times more now,\u201d he said. \u201cSometimes I drive by it just to torture myself.\u201d<\/p>\n Despite these costly missteps, Lokenauth made some other smart moves that paid off in a big way.<\/p>\n Timing Is Key When Building Wealth<\/p>\n In 2008, the U.S. was in the midst of the Great Recession<\/a> \u2014 the economic downturn triggered by a housing crash. The following year, Lokenauth graduated. And while many would have considered that bad timing, he didn\u2019t.<\/p>\n \u201cWhile everyone was panicking, I was buying,\u201d he said. \u201cProperties in NYC were practically on sale \u2014 and looking back, those real estate investments were game-changers. Same with the stock market.\u201d<\/p>\n<\/p>\n How You Spend Your Salary Matters<\/p>\n Besides turning a bad economy into an opportunity, Lokenauth\u2019s finance degree opened doors to high-paying jobs in the $100,000 to 300,000 range. But his paycheck didn\u2019t make him rich \u2014 it was how he invested his money.<\/p>\n \u201cI lived well below my means and invested aggressively,\u201d he said. \u201cWe\u2019re talking 50% to 70% of my income going straight into investments \u2014 S&P index funds<\/a> and tech stocks.\u201d<\/p>\n Boring Investments Work Best<\/p>\n The real wealth builder for Lokenauth was what he invested in. He called it a \u201cboring-but-effective investment strategy.\u201d<\/p>\n \u201cI dumped money consistently into S&P 500 index funds and some tech stocks,\u201d he said. \u201cNothing fancy \u2014 just steady contributions month after month. And man, those early tech investments, particularly in companies everyone uses daily, really paid off. I also got into Bitcoin relatively early.\u201d<\/p>\n<\/p>\n Lessons From Financial Mistakes<\/p>\n Lokenauth may have lost a lot of money along the way, but he also learned valuable lessons that helped him become a multimillionaire.<\/p>\n How To Avoid These Wealth-Building Mistakes<\/p>\n Lokenauth not only advises his clients, but regularly shares tips through his newsletter and social channels on how to sidestep investing pitfalls. Here are five methods he recommends:<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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