Public speaker and life coach Tony Robbins on CNBC's Last Call spoke about the "consumer culture" in America with the example of updating an iPhone every year instead of using that money to invest in Apple Inc.'s AAPL shares.
What Happened: In the conversation shared on X, formerly Twitter, on Monday, Robbins spoke about the prevalent consumer culture in the U.S.
He used the example of regularly updating an iPhone, a common practice, and suggested that the money spent on these upgrades could be more wisely invested in Apple stock.
Robbins stated, “We don't teach young people or most people in our country to really take advantage of free enterprise. Most people's biggest problem and their financial pressure is that they are consumers, they aren't owners.”
"The other day, I was trying to get this point across to a young group of people," he said, adding that 90% of the group owned an iPhone.
"I said, well, you talk to someone who's had iPhones since the beginning … I've had every iPhone. I went and did the math," Robbins said.
He then calculated the amount of money spent on iPhone upgrades since 2007, which totaled over $20,000, adjusted for inflation.
"If you put that same amount of money on Apple stock you’d have $200K… right now instead of spending $20K+,” he said. “We’re a consumer culture, and if you become an owner, the whole game changes.”
In September 2023, Benzinga calculated that an investor would have gotten a return of 835.8% if he/she had invested in Apple stock instead of buying iPhones each year, up until the iPhone 14 that was released in 2022.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Photo by WML Image on Shutterstock
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