Self-made millionaire David Bach came to CNBC with some simple, yet important, advice for our millennials, saying that renting is "the single biggest mistake millennials are making" because buying real estate is "an escalator to wealth.” Further stated by Bach, people who own real estate are 38 times wealthier than those who rent. Bach elucidates this point by breaking down the math which therein states that as a renter, you end up spending “half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing.” The advice is simple: if you aren’t buying your own home, you’re robbing yourself of more than just financial stability.

Bach himself is almost overqualified when talking about this issue, having nine consecutive New York Times best sellers; contributing to NBC’s Today Show over a hundred times; regularly appearing on  ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS; and being profiled in multiple major publications including, The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes. If you would like to learn more from Bach, he is also the founder of a website called FinishRich.com.