You heard right, I have spent a total of $150 over the last 9 years on 3 separate iPhones! The secret is simple, do not be an early adopter of technology if you want to build wealth. The Money Vikings think technology is cool and great and all, but when one is the first to own whatever latest gadget or technology, it always costs more.
We recently ran through the example of solar panels. In 1953 it cost $1785 invested to generate 1 watt of electricity from a solar panel. From 2015 and on that cost is down to about .70 cents per watt. In 2005 a flat screen TV cost about $1,600, in 2010 the cost was down to $370. A Tesla model S costs about $85k. A well loaded model III is about $44k. You get the picture.
Due to this, I have always tried to be a late adopter of technologies. Therefore, I buy gently used or refurbished iPhones, and have now owned 3 and spent about $50 each. Much better than spending $1,000 for the latest model!