Money Lessons You Can Learn From Donald Trump
Category : Tips
In the last few months, Donald Trump has been in the spotlight even more often than in the past. He is known, of course, for his substantial success in the world of business, his successful television show, “The Apprentice,” and most recently for his presidential campaign which is unorthodox. Although he seems to have many valid (or possibly crazy) ideas for his campaign there are actually some lessons that we can learn from Trump when it comes to money management and our money.
It seems that Trump has taught that you need to look deeply into a company and not just at the headlines when you are considering which company you should invest in. Trump himself has never filed for personal bankruptcy but quite a few of his companies have done so even though he is a very successful person. This is a hard money lesson to learn. It is actually a reminder that when you are on the path to success you must first fail in order to succeed. This is a hard but sometimes necessary lesson that everyone must learn.
Love What You Do
Do not do anything that you do not love to do. That is because if you are passionate about what you are doing you are much more likely to find success. You should never invest in something or join an industry because the company or item is “hot.” Instead, invest your money and time in something you truly care about. If you don’t really care about what you are doing you are more likely to let small things slip and your lack of passion will cause you to fail. This kind of failure can lead to a demotion or even the loss of your job, both things you will want to stay away from if you are trying to straighten out your finances.
Always negotiate in person whether you are buying a house or asking for a raise in pay. Trump strongly believes in this principle. This is especially hard now in our age of technology when it is so easy to just make a phone call or send an email. But the results can be drastically changed if you negotiate face-to-face.
You Have Control of Your Finances
Trump firmly believes and teaches that you absolutely have to be in control of your own finances. Of course, he is now financially independent but it took him a while to achieve that status. There is a lesson in that in America if you are able to become financially independent you will not need to answer to ever answer to another person. Trump is certainly the proof of that statement.
Trump has said often that he does not know anyone who is successful who did not work seven days a week. To get the results and money you are seeking, you will have to do the extra work. Trump is not the only person who says that working hard is critical to success. Just about every successful person will tell you the same thing. By adding one or two work days every week, you can also find success, good raises and more money in your pocket.
Use Your Resources
The most obvious factor in Trump’s success in America is that he has used every possible resource at his disposal to achieve his success. He’s used the legal system strategically and has used every other American institution and resource that he has to give him the advantage. There are many, many other people who can also take advantage of these tools that are available. It really just means using simple, small things like tax deductions for investment accounts and 401(k) accounts to your advantage.
When you are considering your finances, there is just no such thing as “luck.” People don’t just get lucky. Donald Trump has reiterated again and again that “The harder I work, the luckier I get.” But we all know it is the hard work that allows him to be successful, not his “luck.”