How Trump's ‘Art of the Deal' Translates To Your Personal Finances
President Trump built his entire brand around being a larger-than-life character. His gold-furnished buildings, flamboyant demeanor, golf courses and time on 'The Apprentice' turned him into a household name before he ran for president.
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It's easy to assume that a billionaire real estate investor is difficult to relate to, but Trump shared various insights in his book 'The Art Of The Deal' that can strengthen your personal finances. Not everyone wants to build skyscrapers with their names at the top of them and even fewer people have the necessary drive to make it happen. However, these insights from his book can help you with your financial goals, regardless of where you are on your journey.
Some people put themselves through significantly challenging workplaces and do hard labor just for a dollar. Some of these same people waste their money and don't end up with much in retirement, while others invest for long-term wealth.
'We were brought up to know the value of a dollar and to appreciate the importance of hard work,' Trump wrote.
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Knowing how much time and effort it takes to get a good salary can lead people to make better financial decisions. It's easy to spend impulsively, but if someone realizes that they have to use their overtime money for an impulsive purchase, they may think twice. Unnecessary purchases are the equivalent of wasting hours of labor that you performed to receive your paycheck.
Trump is a very competitive real estate investor. His book details creative ways that he used leverage to secure deals, get tax breaks and build his fortune. Part of his success has been his ability to outperform the people around him.
That doesn't mean keeping up with the Joneses, but it does mean striving to become a better version of yourself.
'In college, while my friends were reading the comics and the sports pages of newspapers, I was reading the listings of FHA foreclosures,' Trump wrote.
Regularly reading personal finance books and educating yourself on best practices will give you an edge over the competition. More importantly, you will put yourself in a better position to reach your long-term financial goals.
Trump observed that this trend continued well beyond college. If you outwork everyone and work smartly, you're bound to achieve your objectives.
'I remember wondering if every successful person in Manhattan was a big drinker. I figured if that was the case, I was going to have a big advantage,' he wrote.
Trump likes to set future goals. For instance, it takes several years for Trump to perform his biggest deals because of the logistics behind them. However, he stays focused on the present and explained this mentality near the start of his book: 'I plan for the future by focusing exclusively on the present. That's where the fun is. And if it can't be fun, what's the point?'
You can set ambitious goals, such as having a $1 million portfolio within a decade. However, you also have to focus on what present actions you can take to move closer to that goal. You can look for ways to invest a higher percentage of each paycheck, reduce spending and pursue jobs that may have a higher salary.
Gambling has become more prevalent in recent years. Options contracts right before earnings and sports betting are two of the growing trends that have captivated many gamblers. While you can enjoy a high from making a correct prediction, gambling will hurt your finances in the long run.
Although Trump has made plenty of big deals, he never gambled. He wasn't afraid to wait a few years for deals to become more attractive and he remained realistic while looking at the numbers.
'If you go for a home run on every pitch, you're also going to strike out a lot,' he wrote.
Ironically enough, Trump also alludes to the importance of finding great deals and not gambling while discussing his entry into the casino business. The prospect of legalized gambling caused Atlantic City properties to gain substantial value, but it wasn't a sure thing at the time. If gambling wasn't legalized, those properties' valuations would come crashing down.
'I thought it was a better bet to pay more for a sure thing,' Trump wrote.
He waited for gambling to be legalized before entering the Atlantic City market. Even then, he waited a few more years because he thought Atlantic City real estate had become overvalued due to the excitement. Putting money into a sure thing instead of a speculative investment proved to be valuable for Trump.
It's not easy to achieve meaningful financial goals like getting out of debt and retiring on a solid nest egg. While knowledge and skills are both important, Trump emphasizes the need to commit to your goals instead of getting flaky when challenges show up.
'Much more than you think, sheer persistence is the difference between success and failure,' Trump wrote.
Persistence can get you out of debt. It can inspire you to look for new opportunities to boost your earnings and cut costs. A persistent mindset can also help you reach your financial goals despite all of the obstacles that are in your way.
Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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