Yahoo Finance 9 Money Lessons You Can Learn From Donald Trump
In the realm of high-stakes business and financial prowess, few names have resonated as much as former President Donald Trump.
Beyond the political arena, his bold financial moves, audacious investments and entrepreneurial flair have left an undeniable mark on the world of wealth creation.
Check Out: How Rich Is Former President Donald Trump?
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Despite all of his controversies, if you dive into the intriguing chapters of Trump’s financial journey, you can learn some invaluable money lessons. From skyscraping ventures to brand-building triumphs, here’s a list of money lessons from the former POTUS — and how you can implement them in your own life.
Find Your Passion
“I don’t do it for the money,” Trump wrote in his book, “The Art of the Deal.” “I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form.”
It’s a lesson you can apply no matter what your passions are — If you want to increase your own wealth, follow Trump’s advice and pursue a career you’re truly obsessed with rather than one that just pays the bills.
Make Informed Financial Decisions
“In making big money, knowledge is far more important than any other ingredient, including money itself,” Trump tweeted in 2013. This is one of the best Trump quotes about money because it serves as a reminder to keep tabs on your investments.
In the world of business, it’s not uncommon for people to approach you with opportunities to invest your hard-earned funds. However, Trump advises against signing on the dotting line before you’ve researched a venture thoroughly.
The more you know, the better equipped you will be to make the right move for your financial future.
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Don’t Get in Over Your Head
“How much money can you stand to lose? That’s how much risk you should assume,” Trump wrote in his book, “Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate and Life.” “If you can’t afford to lose it, play it safe.”
When you’re investing in a venture you’re excited about, it’s easy to get caught up in the moment and decide to go big or go home. However, Trump recommends keeping a cool head when it comes to business.
“You should never fall in love with your investments,” he wrote. “If you do, you’re in big trouble.”
Remember That Your Time Is Valuable
Trump believes that squandered time results in squandered earnings.
You can adapt this principle to your own profession by owning that you can’t juggle everything. Instead, determine your key priorities and master the art of delegation — that could mean finding an intern or part-time assistant to help your business (and money!) grow.
By doing this, you can make the most of your time to be super productive and keep those dollars coming in.
Trust Your Instincts
In “The Art of the Deal,” Trump discusses a time when he set out to invest $50 million in a business venture to take over a small oil company. As the papers were being drawn up, he realized the deal didn’t feel right. He decided to withdraw his offer, which turned out to be a wise choice — the company went bankrupt soon after.
“…listen to your gut, no matter how good something sounds on paper,” he wrote. As one of his best quotes, this piece of advice reminds you that, if something doesn’t feel right, it probably isn’t.
Stay on Top of Your Finances
“Don’t be obsessive about it, but check through your bills from time to time,” Trump wrote in his book “Trump: Think Like a Billionaire.” “You should also always feel comfortable bargaining for goods and services. I do it all the time, and I’m one of the richest men on Earth.”
This lesson from Trump stands out because it holds two major insights. First, keep an eye on your finances to make sure everything is going according to your plans. And secondly, never be afraid to ask for what you want or need — after all, if Trump can do it, why can’t you?
Know Your Audience
“Vision is my best asset,” Trump said in a 1990 Playboy interview. “I know what sells, and I know what people want.”
The interview is nearly 35 years old, but its lesson holds true today. To succeed in business, you must plan ahead by keeping your audience in mind.
Look to the future, identify a gap in the marketplace and find a way to fill it.
Plan for the Future
“Whether you have someone managing your finances or you’re doing it yourself, money, like anything, takes maintenance and planning to grow,” Trump tweeted in 2013.
Becoming super rich in business doesn’t just randomly happen. The former POTUS suggests you should make a money-growing plan now and keep checking it every so often to make sure your bank account is growing like you want it to.
Buy Generic
“Another way to pinch pennies is to avoid the brand names when it’s necessary,” he wrote in “Trump: Think Like a Billionaire.”
“I obviously buy brand names when the brand is tied to a product’s quality. Golf equipment, jewelry and clothing are good examples of brand as a signifier of quality. But aspirin is aspirin, shampoo is shampoo and cereal is cereal, so don’t throw away your money on packaging and advertising.”
If a former President isn’t stuck on labels, you shouldn’t be either. This quote on spending can be impactful because it’s very actionable in everyday life.
Jennifer Taylor contributed to the reporting for this article.
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