Financial Lessons from Donald Trump

Before taking the presidency, Donald Trump was one of the most influential businessmen in the United States with a fortune of $3,7 billion. In 2023, his fortune is estimated at $2,5 billion. Entering the list of the richest people on the planet is not an easy task, so Trump is definitely knows how to handle money. And he willingly shared this knowledge in his speeches, interviews, social networks and books.

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Edition Go Banking Rates collected several quotes from the 45th President of the United States that will help you achieve success in your business.

Find your passion

“I don't do this for the money. I've earned enough of them, more than I'll ever need. I do this for the sake of the process itself. Business deals are my art form,” Trump wrote in his book.

Trump succeeded in business because he loves his work, not because he set himself the goal of building wealth. If you want to increase your own wealth, follow Trump's advice and do the work that you are really passionate about, not the one you need to just pay bills.

Make financial decisions based on complete information.

“In making big money, knowledge is much more important than any other component, including the money itself,” Trump tweeted in 2013, trying to convey to people that they need to invest wisely.

In the business world, you may often be asked to invest your funds in a project. Nevertheless, Trump advises not to subscribe to any transaction before you carefully examine the company offering it. The more you know, the higher the chance to take the right step for your financial future.

Do not attempt to jump higher than your head.

“How much money can you safely bear losing? This is the amount you can risk in business. If you can’t afford to lose that amount, don’t take the risk,” Trump wrote in one of his books.

When you invest in a project that you are really interested in, it is easy to get into a difficult situation by deciding on the “all or nothing” category. However, Trump recommends refraining from emotion when it comes to business.

“You should never fall in love with your investments. If this happens, you will have big problems,” says the businessman.

Remember that your time is very valuable.

“I dictate my tweets to my assistant, and she then posts them. Time is money,” Trump wrote in one of his books.

In his opinion, the loss of time leads to the loss of opportunities and, accordingly, to the loss of money.

Apply this lesson to your own career, realizing that you cannot do everything. Determine your priorities and learn how to delegate specific tasks to maximize your time.

Trust your instincts

In his book The art of the deal Trump talks about a situation where he decided to invest $50 million in a small oil company. When the documents were prepared, he felt that something was wrong and withdrew his investment proposal. The businessman’s intuition did not let him down - the company soon went bankrupt.

“Follow your instincts, no matter how great things look on paper,” Trump said.

Control your finances

“Don't be obsessed with money, but check your accounts from time to time. You should also not be shy about haggling for goods and services. I do it all the time, and I am one of the richest people on Earth,” Trump wrote in his book “Trump: Think Like a Billionaire.”

This is one of the most useful lessons: pay bills on time, but do not forget about the opportunity to ask for a discount.

Do significant work

Trump is confident that business does not mean focusing solely on money.

“In entrepreneurship, money is not always the goal, it can be an intermediate goal, but not the final measure of your success,” the businessman wrote on Twitter in 2015.

For a business to be successful, it must be close to your heart, and money cannot provide it. Find a business venture that will make you feel good, feel that your efforts make sense.

Know your target audience

“Vision is my best asset. I know what sells and I know what people want,” Trump said in a 1990 Playboy interview.

To succeed in business, you must plan your actions, remembering your audience. Look into the future, determine your niche in the market and find a way to fill it.

Plan for the future

“Whether you have someone manage your finances or you do it yourself, remember: money, like everything else, requires work and planning to grow,” Trump tweeted in 2013.

It is worth focusing on what you should do now in order to enjoy financial security in the future. A businessman advises to make a plan to increase his finances and regularly check with him to make sure that your profits are increasing at a given rate.

Shop wisely

“Another way to save money is to avoid branded items when necessary. I buy branded products when the brand is associated with quality. Golf equipment, jewelry and clothing are good examples of products where brand is an indicator of quality. But aspirin is aspirin, shampoo is shampoo, and cereal is cereal, so you shouldn’t waste your money on brand name products where the famous name has no bearing on quality,” Trump wrote in his book.

Trump stresses the importance of maximizing the profits of every dollar, and in this case, looping on the labels is a mistake.

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