Financial Lessons from Donald Trump
Before taking the presidency, Donald Trump was one of the most influential US businessmen with a fortune of $ 3,7 billion. Being on the list of the richest people in the world is not an easy task, so Trump knows exactly how to handle money. And he willingly shared this knowledge in his speeches, interviews, social networks and books.
Edition Go Banking Rates collected several quotes from the President of the United States that will help to achieve success in their work.
Find your passion
“I don’t do it 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 money itself,” Trump wrote on his Twitter in 2013, trying to convey to people that you 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.
“Losing how much money can you safely survive? It is this amount that you can risk in business. If you can't afford to lose this 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 investment. If this happens, you will have big problems, ”the businessman said.
Remember that your time is very valuable.
“I dictate my tweets to the assistant, and already she 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 the situation when he decided to invest $ 50 million in a small oil company. When the documents were prepared, he sensed that something was wrong and withdrew his investment offer. The businessman's intuition did not disappoint - the company soon went bankrupt.
“Obey 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 also shouldn't be shy about bargaining for goods and services. I do this 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 a 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 is for sale and I know what people want, ”Trump told Playboy in 1990.
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
“If you have someone to manage your finances, or you do it yourself, remember: money, like everything, requires working with it 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.
“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 apparel are good examples of products where the brand is a measure of quality. But aspirin is aspirin, shampoo is shampoo, and flakes are flakes, so you shouldn't waste money on buying branded goods where the famous name does not affect the quality in any way, ”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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