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Donald Trump's 5 Secrets to Wealth

Image: Donald Trump's 5 Secrets to Wealth
Republican candidate for President Donald Trump arrives in his plane to speak to supporters at a rally at Atlantic Aviation on June 11, 2016 in Moon Township, Pennsylvania. (Jeff Swensen/Getty Images)

By    |   Monday, 18 Jul 2016 01:20 PM

Donald Trump has maintained his position as one of the front-runners of the GOP presidential race since announcing his candidacy last year, and now the billionaire businessman has all but officially captured the Republican nomination. Many supporters have touted his success in business among his greatest attributes as a presidential candidate.

Here are five of the real estate mogul's secrets to wealth:

1. Create a brand — Trump has created a name for himself, allowing him to license his name to developers, according to Forbes magazine. Trump doesn’t own all of the properties that bear his name, the publication pointed out. Rather, he sells his name and property management services.

For example, Roger Khafif paid millions to license Trump’s name for the Trump Ocean Club International Hotel and Tower in Panama City.

“Khafif went bankrupt, but Trump made money both from licensing and managing the property,” Forbes wrote.

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2. Mindset matters — Trump has rebounded from challenges with tenacity, claiming never to have lost in his life despite failed businesses, bankruptcies, and failed marriages, Business Insider noted.

“Despite many losses, he still claims to have never lost — and that bravado is precisely what makes him so successful,” the website said.

Self-made millionaire and author Steve Siebold told Business Insider that Trump’s mindset is “an alternative universe that he's created for himself. It's a psychological universe where losses are overlooked and gains are inevitable. What appears to be self-delusion is actually a calculated strategy that creates a self-fulfilling prophecy. As a result, Mr. Trump believes he's never lost, because in his self-constructed universe, he never has."

3. Focus on winning — Rather than masking ambitions behind feel-good goals, “Trump is famously direct,” CNBC noted, adding that when asked about the most fulfilling part of working on “Celebrity Apprentice” Trump talked about the show’s success in the ratings.

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4. Tap other people’s money — Trump borrowed billions from bankers, owing more than $9 billion in the early 1990s, according to MarketWatch. When his companies filed for bankruptcy, the lenders suffered the losses.

“Out of hundreds of deals and transactions, I have used the bankruptcy laws a few times to make deals better,” MarketWatch quoted Trump as saying. “Nothing personal, just business . . . It’s a very effective and commonly used business tool.”

5. Family ties — Trump has followed in the footsteps of his father, Fred Trump, who used government subsidies to build his real-estate business, The Washington Post reported.

While the two men’s approaches to business are vastly different, each was a prolific builder.

The fact that Trump runs a family business has also played a role in his success, allowing the company to move quickly on projects.

"They realize that if and when I have a problem, I call Don at midnight and I have a response in five minutes — as opposed to perhaps another brand, where they call someone in middle management who brings it up to a regional manager who brings it up to another manager who brings it up to a decision maker and then three levels back down," Trump's son Donald Jr., executive vice president at The Trump Organization, told CNBC.

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Donald Trump has maintained his position as one of the front-runners of the GOP presidential race since announcing his candidacy last year, and many supporters have touted his success in business among his greatest attributes as a presidential candidate.
donald trump, secrets, wealth
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2016-20-18
Monday, 18 Jul 2016 01:20 PM
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