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Donald Trump's 5 Secrets to Wealth

Image: Donald Trump's 5 Secrets to Wealth
Real estate tycoon Donald Trump flashes the thumbs-up as he arrives on stage for the start of the prime time Republican presidential debate on August 6, 2015 at the Quicken Loans Arena in Cleveland, Ohio. (Mandel Ngan/AFP/Getty Images)

Tuesday, 22 Mar 2016 12:48 PM

Donald Trump has maintained a strong pace in the race for the Republican nomination for president. Many supporters have touted his success in business among his greatest attributes as a presidential candidate.

Here are five of the real estate billionaire’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 many of the properties that bear his name, the publication pointed out, but rather Trump 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.

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,” Business Insider 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.

4. Tap Other People’s Money

Trump borrowed billions from bankers, owing more than $9 billion in the early 1990s, MarketWatch noted. 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 also has played a role in his success, allowing the company to move quickly on projects, CNBC noted.

"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.

Here’s How You Can Build Wealth Like Trump’s

Using Trump’s blueprint to building wealth, a former accountant from Cleveland (who never earned more than $100,000 annually) was able to turn a small $9,000 investment into a nest egg of more than $7 million in a few short years. He did it without day trading, buying penny stocks, or anything risky. He says anyone can follow in Trump’s footsteps, and even wrote a book revealing exactly how he built his seven-figure fortune.

Click here to be among the first to read this self-made millionaire's book on how to achieve absolute financial security.

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Donald Trump has maintained a strong pace in the race for the Republican nomination for president. Many supporters have touted his success in business among his greatest attributes as a presidential candidate. Here are five of the real estate billionaire’s secrets to wealth.
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Tuesday, 22 Mar 2016 12:48 PM
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