6 Trump Tactics That Can Teach You How To Get Rich
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Love him or loathe him, President Donald Trump undeniably knows a thing or two about getting rich, though not all of his business deals have been successful.
What Trump hasn’t been able to achieve through straightforward success, he’s figured out with tax loopholes, persistence and creative business strategies.
Here are six lessons about getting rich you can take from his business deals.
Snag Tax Breaks
If there’s one thing Trump is good at, it’s finding ways to score a tax break or a deal. From his earliest business dealings, Trump learned not only to work with existing tax loopholes, but to negotiate ones where there weren’t any. In 1975, Trump got the city of New York to give him a 40-year tax break on renovating the defunct Commodore Hotel by playing up political connections. Whether you’re buying property or starting a business or a side hustle, always be sure to look into tax breaks and deductions that can help you maximize profits on your way to building wealth. Though Trump has long played by his own rules, be sure to consult with a tax or finance professional.
Stake Your Claim
Whether you’re building a brand, a business or trying to make a name for yourself in your area of expertise, you can certainly take a page out of Trump’s book by making sure everyone knows who you are. While you don’t have to go as far as Trump did by building and then naming the infamous Trump Tower and many other pieces of real estate after himself, you can certainly network, advertise and introduce yourself or your company widely to make sure everyone knows who you are. Getting known is a key step in building wealth.
Become a Brand
Once people know who you are or what your business is about, your next move should be to turn yourself into a brand. Much of Trump’s net worth is built upon the Trump name as a brand, more than individual business holdings or investment returns. Being a brand means that your name or company name alone can earn money through such things as merchandise, licensing and the power of name recognition to draw attention.
Transform the Old Into the New
Trump saw an opportunity in the ramshackle Commodore Hotel in the 1970s and jumped on it — making it seem worth the while for the city of New York as well as his own interests to transform it into Trump Tower. While you might not have the money to buy and renovate real estate, you can do a lot with a little — flipping distressed houses is a great way to earn money. You can refurbish and resell antique furniture or even DIY your own home to improve its resale value.
Get a Loan
If you have a vision for a business but not the capital to start it, look into getting a loan to allow your vision to come to fruition so you can quickly grow wealth. Trump had the benefit of his own family’s fortune, specifically his father, Fred Trump, who put up the money for Donald’s future real estate deals, enabling his son to build on them. Trump claims that his father’s initial million-dollar investment enabled him to transform that into many millions and eventually billions.
Get Back Up Again
Trump has seen as many failures as he has successes — the Trump Taj Mahal casino, Trump University, his failed bid to name a casino Trump “Palace” and more, and yet this hasn’t stopped him. He utilizes persistence and determination to keep going until he wins. Persistence is a necessary skill for anyone in their business or financial matters.
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