Retire Like You’re in the Trump Family With These 4 Money Tips

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Before he reached the White House, President Trump captivated many people with his lavish lifestyle. Buildings bearing his name, golf courses galore and golden-furnished penthouses are some of the highlights. 

Retiring like you’re in the Trump Family is no easy feat. However, if you have that aspiration and work toward it, you may end up in a better spot than if you aimed for an average goal. These are some of the money tips you can use to have little to no worries about money when you reach retirement age. 

Regularly Research Investment Opportunities

Working at a regular job can provide a good retirement if you save most of your money and regularly invest. However, if you want to retire like the Trump family, you must research investment opportunities and put money into them.

An index fund that mirrors a benchmark like the S&P 500 is one of the most straightforward ways to get exposure to assets. Index funds don’t require that you know much about the stock market or do regular research. However, you may find the best opportunities if you regularly research new investment opportunities. 

For instance, if you put $10,000 into bitcoin in 2011, you could have given Trump a run for his money. bitcoin traded at roughly 30 cents per coin to start the year, according to StatMuse. That investment would have netted roughly 33,333 bitcoin or more than $3.3 billion, assuming a $100,000 price per bitcoin.

Trump didn’t invest in bitcoin that early, but by researching various properties, he was able to find great deals in Manhattan. You don’t even have to find the equivalent of 2011 bitcoin to have a lavish retirement. Putting money into promising stocks can help investors outperform the stock market. However, you can also opt for an index fund to keep things simpler.

Start a Business 

Saying that Trump became a billionaire through real estate is a misrepresentation of how he accumulated his wealth. Real estate undeniably played a big role in Trump’s success, but the president stood out by creating the Trump brand. 

The media could never get enough of Trump due to his hot takes and aggressive demeanor long before he considered becoming the president. He knew how to leverage the media to get free exposure for his deals, big events and most importantly, the Trump brand. 

Trump used his name to create a wide range of businesses, products and services. Books, golf courses, steaks, universities and casinos donned his name. Some of those ventures were more successful than others, but he still hasn’t stopped. Trump Media & Technology Group, the parent company of Truth Social, is his latest business. 

Not everyone can start as many businesses as President Trump, but creating one business gives you a higher ceiling for how much you can earn. Creating a business on the side can provide extra income that may someday replace your day job.

Focus on What You Know

Trump knew real estate very well and that’s the main asset he prioritized during his ascent. Trump wasn’t buying shares in tech companies in the stock market because he didn’t know as much about it as he did about real estate.

Some investors allocate an outsized portion of their capital into a single sector or industry that they know well and has tremendous growth potential. Investors who take that route may concentrate their holdings into a few stocks and then have an exchange-traded fund (ETF) in the background for portfolio diversification.

Focusing on what you know can help you spot better investment opportunities. You don’t have to spread your capital across every possible sector or industry just for the sake of achieving portfolio diversification. 

Trump isn’t the only one with this stance. Legendary investor Peter Lynch is against portfolio diversification as well, having called it portfolio “diworsification” in the past. 

Never Retire

This may not be the advice people want to hear when they’re planning for retirement, but if you want to retire like you’re in the Trump family, you have to look at Trump. The President recently turned 79 years old. That’s an age where most people have already retired and are collecting Social Security paychecks, but he’s still working at a high level.

Trump’s fortune is vast enough that he could have easily retired and lived lavishly in his 40s. He doesn’t need more money and yet he continues to work. It’s this fact that contributed to his success in the first place. Viewing a job as something you have to toil through for another 10 to 30 years until you have enough money to retire won’t result in you retiring like you’re in the Trump family.

Following this framework doesn’t guarantee that you’ll have Manhattan skyscrapers, golf courses in coastal states or golden furniture. However, analyzing how Trump and other rich people accumulated their fortunes and following in their steps can increase the likelihood that you retire comfortably when the time comes.

Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.

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