9 Money Lessons You Can Learn From Former President Donald Trump

9 Money Lessons You Can Learn From Former President Donald Trump

In a high-stakes business, few names have resonated as deeply as former President Donald Trump. Outside of the political arena, his bold financial moves, daring investments and business acumen have left an undeniable mark on the world of wealth creation.

Find your passion

"I'm not in it for the money," Trump wrote in his book, "The Art of the Deal." “I have enough, much more than I will ever need. I do it to do it. Offers are my art form.” It's a lesson you can apply no matter what your passions are - If you want to grow your own wealth, follow Trump's advice and pursue a career you're truly passionate about rather than a career that just pays the bills.

Make informed financial decisions

“In making big money, knowledge is far more important than any other ingredient, including money itself,” Trump tweeted in 2013. This is one of Trump's best money quotes because it serves as a reminder to be smart about your investments.

In the business world, it's not uncommon for people to approach you with opportunities to invest your hard-earned funds. However, Trump advises against signing on the dotted line before thoroughly researching the business. The more you know, the better equipped you will be to make the right move for your financial future.

Don't get in over your head

“How much money can you lose? That's how much risk you should take," Trump wrote in his book, "Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life." "If you can't afford to lose it, play it safe."

When you're investing in a business you're passionate about, it's easy to get stuck in the moment and decide whether to go big or go home. However, Trump recommends keeping a cool head when it comes to business.

Trump believes that wasted time leads to wasted earnings.

You can adapt this principle to your own profession by owning that you can't juggle everything. Instead, identify your key priorities and master the art of delegation – this could mean finding an intern or part-time assistant to help your business (and your money!) grow. That way, you can maximize your time to be super productive and keep those dollars coming.

Trust your instincts

In "The Art of the Deal," Trump discusses the time he decided to invest $50 million in a business venture to take over a small oil company. As the paperwork was being drawn up, he realized the deal was not right. He decided to withdraw his offer, which turned out to be a wise choice — the company went bankrupt soon after. “…listen to your gut, no matter how good something sounds on paper,” he wrote. As one of his best quotes, this advice reminds you that if something isn't right, it probably isn't.

Keep track of your finances

"Don't obsess over it, but check your accounts from time to time," Trump wrote in his book, "Trump: Think Like a Billionaire." “Also, you should always feel comfortable negotiating for goods and services. I do it all the time and I'm one of the richest people on earth."

This Trump lesson stands out because it contains two main takeaways. First, monitor your finances to make sure everything is going according to your plans. And second, never be afraid to ask for what you want or need—after all, if Trump can do it, why can't you?

Know your audience

"Vision is my greatest asset," Trump said in a 1990 interview with Playboy. “I know what sells and I know what people want. The interview is almost 35 years old, but its lessons still apply today. To succeed in business, you need to plan ahead and keep your audience in mind. Look into the future, identify a gap in the market and find a way to fill it.

Plan for the future

"Whether you have someone manage your finances or you do it yourself, money, like anything, requires maintenance and planning to grow," Trump tweeted in 2013. Becoming super rich in business doesn't just happen by accident. The former POTUS suggests creating a money growth plan now and checking it regularly to make sure your bank account is growing the way you want it to.

Buy Generic

"Another way to pinch pennies is to avoid brand names when necessary," he wrote in "Trump: Think Like a Billionaire." "Of course I buy brands when the brand is linked to the quality of the product. Golf equipment, jewelry and clothing are good examples of branding as a sign of quality. But aspirin is aspirin, shampoo is shampoo, and cereal is cereal, so don't waste money on packaging and advertising.” If the former president isn't glued to the labels, neither should you be. This quote about spending can have an impact because it is very useful in everyday life.

 Former President Donald Trump's business career has been marked by both successes and challenges. Regardless of your political stance, there are some notable financial lessons to be learned from his experience. In this article, we explore nine valuable financial insights inspired by Donald Trump's journey in the business world.

Financial resilience and adaptability:

Donald Trump's career has had its ups and downs. Learning to adapt to changing circumstances and manage financial challenges is an essential skill. By remaining flexible and open to new opportunities, you can mitigate risk and ensure long-term financial success.

 Strategic investment:

Trump's businesses include real estate, entertainment and more. His emphasis on strategic investment emphasizes the importance of thorough research before committing funds. Identify industries or assets with growth potential and allocate your resources wisely.

 Branding and Public Relations:

Trump's name has become synonymous with luxury and opulence. Although controversial at times, his emphasis on branding shows the power of a strong public image. Cultivate your personal brand and maintain a positive online presence to improve your financial prospects.

Negotiation skills:

Trump's reputation as a negotiator precedes him. Developing effective negotiation skills can lead to better deals, whether you're buying a car or closing a business deal. Learn to communicate your value and find mutually beneficial solutions.

Risk management:

Trump has ventured into various industries and shown that risk must be taken. Balancing risk and reward is essential; diversify your investments to avoid overexposure to a single sector and reduce potential losses.

Endurance and Persistence:

Trump's journey includes overcoming many setbacks. The lesson here is to persevere when faced with financial problems. With determination and hard work, you can bounce back from setbacks and achieve your financial goals.

Networking and relationship building:

A strong network is an invaluable asset. Trump's ability to cultivate relationships has played a role in his success. Networking can open doors to new opportunities, collaborations and even potential mentors.

Creativity in problem solving:

Trump's ability to find unconventional solutions is a testament to creative problem solving. Adopt an innovative mindset in overcoming financial obstacles and exploring avenues to generate income.

Continuous learning:

From real estate mogul to reality TV star to president, Trump's willingness to learn is evident. Stay informed about financial trends, regulations and new investment tools. Lifelong learning enables you to make informed decisions.

Former President Donald Trump's business journey offers valuable financial lessons that go beyond politics. Regardless of your stance on his presidency, his experience in real estate, entertainment and politics provides insight into financial resilience, strategic investments, negotiations and more. By learning from his successes and failures, you can apply those lessons to your own financial journey and work towards building a more secure future.