Trump: Magic Wealth Secrets Entrepreneurs Should Know.
Here are six Trump secrets to wealth:
1. Create a brand — Trump has worked hard and invested in his name. He has created a brand which he did way before it was popular for people to do it. Donald Trump knew what he wanted very early in the game. He is a visionary.
By creating an amazing brand for himself, it made it possible for him to license the Trump name to developers. He has built and owns several properties, however, he also simply licenses his name. This means he allows developers to use his name to promote their properties. He simply sells or rents out his name along with his 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.
Even if a property goes bankrupt, Trump still makes profits by licensing his name because he didn’t own the property – only the name.
Trump: Self-Made Millionaires need a Millionaire Mind Set and a Good Reliable Mentor.
2. Mindset matters — You must have a millionaire mind set. Trump has rebounded many times when other people would just quit. He’s smart and he’s a problem solver.
3. Focus on winning — Trump never talks about losing. Once he knows what he wants and has calculated the risk factor, then he’s 100% in. He goes forward until the challenged has been accomplished.
4. Use Other People’s Money. In other words, let the investors and the banks risk their money. Trump will win even if they lose money. He borrowed billions from bankers, owing more than $9 billion in the past. When his companies filed for bankruptcy, the lenders suffered the losses. This is completely legal and ethical. The bankers all know the risk going into the deal and they stand to earn a lot of money. Bankruptcy is a very effective and commonly used business tool.
5. Family ties — Trump has followed in the footsteps of his father, Fred Trump, a great mentor (his father) and continues to surround himself with mentors. If you have a trusting relationship with family members, this can be your most trusted team.
6. Never, never, never give up. The key to success is consistency and persistence. Always negotiate by saying to yourself, “First person who speaks, loses.” Trump has been and continues to be a mentor to his children and others who are close to him. A mentor is important.