Donald Trump wrote several books and sat for many interviews long before he became president. Many people have asked how he built his real estate empire and what lessons people could take from his success.
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Trump has been adamant about some money moves, while the stories in his book, “The Art Of The Deal” explore how he considers certain expenses and money habits.
These are some of the money moves Trump touched on in his book.
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Stop Going Out So Much
Although Trump loves the spotlight, you may be shocked to hear that the president isn’t into going out often. He doesn’t drink and views his soberness as a competitive advantage.
Trump emphasizes how much time you waste between transportation and waiting for your food.
“I rarely go out, because mostly, it’s a waste of time,” he said.
However, there is a personal finance element to this tactic. It’s more affordable to make your own food than it is to go out, plus you can also eat healthier, saving money and time while improving your health, which, in turn, saves on doctor bills.
Trump also isn’t the type to attend a lot of concerts and sporting events. Following this model can help you save money and find valuable things to do with your extra time.
Set Big Financial Goals
It’s hard to become a billionaire, and even if a billionaire gives the road map to everyone, few people will reach the milestone. Trump explains that his mindset was a big factor that contributed to his wealth.
“If you’re going to be thinking anyway, you might as well think big,” he said.
Setting ambitious financial goals forces you to embrace a new way of thinking. If you have a $100,000 salary and want a $110,000 salary in five years, it’s possible. However, if you aspire to jump from $100,000 per year to $200,000 per year within three years, that requires a lot more work and concentrated effort.
It’s good to set benchmarks leading up to the big goal so you stay encouraged.
Establish An Emergency Fund And Minimize Risk
Trump hasn’t directly advocated for an emergency fund, but he wants to minimize risk. While he focuses on opportunities, he has also admitted to having a negative mindset which he views as a strength.
“If you plan for the worst-if you can live with the worst-the good will always take care of itself,” Trump said when explaining the importance of having a negative mindset.
Emergency funds allow you to prepare for the worst as you march toward long-term financial goals. Using Trump’s mindset, establishing an emergency fund that can cover 6-12 months of your living expenses is imperative.
However, it’s not just about having an emergency fund. Preparing for the worst may also mean picking up a side hustle or developing new career skills to make yourself more valuable in the marketplace. That way, you can command a higher salary or quickly pivot if you get laid off.
Live Below Your Means
Trump has multiple skyscrapers with his name on it and is known to intentionally use expensive material to boost the luxury appeal of his properties. Despite this approach to brand building, Trump has been an advocate of living below your means.
“I believe in spending what you have to. But I also believe in not spending more than you should.”
Trump doesn’t believe in living small when you earn a big paycheck. However, he’s also against reckless spending. Living below your means can help you invest more of each paycheck and retire earlier than expected.
Take Your Time With Your Investments
Trump has made many deals, most of which took several years to play out. He has stayed on the sidelines amid speculation in the past and was rewarded with lower property prices. The business mogul has looked at desirable markets and deals for multiple years before pouncing on an opportunity because he understands that patient investors can end up with significant gains.
“It never pays to be in too much of a hurry,” Trump explained.
The fact that real estate was Trump’s asset of choice made it even easier to take time. Real estate deals generally take a long time, but the big deals that Trump targeted take multiple years. Furthermore, real estate is an illiquid investment, so he couldn’t exit one of his investments to pursue another one right away.
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This article originally appeared on GOBankingRates.com: 5 Money Moves Donald Trump Says Every American Should Make
