Trump's 6 Steps to Billionaire Status

Palos Verdes, CA. Trump discovered early in life that real estate was the best investment to control risk and create wealth. According to the The Real Estate Digest seven out of ten millionaires made their money in real estate, and Forbes magazine stated that there is a three times greater chance of becoming wealthy through real estate than with any other type of investment. 



STEP 1: BECOME A GOLD MEDALIST IN INVESTINGHis investment philosophy was to become extremely wealthy by taking controlled risks and aggressively concentrating resources. He made a firm commitment to succeed, the same that is made by an Olympic gold-medalist. Trump noted that if you were willing to make that commitment, then that goal would become a reality.

STEP 2: ONLY WORK HALF A DAY

Trump believes you should be prepared to work at least half a day to accomplish your goals. How much is half a day? Well, when the CEO of a Fortune 500 company was asked by a reporter how he accomplished so much, he responded, “I only worked half a day.” The reporter commented, “That doesn’t sound like much.” He said, “I agree with you. Twelve hours a day isn’t much work at all.”


STEP 3: RULES FOR BUYING AND SELLING

How many times have you heard it said, “The three most important things to remember when investing in real estate is location, location, location”? Alternatively, “If I’d bought that property 10 years ago, I would be a millionaire today.” Knowing what, when, and where to buy is not only the key to sound real estate investing, it is the key to all investing.

John Paul Getty said, “Buy when everyone is selling and sell when everyone is buying.” This simple statement represents the cornerstone of our investment philosophy.
When buying, find out where everyone is selling, evaluate the area, and negotiate the best deal possible. Sell when everyone else is buying. This is Trump’s Standard Operational Procedure (SOP).

STEP 4: USING EXPERTS

One of the advantages of buying the types of building Trump buys is that he can economically employ the services of qualified professionals. Trump knows how and when to use them both effectively and efficiently to save him time and money. These experts help him reach his goals faster and with fewer headaches.
“The Donald” believes that under no circumstances should you abdicate control. This is the key to effectively managing consultants. It is up to you to make the final decisions based on the recommendations and information supplied by your team of specialists. Remember, the buck stops with you. Do not pass it on, or you will lose it!

STEP 5: TAX ADVICE

Whenever you can get the IRS to underwrite your investment, you will be money ahead. When you apply this strategy, you will be working with what is known as “soft dollars.” This simply means that the IRS is paying for your investment, and the “hard dollars” (your own money) expended will be fewer. Never forget, however, the IRS has the unlimited authority to interpret broadly the tax strategies and reserves the right to draw diverse conclusions.

If there is a reasonable basis for a deduction, his philosophy is “When in doubt, DEDUCT.” Ask yourself “What is your down side?” The answer is practically nothing. At worst, you will have to pay the taxes plus interest, which, by the way, has been historically low. Profits from the money invested may more than offset the rate the IRS charges.

His suggestion is to avoid—not evade—paying taxes. The former can save you money; the latter will cost you both time and money!

STEP 6: THE ASSET PROTECTION PLAN

Things went down hill for Trump’s in Atlantic City, but he protected himself from this disaster by having an effective asset protection plan. Unfortunately, litigation has become a way of life in this country. There are over 16 million lawsuits filed each year. More than 70% of the world’s attorneys live in the United States. Contingent fee arrangements encourage lawsuits. Many times the defendant still has to pay his legal bills, even if he wins.

He found the best safeguard against lawsuits is not to have any attachable assets. Trump accomplished this by transferring his assets into judgment proof entities.
Like the Phoenix, he rose from the ashes and has achieved billionaire status!

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