Donald Trump has definitely polarized politics, society and the economy in the United States, and perhaps other parts of the world. And although I do not agree with the things he says on Twitter, the success in his career as a businessman, with or without help, has been better than usual. Here are six of the best quotes from Donald Trump that you can apply in your finances.
Make money doing what you love
In an article called “Why should he quit his job and do what he loves”, Forbes examines the concept of transforming his passions into a way of life. Most people have to pay debts. Many have to prevent the landlord from visiting them. Those who have found a way to live from the activities they would do for free have found the best work-life balance.
The concept is summed up in the advice of Donald Trump: “If you are interested in balancing work and pleasure, stop trying to balance them. Instead, make your work more enjoyable. “
Take an honest inventory of what you like and what you do not like, your strengths and weaknesses, and the passions that motivate you before you decide to quit your job and find a way to make your passions pay for you. Take risks, but let those risks be measured, calculated and realistic.
Have faith in your talents. Many successful people say that their success is due to an internal belief that they are capable of more than what they are currently doing. Finally, if you have the courage to change your career to pursue your passions, you must take into account that you can face failures and setbacks. Be persistent and always think long term.
It promises less and delivers more
When you are negotiating a deal, signing a contract or selling a car, it is good business to avoid promises that you cannot keep. A classic way to accomplish this is to promise less than what you are able to deliver.
Of all the phrases of Donald Trump that talk about this topic, this may be the best: “When I build something for someone, I always add $50 or $60 million to the price. My employees say that it will cost $75 million. I follow that it will cost $125 million, and I build it for $100 million. I basically did a terrible job, but they think I did a good job. “
You probably should not try to be overpaid for a horrible job, but, as Business Insider said, it’s wise to keep hidden surprises in dates of delivery, budgets and deals. Instead, have low expectations and then surpass them.
Be careful with money
The final result is the company’s net profit (the amount of money you have after deducting all income expenses). For Donald Trump, it’s the only number that matters. “I’ve made difficult decisions, but always paying attention to the final result,” said Trump.
People who are financially irresponsible have many excuses to never take control of their finances. “I have to spend money to keep appearances,” they say, or, “I have too much time to earn that money again,” or “You only live once, I have to spend and have fun now.”
Failure to pay attention to your bottom line is a sure way to end up as one of the millions of Americans (approximately one in three) who has no retirement fund, no 401k, or pension for retirement.
Invest your money
When you invest your money, you risk losing it. This can scare you, but with the risk you have the chance to win. For the wealthy, it is an irresistible proposal. One of Donald Trump’s best pieces of advice is: “The worst thing you can do is be afraid and let your money stay in your savings account.”
People can invest their money, even modest amounts, in several ways. Stocks, bonds, and real estate are the most common. Start by learning the basics. The federal government made the website investor.gov to help rookies before they started. Do not waste more time before withdrawing money from your savings account to invest in financial markets.
The average savings account offers a return of 0.17%. The historical average of the stock market, on the other hand, is 7%, including the Great Depression and the most recent recession. Be wise with your investments.
Avoid bad investments
With a single bad investment, you can cancel the profits of a life full of good investments. Or, in the words of Donald Trump, “Sometimes your best investments are the ones you do not make”.
The most common mistake made by novice investors, according to Investopedia, is to buy shares while they go down in price. Buyers throw money into stocks that fall in price thinking that the stock has reached an artificial minimum and that it will soon rise and appreciate. Typically, the stock continues its way down until the investor runs out of money or decides to stop the losses.
Do not chase actions on your way down. Have an exit plan in case the investment does not turn out as expected. Do not put a lot of money in one stock at the same time. Although you should not sell so fast, be sure to stop your losses when the decline in the share price seems irreversible and never buy stocks that you “love” solely for emotional reasons. Follow Donald Trump’s advice and make your best investments the bad ones you avoid.