Become billionaire? Excellent advice from Donald Trump on how to be a billionaire. Excerpts from his bestselling books.
How to be a Billionaire
Trump on how to be a billionaire: “To be a visionary and to be a billionaire, you have to chase impossibilities. Few ever get rich easily. So if you find yourself in a situation that you think is nearly impossible, ask yourself once more whether bailing is really the right decision. You never want to walk away and then see someone less deserving walk off with the spot.”
Become Billionaire: How to motivate yourself financially
Trump on how to motivate yourself financially: “I’ve met some brilliant business people in my time, but some of them will never be billionaires because they never act on those brilliant ideas. Twenty percent of your priorities will give you eighty percent of your productivity. You should always focus your time, energy, and efforts on the top twenty percent of your priorities; that’s a four-to-one return on your investment. So if you have a great idea, no matter how much work you know it will require, get going. Don’t just sit there. There is nothing more criminal and self-destructive than having a great idea and then putting it off. As the saying goes, a slow starter is always the fastest finisher.”
The above quote illustrates the importance of taking action. Trump was one of the few people who bothered to take action, and so reaped the fruits of his labor.
Example of Trump’s ability to craft a strong vision
“For instance, I recently announced that my building at 40 Wall Street is up for sale for $400 million. That’s an enormous price, and it’s been a brilliant deal. I bought it in 1995 for $1 million. It’s a seventy-two-story 1929 landmark building, and now, sadly, the tallest building in the financial district. When I bought the building, it was completely empty, and I took on some enormous risk. People had given up on the financial district, and many said that my investment would be a failure. I stood by it. Today it’s completely full, and I’ll be selling it for at least four hundred times what I paid for it. Deal making doesn’t get any better than that.”
Trump on the importance of good grooming
As Trump says, “dress for the job you want, not for the job you have. Clothes make the man and the woman, and if you want to be successful in life, you should start with your wardrobe. Clothing does not have to cost a fortune, but you should invest in some high-quality items that you can rotate throughout your week.”
“Good grooming doesn’t cost money; it just costs you a little time each day. You need to check yourself in the mirror to make sure you’re proud of what you’re seeing there. If you appear unkempt, your business will be unkempt, too.”
Become Billionaire: Trump on his work-life balance
“Success requires work seven days per week. If you’re interested in balancing work and pleasure, stop trying to balance them. Instead, make your work more pleasurable. For billionaires, work and pleasure are one and the same. Even when I’m golfing, a hobby that gives me immeasurable pleasure, I’m studying the course. If it’s my own course, I’m looking for ways to improve it, and if I’m playing as a guest on another course, I’m looking for ides and inspiration that I can adopt and use as my own.”
Become Billionaire: Trump on how to impress anyone in business
Some time-tested rules from Donald Trump for anyone working in business that will help you impress people and thus make money:
- Be on time. Punctuality is essential. You should never tolerate late arrivals or missed deadlines for yourself or from anyone else.
- Do your homework. Wasting other people’s time due to poor planning and thoughtlessness will only leave a bad impression.
- Make a mental dossier on people. Before meeting people for the first time, do some research on them. People will be flattered if you reference a deal you know they’ve done or a charity they’re involved in.
- Remember people’s names and small details about them. Use both in conversation. People love to hear their names and their stories said out loud.
- Be honest. Most people can smell a lie and will appreciate honesty, even if it’s not exactly what they want to be hearing.
- Be self-deprecating and disarming. Don’t be a bulldozer in business; save your hardest edge for when you need it most. Ronald Reagan succeeded in politics partly because others underestimated him.
To become a billionaire, first learn to think and act like billionaires. This article is the first in a series of articles featuring those who have made it on to Forbes list of billionaires in the world.