by Donald Trump
There was a time, early in my real estate career, when I was trying to get a deal done and I thought I’d endured and worked through every obstacle possible. Wrong. It took me two months more of hammering away at the details until I arrived at what was considered a done deal. Had I known what I was going to have to go through from the beginning, I’m not sure I would have had the fortitude to go for it or to stick it out. But I’m glad I did. It was my first big success, which was the renovation of the Grand Hyatt Hotel at Grand Central. Did I learn a lot? You bet I did. Every set-back gave me a great lesson, and I was becoming a very educated man in the process.
You have to be the same way, and you can be the same way. Just be tough, be strong, be willing to learn—and you will learn. So don’t be afraid of mistakes or setbacks.They can be your learning tools on the way to building something great for yourself. We all have something to learn today. Remember that and your chances for success will increase dramatically.
A man cannot be comfortable without his own approval.
—MARK TWAIN
Tell People About Your Success
I have a friend who is extremely accomplished and also extremely wealthy. Uber-wealthy, as they say. But one day he called me up to see if I could get him reservations at Jean Georges Restaurant and I had to ask myself, “What’s the point of his immense success if he can’t even get a reservation in New York?” The only reason he can’t is because no one has ever heard about him. He’s shy about using his name, to the extent that it serves him no good. He has to call other people, like me, to help him out.
That got me to thinking about the toot-your-own-horn theory, which is something I believe in. Here’s a perfect example of why I believe in it. This poor rich guy might as well be just a poor guy when trying to get in the right places. The power of a name can be incredible. It can open doors like nothing else. A lot of people might have been richer than Aristotle Onassis, but when people heard the name Onassis, they knew who he was. I’ve mentioned before that one of the perks of being famous is being able to get restaurant reservations without any problem. My uberrich friend has not entitled himself to very many perks.
Ever notice if you introduce someone and then later add on something like, “as you know, he won the Pulitzer prize,” that the reaction to the person becomes entirely different? It goes from polite to excited in no time flat. Suddenly the nobody is a somebody. Suddenly their PR power, or their buzz effect, has escalated. But unless you have someone around to toot your horn for you, you’ll have to get accustomed to doing it for yourself. The well-established brand name literally speaks for itself. Some people may not even like the designs Karl Lagerfeld comes up with for Chanel, but because it says Chanel, they’ll buy them, wear them, and love them.
A name can speak volumes, but until you have a “household name” you might do well to tell people who you are and what you’ve done. It’s a start. It’s also a way of networking to find out if you might have common interests. Can you imagine if Luciano Pavarotti had been singing, contentedly, in some obscure place his whole life, what we would have missed? Or if Elton John was happy to just sing for himself in a garage somewhere? There’s nothing wrong with bringing your talents to the surface.
Having an ego and acknowledging it is a healthy choice. Our ego is the center of our consciousness and gives us a sense of purpose. People with no ego will have very little life force, and people with too much will tend toward dictatorial personalities. As with everything, keeping a good balance is important. Your ego can serve to keep your momentum moving forward. It can keep you vibrant and productive. It can keep your focus where it should be, which is on your work. After awhile, you won’t have to tell people about your success because they’ll already know about it. Do not disregard your ego.
It’s very important to be your own best friend. As Mark Twain put it, be comfortable with your own approval. A lot of times, people will enjoy belittling your accomplishments as well as your ambitions. If you are steadfast in your self-respect, that will not even bother you because you will be able to see those people as the small fries that they are. Critics serve their own purpose, and that’s fine, because you’ll be smart enough to serve your own purpose, too. Think about it: If you can’t say great things about yourself, who do you think will? So don’t be afraid to toot your own horn when you’ve done something worth tooting about. Let’s end with another statement from Mark Twain: “I am opposed to millionaires, but it would be dangerous to offer me the position.”
The best vision is insight.
—MALCOLM FORBES
Prescience
Prescience is a word that defines vision, foresight, creative discernment, or perception. I have often been called a visionary, but not until 2006 was I noted for having prescience. The same day as the book launch party in Trump Tower for my book with Robert Kiyosaki, Why We Want You To Be Rich, which was October 12, 2006, was also the day the Nobel Committee announced the 2006 Nobel Prize winner in literature. What does that have to do with me? Well, I was getting calls and letters of congratulations for having the “prescience” to recognize the Nobel winner’s talent before the Nobel Committee did. This came as a surprise to me—that people would remember my letter to the New York Times in 2005 in which I mentioned the very gifted writer Orhan Pamuk (along with John Updike and Philip Roth) as being an example of what a great writer should be. Pamuk won the Nobel Prize that day, and considering he wasn’t exactly a household name, people were suddenly saying I had prescience.
Sometimes we just have perceptions about certain people or things, and this was one of those times. Did I know he was going to win the Nobel Prize? No, but his talent was certainly developed enough to make him a contender, and I might have bet on it. I’ve written before about using your gut instincts, and sometimes that’s what prescience or foresight is. It’s a valuable ability, especially in business, and it’s worth giving it some thought.
More recently, we experienced a historic day in the financial sector. What happened on Wall Street was unprecedented, and it was rightly called “the shock market” in mid-September of 2008. Neal Cavuto asked me to make a comment about it, and he found footage of an appearance I’d made on his show eight months prior to this debacle in which I’d predicted something similar happening. I had seen the indications that we might be entering a very difficult phase. Is this ESP? No, it’s just paying attention on a daily basis and looking into the future a bit.That’s insight and foresight working together.
We all have hidden areas of expertise. I may have instincts when it comes to real estate, but I have also spent many years developing them. Your instincts may be more acute in another area. There’s nothing wrong with very solid knowledge and experience to go along with our perceptions. In fact, that is when you will be playing with a very full deck. Experience, knowledge, and prescience are a formidable combination of powers. Do not underestimate any of them.
I am more concerned with my money being returned than the return on my money.
—MARK TWAIN
The Shock Market
What transpired on Wall Street on September 15, 2008, is one day for the history books. I had predicted this would happen about two years ago and again about eight months ago when I appeared on Neal Cavuto’s show. That the landscape of Wall Street could be altered this rapidly is something we should think about. September 15, 2008, was the worst day on Wall Street since right after the 9/11 attacks, with a fallout of some financial giants that we thought were untouchable.
Here’s my view of this situation. We survived and prospered after 9/11, and we will do the same this time. The components are different, but I believe the government is doing the right thing with this financial mess. They have worked hard and long, but a mess is a mess. I won’t equivocate on that. I saw the indications that the world was in for a tough period of time, so I can’t say I’m terribly surprised.
Here are some points to consider. The price of oil, which is the life blood of all econo
mies, is down. That’s good news. I’ve already written about that subject and about the many tankers full of oil treading water and going nowhere.
Out of chaos comes reinvention. That can be a good thing, although it won’t be easy. There appears to have been a lack of balance, and this is one way of starting something new that might be more effective. Necessity creates a place for creativity, and having the facility to implement a plan B strategy is something everyone should strive for. I’ve learned that having a plan B is common sense. We’ll just have to come up with one, and it could eventually be better than what we’ve had.
As a Manhattan real estate developer, my observation is that there will be more people looking for jobs than will be looking for apartments. That’s not great news for the real estate market in New York City, but it’s not dire. A lot of things are and will continue to be changing, in our country as well as around the world. There is a well-known Greek motto that I think is pertinent to today’s economic situation: “The sea gets sick but never dies.” The Greeks have been around for a long time and they’ve watched the ebb and flow of history for many centuries.
Remember that things are cyclical, so be resilient, be patient, be creative, and remain positive. Reinvention can be a good thing for everyone.
Wealth is the product of man’s capacity to think.
—AYN RAND
Financial Literacy
Financial literacy is financial intelligence. Robert Kiyosaki, the author of Rich Dad Poor Dad, explains how he learned about money from two father figures, his poor dad and his rich dad. He had a mentor who explained how money works, and since his own father was highly educated but poor, the lessons were brought to light in a very tangible way for him. If you haven’t read Rich Dad Poor Dad or Cashflow Quadrant, I would suggest that you do. He has very sound advice that can make a big difference in your quality of life and your approach to money.
The reason we wrote Why We Want You To Be Rich is because the more independent people become, the stronger a nation becomes as a whole. As we’ve noticed with the recent upheaval on Wall Street, things aren’t always as solid as they seem. That calls for individual responsibility and financial intelligence. We can’t rely on systems to do the work for us or expect things to fall in place because the people who are smart about money are supposedly working there. I have always been wary of the stock market. It’s a gamble, but it can be lucrative, which is the lure.
In short, there are no guarantees. That means being alert to national and world markets. Do your homework daily. I shouldn’t need to emphasize this if you’ve paid attention to what’s transpired in the United States from 2006 until now, which is late 2008.There was an implosion in the financial sector that was unprecedented in our history. I see it as a wake-up call.
Robert and I tried to warn people back in 2006. Now I’m back to tell you loud and clear that this area of your life is of great importance. Yes, study your specific area of interest diligently, but realize that if there is no money for scholarships, whether you are studying anthropology or literature or law, you might be out of luck. Everyone will be affected. Whatever your emphasis of study is, be aware of what is going on financially around the world.
We are all businessmen and women, whether you see it that way yet or not. If you like art and can’t make money at it, you eventually realize that everything is business, even your art. That’s why I like Warhol’s statement about good business being the best art. It’s a fact. That’s also another reason I see my business as an art and so I work at it passionately.
We all have opinions. Due diligence means finding out the difference between opinions and facts. I was astounded to find out how many people don’t know how the financial world is set up. Equities, emerging markets, asset management, commodities, mutual funds, hedge funds, annuities, stocks, bonds, and mortgages should be common knowledge by the time you are in high school. That’s a big oversight in our educational system. Every student should know how they all work and never expect a financial “expert” to give them the whole story. You have to know it yourself. This is a capitalistic society, which is good, but it also means watching out for yourself.
My advice to you is to take as many finance classes as you can, no matter what your line of work is and/or your focus of study might be. If you’re not good at economics or statistics, all the more reason to take those classes and pay attention. Having a financial blind spot is setting yourself up for some unpleasant surprises in the future. Know how the financial sector works. It affects you in every way.
I heard someone say during the amazing collapse of some financial giants in the United States, that, “I’m not really interested in the market.” Oh really?! I was stunned. As if it doesn’t affect them! When they don’t have a job to go to next week, maybe they’ll realize they should be interested. The ripple effect is felt everywhere, nationally and internationally, when the markets and banks falter. It shows we are all connected, whether we want to believe that or not.
My emphasis here is to advise you to be financially literate. It’s in your best interest in the biggest sense you can imagine. Please heed my advice and pay attention. You can start by clicking onto the Finance page on Yahoo! when you go onto your computer every day. Check out the markets a few times a day and see how the dollar is doing against the Euro and Yen. Learn to read the charts and the trends. Read the pertinent articles. That’s a baby step, but it will get you thinking on the right wavelength—which could make a significant difference in your quality of life.
A hungry man will realize something immediately. If he had money, he wouldn’t be hungry. That’s a very basic visual, but it applies. In other words, pay attention to your financial literacy.
Every individual has a place to fill in the world and is important, in some respect, whether he chooses to be so or not.
—NATHANIEL HAWTHORNE
Destiny
When I was going through my mail one day, I came across a stack of letters from students in middle school about The Apprentice and the business lessons they’ve learned from watching it. There must have been forty letters, so I skimmed through them, and a couple questions stood out because they were asked repeatedly. One was about how to achieve success, and the other one was how to deal with obstacles on the way to success.
My first thought was how important planning ahead is to success, and how equally important it is to remain flexible with those plans. How do you tell students about the importance of plans and sticking to them while still emphasizing the necessity for flexibility? It would seem to be a contradiction.
There’s a quote I like by an anonymous thinker: “The bend in the road is not the end of the road unless you refuse to take the turn.” That’s a valuable thought for business skills as well as life skills. Very rarely does everything work out the way we hope or think it will. In fact, sometimes it works out better when you’ve had to take a few detours along the way, but what will help you the most is to be prepared for them. Interesting things have happened to people when they’ve taken side trips, planned or otherwise.
I was scheduled to make a short appearance on a boat in New York City and then to get off before it took an evening long cruise around Manhattan. The boat was full of happy and excited people, and the festivities were just starting to begin, but I had other plans in midtown, and I was getting ready to leave when I noticed that the boat had already left the dock and was in the middle of the river. I wasn’t too happy about this turn of events, but there wasn’t much I could do about it except to adjust my mood and accept a cruise around my favorite city as an unexpected adventure. What happened is that I had the opportunity to talk with a variety of people while having some great ideas at the same time. New York City is beautiful when it’s lit up at night and it turned out to be a very pleasant evening for everyone. If I had perceived the situation as a misadventure, I don’t think I would have had some of the creative ideas that came to me, or as much fun.
This is a simple exa
mple of an unanticipated event that turned into a positive memory. I had plans that were business related that had to be changed, but it wasn’t the end of the world. It was a blip, not a catastrophe. When these things happen to you, whether they be big or small events, remember that your perception of their magnitude will play a big part in what you can reap from them. We’ve all heard the term “go with the flow,” and in my case, that’s what I had to do unless I wanted to jump overboard and attempt to swim the Hudson River at night. Sometimes common sense will intervene, too.
Carefully planning your way to success is a sure way to achieve your goals, and that approach should never be underestimated. Just remember that you need to be patient and persevering and to know that there can be delays and detours along the way. I’ve waited twenty years to see some things happen, but it was worth the wait and I had to change course a few times until the pieces finally fell into place. Destiny has a part to play in your life and in your business—so give it a chance to work.