Trump: Think Like a Billionaire — Summary and Review

Trump: Think Like a Billionaire Book Cover

Trump: Think Like a Billionaire: Everything You Need to Know About Success, Real Estate, and Life

by Donald Trump

Published: 2005 | 288 pages
Rating Amazon:  stars rating 4.3 
Rating by reviewer:  stars rating 4.2 
Author of the article: Rafael Peduti
Date of the summary: Oct 8, 2020

In this book, Donald Trump shares tips, techniques, and strategies on how to become financially successful in life.

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Trump: Think Like a Billionaire Book Cover

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Introduction

There are very few billionaires in the world. They only reached that level of success, because they followed their instincts and their own rules. No matter how absurd their ideas might be, they will follow their instincts regardless of other people's opinions. You can do the same! If you already have a lot, you can get even more. If you have nothing, you need to start building your success right now!

Many believe that Donald Trump's initial success was a consequence of the fact that he comes from a wealthy family. However, that's not true. His first millionaire project had no money from the Trump family. What was fundamental to this project was his knowledge acquired from his father, not the money.

Interesting quotes from the book

You are a killer. You are a king.

— Donald Trump, Trump: Think Like a Billionaire


It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

— Donald Trump, Trump: Think Like a Billionaire


Summary of the book Trump: Think Like a Billionaire

How to Become a Billionaire? Follow the billionaire's rules.

If you want to become very rich, develop the habits of billionaires. Here are some of the most important billionaire's rules mentioned in the book.

  • Have a short attention span. Predict what people will say before they say, predict situations before they happen.
  • Don't sleep more than you need to. Forget those five extra minutes more in bed after waking up. Use this time to run a project no matter what it is. We must always optimize time. Time optimization can be the difference between failures and successes.
  • Don't talk about your achievements, let people find out for themselves. You will be able to build more business when you let your results speak for themselves.
  • Treat each important decision well. Treat every decision you make as the most important decision of your life. Billionaires always focus on details, as this can be the difference between making a lot of money and losing a lot of money.
  • Be curious. You have to keep track of what's going on around you and in the business world.
  • Invest and develop your own business.

Investments in the Real Estate Market

Investing in the real estate market is not simple, because there are many variables to consider. Here are some key points that you need to analyze before you make any investment in real estate.

Location

You got to believe in location.

If you build a house in this location, will people live comfortably? Are there restaurants and markets nearby? What kind of public frequents theneighborhood?

You need to know the type of public that belongs to the neighborhood.

Also, visit the place on the weekends, you will be surprised about how the public changes.

View

Buyers and investors often do not evaluate this before investing in a property, although it is extremely important.

Do you want to spend the rest of your life looking at a broken wall? You can go crazy!

Find a good realtor

You need a good realtor, a real estate agent. Many people think that investments in the real estate market are straightforward. If you don't know what you are buying, you can lose a lot of money, more than the fees the realtor charges. That's why you need a good realtor. She/he is an expert who is well versed in real estate problems.

She/he can show you real estate investments that suit your needs. By doing so, she/he can save you money, time, and increase your chances of success in the real estate market.

If you think her/his commission is too high, negotiate. And always negotiate a commission at the beginning of the deal, as realtors do not like to negotiate at the end of the deal.

The cheapest is not always the best

Sometimes saving money is not the best solution. For instance, if you have two investment options, a $ 500,000 home with a prime location in a growing neighborhood and a $ 200,000 home with no prime location and a neighborhood with no prospect of growth. In such a case, the second business is not a very good option despite being the cheapest one.

If you want to reach the top, you need to invest high. Invest heavily in good opportunities. Don't be afraid of it!

Don't take too long to sell

Some investors in the real estate market take too long to sell their properties waiting for an ideal moment. However, they fail to recall that houses generate expenses.

For instance, you paid a hundred thousand dollars in an apartment, and the annual expenditure is 5 percent of the total property value. You better sell in one year with a 10 percent of valuation than in five years with 15 percent of valuation.

Sell it now!

Details and a beautiful facade are important

Regardless of whether you are buying or selling a property, the first thing you see in a building is its facade. An old and damaged facade will not attract investors. When building the Trump Tower, great attention was paid to the external details and at the entrance to the building. Ivory and gold finishes were added to draw people's attention. The strategy worked very well, and the project was a sales success. You don't have to spend millions as Trump did. But the idea is that you need to be attentive to details.

Life Tips

In addition to tips for the real estate market, the book also mentions some tips to you apply in your life to achieve better results.

You need money right now!

It is common sense for people to say that we don't need money to be fulfilled. According to the book, that's the biggest lie they ever told you.

A few years ago, a friend of the trump was experiencing financial difficulties in his company. However, he did not stop flying in first-class, despite his financial difficulties. When Trump asked him why he spent so much money on first-class travel, he replied: "Donald, I need to travel first class, because I always like to be first." A few months later, the company recovered.

You need money right now, earn it!

Love your job

There's no way to make money with something you don't like to do. Look at the biggest companies in the world like Apple and Amazon. These companies are run by people who love what they do.

Don't get stuck in a 9-5 job that you hate!

Be passionate about your job.

Decide how much risk to assume when investing

It's not enough that you just want to have more money. You have to crave it! Once you have some money, you need to multiply it. Plan your investments in detail and never spend more than you can afford.

Be persistent and don't give up

Between the 80s and 90s, Donald Trump owed thousands of dollars, due to losses in the real estate market. But because of this, he did not give up. After a financial restructuring, he was able to complete projects such as the reform of the Grand Hyatt and the construction of the Trump Tower.

The perseverance of Donald Trump made him join the exclusive billionaire's club.

Reflect: You don't necessarily have to be a billionaire. By doing just a fraction of what Donald Trump did, it will be enough for you to join the millionaires club; which doesn't seem like a bad idea, does it?

Review of the book Trump: Think Like a Billionaire

I was impressed by how hard Donald Trump works. Its success is a combination of intelligence and hard work. For him, it is never enough. He always wants more. If you want to be rich, you can do the same!

Conclusion

Donald Trump is one of the most successful entrepreneurs in history. In the book, he teaches how to make high-risk decisions. If you want to be a billionaire, read this book.


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