Secrets Of The Self-Made 2009
Twenty-Two Questions For Donald Trump
Saddle up for some secrets of this self-made billionaire.
Net Worth: $2 billion
Age: 63
Source of Wealth: Real estate
What's the biggest business blunder you've ever made, and what did you learn from it?
Buying a yacht. It was an investment I couldn't wait to get rid of.
What's the one thing every first-time entrepreneur should know?
They should be prepared to go it alone--being an entrepreneur is not a group effort. It requires everything you've got.
What's the last book or article you read that you'd recommend to other entrepreneurs?
Edward de Bono's Six Thinking Hats thoroughly covers the process of thinking, and it's a way to avoid blind spots if you are thinking alone. He coined the expression "lateral thinking," and this book provides a comprehensive approach to using your brain in an efficient and effective way.
Mr. Trump, any advice on a Deed in Lieu that has been going on for over 9 months?
It's a sad joke, however it's my families sad joke. Should we just let them foreclose? We live in another state now....
What one job should every person have to do at least once in their life?
Work in an emergency room, or observe one.
How do you know when to keep fighting or to cut bait?
That's an instinct that can be developed, but it's definitely an instinct that we all have. Paying attention to the signals is what is important--and heeding them.
Will/should the U.S. have universal health care?
That very much depends on how it is handled at the core level--which is extremely complex at this point. It's not clear enough yet.
What will be the new retirement age for 2009 grads?
People who love what they're doing don't retire, so I hope there won't be a retirement age. That would indicate a large group of dynamic people who remain contributors to our nation and the world.
Finish this sentence: The United States' role as the leader of the free world depends upon ...
A very sound economic system at home and leadership that is internationally astute.
Should the government have a say on executive compensation?
In some cases, yes. If the government has bailed companies out, they should have a say as to how those funds are used. Being bailed out doesn't mean it's party time.
Gold: Hoard it, trade it or avoid it?
Hoard it if you have it.
You have $100 million to spend in real estate, what do you buy and where?
I'd buy Trump condominiums. They stand the test of time. The economy and the cities will recover--I'd go for New York, Chicago and Las Vegas.
Are we in a sucker's rally?
The bottom line is, we have to rally. That applies to the market and everything else.
You wake up dead broke tomorrow--what do you do?
Realize right then that there are still opportunities out there--and make a plan.
What keeps you awake at night?
Thinking about the world and my deals!
What's the biggest threat to your industry?
Fear. People sometimes don't realize that real estate runs in cycles. That's normal.
By the time a trend appears in the mainstream press, is it too late for investors to capitalize on it?
Not necessarily. Trends can have a long life span. Everyone thought reality TV would bite the dust within a couple of years, and that hasn't been the case.
What 21st-century invention (discovered or not) has the greatest potential to change our lives?
Computer science and technology will continue to evolve and involve us in increasingly diverse ways.
Who helped you the most in getting you to where you are today?
My parents. They were wonderful examples, and I learned a great deal from observing their work ethic and integrity in their daily lives.
How much vacation time to do you take each year?
I don't take vacations, but I golf on weekends year round, which is like a vacation except that I own my own courses so I'm always finding ways to improve them. It's a labor of love, which gives me energy.
What is your benchmark of success? When did you reach it?
Success is being pleased with your efforts. When I opened Trump Tower in 1983, it was a beginning, and I still haven't reached my peak.
At this point, does money still motivate you?
As a scorecard more than anything. I don't need any more money, so the challenge and the subsequent achievement is the motivator. I love making deals.
Describe your life in five words.
I am a happy man. Make that six words: I am a very happy man.
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