33617076-Rpt-201-Trump-Secrets

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TRUMP SECRETS of a RICH MINDSET

It’s Time to Start Thinking Differently About Money The way you relate to money is about to change. We’re going to train your brain to think like a wealthy person! Simply by changing the way you think can change your outlook on your financial situation, and while this alone will not make you a millionaire, your mindset plays a big role in achieving massive wealth. Once we get you to make financial decisions in a wealthier way, then you can move onto wealth-building tactics. Trump University is equally dedicated to teaching personal finance as we are to molding future entrepreneurs and real estate moguls. To that end, we have recently created a wealth-building action plan (www.TrumpUniversity.com/actionplan) unlike anything on the personal finance market today. Led by top experts in their field, this program is designed to: •

Help you build the foundation of success

•

Introduce you to four specific pathways to wealth: launching a business, buying a business, investing in the stock market, and investing in real estate.

•

Give you the essential information on how to protect your wealth from the very beginning

•

And much more!

Designed to change your financial life, the tools and information provided in this program will empower you to dramatically increase your personal wealth. But before you begin that journey, let’s get you started on revitalizing the way you think about money!

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Trump Secrets of a Rich Mindset

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Adopt a Trump Mindset for Wealth 1.

Follow your passion. You are much more likely to become rich by doing something you love.

2.

Set immense goals. Why decide that you want to make $1 million when you can decide to make $100 million instead? Big dreams make your potential vast.

3.

Learn something new every day. Small parcels of knowledge – about a new kind of mortgage or a new building material, for example – boost your success potential in immense ways.

4.

Cultivate patience. For example, you will sometimes need to own a property for a very long time before the time is right to develop it. You need the maturity to wait.

5.

Never settle for second best. Build the best buildings, hire the best people and make the wisest decisions. Excellence costs no more than mediocrity and it will make you richer, faster.

6.

Live big. Within your budget, of course. But remember that the point of becoming successful is to live well, not walk around with holes in your shoes so you can have an extra $20 in the bank.

7.

Work only with honest and moral people. Crooked people will cripple your success. Steer clear of them.

8.

Be direct with people. It saves time – and time really is money.

9.

Reward worthy people. It doesn’t matter if they cut your grass or who manage your money. Be fair and generous and the good you do will come back to you many times over.

10.

Learn to negotiate. (See Page 10 of this book.. Most everything in life hinges on effective negotiation, so learn to do it well. And remember, not every negotiation is of the win/win kind. You sometimes have to be willing to come out ahead.

Get Organized to Get Rich 11.

Remember that computers crash. Back up all your critical information in at least two different locations, such as in your filing system and in your lawyer’s files.

12.

Keep financial records indefinitely. You never know when some check stub or receipt is going to save you from an audit or another cataclysmic problem.

13.

Don’t let anyone sign your checks until he or she has worked for you for a minimum of five years – preferably 10. The moment you let someone do it for you, they can turn from honest to dishonest in a heartbeat.

14.

Shred all your financial statements, bills and credit cards before you dispose of them. Not all identity theft occurs online.

15.

Keep a paper notebook next to your office phone and quickly summarize phone conversations you have. It’s a pain, but when someone calls someday and says, “We never discussed that!” you will have them dead to rights.

16.

Return phone calls within a day. If you can’t manage that, return them the next day. And if you can’t manage that, hire somebody to do it for you. To get rich, you need to be responsive.

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Let a Success Image Carry You to the Top 17.

Follow the ancient advice and dress for the job you want, not the one you have. It’s a cliché for a reason.

18.

Sweat the small stuff. A stain on your tie or scuffs on your shoes will tarnish your professional image a lot faster than you imagine.

19.

Stand up and shake hands when people enter your office. When they leave, stand up and escort them to the door. Those little customs single you out for success.

Teach Your Children the Value of Money and Work 20.

Let your kids work. The only way to learn to appreciate money is to earn it.

21.

Show respect for people who are less privileged than you are. Be cordial to waiters, parking lot attendants, electricians – and everyone else whose services you require. If you don’t, you are teaching your children to disrespect people and the value of the work they do.

22.

Talk to your kids about the financial decisions you are making – the stocks you own, the properties you are considering, the amount of taxes you pay. The more you anchor economic knowledge to the realities of your life, the more vivid it will become for your children.

23.

Discuss economic priorities and decisions with your spouse or partner so you can present a united front to your children. The last thing you want is to teach one financial philosophy to your children while they are getting a different message from your husband or wife.

24.

Give your kids an allowance, so they will learn to tie the spending of a given sum to a finite period of time. It’s called budgeting.

25.

Don’t use your credit card to mop up after your kids. Show them the money as it leaves your hands, or as it leaves theirs.

26.

When it is time to buy clothes for the school year, give your children a finite amount of money and let them do their own shopping. You will be surprised at how quickly they find their way to the sale racks.

27.

Don’t give your teenage kids credit cards. Instead, give them debit cards that are tied to your own accounts, so you can transfer funds to them as needed. This allows you to monitor spending via online banking and step in - instead of waiting for a jumbo credit card bill to surprise you at month’s end.

28.

When discussing educational opportunities with your children, approach different schools with a consumer mindset. Which college offers the best courses per dollar spent? Which offers internships and other fast-start employment options? Being a good educational consumer shows kids that an education is not something they are entitled to, but something that demands hard thinking and hard work.


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Cultivate Healthy Financial Habits 29.

Pay your bills on time – especially your credit card bills. For recurring bills, schedule automatic payments through your bank’s online services so you will never miss a payment.

30.

Save enough cash to see you through three to six months of lean times. If you lose your job, you won’t then have to use credit cards to pay for daily expenditures.

31.

Don’t buy the latest new gadgets today. Wait a few months for prices to come down.

32.

Buy airline tickets as far in advance as possible. The cheapest tickets are often the ones you buy two months in advance.

33.

Pay off your credit card balances as soon as you receive your bills. Don’t just believe in doing so – do it. Remember: Earning 5% in your savings account doesn’t mean much if you are paying 23% interest on unpaid card balances.

34.

For one month, keep a log of everything you purchase. At the end of the experiment, you will get some surprises about where your money goes. Make adjustments.

35.

Automate your saving process. One way is to have your paychecks deposited automatically into a checking account and then have your bank automatically transfer a set amount each month into your savings account.

Invest Wisely for Income 36.

Set your investment objective. Do you want to: 1. preserve your capital; 2. generate income; or 3. grow the value of your holdings? In general, those are the three objectives that you can reach through investing.

37.

Avoid picking stocks to invest in, unless you are an expert. Rely on advice from a tried and tested investment advisor instead. Use the time you save to work hard and make more money to invest.

38.

Also avoid stocks if you are looking to make money quickly. Over the long term, they out perform other investments. But if you need short-term profits, look elsewhere.

39.

If you do decide to invest in stocks, stick to an industry that you know a lot about. If you are a physician, for instance, buy stock in a pharmaceutical company that produces products you understand.

40.

To get a quick education about investing, ask your broker to explain these terms to you: 1. stocks; 2. mutual funds; 3. municipal bonds; 4. corporate bonds; and 5. government bonds.

41.

Don’t invest heavily until you have a cash reserve that can prevent you from having to liquidate your investments if you suffer a financial setback.

42.

Do not invest in collectibles. A plate or coin is worth only what a buyer will pay on the day you decide to sell it.

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43.

Learn about the best mutual funds and their managers. Top-rated mutual funds are the greatest risk-minimized, high-income investments ever invented by the human mind – and they’re the best place to start investing.

44.

Invest only in the no-load mutual funds. A “load” is a fee you pay the salesperson or company behind the fun.

45.

Remember that just because a stock has been up for the last six months does not mean it will continue to go up tomorrow.

46.

Never invest more than 10% of your stock portfolio in any one company, even if everyone says it is a “sure thing.”

47.

If you don't understand how an investment works, don't buy it.

48.

To select the best investment advisor, get referrals from at least five friends. Meet with the five advisors they recommend. To keep your selection simple, go with the advisor who takes the most time with you, who shows interest in your objectives and situation – and who shows no frustration about answering your investment questions.

Invest Wisely for Long-Term Growth and Retirement 49.

Start saving for your retirement today, not tomorrow. Thanks to the magic of compounding, even late starts can make a difference of tens of thousands of dollars – maybe hundreds of thousands – and a better-funded retirement.

50.

Buy your retirement residence as early as you can – even if you only buy a piece of land where you will later build a home. Get in early, because property prices will only go up over time.

51.

Optimize your 401(k) If your employer matches your contributions, set your 401(k) contribution at the highest level possible.

52.

Don’t forget to increase your 401(k) contribution when you get a raise.

53.

Monitor your Social Security account so you always know how much income you are entitled to when you retire.

54.

If you are setting up a new IRA, make it a Roth IRA. It is rarely advantageous, however, to roll a traditional IRA into a Roth IRA. As soon as you do, all your earnings and tax-deductible contributions may become taxable. Be sure to talk to your CPA.

Build Your Get-Rich Support Team (CPA, LAWYER, BROKER) 55.

Ask “What would you do if you were in my position?” to get a glimpse of a potential advisor’s ability to plan flexibly.

56.

Ask a potential advisor to describe what he or she did to help another client who was once like you. Does it sound like that process will work for you?

57.

Don’t hire someone who will not answer all your questions clearly, patiently and positively.


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58.

Trust your gut. If you have a negative initial reaction to someone, why would you consider putting him or her on your team?

59.

If you hear, “Here’s what I do for all my clients . . .” you are getting a spiel, not individualized attention.

60.

Ask for a timeline about what the advisor will do in the first meeting, in the first six months of your work together – and out into the future. You want to hear a structured plan.

61.

Call your potential advisor on the phone before you agree to work together. If he or she is tough to contact, go with someone else.

62.

Look around the waiting room while you are waiting to interview your potential advisor. Are the people who work in the office the kind of professionals you want to get to know?

63.

In the early days of starting a business, don’t get stuck paying monthly retainers. Start out with scheduled meetings and retain professionals only when doing so makes financial sense for you.

64.

Ask for a detailed fee schedule. If he or she can print one off and hand it to you, that’s a very positive sign.

Don’t Lose Your Shirt to the IRS 65.

To automate record-keeping, pay for all your business and/or deductible expenses using one card, such as American Express, that will generate a year-end summary of your expenditures.

66.

Practice tax strategies, not tax evasion. If your CPA has risky ideas that scare you, work with someone else.

67.

Learn to bunch income and deductions into different calendar years. If you want to reduce your income tax this year, for example, ask your best client to pay you in January, not December.

68.

Recheck your withholding every year. If you get married, have kids, or become the head of a household, add these allowances on your W-4 and have fewer taxes withheld.

69.

Consider buying a new hybrid vehicle. They will save gas and possibly entitle you to a tax credit of up to $3,400.

70.

Alimony payments can often be deducted from your adjusted gross income. Talk to your taxpreparer.

71.

If you are paying for the care of elderly parents, ask your tax preparer whether you can structure your expenses to make them deductible.

72.

Maintain well-organized records of all your expenses and income. An IRS audit will not scare you if you have your paperwork organized.

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Make Your Home Earn Money for You 73.

Make your home more energy efficient. Then take all the applicable tax deductions you can for it.

74.

Refinance your mortgage, but only if you can cut at least one point from your interest rate.

75.

Put at least 20% down on a home. A lower down payment usually results in a private mortgage insurance (PMI) fee of 0.5% annually, which would cost you about $1,500/year on a $300,000 mortgage principal.

76.

Consider making your first-home a multi-family — it could enable you to live virtually for free. Then upgrade to a private home when the time is right.

77.

An in-law apartment can help trim the costs of home ownership if you invite the in-law tenant to pay rent or help you buy the home.

78.

If you own a home in an urban area, you can generate extra income from it by renting out office space, parking spots or a storage room.

Invest in Real Estate Like a Pro 79.

Buy properties that excite you. Passion counts in real estate, too.

80.

Accompany home inspectors when they examine properties you have under consideration. Ask tons of questions. The knowledge you gain will be one of your most important real estate assets in the years to come.

81.

Know the important trends in municipalities where you might buy investment property. A new commuter line, a new hospital or a new school can dramatically increase property values.

82.

Visit Trump University (www.trumpuniversity.com) and the Donald Trump Blog (http://www.trumpuniversity.com/blog/index.cfm) often to stay informed about the current fore closure boom and other real estate opportunities.

83.

When developing a property, make it the Most Valued Property compared to other properties on the market. You could make it the most smartly renovated, or the one with the most attractive financing package. To sell a property, it has to stand out in at least one obvious way.

84.

In the current real estate market, “fix and flip” doesn’t work because prices are soft. “Buy and hold” (buy today at low prices and sell later when prices rise) is the best strategy for today.

85.

Don’t let false optimism convince you that you will beat the odds and sell a house for lots more than comparable properties in the area.

86.

If you find the worst property on a block and see a cost-effective way to turn it into the best, that property is a probably good investment. But work the numbers to be sure.

87.

Remember, you can improve not only a property, but its neighborhood. If you can add a new bus stop, improve the lighting or turn a street into a cul-de-sac instead of a through-street, you could turn an investment from good to great.


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88.

Always get to know different real estate agents in the areas where you might invest. They provide a great, no-cost source of tips and information.

89.

Remember, Internet listings aren’t the only place to run ads for properties you are selling. Sometimes a flyer in a daycare center or church lobby can offer a more effective way to get your property sold.

90.

When you have a property to sell, start by talking to people in the neighborhood. Many of them will have friends or relatives who would love to move into the area.

91.

To buy a property with little money down, ask for owner financing or for a lease with an option to buy. If the property has been on the market for six months or more, you will get a very cordial hearing – and probably a deal.

92.

Don’t fail to consider investing in multi-families, apartment buildings, retail locations, office buildings and even raw land. Single-family houses are only one option for investors.

93.

Resist the temptation to borrow money from friends and relatives to make your first real estate purchase. Wait a little longer and borrow more intelligently. You will have greater control over your future in real estate.

94.

Do the math. When buying a house to renovate and sell, deduct the cost of your renovations from its fair market value. That’s how much you should pay, not one cent more.

95.

Timing is everything. If you are about to send a child to college or retire, it might not be the wisest time to tie up large amounts of money in real estate, not matter how positive the potential profits seem.

Apply Trump Negotiation Skills to Real Estate Investing 96.

Aim for win/win outcomes, like all the books on negotiating say. But remember that sometimes you actually get to win more than the other guy or gal.

97.

Add one or two new pieces of knowledge every day. You never know when a piece of information will transfer into a powerful advantage when you are negotiating.

98.

Be willing to walk out. It will often move you towards your goals more quickly than agreeing to the wrong terms.

99.

Put a dollar value on your objective – the most you will pay, or the least you will accept. Your opponent will sense when negotiations are nearing that line and will back off.

100. Understand what the other side wants. (If you don’t know that is, ask.) If you can’t offer it, negotiations are going to be harder – but not necessarily impossible. At least you will know what you are up against. 101. Identify bargaining chips that you will be willing to give away in negotiations. Example: You might be willing put a new roof on a property that you are trying to sell. But guard your chips closely and don’t offer them unless you have to. 102. Know the most important thing you want to gain from negotiations, but don’t reveal it too early. Once all the other issues are on the table, you will have a better chance of getting it.

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103. Remember, you can’t overpower the other side by talking loud or fast. Every negotiation requires a different approach. If you are in doubt, listen well and show respect. 104. When negotiations stall, ask “What would it take for us to come to an agreement about this today?” If you cannot offer what the other side asks for, call off negotiations temporarily to give the other side time to rethink its position. 105. Don’t hold grudges or badmouth the other side if you are unable to come to agreement. Today’s opponents can be tomorrow’s allies.

Educate Your Kids Splendidly without Breaking the Bank 106. Start saving early for college. College costs are rising at the rate of about 5% annually, so start today to keep pace. 107. Apply for financial aid at colleges – even if the chances of getting it are slim. More colleges than you expect are willing to offer scholarships based on merit, not need. Just be sure to ask whether applying for aid will impact negatively on your child’s chances of acceptance. 108. Ask colleges to point you toward specialized scholarships for people from your state, people of your ethnic or religious heritage – or that offer other kinds of targeted funds. 109. Consider sending your child to a low-cost community or state college for two years before transferring to a more expensive school. But don’t jeopardize your kids’ educations by pushing for this tactic too hard. 110. Don’t do it on the cheap. A quality education will repay your children richly over the entire course of their lives. What could be a better investment? 111. Get involved in fundraising and other activities for your kids’ colleges. There is no better way to network your way to people who will be in a position to help you or your child if problems arise. 112. If your children are not sure what they want to do after graduation, encourage them to take time off to work while they think about it. It’s cheaper to be indecisive while they’re working. 113. If you must borrow for tuition costs, make a bank your last destination. Start by asking the financial aid office at your child’s college for information on any low-interest loans they can suggest – especially those offered by your state. 114. If you haven’t gotten the financial aid you need from a college, visit the financial aid office and ask for it. A “face-to-face” approach works better than a financial aid form. 115. If your kid will live on a campus, don’t send him or her with a car. Temporarily take the vehicle off your insurance policy and leave it in your driveway to save insurance costs. 116. Encourage your kids to take part in internships while they are in school – especially if they can work for companies where they will later apply for jobs. 117. Urge your children to use their colleges to network with successful alumni who might hire them after graduation.


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118. In emergencies, consider raiding your IRA to pay for tuition costs. If you are 59½ or older, the money you take from your IRA to pay for tuition is no longer subject to a 10% penalty. Speak with your CPA first. 119. If your child will live off campus, consider buying a condominium for him or her to live in. You will enjoy the tax benefits of property ownership and save on rent at the same time. Even better: Buy a multi-family home and let your son or daughter live in it. 120. Encourage your kid to start a company while still in college. The business faculty and successful alumni will offer high-ticket advice at no charge – and your young entrepreneur will graduate with a business underway.

Master Your Credit 121. Convert consumer interest into tax-deductible interest by paying off credit cards with home equity loans or by refinancing your home. But use this strategy sparingly so you don’t bleed all the equity from your home. 122. Transfer credit card balances to cards with special zero or low-interest introductory offers – and pay off the balances while those low rates are in force. 123. Pay your credit card balances in full every month. It’s the best way to have a good credit report and make sure that credit is available when you need it. 124. Never borrow more than one-third of your available credit. It will only make your credit report look bad. 125. Call up your credit card companies and ask them to lower your interest rates. In most cases, they will. 126. Don't use credit cards for cash advances. The interest rates are outrageous. 127. Regularly check your credit reports from Equifax, Experian and TransUnion. It’s the best way to avoid identity theft and catch reporting errors as soon as they occur. 128. Be cautious about home equity loans. Read the fine print. If you fall behind on payments, you could lose your house. 129. Don’t drain the value out of your home by refinancing too often. Rule of thumb: If you bought your current home within the last 10 years and the amount you owe on your home is 1.5 times greater than the amount you paid for the home, it may be time to put on the brakes before filling out an application.

Drive a Terrific Car without Overspending 130. Ask your mechanic to recommend good used cars to consider. Then take cars you are considering to him or her for a pre-sale inspection. 131. Obtain a CarFax report on any car you are considering to be sure the vehicle has not been involved in an accident or theft.

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132. Check Consumer Reports for information on the reliability of different cars you are considering. 133. Consider buying a used Mercedes-Benz. Donald J. Trump maintains that they are among the most solid and utilitarian vehicles he has ever owned. If you cannot afford a new or used Mercedes, consider a Honda product. They are less like bank vaults than Mercedes’ products – but have even better reliability. 134. If you want a GPS navigation device, save money by buying a portable one that you can move from vehicle to vehicle – and even to rental cars. 135. Don’t buy a used hybrid vehicle. Hybrid technology is too new to count on if you intend to run your car up to high mileage. And if a hybrid’s battery pack fails, it can cost as much as ½ of what the car is worth. 136. Consider putting run-flat tires on cars operated by your children. (If the tires get punctured, they do not go flat. They cost more, but minimize the odds of getting stranded by the roadside. 137. Check the crash ratings of all cars you are considering. In the last few years, many cars made by Japanese companies (especially Honda, Toyota and Subaru) have achieved crash-test ratings as high as Mercedes, Saab and Volvo – the traditional leaders in safety. 138. Sign up for roadside assistance from AAA or AARP. Most roadside assistance plans – even those from luxury carmakers – simply tie into a computerized network of local tow truck owners. 139. Think twice before investing extra money in OnStar or another expensive emergency assistance program. Your cell phone will summon help for you at a far lower cost.

Be a Winner at the Insurance Game 140. Don’t buy life insurance if you are single with no dependents. The purpose of life insurance is to protect your dependents from losses that might follow your death. 141. Skip life insurance for your children. Insurance is intended to cover income-producing members of your family. 142. Don’t overbuy life insurance. Carrying enough insurance to make your family rich when you die can make you poor while you are living. 143. Avoid “Whole Life,” “Universal Life” and other policies that position insurance into an investment. Take term policies instead and wisely invest the money you save. 144. If you have an older whole life or similar policy that you were paying into for many years, ask your tax advisor about liquidating it. Even though you may pay a tax penalty, you will be able to invest the funds while you are still alive. 145. Never name your estate as the beneficiary of your life insurance policy. Name specific people instead to avoid paying estate tax. 146. Talk to your estate planner about insurance trusts. If you die, they direct some of your life insurance’s payoff toward paying off your debts or for other purposes you specify. The benefit? Lower inheritance taxes. 147. Don’t buy life insurance or disability policies that are bundled with credit cards. They are not good values. www.TrumpUniversity.com

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148. As you get older, reduce your term life insurance and let your heirs plan to get their inheritance from your investments and other sources. Term life insurance gets more expensive as you age. 149. Make sure you are taking full advantage of the healthcare insurance that your employer provides. If you are in your younger and healthier years, cut costs by opting for a higher deductible and co-payment terms to lower your premiums. 150. Be sure to ask whether the organizations you belong to offer group insurance policies at reduced rates. Sometimes it is worth joining AARP or a professional organization to snag a low-cost policy. 151. Buy disability insurance that will cover you up until age 65. But to keep your payments reasonable, buy policies that will replace only up to 60% of your income. For the same reason, avoid costly policies that pay more than $100/day. 152. Do not conceal pre-existing conditions when applying for any policy. If you become ill, insurance companies will comb through your medical history and will refuse to pay benefits for conditions that you did not disclose. 153. If your heirs are looking forward to getting large insurance payments after you die, invite them to help you pay for your policies while you are still alive. Tell them it is a good investment. 154. Ask your tax preparer to tell you whether some of your insurance premiums might be tax-deductible. Surprise: If you are self-employed or own a company, your long-term care and certain healthcare policies can probably be written off. 155. Carry enough liability on your car to cover the equivalent of twice your net assets. It’s a litigious world out there. 156. If you are a safe driver, raise your deductibles on collision and comprehensive to $500 or $1,000 to reduce your premium costs. 157. Don’t let anyone else drive your car until you ask your insurance company who is, and who is not, covered when driving your vehicle. 158. Choose only insurance companies rated “A” or higher by A. M. Best. 159. Have enough life insurance to replace at least five years of your salary – or 10 years if you have younger kids or significant debts. 160. Think about insurance before you buy a car. The more expensive a car (or the more popular it is with thieves), the more your insurance will cost. 161. Buy homeowner and auto coverage as a package from the same insurer. You'll get a better deal than you would if you bought the two separately.

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Own a Business and Own a Life 162. Stop working for other people. All the world’s billionaires have one thing in common. At some point, they stopped working for other people and started working for themselves. 163. Consider buying a business instead of starting one from scratch. You can look at the books of a business that is for sale, identify improvements you can make – and have an operating business at a far lower cost. 164. Be wary of franchises. They offer an established brand name and advertising. But buying an existing business offers the same benefits and gives you greater bang for the buck. 165. Beware of foreign competition, new technologies and other surprises. Read industry-related publications before starting or buying a business. You don’t want to be broadsided. 166. Start a business that lets you do what you love. You will always do better in the business that is right for you, even though other enterprises might look more profitable. 167. Talk over the demands of owning a business with your family before you make the move. Explain the extra time you will need to invest and make it a group decision. 168. Talk with people who own businesses similar to the one you are considering. They will almost always be happy to share their advice, warnings and knowledge. 169. Take a job working for a business like the one you are considering. It’s the best way to be sure it is right for you. 170. Remember, a lack of start-up funding can sometimes be compensated for by the simple “sweat equity” (also known as hard work) you invest during the start-up phase. 171. Take a marketing course before you start your business, to learn how to kick start profits without hiring a costly sales force. 172. Beware of false optimism. Just because you believe in your product or service doesn’t mean the world will beat a path to your door. 173. Target your competitors’ weaknesses. If their premises are dirty, be spotless. If they don’t deliver to customers’ homes, deliver. If they are closed on Sunday, stay open. It’s the simplest way to gain a competitive edge.

Pass Your Wealth to Your Heirs (Note that the strategies below are not meant to replace the advice of a qualified attorney.) 174. Plan your estate with an attorney who specializes in estate planning. It is one area where you need a bona fide specialist because the laws and strategies are so complex. 175. Don’t wait to start estate planning. The earlier you plan, the more opportunities you have to structure your estate wisely.


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176. Set aside at least two days to fill out a net worth statement. If you wait until just before you meet with your attorney, you will probably fail to itemize certain holdings. 177. Do not “gift” your residence to your children. (“Gifting” means giving it to them before you die so they will avoid paying estate taxes on it.) If you do the math with your attorney, you will probably find that selling it to them while you are alive will avoid capital gains and put more money in their pockets when they decide to sell the home someday. 178. Name your children, not your spouse, as beneficiaries of a Roth IRA. Unlike your spouse, they are probably entitled to take income from it, tax-free, over the course of their lifetimes. 179. Review your will every two years with your attorney. Changing circumstances in your life, as well as new laws, may require unexpected revisions. 180. Give valuable assets away before you die. Your coin collection can go to your alma mater, your paintings to a local museum. But consult your tax advisor to be sure your gift will result in a tax deduction. Not all donations do. 181. Transfer assets to your heirs before you pass away. Speak with your attorney and make gifts to avoid inheritance tax later on. 182. Establish trusts – especially Revocable Living Trusts – to avoid probate. But be careful about whom you select to act as the trust’s administrator. Do you really want your children to spend their entire lives asking one law office for disbursements from your trust? 183. Use extra caution planning your estate if you, your spouse or your heirs are not U.S. citizens. Special restrictions may exist on their ability to receive property from your estate. 184. Write a will! Some people believe that, if they don’t have one, they will live forever. Sadly, it doesn’t work that way.

Retire Like a Queen or a King and Enjoy Your Riches 185. Get married, if you are not already. Tax laws allow living spouses to pass unlimited assets back and forth. And under current tax laws, there are very high limits on what the surviving spouse can inherit tax-free. 186. Meet with your investment advisor when you retire to review your investments – property, stocks, mutual funds and everything else. Adjust your positions in all these investments (it’s called Asset Allocation) to meet your changing priorities and needs. 187. Don’t retire and commute. Save gas and time by selecting a retirement location that is close to the activities you love the most, such as golf, boating or hiking. 188. Remember, you don’t have to move when you retire. Weigh the financial and emotional advantages of simply staying put. 189. Start a home business during your retirement years and enjoy the extra tax benefits. 190. Don’t invest in timeshares as retirement escapes. There is a reason why so many people today are trying to get rid of them.

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191. Pick your retirement location by talking to retired friends about where they have retired – and how things are working out. 192. Consider taxes when you pick a retirement location. Moving to a state without sales tax can make a significant difference in your finances if you are planning to buy a car or furnish a new home. 193. If you will move away from your financial advisor or broker when you retire, set up regular times to have a phone consultation every week. 194. Install good exterior lighting around your retirement home. It is the most effective and inexpensive theft deterrent available. 195. Check regional crime statistics carefully before retiring to any area. Remember that a guard sitting in a booth of a gated community is only a deterrent, not prevention. 196. Move your bank accounts to a national bank that has branches near all your retirement residences. 197. Select a retirement complex where landscaping and exterior maintenance are covered by common fees. It costs less – and you won’t have to worry about exterior maintenance while you are traveling. 198. Before investing in a retirement home, visit at night to check how well-lit and secure the area feels after dark. Also drive to stores, gas stations, hospitals, ATMs and other often-used destinations to be sure you feel secure making those junkets. 199. Use landscapers and other service providers who have been recommended strongly by people who have used their services. You don’t want dishonest service providers who victimize retirees. 200. Plan to communicate with your distant family members and friends via email or Internet phones, not costly standard phone companies. 201. Don’t buy a retirement house that is too big because you are expecting visits from your kids or grandchildren. Buying a huge house for rare visits is a common mistake made by recent retirees. Sofa beds are cheaper than additional rooms.

It’s Time to Get Tactical Now that you’re in the millionaire mindset, it’s time to get tactical. There are a myriad of ways to grow your revenue. In fact, the more income revenues you have the wealthier you will become. So let’s get you started down your road to riches. The Wealth Builder’s Action Plan will lead the way! To purchase or learn more about The Wealth Builder’s Action Plan, go to www.TrumpUniversity.com/actionplan, or call TrumpU Admissions at 1-888-668-7867


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Copyright © 2009 Trump University.All rights reserved. No part of this document may be reproduced in any form, including photocopying or transmission electronically to any computer, without the prior written consent of Trump University. The information contained in this document is proprietary to Trump University, and may not be used or disclosed except as expressly authorized in writing by Trump University. Trump University assumes no responsibility for errors or omissions that may appear in this publication. While all attempts have been made to verify information provided in this publication, neither the Authors nor the Publisher assume any responsibility for errors, inaccuracies or omissions. Any slights of people or organizations are unintentional. Company names and product names mentioned in this document may be trademarks or registered trademarks of their respective companies and are hereby acknowledged. Trump University reserves the right to change this publication at any time without notice. The content, strategies, forms, checklists and legal documents contained herein are for illustrative purposes only. Trump University does not render legal, accounting, investment or tax advice. You should seek the guidance of professional advisors in any transaction. Insofar as local laws, regulations, customs and practices vary widely from area to area, the form contracts presented herein should not be used without the input of a local professional and a clear understanding of your rights and remedies. You are advised to retain competent counsel to determine what state and/or local laws or regulations may apply to the user’s particular business. This report is provided for information only and no guarantees, promises, representations or warranties of any kind regarding specific or general benefits, monetary or otherwise, have been or will be made by Trump University, its affiliates or their officers, principals, representatives, agents or employees. Trump University is not responsible for, and shall have no liability for any business success of failure, acts and omissions, the appropriateness of the reader’s business decisions, or the use of or reliance on this information. Real estate investing, just like any other business, does contain risk. Real estate investors can both make and lose money on any given transaction. Like the stock market, poor decisions may result in the loss of all or part of an individual’s working capital. Caution should always be used.

T RUMPUNIVERSITY.COM 877.508.7867 TRUMP SECRETS OF FORECLOSURE SUCCESS

©2008 TRUMP UNIVERSITY

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