To End The FReepathon
Posted on 12/08/2015 10:03:32 AM PST by lulu16
Real estate mogul Donald Trump announced on Tuesday that he is running for president of the United States.
He proclaimed that he is the master negotiator that President Barack Obama and other candidates are not.
"Our country needs a truly great leader, and we need a truly great leader now," Trump said. "We need a leader that wrote 'The Art of the Deal.'"
Trump's book, first published in 1987, has sold over 1 million copies. In it, he breaks down his approach to deal-making before explaining how he developed his theories throughout his career.
"My style of deal-making is quite simple and straightforward," he writes. "I aim very high, and then I just keep pushing and pushing to get what I'm after. Sometimes I settle for less than I sought, but in most cases I still end up with what I want."
Here are the key elements of Trump's "art of the deal."
(Excerpt) Read more at businessinsider.com ...
"Most people think small, because most people are afraid of success, afraid of making decisions, afraid of winning," he writes. "And that gives people like me a great advantage."
“Protect the downside and the upside will take care of itself.”
Trump learned that he would rather own casinos than be a gambler himself.
“I always go into the deal anticipating the worst,” he writes. “If you plan for the worst — if you can live with the worst — the good will always take care of itself.”
“Maximize your options.”
It’s necessary to be flexible, he says.
“I never get too attached to one deal or one approach,” Trump writes. “For starters, I keep a lot of balls in the air, because most deals fall out, no matter how promising they seem at first. In addition, once I’ve made a deal, I always come up with at least a half dozen approaches to making it work, because anything can happen, even to the best-laid plans.”
“Use your leverage.”
The only way you’re going to make the deal you want, he says, is if you’re coming from a position of strength and can convince the other side that you have something they need.
“In reality,” he writes, “I wasn’t that far along, but I did everything I could, short of going to work at the site myself, to assure them that my casino was practically finished. My leverage came from confirming an impression they were already predisposed to believe.”
PING...
I posted excerpts from this book late last night. Then I heard Rush talk about it this morning. I have pasted parts, so Freepers can get a general idea and not have to click through.
Below is a comment I got back from Freeper gleeaikin:
I read Art of the Deal some 35 years ago. As a result I have much more wealth than if I had not read it. Several of the items quoted that worked for me are: “Most people think small...â€, “I always go into the deal anticipating the worst...â€, “never get too attached to one deal or one approach...â€, “not afraid to blur reality to utilize leverage...â€. He speaks of “delivering the goods.†My similar approach was keeping my promises.
Since writing that book, Trump has had his reality TV shows which have increased his tendency to grandstand. He and Christy tend to seem similar because they come from New York and New Jersey. I grew up in NJ, so speak from experience. Now that I have what feels to me like enough money I am looking for other big challenges, like changing my city or the world.
Thank you Harley Lady. Here is another Trumpism:
“”Get the word out.”
Once you’ve made a deal, the only way it’s going to be worth anything is to then attract customers, he says. Similarly, creating a public persona helps you get the most out of your next deals.
Trump says that he’s always embraced a healthy dose of sensationalism and controversy to pique the media’s interest.
“I play to people’s fantasies,” he writes. “People may not always think big themselves, but they can still get very excited by those who do. That’s why a little hyperbole never hurts. People want to believe that something is the biggest and the greatest and the most spectacular.”
Joined the Christmas tradition of giving to the Freepathon. A better feeling than downing eggnog and munching on gingerbread cookies, and that is pretty great.
If you haven’t, please join us in donating to the greatest forum in the free world, Free Republic.
I loved that book....have read it twice...when I started my business, I used a lot of his ideas and they work...
Can’t say enough good about this guy and so proud he is MR. PRESIDENT of the United States of America....and I bet Israel and Russia are breathing easier now that obuma is nothing anymore....
You are very, very welcome. Have a blessed Christmas DJ!
You too, Lulu!!!
In addition to giving me some ideas on how to make money with real estate, the book also gave me ideas on thinking around a problem to make it a winner. A specific example: My late husband inherited a number of acres about 600 miles from our home. We decided to sell it, but then I discovered the IRS 1031, Starker Exchange. This enables you to buy a more expensive piece of investment property and not have to pay capital gains on the original property. So we bought a nice little piece of land about 120 miles from home in the mountains, which our children will inherit when I am gone and never have to pay the capital gains on the increase in value up to the day I die.
Prior to selling that land a coal company had offered us thousands of dollars for the underground coal rights. After we did the deal my husband was spending the money too freely. I suggested we buy a second house as a rental property. The house we wanted was too rich for our income, so we brought in a friend whose income was enough to swing the deal. Their share was 10% of the down payment. Five years later we bought them out at 2.25 times what they had put in and we were both happy. That property is now worth about 5 times what we paid for it 30 years ago. When we got the payment from the coal company I was afraid we would have to pay a good chunk of it to the IRS. Then I started thinking creatively (thank you Mr. Trump) and it occurred to me that when his mother died, fuel costs were higher than when we sold the coal rights. Thus we had a capital LOSS. I called the Geological Survey and found out how many feet of what kind of coal were under the land, multiplied it by the acreage so knew how many tons or cubic meters we had sold. Then I called a coal company and asked what they were getting for that kind of coal when his mother died and when we sold the coal rights. When all the math was done we ended up with a big deduction on our income taxes (depletion allowance?) instead of owing money on the sale.
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