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:
201 Trump University Presents 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! www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset Adopt a Trump Mindset for Wealth Follow your passion You are much more likely to become rich by doing something you love 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 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 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 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 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 Work only with honest and moral people Crooked people will cripple your success Steer clear of them Be direct with people It saves time – and time really is money 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 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 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 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 it for you To get rich, you need to be responsive Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 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 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 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 – 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: preserve your capital; generate income; or 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 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: stocks; mutual funds; municipal bonds; corporate bonds; and 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 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 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 for all my clients ” you are getting a spiel, not individualized attention 60 Ask for a timeline about what the advisor will 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 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 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 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 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 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 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 10 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 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 877.508.7867 Trump Secrets of a Rich Mindset 11 148 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 12 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 what you love You will always 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 13 176 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 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 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 14 Trump Secrets of a Rich Mindset 877.508.7867 www.TrumpUniversity.com 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 www.TrumpUniversity.com 877.508.7867 Trump Secrets of a Rich Mindset 15