How To Get Rich

by Dual Income No Kids on October 19, 2007 · 0 comments

This post is a bit different than your average book review. I picked up a copy of Donald Trump‘s How to Get Rich to consider what I would have to say about it before ever reading the book. I’ll share my ideas on his jacket cover insights and then follow up with another post after I’ve read the book.

Invest Wisely
My first thought is that investing wisely is quite important, I think that saving wisely is probably the first step at any stage. I do think that research can go a long ways when it comes to choosing stocks. This can be difficult for most folks who are either intimidated by all of it or just can’t be bothered with it all.

Impress the Boss and Get a Raise
I think this is essential to building wealth. The only way to get ahead in this world, financially speaking, is to save more than you spend. The larger your paycheck the easier this can be. I also think that you gain a tremendous amount in simply having a good work ethic. While certainly there are folks who make their millions sitting on their bum, I believe that most people work very hard to get rich.

Manage a Business Efficiently
I think this stands true for both business and pleasure. Paying attention to the details and running a tight ship goes a long way in making money. It’s hard to expect great gains if you can’t deal with the basics.

Hire, Motivate, and Fire Employees
I can see his point here. Working with a couple of new assistants here in Afghanistan has been challenging to balance mentoring and getting things done. My family’s business recently had to deal with this as well. They agreed that there was some dead wood standing around and holding up walls. They gave them all notice that business as usual was a thing of the past and if they weren’t willing to put in an extra effort to improve business that they should look elsewhere. Not always as easy as it seems for Trump but I think it is important.

Negotiate Anything
If you are regular DINKs reader you know that we are huge on this one. I love the art of negotiation. I think that is the most frustrating thing for me thus far in Afghanistan where folks aren’t willing to negotiate as much as in other countries.

Maintain the Quality of your Brand
From a work perspective I certainly see this as important. Knowing what your values are as a business or organization are and sticking to them is important. That, and consistent quality.

Think Big and Live Large
This I fully area with. I’m not one for being hugely lavish, as James and I are pretty frugal when it comes down to it. At the same time I think that if you don’t dream big you’re not likely to get anywhere. I’m only in the economic bracket that I am because I was willing to think big.

I’ll keep you posted on what Trump has to say in a bit. In the mean time I’d love to hear your thoughts on these tips.

Cheers,

Miel

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