Donald Trump is rich, and you’re not, because he knows one the biggest secret to making a fortune, and you don’t.
The secret?
Other people’s money.
10 wealthiest couples in the world
Private wealth consultancy Wealth-X has calculated the 10 wealthiest couples in the world. Sorry, they're taken. Photo: Getty Images
The fastest and surest way make money these days is by getting your hands on other people’s money — and then putting it to work for you.
It’s really that simple.
Trump borrowed billions from bankers and used the money to put up buildings like Trump Tower and open casinos like the Taj Mahal. In his books, Trump says that by the early 1990s he owed more than $9 billion.
When things turned sour his companies filed for bankruptcy. Twice. The lenders had to eat the losses.
Too bad. What a bunch of losers!
He then raised more money from bankers, bondholders and even stockholders along the way. On two more occasions his companies filed for bankruptcy. Lenders and investors got hosed.
“Out of hundreds of deals & transactions, I have used the bankruptcy laws a few times to make deals better,” he said recently on Twitter. “Nothing personal, just business… It’s a very effective & commonly used business tool.”
No kidding.
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