There is only one way to become a billionaire. You should have at least a billion in your account. However, it is the path to reach this goal that varies. There are so many ways you can gain this much, from the simplest way, like selling goods, to some of the most shocking, unconventional ways, like outsmarting the rules. Some billionaires, in fact, made their fortune with the last one.
As the 45th president of the US, Donald Trump may probably the luckiest guy on earth. He has achieved almost everything a person can dream about. However, even before he stepped into the oval office, he has been famous for his worldwide business network. He is not just a regular person who you meet on the street. He is Donald Trump.
With thousands of business ‘cell’ around the world, we are all very curious on how much he has earned this far. In September 2016, Forbes, the leading ‘wealth investigation’ magazine, predicted Trump’s net wealth at $3.7 billion. That’s more than enough to put him in the Forbes 400 list of wealthiest people on earth. But, is that everything? This is Donald Trump we are talking about. Behind all those success stories, there must be something interesting to tell. Besides, he is a guy of both successes and controversies. Some people may praise him for his self-made success, but there are some stories we don’t know much about.
The story begins with the US government, her people, and his father. These are 3 key players whom Donald will forever be indebted to. While his father gave him the assets, the US government secretly backed him (until today) to help build his empire.
When Trump first took over from his father, he received $40 – $200 million as an inheritance. That’s more than enough to make anyone a multi millionaire in an instant. This is at least what we are told of. The fact is, even that much would mean nothing if you didn’t have the government on your side. That’s what actually happened with Fred Trump, Donald’s father. In 1934, he was nearly broke. It would only take 1 more final step for everything he had built to vanish. That’s when the government stepped in and offered him a second chance. Through the Federal Housing Administration (FHA), the US government backed him to build residential projects throughout the country. Thanks to these government-backed projects, Fred Trump was able to re-build his property empire.
In 1974, when Donald Trump ‘finally’ took over the company from his father, he decided to expand the business into a whole new different level. He began to build casinos, hotels, golf courses, and lots of other recreational facilities around the world. He did everything to expand the enterprise, only to find himself in a serious trouble. The Trump Organization, the one he built to overlook all his properties around the world, was accused of excessive leveraging in the 1990’s. This problem took the organization into about $5 billion of debt. With almost no way to save it, the company was one move away from shutting down all its operations. Just like before, it managed to survive with help from the government. In this case, it would be 70 banks across the nation. In August, the Trump Organization signed a bailout pact with 70 banks. The pact removed $1 billion from the company’s debt and allowed Trump to mortgage most of his properties. If it wouldn’t have been for this deal, Trump’s properties would probably not have existing anymore today.
In 1995, he took Trump Hotels & Casino Resorts Inc. into an initial public offering and managed to raise $140 million as a financial boost. The number quickly tripled in 1996, when he collected more than $430 million from the same event. The IPO soon granted his company both legitimacy and stability, a sign millions of people trusted his way of doing business.
Success is not a given. It’s neither a birth right. It is earned. Donald Trump is an example of that. Instead of hanging on to every penny of his father’s inheritance, he chose to fight. Sometimes he lost, but it never stopped him from using all possible ways to survive and fight back. The moment he nearly lost everything in 1990 taught him a very important lesson. If you want to make your fortune, deploy every possible plan and resource to achieve your goal. It doesn’t mean breaking the law, but you should use the law to your advantage and find a chance to expand your business. It may not be a conventional way to build and grow your business, but it surely is one of the most effective ways to reach your goals.