In order to get out of massive debt, sometimes you need to remain a cool attitude. Donald Trump, an America icon for entrepreneurs, was able to overcome an unimaginable amount of debt despite a nasty recession during the late 1980’s without going through a mental breakdown.
He has always advocated that you have to start off with having a brain, and secondly not being able to take nonsense from other people. Some people view him as being too determined, and too tenacious, even to the point of engaging in many business fights during his years in terms of getting what he wants. But he has always learned that winners do not accept excuses. They take control by accepting responsibility. This attitude has helped push him towards being one of the great business magnates of our time.
Donald Trump was born on June 14, 1946 in Queens, New York. His father was a builder and real estate developer who came to specialize in constructing. When Trump was a child, he was very energetic and assertive. He was sent to New York Military Academy at the age of 13 where the school gave him discipline and channeled his energy in a positive manner. He did well socially and academically and was a star athlete at his high school. He then went to Fordham University and then transferred to the University of Pennsylvania with a degree in economics.
Trumps father, who specialized in constructing buildings, was always a hard working father and loved what he did. During an interview with Erin Burnett, he told the audience what he thought about his father.
I mean my father worked all the time, literally, seven days a week, all the time and he was a happy guy. And someone said to me where did you learn you know this so-called ethic. He never sat down, he never spoke to me about it. He never said, ‘Oh you to got to work, you got to work’ but I watched him. You know I was smart and I’m young, and I watched my father and he built buildings in Brooklyn in Queens. He loved what he did, and he was actually unhappy if he had to go away for a day.
Influenced by this father, he would make a career in real estate development. He worked with his father during the summer and then joined his father’s company which was called The Trump Organization. After he graduated from college, he was able to finance an expansion of his father’s company’s holdings. But because the business was very competitive, he decided to move his residence to Manhattan and try to develop in that area. He became involved in large building projects there that would offer opportunities for earning high profits. His buildings had attractive architectural design.
For basically 20 years, from 1968 to 1989, he would continue to work on building new buildings in which brought him a lot of fame. But with more fame, the more of an ego he began to have.
I will say I got a little lazy, because everything in the late 70’s, mid 70’s, and throughout the 80’s not a home run but a grand slam. I mean everything I touched turned to gold.
Towards the end of the 80’s however, he would face the biggest problem he in his life. The effects of the recession caused Trump to be unable to pay some of his loans that were occurring towards the end of the 1980’s. He was financing the construction of his third casino, the Taj Mahal – the largest casino during that time – for $1 billion in bonds. This was always a risky thing to do.
Additionally, when the first week this casino opened, the state shut down many of its slot machines because of incomplete record keeping. The loss of revenue and the falling of real estate value brought him to the brink of bankruptcy. He went from the “highest point of the pedestal” to having to being more than $900 million dollars in debt.
This humbled Trump. Realizing his lessons from the past, he decided that in order to overcome this monstrous debt, he needed to sell some of his most prized real estate buildings to other people. It took him almost another decade, from 1989 to about 1997, in order to get things straightened out again, but he eventually did it.
By the time 1997 came around, the economic markets have been bouncing back and he was back on his way to doing what he loved most which was building quality buildings for the world. Even with the biggest failure in his life, he eventually regained his wealth back, went on to become a multibillionaire, and even became the host for the famous TV reality show, The Apprentice.
“You may have to work harder and longer, but that is preferable to making excuses and letting your goals slide. My father had little to begin with and he just went about making ends meet and then kept moving forward with his work ethic and natural intelligence to eventually become successful. I have great respect for people who have found their success the hard way.”