As the world watched in disbelief as real estate tycoon and misogynist extraordinaire Donald Trump raised his arms in victory, the only thing running through everyone’s mind was ‘’What next? Kanye West for U.N Secretary General?’’.
Yes, Donald Trump is now the President-elect of the United States of America. It just boggles the mind. This is probably what the Mayans were talking about when they predicted the world’s ultimate demise. Sure, choosing between Trump and Clinton is almost like trying to decide whether you’d like to gouge out your left eye with a spoon or your right eye with a butter knife, but unfortunately, it is what it is.
However, as bizarre as this may sound, we could all learn something from Trump’s victory. And by ‘learn something’ we don’t mean figuring out how to fire people on your own Reality TV show or how to wear a toupee as badly as possible. So, before this turns into another roast ala Obama, let’s get on with the show and try and glean something positive out of this entire debacle.
Be Honest
We know. We know. You’re probably going ‘’what the….’’ right about now. What exactly does an odious, orange salamander like Donald Trump have to do with honesty? Well, not much actually. However, to his credit, there have been a few occasions on The Apprentice where he did admit that he made some poor financial decisions in the past and was forced to learn from them. Now that’s something we can all relate to, or rather, should relate to. Regardless of how much debt we seem to pile onto ourselves, we always seem to turn a blind eye to the hole we’re digging for ourselves and keep spending like there’s no tomorrow. As the saying goes, ‘’the first step towards making a change is admitting you have a problem’’. This is especially true with regards to outstanding Credit Card dues.
Most of us swipe our cards without a care in the world, all the while remaining completely oblivious to the mounting debt we keep racking up. If you happen to find yourself in such a situation, remember that the only way to get out of the muck is to learn from your mistakes and rein in your spending. Make an honest effort to clear your dues in time and before you know it your Credit Card bill will cease to give you endless sleepless nights. After all, Trump will probably be the one doing that to us from now on.
Additional Reading: The Stack Method: An Effective And Speedy Way To Clear Your Debts
Go With Your Gut
As much as the sight of Donald Trump taking the podium to celebrate his victory made more than a few of us reach for the nearest bucket, he didn’t exactly get to that point without trusting his natural instincts. No, we aren’t talking about THOSE natural instincts. We’re alluding to his propensity to trust his intuition when it comes to taking risks or making decisions. You don’t amass that much wealth without going out on a limb and taking chances. By taking calculated risks with your investments, you could stand to gain big-time without losing out too much.
Sure, you could play it safe, but if you have lofty ambitions to become a real-estate mogul, or in Trump’s case, the leader of the most powerful country in the world (let that sink in for a minute), then you have to trust your instincts every now and then in order to get ahead. Just like how Trump couldn’t have funded his own campaign without the vast fortune he managed to accumulate, many of the finer things in life could be out of reach for you without taking a few risks. So, if you’re a bit savvy about the market and you have a decent kitty to fall back on, there’s no reason why you shouldn’t reach out a bit and take a chance.
Additional Reading: Want To Become Rich? Here’s Your Guide
Look For Opportunities
A little over a year ago, few would have imagined Trump even getting his presidential campaign off its feet, much less actually winning it. However, if there’s one thing Trump can sniff out, it’s an opportunity. Whether it has to do with real estate, or his own reality show, he’s always kept his finger on the pulse of what’s trending. In the 1970’s, he took a risk on investing in Manhattan when real-estate prices were tanking. As he once said, “Frankly, I saw the city’s trouble as a great opportunity for me”.
Of course, the gamble paid off spectacularly as land prices shot through the roof making him even richer than he probably could have ever imagined. While something like that may be out of your reach, developing an eye for opportunities that may open up could certainly hold you in good stead when it comes to buying property, investing your money, or even trading in shares that no one else seems to want to touch with a ten-foot pole. After all, the best businessmen are, in essence, financial forecasters par excellence.
Additional Reading: How To Use Contrarian Investing To Your Advantage
Be Confident
While Trump is certainly a confident individual (bordering on all-out arrogance and narcissism), it certainly takes cojones to run for president when your only experience with politics is probably watching Bill Pullman make contorted faces in the White House on Independence Day. While we certainly wouldn’t recommend someone like Donald Trump as a behavioural role model, being confident in your ability to manage your finances is something that you should inculcate in yourself as early as possible.
Whether it has to do with planning your budget for the foreseeable future, paying off Personal Loans or Home Loans, or even something as simple as investing in Mutual Funds, you need to back yourself to attain the financial goals you’ve set for yourself.
Additional Reading: Financial Goals To Hit Before The Big Three-Oh!
Stay Informed
Trump’s victory certainly would not have been possible with a strong team backing him up. It’s fairly obvious, considering his limited political nous, that he was well advised by certain individuals with in-depth knowledge on just how the dirty game of politics plays out. In much the same way, by surrounding yourself with people who have a strong grasp on money and finance, you could get a heads-up when it comes to making important financial decisions like taking out loans at good interest rates from certain banks, or finding out which Credit Cards offer the best perks and rewards. Knowledge is power after all, so make sure you gather as much information as possible from trusted sources before making any financial decisions.
Additional Reading: How To Be A Successful Investor
That should do it. So, while we go wash ourselves with the strongest soap we can possibly find, you can take the time to contemplate on these 5 financial tips Trump’s victory can teach you. And while you’re at it, start looking out for a decent wig.
The opinions expressed in this article are the author’s own and do not reflect the view of BankBazaar.com.