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Why Donald Trump is Rich and You’re Not

by on July 27, 2015
 

By Brett Arends

Donald Trump is rich. Really, really rich. And you’re not.

And there’s a very simple reason.

No, it’s not because he works harder than you. It’s not because he’s smarter, tougher or better informed either.

It’s not because he has mastered “the art of the deal.” It’s not because he dreams bigger than you. It’s not because he’s a “winner” and you’re a “loser.” It’s not even that he had a rich daddy, and you didn’t (although that helps).

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?

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Other people’s money.

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.

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“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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