Page 73 -

TRUMP UNIVERSITY WEALTH BUILDING 101

to do. The more you learn, the easier it is to discern whom to choose. Referrals
from knowledgeable and wealthy people are especially valuable.

Players on My Dream Team

I do work with the best professionals I can, and recommend you do the same,
too. Make sure their knowledge/expertise matches your needs. The members
on my team:

• Financial planners: As a planner myself, I don’t need to retain this key
advisor. Earlier in this chapter, we covered who should use a planner,
and why. As discussed, for most people, deciding how to choose a
planner is based on your emotions and level of experience. I’d like to
offer some input on the thought processes of the two most extreme
levels of investors:

1. For those with little experience, the tendency is to blindly trust a
financial planner. This is very dangerous, because, as I explained

earlier, 80 percent of all planners aren’t successful, and they’ve
been trained to lead clients toward products that generate the
highest possible commissions, which inevitably leads to low
returns. Most people who have planners do not get rich from their
plan, or the advice given. Not even remotely. After commissions
and fees, few people approach 10 percent returns, and many con-
sistently lose money or make much less than 5 percent.
If you hear yourself say, “I don’t understand,” let that be a
warning sign. If a planner has sold you life insurance, mutual funds
with high (over 3 percent) front-end loads, or “B” funds with no
upfront commission (but as much as 20 percent in ongoing com-
missions), then do what Donald Trump would do, say: “You’re

Fired!” Even easier, don’t tell them they are fired, simply cancel
the products and replace them with ones that work for you, not
their companies.
It takes some very basic skills, and some action on your part.
I am trying to help you, not make a commission. Fundamental
financial planning is not that diffi cult.

In the next chapter, we cover the basics of an Automatic
Investment Plan and learn how to get out of debt and start replace
saving with investing saving. You also cover your basic life insur-
ance needs, if you have dependents. Most people need between

50

8/23/07 3:08:25 PM
c06.indd 50
c06.indd 50 8/23/07 3:08:25 PM