Page 75 -

TRUMP UNIVERSITY WEALTH BUILDING 101

• Accountant and bookkeeper: My business volume warrants it, so we have
a bookkeeper on staff who works very closely with the accountant.
The accountant looks over the big picture and is involved in strategic
planning. For my office, they are without question two of my most

valued advisors. Based on your needs, I strongly recommend that you
find people with strong backgrounds in tax and entity structuring who

know how to use the right business structures for different types of
business deals.
Use common sense . If you own a business and don’t have proper
bookkeeping and accounting services, then you are being very foolish.
Good bookkeeping and accounting is not an option; it’s an absolute
necessity. This function can often be outsourced, but I have a book-
keeper on staff because we process hundreds of property payments per
month, and work with several entities. I have an accountant because
our tax returns are very detailed, and very complex, but she focuses on
strategic planning. Some people picture their accountant as someone
who rides over the hill with the bugle sounding to save the day, like
the cavalry in old Western movies, but this is not what accountants do.
Their job is not to save the day, but to count the bodies before the bat-
tle. Most accountants just count bodies; mine is a 5 percent one who
actually does strategic planning, and they are rare. Understand the
difference between standard accounting and tax return preparation
(the counting of the bodies done after the battle); and strategic tax
planning (done before the battle). Only a few accountants specialize in
strategic planning, and one who can help lay out strategies to reduce

the liability and manage cash flow can be a huge asset.
• Insurance agent: I have a very good and trusted insurance agent who
handles the liability side of my insurance needs (property, auto, liabil-
ity), which, in many cases, are required by law and/or the lender. We
shop these aggressively to make sure the rates we are paying are
competitive because rates can vary tremendously from company to
company. For my own needs, I aggressively shop on the Internet for
the lowest price available from only top-rated companies. This saves
me thousands of dollars a year because I’m not dealing directly with a
commission-driven sales agent.
Life insurance is an absolute must for anyone who does not have the
assets necessary to protect dependents. Only buy term insurance. Never
buy investment life insurance (whole life, universal, variable, adjustable,
etc.) unless you have very high-end estate planning issues. In which
case, get a top 5 percent agent to handle that for you.

52

8/23/07 3:08:25 PM
c06.indd 52
c06.indd 52 8/23/07 3:08:25 PM