My biggest mistake was that I lost my focus and was playing too much. Id go to the fashion shows in Paris and didnt have a firm hold on my businesses. I just thought everything would keep rolling along with the money flowing in. My father once said that everything I touched turned to gold and I started to believe that. Things were easy and lucrative. It seemed that I didnt have to pay attention, so I didnt. I got a good wake-up call when things turned from onward and upward to onward and downward.
Fortunately, over time, I was able to regain my focus and my fortune. I actually became much more successful after my big loss. One of the reasons is that I had always seen myself as a lucky guy, and I still do. I didnt let the experience of a big loss change my view of who I am. I saw the whole thing as a blip and nothing more. I knew I had the skill set to get back into the game, just as a golfer knows and uses the same technique to get out of the sand trap and sink a birdie.
Do I still make mistakes? Yes, of course. But just as I did during my financial meltdown, I realize that I have no one to blame but myself. I take full responsibility because I am responsible for any situation I get into.
As Robert points out, thats one gateway to the Midas Touch. Everyone makes mistakes, but its what you do with them and what you learn from them that matters. And thats all part of emotional maturity and strength of character.
One of the greatest attributes you can have is an intense sense of responsibility. It is empowering, for one thing, and your effectiveness will increase tremendously when you own the good and the bad of all you do. In business and in life, this is an area you can work on. As soon as you take responsibility for all that you touch, the power is in your hands to make it extraordinary.
For me, having that sense of control has been a catalyst for success. My West Side Story You may think that my success is because the Trump brand carries weight and makes everything easier, but I know that I am not always in control of our destiny a"0"ur dests a brand and as an organization. Theres timing to be considered. There have been many times when I have had to wait a long time, and very patiently, for projects to get off the ground, for things to happen.
For example, believe it or not, I waited 20 years to see Trump Place on the Hudson River begin construction. How many of you would be patient enough and focused enough to wait that long? How many of you would have enough belief in the project to withstand the trials and tribulations it took during those 20 years? Thats a long time, but my vision for the development was clear to me and I wanted it to be done. Was it easy? But once again, it was worth the wait, and it made me stronger and more resolute.
Here are some of the details. New York City wasnt doing very well then, even though this was riverfront property and I was getting it at a low price. At the waterfront, I encountered great resistance from the West Side community which did not want Trump Place to happen. In addition, government subsidies, which helped make the project profitable, dropped for the sort of housing I was considering.
That alone put me in a tough situation. Recognizing the deal just wasnt going to work, I gave up my original option in , and the city sold the rail yards to someone else. Fortunately for me, the buyers didnt have much experience in New York, and even less experience with rezoning. Thats a complex facet of real estate in this city. Their inexperience caused them to make a lot of mistakes, and eventually they were forced to sell out. It was when they called to let me know they were interested in selling.
It was a great deal. But I still wasnt even close to developing the property. Between and , my patience was truly tested and so was my tenacity. I had to deal with the antics of the city, which were plentiful as well as ridiculous. Business savvy comes with experience. Since I was much more experienced by this point, I used some of the citys disadvantages to my benefit.
Things still werent great in New York, even by the early s, but they were improving. For starters, because of the situation in the city, it was easier for me to get the required zoning. That helped because, as the economic climate began a turn for the better, I was starting to build at a good time. The timing was right. It wouldnt have been if I had not been patient and diligent. Its important to understand that this was the largest development ever approved by the New York City Planning Commission.
It included 16 high-rises and uniquely designed residential buildings facing the Hudson River. We broke ground in , and the results have been spectacular. Trump Place has become a meeting place for the once blighted, but now-thriving West Side, with a acre park that I donated to the city, bicycle paths for residents and city dwellers to use, picnic and sporting areas that bring people together, a pier, and open space for popular community events.
Tenacity definitely paid off. I can relate to that. My first solo venture became so complicated that, at one point, I just wanted to forget about it. Im glad I didnt, because it became my first major success and put me on the map as a developer in Manhattan. Its right near Grand Central Station. Its a beautiful hotel with four exterior walls of mirrors in a now beautiful and thriving area of midtown Manhattan. However, in the s, that wasnt the case. This area had become dilapidated, and people avoided it unless they had to pass through Grand Central Station for their commute into and out of the city.
There was an old hotel, The Commodore Hotel, next to the station. It was both in trouble and an eyesore. The whole area was depressing and becoming a magnet for crime. I knew the neighborhood could use a big change, and I believed the first step would be to acquire and restore the Commodore Hotel. I remember that even my father couldnt believe I was serious about this. In fact, he said, Buying the Commodore at a time when even the Chrysler Building is in bankruptcy is like fighting for a seat on the Titanic.
We both knew it was a risk, but I was certain the renovation would change the neighborhood back into the flourishing area it could and should be. I could visualize it and, because of that, I knew I was right. That gave me a lot of confidencewhich I was going to need. They were ready to sell. I would need financing, a commitment from a hotel company, and a tax abatement from the City of New York. All of this was complicated, and negotiations took several years. During these negotiations, I was looking for a talented designer who could make this old hotel into a spectacular landmark.
I met a young architect named Der Scutt who understood my vision. I wanted to wrap the building in something shiny to give the whole area a new faade. I wasnt sure this deal would even happen, but I was so positive it could be great for the area that I spent the time to discuss it with Der Scutt and hired him to do some drawings, just in case, so wed be ready. I also knew Id need a big hotel operator because a hotel with 1, rooms and 1.
When I reviewed the most experienced names in the business, the ones with the best track records, Hyatt seemed to be at the top of the list. I was hoping they might be interested because, although hard to believe today, at that time Hyatt had no hotel in New York City.
I was right. They were interested. We made a deal as equal partners, and Hyatt agreed to manage the hotel after it was completed. By now I had an architect, a hotel partner and rough cost estimates. What I didnt have was financingand a multimillion-dollar tax abatement from the city. I was only 27 years old at the time, so it made sense to me to find an older real estate broker wsigate broho had a lot of experience.
Having someone mature would also help in the image department. With everything proceeding on course after overcoming so many hurdles, we ran into another snag, a real snag of epic proportions that seemed insurmountable.
Without financing, the city wouldnt consider a tax abatement, and without a tax abatement, the banks simply werent interested in financing. We hit every obstacle possible, and I mean every obstacle. So we decided to appeal to the bankers concern about the crumbling city around them. Perhaps they would feel guilty about not taking an active part in helping it become great again. That didnt work either.
After talking to what seemed like every banker in town with every appeal we could think of, eventually we found a bank that seemed to be interested. We spent countless hours working on the deal and it was looking good, very good. Suddenly, out of nowhere, someone changed his mind and came up with an issue that was of no consequence to the deal. That just plain killed the deal. We were astounded by the abrupt change of mind and came up with every argument possible, but to no avail.
This guy just would not budge, and Id had it. I remember turning to my broker and saying, Lets just take this deal and shove it. Its one of the few times I just wanted to give up. I was worn out. It was George Ross, my broker, my lawyer, and my occasional advisor on The Apprentice, who managed to convince me to keep going. He wisely pointed out how much time and effort Id put into this project already, and he was absolutely right.
Why quit now? Because Im not a quitter, I quickly resolved to stick it out. I also didnt want to be a wanna-be entrepreneur. This just happened to be the low point. Youll have a few of those too. I came back from the low point even stronger. The low point became a turning point, and I was more determined than ever to get this project done. My new strategy was to explain the situation to the city, even without financing. The Hyatt Hotel organization was definitely interested in opening in New York.
However, unless the city gave us a break on property taxes, the costs would be too high, and it would be impossible. I made an effective point, and the city agreed to a deal that benefited everyone and made us partners. I would then sell the hotel to the city for one dollar, and they would lease it back to me for 99 years.
If that sounds complicated, thats because it was complicated. But it worked out for everyone. Eventually, we got financing from two institutions, and the Grand Hyatt was a huge success. It opened in and marked the beginning of the revitalization of midtown and Grand Central.
It remains a beautiful hotel to this day. I think youll agree that I ran into some bad luck while getting this project done, but I managed to work through the problems and things fell into line. As Robert mentions, sometimes we dont know. No matter what, if you want the Midas Touch, youll stick with it and see it through.
Sometimes I wish things were easy, but they usually arent. Thed tng welly were nowhere near prime-time material. They had very few sponsors, and viewership seemed to be lagging. Some people wondered why Id be interested in them as a business aside from the beautiful women. But I saw great potential and knew the pageants could become big draws if they were done well. These are huge national and international events now and are considered the gold standard for beauty pageants. Some people say, Well, you just got lucky, but it was more than that.
We worked hard at making a good product by updating the format, hiring great producers and aiming for a high-quality product across the board. Our approach and focus served everyone well.
Success is seldom a fluke. And the best part about success is that great feeling you get from taking something that was barely breathing and turning it into something alive. Theres a special challenge to turning things around, whether its a neighborhood or a program or a building.
Part of the Midas Touch is having the vision to see things as they could be, instead of how they are. Someone has to do it, and Ive always had the energy and eye for improvement. It can be very clear to me, and Ive never been one to avoid a challenge. I approach each project pragmatically and with emotional control, yet I maintain the enthusiasm necessary to get the job done.
Its an important balance to achieve. That was a wonderful accolade for a fantastic building. Once again, getting it built had its momentsand monthsof difficulties.
For example, three months after we began foundation construction, we discovered that water had leaked into the building site from the Chicago River. Since the foundation was being laid below the river level, the old river bulkhead that was already in place proved to be a concern.
Would it hold? What compounded the problem was that the water was coming in through a corner where the bulkhead and the Wabash Avenue Bridge meet, which could be a very serious situation. We addressed that with painstaking care. Next, we discovered a problem with the structural design of the building.
We originally designed the first 14 floors and the base to be a structural steel frame that would have a reinforced concrete building above. Much later in the design process, due to Chinas industrial growth which absorbed so much of the worlds steel supply, we encountered a huge spike in the world commodity price for steel.
It was back to the drawing board. We redesigned the building as all-concrete, saving several million dollars and also simplifying the construction logistics.
This apparent setback worked to our benefit. The timeline for this project underscores the patience required to get this building done. My plan for this building began in , and we started construction in We had a few blips to deal with along the way but, if you have the opportunity to see this building, you will see that our efforts were worth it.
Any bad luck was turned around to our advantage. I consider myself very lucky from the beginning because of my family. My parents were great examples, my father was my mentor, and I had the benefit of a great education. I expect a lot from myself because Ive been given many advantages. Ive learned to turn aroundhe turn a any bad luck Ive encountered. Thats why I know its possible. Getting It Done Sometimes its not my own bad luck that I deal withits someone elses. Sometimes understanding other peoples problems is the key to finding opportunities.
In , New York City announced it would be renovating Wollman Skating Rink, an old ice skating rink in Central Park that had always been a popular attraction for kids, families, and people of all ages. So, in , the city announced that it would start renovations again. Nothing had been accomplished. For six years I had watched this process or fiasco going on because I have a view of Wollman Rink from my apartment. I decided to do something about it. Not having this beautiful rink available to citizens and visitors alike seemed like a waste.
I wrote to the mayor at that time, Mayor Koch, and offered to construct a new rink and have it done in six monthsat no cost to the city. I wanted to give it as a gift to the city and to the citizens. My offer as well as my sincerity were spurned by the mayor, and he published my letter in New York newspapers as a joke. This tactic, however, worked against him when journalists and the public took my side. There was a great press reaction, and one paper announced, The city has proved nothing except that it cant get the job done.
The following day, Mayor Ed Koch reversed himself and suddenly the city wanted me to take on the job. We had a meeting with city officials and agreed that I would put up the construction money and complete the rink in six months, which would be mid-December of If I went over budget, Id cover the overruns myself.
I was excited to be able to do something about Wollman Rink. This was an enormous undertaking. For one thing, the rink is over an acre in size, requiring 22 miles of pipes and two 35,pound refrigeration units. There was also water damage and holes in the roof of the skaters house, and the work being done there had serious leadership problems.
I knew Id have to take an active part in seeing this through. I spoke to many experts and found the best skating-rink builder available. I checked on the progress myself every single day, both on the ground and from my apartment window.
A couple of months into the project, I had moments where I realized I could be hurting my reputation if this grand plan didnt work out, and certainly the media would be on it immediately. But I kept my vision intact for a finished and beautiful rink and realized what good luck it would be for everyone involved. The city and its citizens already had six years of bad luck, and I wanted that to change.
After five months of work, the rink opened a month ahead of schedule and under budget. I was relieved and very proud. The rink was beautiful, and the city was in a celebratory mood because it was back in operation in time for the holiday season.
We had a gala opening celebration with Peggy Fleming, Dorothy Hamill, and Scott Hamilton, among others, to help commemorate the special day. Seeing Wollman Skating Rink open at last was a fantastic feeling, and all profits went to charity and the Parks Department. The book received a positive review from Publishers Weekly , which called Trump and Kiyosaki, "the gold standard of the entrepreneurial spirit".
In the tradition of their 1 blockbuster Why We Want You to Be Rich , the all-star team of bestselling authors Donald Trump and Robert Kiyosaki reunites to teach listeners what it takes to be successful and influential entrepreneurs in Midas Touch. What makes some business owners wildly successful? What separates the entrepreneurs who build businesses from ones who just seem to create more work for themselves?
The answer: They have the Midas Touch. Donald Trump and Robert Kiyosaki believe the world needs more entrepreneurs. He understands men and markets. He is an outstanding market forecaster. He writes elegantly. I have read many of his books, but this one, written 4 hands with Robert Kiyosaki, tgump surely helped, is one of the finest. Midas Touch elaborates on points made by Trump and Kiyosaki in their prior work Why We Want You to be Richimplementation of which they claim would improve the American economy.
Sign up and get a free eBook! The book was published in hardcover format in Read more Read less. Learn more about Amazon Prime. Amazon Restaurants Food delivery from local restaurants. I took a lot of great notes and it has given several great places to branch out too. The authors advise that the middle-class squeeze creates toucch opportunity for readers to gain wealth.
See and discover other items: Thank you for signing up, fellow book lover! Must redeem within 90 days. Kjyosaki Music Stream millions of songs. With perspectives on money and investing that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence and courage. Second Chance by Robert T. Kiyosaki PDF Opens in a new browser tab. Trump Opens in a new browser tab.
A little bio won't be bad but i don't have any.. Follow me on twitter lets talk. Maybe the authors were trying to think of a fifth area. Maybe they were trying to figure out how to associate something to another finger.
In any event, there were multiple takeaways from this chapter, but I will focus on just one, which comes back to the difference between the S and B quadrants, which I feel was one of the main focuses of this entire book.
See the image below. On the other side of the quadrant lie the rich. Start your own business, learn to sell, get customers, and develop all the stuff that Midas Touch talks about. The simplest way to do this is to think of all the things you do in your S business as systems.
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