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Personal Finance Advice For All Ages

Posted by Donald J. Trump on 5/20/2009 at 10:06 AM
Posted in Ask Donald Trump

The following question was submitted to "Ask Donald Trump" by memeber #1958969.

I'm a high school teacher working with 11th and 12th graders. I read your blog entry regarding the need to prep students for the business world at the high school level rather than waiting until college. I was wondering if you could list 5-10 general areas you think would be vital for students to have exposure to at this level?

Students need to know more about how the financial sector works, both nationally and internationally. Emerging markets, equities, stocks, bonds, mutual funds, asset management, fixed income, commodities, and so on should be explained. How the markets work globally should also be covered. It’s a lot but it shouldn’t be a blind spot.

A lot of people don’t know much about how mortgages work until they go to get one. The process should be covered, from the pre-approval stage on up.

Focus is extremely important and should be emphasized as crucial for success. Here’s a very good acronym:

F=Follow
O=One
C=Course
U=Until
S=Successful
Very simple diagrams that show income and expenses, assets and liabilities should be reviewed. Keeping track of finances should start at an early age, and knowing where your money goes should be a daily check. The students can personalize their diagrams and make them to suit their own needs. Writing down everything they spend money on for one month is a good exercise to make their spending patterns clear. Robert Kiyosaki’s book, The Cashflow Quadrant is an excellent teaching tool.
Show students how to check out the Yahoo Finance page, which is a simple way to check in every day--or a few times a day--to what’s going on. Being diligent today is necessary, and students may find it more interesting than they had thought.

Donald J. Trump is Chairman of Trump University.

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11 Comments

Posted by Yixiong on 05/20/2009 12:15 PM

I agree with Mr Trump on the Focus issue and the expense tracking issue. I feel a lot of people spend haphazardly because they don't track their expenses of they simply have poor financial sense.

Also, focus is important too, as Donald pointed out. I was eager when I first started out to do business and set up multiple businesses (FIVE, to be exact) and in the end after a few months, still saw no results. So it's good to focus. Trump's the man, and he's right. You'll be a fool to think otherwise.

Alex

http://TheBillionaireJournal.alexchious.com

Posted by Allan2000 on 05/20/2009 7:05 PM

Simple, Motivate your children to obey you.

Posted by member1956741 on 05/21/2009 12:13 AM

The FOCUS guideline is one I've lost track of far too often, and a good reminder. Cash Flow Quadrant is one of few books I have that has been marked and highlighted so much it may weigh more than when I bought it, and glad you mentioned that here.

This reminds me of hearing that Peter Drucker, the great business sage, said that he flt education as it has been designed would crumble or have to reinvent itself, as new skills are needed that are typically not mentioned in schools, and much of what people can learn, if they find a great online source for example, can gain access to the kinds of skills that set them on a much faster pace.

Of course, some self-discipline is needed, but I suppose things boil down to that to a large extent anyway. Bottom line- many of the most valuable real-world skills are no longer found in conventional schools and colleges, but have to be sought out elsewhere. Great post. http://leavethejobbehind.com

Posted by member1974428 on 05/21/2009 3:54 AM

Budgets have an economic, political and technical basis. Unlike a pure economic budget, they are not entirely designed to allocate scarce resources for the best economic use. They also have a political basis wherein different interests push and pull in an attempt to obtain benefits and avoid burdens. To read more about this article, check out at: http://personalmoneystore.com/moneyblog/2009/05/15/popcorn-park-zoo-f...

Posted by member1980301 on 05/21/2009 9:08 AM

Mr Trump, thank you for this post! I am 29 years old and really wish that these things were taught to me when I was in school. I love your acronym using the word FOCUS. This is something I need to work on in my life now. Looking forward to your next post!

PS: I just added your blog to my Blog Roll... http://AronParker.com/blog

Aron

Posted by Rachael Sutton #1253595 on 05/21/2009 1:03 PM

Mr. Trump,
I never realized what you meant by FOCUS, but it certainly seems to work for you. I wish I had learned these things as a child. I did learn how to cut expenses, and how to improvise to find alternative ways to acquire things, like reduce, reuse and recycle, but what you mention is vital. Unfortunately, in our schools, many teachers have never learned these principals, many parents also missed this, and we have banks teaching. Of course, they are using the lessons as a marketing tool, so they are teaching students to use their services which is only a small part of the whole picture. We really need a much broader exposure to economics, consumer economics, business development and management and wealth building in the schools, and in after school programs such as Junior Achievement. I think there has to be a portion that seems very real and hands on to make it most worthwhile.

KEY Strokes of luck

Posted by Cheryle on 05/21/2009 8:43 PM

As much as I believe that children are being forced to grow up too quickly in our modern, fast-paced world, I also feel they need to understand the value of money. This education begins with the parents.
How they handle their finances sets an example for the children.
Fortunately, schools are teaching skills that can be remembered and acted upon when they become responsible for their own well-being.
Every child will not be a financial wizard. Some children will develop their talents in art, music, dance, and other occupations that don't involve stocks, bonds, and complex real estate deals. But they should have a basic understanding of how the financial markets work.
I commend our teachers for their efforts in teaching these skills.
I encourage parents to set a good example to follow.
I hope the future leaders of this country place honesty, respect, and generosity high up on their level of priorities. Most importantly I hope they live in love, and overcome hatred and retribution as a means of settling their differences. War is not the answer. Neither is being rich and hurting other people.
Values such as honesty, respect and generousity are priceless and well worth repeating. Financial disasters come and go.

Posted by Mary Rose on 05/22/2009 5:56 AM

Thank you for this comment. I am considered a very educated person, but growing up was taught NOTHING about money- except how to spend it- ASAP! In the past 4 years, Trump University has opened up this world that was once one of my greatest mysteries- but there were gigantic holes- some of the topics covered here. This post helps to point the way to learning about money in ways that Trump University is not designed to teach. Thank you very much. It all still seems overwhelming, but it is a necessary part of my education- I am only 5 years out from retirement from my lifetime job and looking for a direction for the future. I might live until 100 and have no intention of sitting back and doing nothing for 40 years! .

Posted by Alf J. Lundgren on 05/24/2009 4:51 AM

At times it felt like the things you were beeing teached just had to little relation with how to be successful in life, both financially and non-financially. And this was often felt by the students but was pretty much ignored by the teachers, or perhaps they felt that they couldn't do anything about it.

I suppose some teachers were better than others and highlighted certain things on the side and gave tips, but I think the leaders of the schools really need to change focus.

And I'm 20 so it wasn't long ago I graduated.

On the other hand, Trump University is around these days to change that, hehe.

Posted by Ms Morgan on 06/01/2009 11:46 AM

Follow the Bearpaw Formation

The wisdom of anything is to have survived the test of time.

What age is the business and or product, and to what extent is it necessary to survive in the future.

Of the top two certainties there is death there are taxes, and yet what of a dinosaur, how did its remains survive all odds. How do we presume they will always be there.

Those things that survive the test of time, if you can measure the task, are precious like a gem.

lightwayvez
Placenticerus Meeki

Posted by member1992402 on 07/05/2009 7:43 AM

I agree with you, is you give knowledge of business to 11th and 12th students before college. This is good i think with this the economy of any country will be increased. Each and every student want to learn more about business so i think they have full knowledge of asset management, stocks, bounds and mutual funds etc. With this students will aware from economy level of every country. I also want learn more about trading and asset management. So please give me more knowledge about that.

<a href="http://www.newrooflongisland.com">Asset Management</a>

http://www.newrooflongisland.com

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