This Issue: Spring into April...With a New Plan for Wealth and Success

If you've heard me speak, you may have noticed I emphasize several things repeatedly - never give up is one, being passionate is another, keeping focused is up there, and keeping your momentum runs a close fourth. I've learned those things from experience.

Here's the complete top 10 list I give when I speak at colleges:

1. Never give up! Do not settle for remaining in your comfort zone. Remaining complacent is a good way to get nowhere.

2. Be passionate! If you love what you're doing, it will never seem like work.

3. Be focused!Ask yourself: What should I be thinking about right now? Shut out interference. In this age of multitasking, this is a valuable technique to acquire.

4. Keep your momentum! Listen, apply and move forward. Do not procrastinate.

5. See yourself as victorious! That will focus you in the right direction.

6. Be tenacious! Being stubborn can work wonders.

7. Be lucky! The old saying, "The harder I work, the luckier I get" is absolutely right on.

8. Believe in yourself! If you don't, no one else will either. Think of yourself as a one-man or one-woman army.

9. Ask yourself: What am I pretending not to see? There may be some great opportunities right around you, even if things aren't looking so great. Great adversity can turn into great victory.

10. Look at the solution, not the problem. And never give up! Never never never give up. This thought deserves to be said (and remembered and applied) many times. It's that important.

Good luck!

Through my practice of law in the fields of asset protection, tax reduction, and estate planning, one of the most common characteristics that I've observed among my wealthier clients is that they rarely pour all of their entrepreneurial energy into just one type of business. While I've worked with clients from nearly every profession, trade, or business, one thing that I've found nearly universal in my most successful clients is that they seek out new opportunities for growth by diversifying their assets in high-yielding business endeavors.

Why this particular multibusiness phenomenon? Because diversity is of paramount importance. I've commented many times on my love of capitalism. And one of the benefits of a free-market is that if one market is down, there are always other markets that are thriving. For example, if the stock market is down, the real estate market might be up. Or if the housing market is down, the stock market might be up. The wealthy know not just how the economy is doing, but also how particular markets are performing. They shift their entrepreneurial efforts accordingly.

Yet another reason why most of my most successful clients are involved in more than one business is because no one business operates in a vacuum. In other words, every business is, at times, both a producer and a consumer. Think about all of the goods and services every business must obtain in order to produce what their own customers are looking to purchase. A smart businessperson will recognize the needs of his or her company and then try to provide for those needs by creating new companies instead of turning to third parties.

For example, look at the automotive industry. Car companies don't just produce cars out of thin air. That’s why car companies own not only assembly plants, but steel and aluminum mills, advertising agencies, parts manufacturers, research and development companies and trucking firms. Some car companies own banks that provide financing for their customers!

This strategy of becoming more of a producer and less of a consumer applies to small businesses as well. For example, an eye doctor may own his medical clinic and a glasses store too. Another example would be a printing company owner who also owns an office-supply store.

In sum, success means looking for new markets in which to expand and create new wealth. I call this phenomenon the Mogul Mindset Strategy.

Just think about Donald Trump. As you probably know, Mr. Trump got his start in real estate but his empire now includes a television program, a clothing line, an entertainment company, hotels, casinos, product licensing, an educational company and many more endeavors. This strategy of actively engaging in a multitude of business activities is what is sometimes referred to as multipreneuring. Through this activity, many wealthy business operators are able to build exponential wealth by providing services not only to their own companies but also to others.

Yet having the Mogul Mindset isn't just about opening up as many companies as you can. It also involves structuring your multiple businesses to shield them from each other as well as from any liability that may attach to you personally.

The Mogul Mindset works to build wealth - and the good news is, you don’t have to wait until you are rich before you get its power working for you. To learn more, I’d urge you to read my new book Trump University Asset Protection 101. It’s never too early to start thinking like a success.

I understand that this is the “Spring Cleaning” issue of Inside Trump Tower - all about making a new start.

And what better way is there to make a fresh start than to buy a business? Here’s my advice to you. Think about these seven reasons why buying a business is better than starting a new one.

I know that they will provide all the incentive you need to take a great new start toward achieving success:

Reason One: If you buy a business, you will have immediate cash flow. If you start a business of your own, it’s anyone’s guess when the money will start coming in.

Reason Two: If you buy a business, you will have historical financial data you need to evaluate the business you are considering. If you start a business of your own, there is absolutely no history available to evaluate the business.

Reason Three: If you buy a business, you will have trained employees already in place. If you start a business of your own, you’ll be doing all the work initially - and then you’ll be faced with trying to recruit competent people.

Reason Four: Ifyou buy a business, you will have existing customers who are familiar with the company. If you start a business of your own, you are starting from ground zero with you selling and marketing.

Reason Five: If you buy a business, you will have proven policies, procedures established to operate the company the day you take over. If you start a business of your own, everything is new! You can only implement company policies as a reaction to problems you encounter.

Reason Six: If you buy a business, yhe company’s past gives you a good picture and a high level of comfort about the future. If you start a business of your own, who knows? No matter how detailed or fancy your business plan may be, there’s no guarantee that anything will evolved predicted.

Reason Seven: If you buy a business, You know from the beginning what your monthly expenses will be and what the revenues should look like, based on prior history. If you start a business of your own, revenues generally come in half as fast as you expect - and expenses are usually much higher than anticipated.

If you start learning the art of buying a business now, you can be ready to make your move by late summer. Isn’t it time to get out of the passenger’s seat take the wheel?