Trump: How to Get Rich

Teach Your Children the Value of a Dollar

My kids know the value of money from example. They see how hard I work. I don’t talk about it with them because I don’t have to—they have eyes.

They see the way I live. I turn off the lights whenever I leave the office. I’m always happy to get a good deal, whether I’m buying a building or buying supplies at Duane Reade. (Trust me: You can get a good deal on shaving cream there.)

I always remember the example my parents set for me. I could see their determination and discipline. They didn’t have to harp on it. I try to be the way they were.

With my mother at New York Military Academy.

My parents were frugal in the sense that they knew it wasn’t easy to make money, and that it should be treated with respect. They lived well but simply, and were not flamboyant in their spending. We rarely went out to eat. We took relatively few elaborate vacations.

With my father, Fred Trump, in the early days.

They emphasized schooling and education. We had a solid family life, and I remember feeling very fortunate. Each of us was expected to contribute something not only to the family as a whole, but to society. That is a Trump family value that is ingrained in me, and one I’ve tried to live up to.

My children have benefited from affluence, as I did, but it’s surprising how unspoiled they are in many ways. They have budgets and live within them. They have limits on their credit cards, and they have them more for protection in an emergency than for anything else. When they were growing up, both of my sons earned extra money during their summer vacations by mowing lawns, cutting trees, moving stones, and doing landscaping work at the Seven Springs estate in Westchester. Ivanka attended the School of American Ballet, which requires an enormous amount of discipline and training.

College kids today are more money savvy, perhaps, than kids from earlier generations. They seem serious about their money. This is a good sign, because the sooner you understand the value of money, the more likely you are to possess large amounts of it.

If your children see you being careless with money, they will assume it’s okay for them to be careless. Children watch. That’s how they learn. Your priorities will often become their priorities. Any family can have a wild card or two, but on the whole, it’s been proven that children will learn from what they see.

If you obviously enjoy going to Las Vegas to gamble, it’s likely they’ll think this is a good thing and will follow suit. If you like going to Carnegie Hall and bring the kids along, they’ll think this is an exciting event because you do. Children inherently like to please, so think about the values you exhibit. Sooner or later, kids will form their own tastes, but the initial exposure is important.

I spent a good deal of time with my children—Don Jr., Ivanka, and Eric—when they were growing up, because we all lived together. We remain very close. I spend less time with Tiffany, as she lives in California with her mother. I do try to include them in my travels and activities as much as possible.

With my youngest daughter, Tiffany.

They know they are always welcome to join the family business. Don Jr. began working full-time at The Trump Organization in September 2001. Trumps are builders, he told Barbara Walters in a recent interview. I hope Ivanka, Eric, and Tiffany might also consider a career with us, but it’s their decision entirely.

I have very high standards, but so do my kids. They’re all high achievers who enjoy working and are not goof-offs in any sense of the word. I wonder why I’m so lucky.

Not teaching your kids about money is like not caring whether they eat. If they enter the world without financial knowledge, they will have a much harder go of it. Make sure you let them in on your way of thinking about money—how you manage expenses, how you save, where you invest.

Let them know that having money isn’t necessarily a sign of greed. It’s an important element for survival. Just getting a first apartment can be a lesson for your kids: They suddenly learn about security deposits! Equip them for life as best you can. Buy them a subscription to Money or some other personal-finance magazine. Give them incentives for saving their allowance.

If they don’t learn about money from you, who’s going to teach them?

Negotiations, anyone? Here I am with George Foreman and Lennox Lewis.