***Use Knowledge to Your Advantage

Ever hear the saying, "I am not young enough to know everything"? That's a good one, and something to think about. Fortunately, I had a father who knew a lot about what he was doing, so I could never fall into the know-it-all category. Being humbled by superior knowledge and inspired by it can work to your advantage. You have to strive to catch up from an early age, so there's no chance you'll be sitting on your laurels. That's one secret to success. Keep striving no matter what your age or your accomplishments. That's having a cutting-edge mentality.

When I was waiting to buy 40 Wall Street (home of Trump University), it was advantageous for me to know a lot about the building and the troubles the owners were having with it. I spent time studying the building and the area, and kept informed about the latest developments. When the opportunity finally came to purchase it, I was ready and knew what I was getting into. The tallest building in lower Manhattan, 40 Wall Street is a 1.3 million square foot landmark. I bought it for $1 million. You can imagine what it's worth now, considering it's hard to find a one-bedroom apartment for under $1 million these days. When I say knowledge is power, I mean it. Use it to your advantage.

Another example is how I develop golf courses. I get the best experts in the world, and I ask them literally hundreds of questions. I go over every detail, every tree, every hole, every idea with them. Fortunately they love what they do, so they don't find this tedious. By the time construction is underway, I know everything that's being done and can keep an informed eye on the progress. There is no reason not to be thorough, whether you are the golf course architect or the developer. Teamwork really works when both sides put their knowledge together and aim for the best. Because of this approach, my golf courses are spectacular.

When I was in college, I spent my spare time reading about real estate and foreclosures. I didn't feel it was a sacrifice of my time because I was interested in real estate; I wasn't just studying because I had to pass a test. The knowledge I gained on my own was tremendous and led to my first successful investment. I could not have achieved what I did if I hadn't spent the time studying on my own.

Rudyard Kipling wrote something I read in college and have never forgotten: "I keep six honest serving men, they taught me all I knew - their names are What and Why and When and How and Where and Who." Finding the answers to those questions will ensure that your information is comprehensive and correct. There's really no such thing as knowing too much about what you're doing.

An example of this can be seen during the boardroom scenes of The Apprentice. Sometimes we go on for hours to get all the information necessary to make a knowledgeable decision, although that time is edited down to fit the one-hour length of the show. If you've noticed, Carolyn, George and I go through the what, why, when, how, where, and who with every contestant before we make our decisions. We gather as much information as possible, and then we move forward. One boardroom meeting lasted for over five hours. We should show that as an example of thoroughness!

Staying well-informed is a daily endeavor. Our world is moving so quickly that it's a challenge to keep up with it, but not to keep up is like agreeing to check out. Don't check out - just plug in and learn everything you can. You never know when it will come in handy. If I hadn't studied foreclosures as a student, I would not have been able to see the great opportunity that led to my first success. As Emerson said, "There is no knowledge that is not power." I agree. So, resolve to move forward and to learn as much as you can today and every day.