After reading this thread, I decided it would be fun to attend the free "Donald Trump Way to Wealth Seminar" (
http://www.trumpinstitute.com/ ) this afternoon and see what these things are like in person.
Here's the email I wrote to John T Reed about my experience.
I just attended a free "Donald Trump Way to Wealth Seminar" (trumpreg.com,
http://www.trumpinstitute.com/ )and thought you might be interested in what I saw. In particular you might want to consider your "recommended" status for trump on your guru list.
The seminar was of course a sell for their "Trump Institute", a 2 day course with 6 months of followup support for $1499. The presenter was the polished and spunky Rick Wiseman who portrayed himself as a successful real estate wheeler dealer, who said he owned 31 rental properties (sold 16 for "vertical breakup", and kept 15).
It seems the course is focussed on buying and selling real estate. But he also mentioned making money from "government contracts", and "vertical breakups"
Here are some things that seemed not quite above board:
- The TV commercials advertising this seminar made me believe Trump would be there, but he wasn't and apparently never is. He probably never actually said he'd be there but I'm a pretty skeptical person and I didn't have much skepticism about whether he would be there.
- Rick really tried to sell this as something Trump is doing as a public service and that the $1499 registration is just to make people have a stake in succeeding. Rick said that it costs more to run the Trump Institute than they can make off the $1499 registrations! I wouldn't be surprised if this literally means that they have to sell you more stuff after you've paid the registration
- He showed a pic the real estate office he used to have with his name Wiseman on the sign, and said that back then he didn't know that he could have the US government pay for that sign just by filling out a form, and that he could have the guv pay for his office equipment and 1/3 of the secretary's salary just by filling out a form.
- He said everyone should own not rent. "There's no reason to rent in the richest nation in the world". He mentions how stupid he was for renting his real estate agency office.
- He said he doesn't own anything himself because that would be like "painting a bullseye on your back saying sue me". Then he went on to list the various ways of protecting yourself like S Corps, C Corps, LLC, LLP, trusts. I remembered the Kiyosaki article where you mentioned that usually owning things yourself is the best strategy. And when I did a search on the Salt Lake City assessor's site, I saw a property apparently owned by him
- He talked about having the government buy him $62k worth of new stained glass windows for a historical property he owned (just for filling out the form), and showed off how beautiful they were. He later told us that beautiful historical property in Salt Lake City, UT was where he lived. I am skeptical that the guv would buy him windows with no catches.
Anyway, I'm not coming away thinking highly of Trump's advice or ethics, but I do think he's a good businessman. There were about a dozen seminars like this in my area (SF Bay Area), and at mine about 400-500 people attended. It looked like 50-60 or so people signed up for the $1499 course. So they're grossing a half million or more from just our area.