Were United States President Trump’s financial lessons as a kid good or bad? He is best known for his wealth and financial excesses but also for his financial failures. While Trump is out there being his usual bombastic self, he is America’s next generation leader: an entire generation of kids who will look up to him.
So what are the financial lessons Donald Trump is teaching our kids.
Manage your finances kids
Plan now to get the things you want in the future
Trump is famous for smashing the tweet button without thinking twice but his most valuable tweet is the one he posted on what you can do now to ensure a financially-secure future. Trump tweeted: “Whether you have someone managing your finances or you’re doing it yourself, money, like anything, takes maintenance & planning to grow,”
…Read more on how to help kids plan to get the things they want.
Get back on your feet
Bankruptcy sound scary, and yet Donald Trump has filed for the chapter 13 bankruptcy four times and is still financially healthy, we are told, and successful.
A good lesson for kids to keep in mind is that bankruptcy is not the end of the world. Bankruptcy allows you to get relief from debt burden and creditors. The consequences are not permanent and will only stick to your credit report for seven to ten years. However, to do it four times suggests that he is not very good at learning from his mistakes.
If you are able to learn from your mistakes, then you can get back on your feet.
Trump’s financial mistakes kids should avoid
Trump debting history
Trump may be a billionaire, but his businesses are in debt to 150 financial institutions. His companies also owe millions to construction companies and suppliers. Not the best way to stay out of debt.
Pay attention to your finances kids, live within your means and owe as little money as possible to anyone else.
Trump: I’m ‘smart’ for paying no taxes
Trump said avoidance of paying taxes shows he’s a successful businessman, which is totally wrong. As kids need to understand that paying taxes is considered a civic duty, although doing so is also a requirement of the law.
The money paid in taxes goes to many places. In particular it is used to pay the salaries of government workers, police and firefighters. Taxes are also used to fund many types of government programs that help the poor and less fortunate, as well as many schools! So without taxes we would not have many of the public services on which we have all come to rely.