Greatest Successes on the Road out of Debt: Donald Trump

How does someone successfully get out of debt?
What propels certain people to climb up from financial troubles to wealth and success?
In the book, The Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems, we provide a how-to guide and a road map on how to get out of debt, with and without bankruptcy. For inspiration to carry you through on your road out of debt, I want to highlight those people who have come from nothing or big debts to reach great success.
Greatest Successes on the Road out of Debt will highlight some of the more celebrated success stories of these impressive people.

Donald Trump
Donald Trump, or simply “The Donald,” is a billionaire, real estate mogul extraordinaire, and host of the television show The Apprentice. Before he reached the height of the wealth and fame he now enjoys, Donald Trump had his share of financial problems.
During the 1980s, Donald Trump continually bought buildings, yachts, hotels, and casinos and even owned his own airline. The recession of the early 1990s, however, hit him very hard. At its worst, his companies reportedly carried debts of $11.4 billion. He was forced to place some of his casinos and other businesses in bankruptcy. And because he had personally guaranteed $1.3 billion of his companies’ debt, Donald Trump was on the verge of his own personal bankruptcy. He once said this:

“You can’t give up. You are going to have times when you feel there’s no light at the end of the tunnel. I had times like that and I had a choice: I could sit in the corner with my thumb in my mouth, or I could fight. My advice to you is: Punch like hell and don’t take no for an answer.”

- St. Petersburg Times, May 7, 1996
Donald Trump did not hide. He did not run from his creditors. He did not sit back and hope things got better. No, he fought back. He used all his negotiation and business skills to resolve hundreds of millions of dollars of debt. He didn’t take no for an answer. He worked hard to talk to the right people and get to the decision makers. He remained flexible, offering a little here, taking a little away there. He was always alert to his actions and knew where he wanted to go. He made people at the 99 banks he owed money to his allies so that he could work out his issues with them. He made sure the creditors realized they were getting the best offers that he could make at that time.
Donald Trump has said that those lean times helped him learn that he could handle pressure. Donald Trump is now the 278th richest man in the world, with a net worth estimated by Forbes Magazine to be $2.6 billion. With nerves of steel, Donald Trump climbed from debt to success and will indubitably continue to do so if financial problems again arise.