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Donald Trump: Rising from the Ashes
by Gabby Hyman
Business Programs Columnist
Donald Trump's business career reads like an open book because he's written extensively on how he made his fortunes. He began in real estate management in Manhattan and used his education at Wharton to create empires from the ashes of his failures.
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He may not be the wealthiest man on earth but -- next to Bill Gates -- Donald Trump is probably the best-known wealthy man in America. With a net worth of almost $3 billion, Trump built his business career upon a foundation of property acquisition and management in New York, New Jersey, Chicago, Florida, and in foreign markets. Popularly nicknamed "The Donald," Trump has had the unusual experience of building fortunes, losing them, and rebuilding his business career from personal disaster. A darling of the gossip columns and reality television, Trump bombards the print and electronic media with his management philosophy.
Everyone knows about Trump's wheeling and dealing, but did he ever get a formal education?Trump's parents sent him to the New York Military Academy when he was 13 years old. Later, Trump toyed with the idea of attending film school, but he settled on Fordham University. After two years, he wanted to challenge himself and applied -- and was admitted to -- the prestigious Wharton School of Finance at the University of Pennsylvania.
How did Trump get started in real estate?Like most business careers, Trump's began small and swelled as he learned the ropes. After graduating from the Wharton School, Trump worked with middle-class housing rental management for his father's company. He went against trends to lower prices during hard times, instead preferring to raise prices to encourage wealthier people to buy.
Didn't Trump declare bankruptcy?
Trump's early house of cards collapsed in 1990 when he couldn't pay back more than $2 million in bank loans and was forced to hand billions of dollars in holdings in New York and Atlantic City to his creditors. The bankruptcy ended one business career and gave birth to a new one, as he rebuilt ownerships in casinos, transportation, entertainment companies, and Manhattan real estate.
Donald Trump Fast Facts:-
Quote: "What separates the winners from the losers is how a person reacts to each new twist of fate."
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Net Worth: $2.6 billion
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Age: 58
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Hometown: New York, NY
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Education: Wharton School, University of Pennsylvania, Bachelor of Arts
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About the Author
Gabby Hyman has created online strategies and written content for Fortune 500 companies including eToys, GoTo.com, Siebel Systems, Microsoft Encarta, Avaya, and Nissan UK.
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Bill Gates: True Management
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