playtime
Diamond Member
- Aug 18, 2015
- 61,321
- 55,462
- 3,645
uh-huh. my mortgage is paid off, we have 3 vehicles, abeit older models, all toyotas - that we paid in cash, in full & we pay off our credit cards in full every month.
donny has no self control with cash & if he were so wealthy - - - why is he always in debt with outstanding loans?
i'm quite financially comfy, & sure know a gold plated conman when i see one.
“The final key to the way I promote is bravado. I play to people’s fantasies. People may not always think big themselves, but they can still get very excited by those who do. That’s why a little hyperbole never hurts. People want to believe that something is the biggest and the greatest and the most spectacular. I call it truthful hyperbole. It’s an innocent form of exaggeration—and a very effective form of promotion.” ~ DJT.
Quick: Who'd Have Trouble Living on $450,000 a Month?
By Kurt Eichenwald
- June 26, 1990
Donald J. Trump, who has lectured America about architecture, foreign policy and, most of all, how to do deals, may be about to learn a lesson of his own: how to live in Manhattan on $450,000 a month.
That scarcely onerous restriction is being imposed by Mr. Trump's bankers, who have insisted that the man who has made conspicuous consumption a personal trademark must curb his spending a bit.
Moreover, the $450,000-a-month allowance excludes some of the largest of Mr. Trump's daunting expenses, the bankers say. These extras, based on Mr. Trump's spending in May, include the costs of maintaining his personal 727 jetliner ($246,000) and his 282-foot yacht ($841,000). The yacht and the personal jet, to be sure, may be sold to trim the real estate developer's mountainous debts.
In May, Mr. Trump also paid interest of $2.1 million on his personal debt, while his legal, charitable and business expenses totaled $382,000. His interest payments and various expenses do not count as personal spending, either.
Still, the $450,000-a-month limit will require some belt-tightening on Mr. Trump's part. In May, his bankers report, Mr. Trump's personal spending amounted to $583,000 for day-to-day necessities of the ultrarich life style, which range from his $2,000 suits to the costs of maids, gardeners and chefs at his three homes.
So to meet the bankers' target, Mr. Trump must trim his personal expenses by more than $100,000 from the May level. If he can do that, the banks will agree to lend Mr. Trump even more money.
The terms are being required by the banks, which are attempting to structure a loan to Mr. Trump to keep his faltering empire out of bankruptcy court.
The personal spending limits agreed to by the banks, though a cutback for Mr. Trump, still come to $5.4 million a year. If the banks agree to the terms of the new loan, in the month of July, for example, Mr. Trump would have to hold his expenses to just $14,516.13 a day, or $10.08 every minute of the day and night.
'It's Just Phenomenal'
Even the truly wealthy found Mr. Trump's manner of spending, reduced circumstances or not, to be remarkable.
''I would have no idea how to spend $450,000 a month,'' said one billionaire, who asked not to be identified. ''It's just phenomenal.''
Financial planners for the well heeled agreed.
''We have handled a lot of entertainers, some of whom lived very extravagantly, but I have never come across anybody who spent that way,'' said Lawrence B. Eichler, president of Sentinel Asset Management. ''Donald Trump lives in strata few of us approach, or even want to approach.''
Even Mr. Trump, who declined to comment, once said: ''A little more moderation would be good.'' But he was quick to add, ''Of course, my life hasn't exactly been one of moderation.''
Deadline on a Payment
Mr. Trump's unfolding financial drama may reach a climax tonight as the developer faces a deadline to make a payment on a high-yield ''junk bond'' issue. No matter what the outcome, the glimpse of Mr. Trump's spending habits is certain to add another layer to the high-spending lore to the 1980's.
Mr. Trump's new allowance may be absorbed easily, given the style of living to which he has become accustomed. The developer owns three homes, including Mar-a-Lago, in Palm Beach, Fla. That home, which was willed to the State of Florida by Marjorie Merriweather Post, was sold to Mr. Trump because the state could not afford to pay for its upkeep. Scores of household staff members are paid to help keep up the 118-room residence.
Mr. Trump will also have to continue to maintain his 50-room penthouse triplex in Manhattan's Trump Tower, which comes complete with an 80-foot living room, bronze-edged floor-to-ceiling windows overlooking Central Park, and a 12-foot waterfall.
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Quick: Who'd Have Trouble Living on $450,000 a Month?
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