It's been nearly four years since President Trump's election, and to make an understatement, his approach to the presidency has been unorthodox.
In an unprecedented break of presidential custom, he has refused to release his tax returns despite ongoing claims of fraud. In an administration led by one of the most recognizable names in the world, the decision to keep the president's personal finances secret has raised many questions, the most notable being: is it possible that Trump may be making money off his presidency?
Back in 2000, Trump made that very claim: "It's very possible that I could be the first presidential candidate to run and make money on it." In a macro sense, this is obviously based on the real estate mogul's simple maxim of "all press is good press," which the 2016 election made obvious with an estimated $2 billion of free media for Trump. Does all the additional coverage help his business like it helped win him the election?
Regarding Trump's many properties, the answer appears to point that way.
Although declining prices have likely hurt its worth, Trump's 11,000-square-foot penthouse in Trump Tower is now essentially a national monument and is positioned to sell for an additional $10 million simply because of an increase in the value of its main tenant.
Trump Hotels have also seemed to benefit, as President Donald Trump frequently uses his luxury properties for government business and leisure, prompting ethics concerns over a president appearing to promote his private enterprise at public cost. Government officials in Kuwait canceled a major event they had planned at the Four Seasons Hotel and switched their venue to Trump's hotel in D.C. under alleged pressure. The same luxury hotel has emerged as a political power hub and is at the center of a court case about presidential emoluments.
Regarding the president's infamous Mar-a-Lago resort, it has seen its membership fee double to $200,000 since Trump took office. Shortly after the fee hike was revealed, Barack Obama's former ethics lawyer said the increase is a "not very subtle exploitation of the fact that the club's figurehead is now president of the U.S." Forbes estimates the "winter White House" is now worth $160 million, $10 million more than pre-election.
Some of the profiteering is even more direct: Trump immediately launched his reelection campaign on the day he assumed office. Donor money has continually flowed since then, and America's first billionaire president turned more than $900,000 into personal revenue.
And we can't forget Trump's signature 2017 tax reform legislation, which will also clearly benefit the president. Forbes says Trump could save about 10% on business income, which based on his leaked 2005 tax return, could mean as much as $11 million annually.
Aerial view of Mar-a-Lago, the estate of Donald Trump, in Pa
However, becoming president has had its drawbacks for the businessman.
While his 2016 campaign's controversial marketing strategy helped Trump leverage media coverage to benefit his commercial properties and projects, Forbes reports that, so far, mixing politics and business has hurt him more than it has helped.
By some calculations, Trump's net worth has dropped from $4.5 billion in 2015 to $3.1 billion in the last two years, dropping the president 138 spots lower on the Forbes 400. In regards to Trump Tower, the net operating income dropped 27% between 2014, the year before Trump announced his run for president, and 2017, his first year in the White House.
In refusing to divest his tax returns, Trump has set himself up to be accused of perpetual conflicts of interests that may or may not be true. Forbes' suggests that Trump would be $500 million richer if he had liquidated his assets, paid capital gains tax on his fortune and created a blind trust to invest it all in the stock market.
At the end of the day, Trump has made money off the pedestal he's been given. However, he may have made more—and been better perceived—if he had thrown in the towel altogether.
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The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.