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Who can ever forget the speeches of Winston Churchill, which stirred a nation. March for peace. Back your ideas with a million dollars. Or flock to buy your product! I show you the exact words to enrich your life, financially and in numerous other ways, too. But first, I want to tell you how I discovered the process. At the age of 29 I had a wife and four children to support. I prayed for divine guidance.

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Suddenly a simple truth appeared to me. I was reflecting on the small successes I had in my life until that point in time. It hit me like a bolt of lightning! This discovery completely turned my life around. And it will change yours too. Different words produce different results! And it didn't matter whether they were spoken or written. As with the great truths, once known they seem so simple! Then I began experimenting and testing different words and phrases communicating with people in business. I also decided to test a product idea in inexpensive classified ads.

It contained just 17 words. This may not sound like much, but to expand I found I could simply repeat the ad and expand my success. I ran the same ad in numerous newspapers and magazines, over and over again. When I changed one or two words, I got vastly different response and profit. This blew my mind! Exactly the same thing happened in sales letters, I was determined to develop a vocabulary of simple words that I could scientifically prove were profitable.

I continued experimenting. I then ran my first full-page ad. I repeated this ad in dozens of magazines. And I still operated from the comfort of home. Today, I have a lifestyle about which I always dreamed. I now live in Montreux, Switzerland. I view the beautiful Swiss and French Alps from my office window. My car is a red Mercedes convertible.

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I also have homes on the island of Cyprus and sunny Tampa, Florida. The enormous power of Magic Words has made me a millionaire many times over. In , I tried retirement. It lasted a few months. I found it wasn't all it is cracked up to be. I looked for something else to do. I decided to share with others my discoveries in books and seminars. Since I don't need the money I decided to give my secrets away free as a form of charity.

But I learned when people get something for nothing they usually place no value on it this includes my own close relatives. So, I do the next best thing, I reveal my secrets at a cost anyone can afford. Success based on Magic Words can be duplicated. You can do as well, or better, than me. Anyone who uses the words, and I mean anyone , can become a millionaire! Thousands of my readers have already become rich. During the s, Donald Trump became notorious for leaking word that he was taking positions in stocks, hinting of a possible takeover, and then either selling on the run-up or trying to extract lucrative concessions from the target company to make him go away.

Trump enlisted his father as his greenmailing wingman.

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On Jan. Dorfman reported that Donald Trump was taking a stake in the company. A week later, Mr. Dorfman reported that Donald Trump had sold, too. With other family members, Fred Trump could be cantankerous and cruel, according to sworn testimony by his relatives. He was different with his son Donald. Yet canceling the debt would have required Donald Trump to pay millions in taxes on the amount forgiven. Father and son found another solution, one never before disclosed, that appears to constitute both an unreported multimillion-dollar gift and a potentially illegal tax write-off.

In December , records show, Fred Trump bought a 7. Tax document showing most of the write-offs for the Trump Palace investments Read document Those documents do not identify who bought his stake. But other records indicate that he sold it back to his son. The Trump Palace offering plan, submitted in November , identified two owners: Donald Trump and his father.

He did not do that, records show. He did, however, sign a sworn affidavit a month after his father sold his stake. Under I. Fred Trump reported no such gift. According to tax experts, the only circumstance that would not have required Fred Trump to report a gift was if Trump Palace had been effectively bankrupt when he unloaded his shares.

Property records show that condo sales there were brisk in By failing to tell the I. At the same time, he declared to the I. Federal tax law prohibits deducting any loss from the sale of property between members of the same family, because of the potential for abuse. The partnership between Fred and Donald Trump was not simply about the pursuit of riches.

At its heart lay a more ambitious project, executed to perfection over decades — to create that origin story, the myth of Donald J. By the late s, instead of appropriating the empire, he was diminishing it. Through it all, Fred Trump played along. But for all Fred Trump had done to build the myth of Donald Trump, Self-Made Billionaire, there was, it turned out, one line he would not allow his son to cross.

But in December , Donald Trump sent his father a document, drafted by one of his own lawyers, that sought to make significant changes to that will. Fred Trump, then 85, had never before set eyes on the document, 12 pages of dense legalese. Nor had he authorized its preparation. Nor had he met the lawyer who drafted it. What happened next was described years later in sworn depositions by members of the Trump family during a dispute, later settled, over the inheritance Fred Trump left to Fred Jr.

But more than any of the particulars, it was the entirety of the codicil and its presentation as a fait accompli that alarmed Fred Trump, the depositions show. He confided to family members that he viewed the codicil as an attempt to go behind his back and give his son total control over his affairs.

He said he feared that it could let Donald Trump denude his empire, even using it as collateral to rescue his failing businesses. As close as they were — or perhaps because they were so close — Fred Trump did not immediately confront his son. Instead he turned to his daughter Maryanne Trump Barry, then a federal judge whom he often consulted on legal matters.

When Judge Barry read the codicil, she reached the same conclusion. Fred Trump took prompt action to thwart his son. He dispatched his daughter to find new estate lawyers. Fred Trump signed it immediately. Surgeons had removed a neck tumor a few years earlier, and he would soon endure hip replacement surgery and be found to have mild senile dementia.

With every passing year, the actuarial odds increased that Fred Trump would die owning apartment buildings worth many hundreds of millions of dollars, all of it exposed to the 55 percent estate tax. Just as exposed was the mountain of cash he was sitting on. His buildings, well maintained and carrying little debt, consistently produced millions of dollars a year in profits. Whatever their differences, the Trumps formulated a plan to avoid this fate. How they did it is a story never before told.

It is also a story in which Donald Trump played a central role. After years of working for his brother, Robert Trump went to work for his father in late They would turn the mountain of cash into a molehill of cash. A family company let Fred Trump funnel money to his children by effectively overcharging himself for repairs and improvements on his properties.

One of the first steps came on Aug. First page of All County incorporation papers Read document. All County had no corporate offices. Its address was the Manhasset, N. Walter, who died in January, spent decades working for Fred Trump, primarily helping computerize his payroll and billing systems.

John Walter and the four Trump children each owned 20 percent of All County, records show. Each year Fred Trump spent millions of dollars maintaining and improving his properties. Walter paid to work on his side businesses. It was also not true. But in , when he began paying All County for refrigerator-stove combinations, the price jumped by 46 percent.

Likewise, the price he paid for trash-compacting services at Beach Haven increased 64 percent. Janitorial supplies went up more than percent. Plumbing repairs and supplies rose percent. And on it went in building after building. The more Fred Trump paid, the more All County made, which was precisely the plan. While All County systematically overcharged Fred Trump for thousands of items, the job of negotiating with vendors fell, as it always had, to Fred Trump and his staff.

Eastmond is the owner of A. Fred Trump, accompanied by his secretary and Robert Trump, drove a hard bargain. Eastmond recalled with a chuckle. There was no mention of All County. Eastmond first heard of the company when its checks started rolling in. But as All County paid Mr. Eastmond the price negotiated by Fred Trump, its invoices to Fred Trump were padded by 20 to 25 percent, records obtained by The Times show.

All County purchase order and invoice Read document. Eastmond was providing free, along with hookup fees, disconnection fees, transportation fees and operating and maintenance fees, records show. As an owner of rent-stabilized buildings in New York, Fred Trump needed state approval to raise rents beyond the annual increases set by a government board. One way to justify a rent increase was to make a major capital improvement. It did not take much to get approval; an invoice or canceled check would do if the expense seemed reasonable. Fred Trump, according to Mr.

Walter, saw All County as a way to have his cake and eat it, too. Walter explained. All County was the way around this problem. Tenants repeatedly protested the increases, almost always to no avail, the records show. While the statute of limitations has long since lapsed, Mr. A lucrative income source for Fred Trump was the management fees he charged his buildings.

Two months later, records show, Apartment Management started collecting fees that had previously gone to Trump Management. The only difference was that Donald Trump and his siblings owned Apartment Management. But these savings were trivial compared with those that would come when Fred Trump transferred his empire — the actual bricks and mortar — to his children. In his 90th year, Fred Trump still showed up at work a few days a week, ever dapper in suit and tie.

But he had trouble remembering names — his dementia was getting worse — and he could get confused. Six months later, on Nov. A few properties were excluded. The instrument they used to do this was a special type of trust with a clunky acronym only a tax lawyer could love: GRAT, short for grantor-retained annuity trust. They let dynastic families like the Trumps pass wealth from one generation to the next — be it stocks, real estate, even art collections — without paying a dime of estate taxes. The details are numbingly complex, but the mechanics are straightforward.

The children bought the remaining third by making annuity payments to their parents over the next two years. By Nov. This determined the amount of gift taxes Fred and Mary Trump owed for the portion of the empire they gave to their children. It also determined the amount of annuity payments their children owed for the rest. The I. This is why the I. In practice, though, gift tax returns get little scrutiny from the I. It is an open secret among tax practitioners that evasion of gift taxes is rampant and rarely prosecuted.

This appears to be precisely what the Trumps were counting on. The methods the Trumps used to pull off this incredible shrinking act were hatched in the strategy sessions Donald Trump participated in during the early s, documents and interviews show. A crucial step was finding a property appraiser attuned to their needs. As anyone who has ever bought or sold a home knows, appraisers can arrive at sharply different valuations depending on their methods and assumptions.


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Over a year career, Mr. Donald Trump recruited him after Fred Trump Jr. To assess the accuracy of those valuations, The Times examined the prices paid for comparable apartment buildings that sold within a year of Mr. A pattern quickly emerged. Again and again, buildings in the same neighborhood as Trump buildings sold for two to four times as much per square foot as Mr. The Times found even starker discrepancies when comparing the GRAT appraisals against appraisals commissioned by the Trumps when they had an incentive to show the highest possible valuations.

Such was the case with Patio Gardens, a complex of nearly apartments in Brooklyn. The greater the value of Patio Gardens, the bigger his deduction. By contrast, Mr. In an interview, Mr. Von Ancken said that because neither he nor The Times had the working papers that described how he arrived at his valuations, there was simply no way to evaluate the methodologies behind his numbers.

Von Ancken did for the Trumps, the most startling was for rental apartments in two buildings at Trump Village, a complex in Coney Island. It appears Mr. In , the Trumps had removed the two Trump Village buildings from an affordable housing program so they could raise rents and increase their profits. But doing so cost them a property tax exemption, which temporarily put the buildings in the red.

The methodology described by Mr.


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Von Ancken would have disregarded this blip into the red and valued the buildings based on the higher rents the Trumps would be charging. Von Ancken, however, appears to have based his valuation on the blip, producing an appraisal that, taken at face value, meant Fred Trump would have had to pay someone millions of dollars to take the property off his hands.

Von Ancken told The Times that he did not recall which appraisal method he used on the two Trump Village buildings. As for the enormous gaps between his valuation and the city property tax appraisal and the bank valuation, he argued that such comparisons were pointless.

Armed with Mr.

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Someone with a controlling interest in a building can decide if and when the building is sold, how it is marketed and what price to accept. But Fred Trump had exercised total control over his empire for more than seven decades. With rare exceptions, he owned percent of his buildings. So the Trumps set out to create the fiction that Fred Trump was a minority owner. All it took was splitting the ownership structure of his empire.

Fred and Mary Trump each ended up with The other 0. Splitting ownership into minority interests is a widely used method of tax avoidance. There is one circumstance, however, where it has at times been found to be illegal. It involves what is known in tax law as the step transaction doctrine — where it can be shown that the corporate restructuring was part of a rapid sequence of seemingly separate maneuvers actually conceived and executed to dodge taxes.

In all, the Trumps broke up 12 corporate entities to create the appearance of minority ownership. The Times could not determine when five of the 12 companies were divided. But records reveal that the other seven were split up just before the GRATs were established. The pattern was clear. For decades, the companies had been owned solely by Fred Trump, each operating a different apartment complex or shopping center.

In September , the Trumps formed seven new limited liability companies. Between Oct. On Nov. The seventh was recorded on Nov. And on Nov. That enabled the Trumps to slash Mr. According to tax experts, claiming a 45 percent discount was questionable even back then, and far higher than the 20 to 30 percent discount the I. Documents obtained by The Times reveal that the I. From the perspective of an I. For the Trumps, getting the I.

Better still for the Trump children, they did not have to pay out a penny of their own. I was able to home in, buckle down, get back to the basics, and make things work. I worked much harder, I focused, and I got myself out of a box. When family visited, there was one name he could reliably put to a face. He died there on June 25, at the age of The return, obtained by The Times, vividly illustrates the effectiveness of the tax strategies devised by the Trumps in the early s.

Fred Trump, one of the most prolific New York developers of his time, owned just five apartment complexes, two small strip malls and a scattering of co-ops in the city upon his death. He owned not a single stock, bond or Treasury bill. And yet Donald Trump and his siblings were not done. Recycling the legally dubious techniques they had mastered with the GRATs, they dodged tens of millions of dollars in estate taxes on the remnants of empire that Fred Trump still owned when he died, The Times found.

Von Ancken that grossly understated the actual market value of those remnants. The most improbable of these valuations was for Tysens Park Apartments, a complex of eight buildings with 1, units on Staten Island. As with the Trump Village appraisal, the Trumps appear to have hidden key facts from the I. In fact, they had already begun raising rents. They were obligated not only to give the I.

Tritt, the University of Florida law professor, said. These matters have now been closed for more than a decade. Donald Trump, in financial trouble again, pitched the idea of selling the still-profitable empire that his father had w anted to keep in the family. In , the Trump siblings gathered at Trump Tower for one of their periodic updates on their inherited empire. As always, Robert Trump drove into Manhattan with several of his lieutenants. Donald Trump appeared with Allen H.

The meeting followed the usual routine: a financial report, a rundown of operational issues and then the real business — distributing profits to each Trump. But Donald Trump insisted that the real estate market had peaked and that the time was right, according to a person familiar with the meeting. He was also, once again, in financial trouble. His Atlantic City casinos were veering toward another bankruptcy.

He directed his brother to solicit private bids, saying he wanted the sale handled quickly and quietly. Ruby Schron, a major New York City landlord, quickly emerged as the favorite. In December , Mr. Schron called Donald Trump and they came to an agreement; Mr. On May 4, , the Trump children spent most of the day signing away ownership of what their father had doggedly built over 70 years. Even more extraordinary was this unreported fact: The banks financing Mr.

Within a year of the sale, Mr. Money is at the core of the brand Mr. Trump has so successfully sold to the world. Yet essential to that mythmaking has been keeping the truth of his money — how much of it he actually has, where and whom it came from — hidden or obscured. Across the decades, aided and abetted by less-than-aggressive journalism, Mr. Trump has made sure his financial history would be sensationalized far more than seen. Because of Mr. Questions about newer money sources are rapidly accumulating because of the Russia investigation and lawsuits alleging that Mr.

Trump is violating the Constitution by continuing to do business with foreign governments.