10 best and worst thoughts on money from Trump, Clinton and other presidential hopefuls
Campaign trails, debates and TV commercials make for busy schedules for presidential candidates. But as presidential hopefuls like Donald Trump and Hillary Clinton compete for a chance to lead the U.S., they'll need to prove their grits when it comes to the economy, among other issues. From their books to speeches and interviews, here are 10 of the best and worst pieces of money advice from 2016 presidential candidates.
10 Best Quotes on Money From Presidential Candidates
Donald Trump, Hillary Clinton and other presidential candidates have a lot of wisdom to impart. From making the most of your education and skills to learning how to outsource, here are 10 best quotes from presidential candidates you should keep in mind as you tackle your personal finances and work.
1. Donald Trump
"One of the problems when you become successful is that jealousy and envy inevitably follow. There are people — I categorize them as life's losers — who get their sense of accomplishment and achievement from trying to stop others. As far as I'm concerned, if they had any real ability, they wouldn't be fighting me, they'd be doing something constructive themselves." — Donald Trump in "Trump: The Art of the Deal"
Love him or hate him, Donald Trump has a point about envy and jealousy. Neither trait is productive or useful, and in most cases, people are better off focusing on their own goals rather than worrying about the successes and failures of others. When it comes to your finances, keep an eye on what you're doing to build wealth, and don't let others distract you from your long-term goals.
2. Ben Carson
"Success is determined not by whether or not you face obstacles, but by your reaction to them. And if you look at these obstacles as a containing fence, they become your excuse for failure. If you look at them as a hurdle, each one strengthens you for the next." — Ben Carson in "Gifted Hands: The Ben Carson Story"
Ben Carson highlights the positive influence of drive and determination, and the destructive power of pessimism. Whether you're tackling a mountain of debt or trying to trim the fat off your budget, a solution-focused approach will not only help you set up an action plan for achieving your goal, it can help you handle other financial issues in the future.
3. Carly Fiorina
"Everyone truly does have God-given gifts ... Find them and use them, and don't let anyone else tell you that you are less than who you are." — Carly Fiorina on "The David Webb Show" on August 5, 2015
In economics, there is a concept called comparative advantage, which says a nation is best off when it specializes in producing goods it can produce most efficiently, and trading for goods and services it cannot. That same principle can be applied to people. If, for instance, you lack the knowledge and skill to properly manage a stock portfolio, it's best to turn to someone who has that specialized knowledge. In short, don't be afraid to ask for help if you need it and don't undermine the value in other people's skills.
4. Hillary Clinton
"Every moment wasted looking back keeps us from moving forward." — Hillary Clinton in her endorsement of Barack Obama on June 7, 2008
Grieving over debt and poor financial decisions will only hold you back. Rather than dwell on what you should have done, focus on what you can do to improve your financial situation.
5. Bernie Sanders
"It's better to show up than to give up." — Bernie Sanders on Twitter on May 1, 2015
It's a time-tested truth that persistence is often the key to success. Even if you fail in whatever goal you pursue, you'll come out knowing better how to approach the problem in the future.
6. Jeb Bush
"My aspiration for the country and I believe we can achieve it, is 4 percent growth as far as the eye can see. Which means we have to be a lot more productive, workforce participation has to rise from its all-time modern lows." — Jeb Bush in an interview with New Hampshire's Union Leader
While it's unclear how Bush will help boost workforce participation, modern macroeconomic models show productivity is a driving force behind the long-term success of a given nation or company. On a more personal level, if you want to nab a promotion at work, you'll need to learn how to work smarter and more productively — not necessarily longer hours. When it comes to your money, knowing what habits will best help you save better is key to financial success.
7. Chris Christie
"What do you think the appropriate role of government is in society? The way I look at this job is, you want me to do X? Well, is the private sector doing X with any kind of success? Because if they are, I'd rather have them do it than have us do it." — Chris Christie in an interview with Esquire in 2012
Improving efficiency and reducing costs on any given project will boost profit margins. But Chris Christie also highlighted the point of competition in the U.S., and the value in outsourcing tasks to those who not only know how to do the job well, but can do it faster. For those running their own businesses, knowing when to ask others for help on mundane tasks is an important skill. After all, any time you free up for more important projects — like networking events — can have a positive impact on the health of your business.
8. Marco Rubio
"Let's be honest — Bill Murray was onto something when he laughed at Andie MacDowell's degree in 19th century French poetry in 'Groundhog Day.'" — Marco Rubio in "American Dreams"
Marco Rubio serves a hard pill to swallow. But in reality, your education and the degree you earn can have a lasting impact on how much money you make.
9. Mike Huckabee
"Now, many Americans fear that China might grow too strong ... I'm more worried that America might be getting too weak. It's not bad for the United States if other nations have a strong economy. One fewer hungry-mouthed country wanting us to take care of it and its people is great news. If they have money, maybe they will buy the things we innovate and make." ― Mike Huckabee in "God, Guns, Grits, and Gravy"
Mike Huckabee alluded to the benefits of international trade. While trade creates short-term economic disruptions, it also creates long-term economic benefits that advance the well-being of the economy as a whole.
10. Rand Paul
"Well, let's be clear I'm the only one on the stage who actually has a five-year budget that balances." — Rand Paul during the Republican debate on August 6, 2015
Whether you support Rand Paul, the presidential candidate made a good point at the Republican debate earlier this year. Having a plan in place — a plan with numbers that add up — is a great approach to any financial hurdle.
10 Worst Quotes on Money From Presidential Candidates
Whether discussing international trade, leadership or class inequality, presidential candidates have a lot of advice and opinions to share. Unfortunately, sometimes their solutions make for poor financial decisions. Here are 10 quotes from presidential candidates you shouldn't take to heart for your personal finances or business.
1. Donald Trump
"I've read hundreds of books about China over the decades. I know the Chinese. I've made a lot of money with the Chinese. I understand the Chinese mind." — Donald Trump in "The Art of the Deal"
As educated as you might be, assuming you know the ins and outs of a business, demographic or even your own finances can set you up for disaster. You need to make periodic check ins on your stock portfolio, for instance, rather than assume that simply because a company has historically performed well it will continue to perform well. So, as much as Donald Trump quotes make for good discussions, sometimes it's best to recognize that he isn't always the best person to turn to for personal finance.
2. Ben Carson
"'Why risk?'" I responded. "'It should be, why not to risk?'" — Ben Carson in "Take The Risk"
Risk, of course, is an unavoidable part of business and investing, but knowing when to take risks — and sometimes leaps of faith — is a skill in itself. Taking risks, such as with stocks, should be a calculated decision based on individual circumstances and market performance, rather than an expectation.
3. Carly Fiorina
"I don't give up on commitments until what I've been asked to do is clearly finished." — Carly Fiorina in a 2006 interview with Marie Claire
When Carly Fiorina was fired by the board of directors at HP, she received a lot of press for being upfront about getting fired. But as admirable as her commitment to her job was, no one should apply the same principles to their stock portfolios. When committing yourself to certain stocks or financial goals, it's important to know when your strategy doesn't work — and when it's important to quit and start over again.
4. Hillary Clinton
"Leadership is planting trees under whose shade you will never sit." — Hillary Clinton in a speech on her economic vision in New York City
Some Hillary Clinton quotes make for good financial advice — this one, unfortunately, does not. A common dilemma parents face is whether to fund their children's college education or save more for retirement. For many parents, they aspire to keep their children out of student loan debt by taking it on themselves. As admirable of a gesture this might be, you must always keep your own needs and goals in mind when helping others financially, rather than assume that as a leader you need to take on additional financial burdens.
5. Bernie Sanders
"For many, the American Dream has become a nightmare." — Bernie Sanders in his article "No to Oligarchy," an article for The Nation
While Bernie Sanders wrote of class inequality in his article "No to Oligarchy," modern Americans need to understand how the American Dream has changed in recent decades. For many Americans living in states with high living costs, owning a home is an impossible reality. Politics aside, part of the solution to reaching a financial goal is being flexible and realistic with what you want and can achieve, and then using what resources you have to reach that goal.
6. Jeb Bush
"It means that people need to work longer hours and, through their productivity, gain more income for their families. That's the only way we're going to get out of this rut that we're in." — Jeb Bush in an interview with New Hampshire's The Union-Leader
While productivity gains are crucial to improving economic prosperity, productivity is not the same thing as working more hours. Jeb Bush ignored in his interview the value in being more efficient and working smarter at work.
7. Chris Christie
"I feel passionately about issues, and I don't hide my emotions from people. I am not a focus-group tested, blow-dried candidate or governor. Now, that has always made some people, as you know, uneasy. Some people like that style, some people don't." — Chris Christie in a press conference in January 2014
Being passionate about your personal finances is a must — but letting them get the best of you can only lead to sleepless nights. When it comes to your money, know how to keep your cool. Being impatient, especially when it comes to squeezing out more savings every month from an already tight budget, will only discourage you.
8. Marco Rubio
"I don't buy into the dystopian scenarios of self-aware robots enslaving mankind, but you don't have to be a sci-fi conspiracy theorist to acknowledge that plenty of good, well-paying jobs are being taken over by machines." — Marco Rubio in "American Dreams"
There have been lots of periods in history where people worried about machines taking over human jobs — from the Luddites to computers — but the reality is that improving technology has always improved living standards, and the advent of new machines has allowed greater productivity and wage gains over time. As markets and technologies change, be prepared to change how you manage your business rather than live in constant fear of how the industry will damage the way you've conducted business in the past.
9. Mike Huckabee
"We ought to declare that we will be free of energy consumption in this country within a decade, bold as that is." — Mike Huckabee on CBS in 2007
Different industries and people have different energy needs — and some aspects of production differ from others. In short, a single broad standard can be more economically harmful than a tailored approach. In your own life, rather than tackle a problem with one stubborn solution, weigh your options for a more varied approach.
10. Rand Paul
"It's curious that only in Washington can you spend $2 billion and claim that you're saving money." — Rand Paul on the Older Americans Act
On the matter of preventive funding, Rand Paul might have overlooked how spending money can save more money in the long run. On a personal finance level, it often takes money to make money, such as in the case of real estate investments.
From GoBankingRates.com: 10 best and worst money advice from presidential hopefuls like Donald Trump
