Do and Grow Rich...Albeit Slowly

Disclaimer: Whatever you do, please don't quote me on this... ... ...

Many rich people made their millions as entrepreneurs. They worked hard in business. The majority of us however prefer to be wage-earners working for rich people and buying lottery hoping to strike it rich (I know because I do, the lottery buying part at least). There is no secret behind getting rich but only the fact that it will take time (a whole lot of precious time). The solution is to maximize your income on the job (and knowing when to move on and cut your losses) and use all the extra money to invest smartly and profitably. The Chinese love the number 8 and the luck associated with it, so please enjoy the following 8 "tips" for doing and growing rich (although luck is not a factor here). The following deals with your income as a wage-earner and the income from investments. Am I rich? Hope so.

1. Work Smart. Brush up and improve working methods. Become more efficient and knowledgeable by having a checklist and a streamlined process for work. Save costs and even volunteer your services whenever the opportunity presents. This makes you an important and valuable asset to your company. In time, you may even be in line for that much awaited promotion, bonus or even pay increment.

2. Always negotiate. Do not be comfortable and accept your salary at the first instance. You may be paid more if you negotiate. It is likely as well if you don't negotiate, you may be paid that salary level for a long long time.

3. Market rates. Be aware of your self worth. Never be content. Have a goal to be paid and much more than your actual worth. Make sure the boss is aware of your value to the company as well.

4. Be Prepared. People move on when they FIND better career prospects elsewhere. Weight the long terms benefits against your current job prospects and if you find yourself better elsewhere, all the more to move on and don't look back. Update your work resume periodically and keep it ready. Do the usual networking rounds to let know of your interest for a better job and do not just rely on the job classifieds.

5. Invest as much as possible. With all the extra money or a minimum allocation if none, make plans and act for your future by investing in fixed, deposits, mutual trust funds, and equities. You will find that the earlier you do this, the earlier you will start seeing your savings grow.

6. Minimize you Taxes. Invest in insurance. Medical and Hospital Insurance that will cover healthcare. Life and Personal Accident Insurance to cover unexpected loss and guarantee a sum for your loved ones. All these insurance types are tax deductible and you will find yourself paying less tax and getting benefit from having the value of such insurance cover. Go for the maximum premium allowed under the tax deduction.

7. Get your Tax refunds. Immediately. Money with the Income Tax Department does not earn interest. Get a refund immediately.

8. KISS. Keep it smartly simple. Do not go for get-rich-quick schemes or complex investments, while the returns may be higher so is the associated risks. Accumulate your wealth with long term plans by having a regular investment plan and sticking to it.