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Millionaire Secrets

Posted:Abigail Andrews - Monday, November 26th, 2007

Tips for the Working Man

Many millionaires made their millions as entrepreneurs. But working for the Man doesn't mean you have to be a wage slave or resort to buying lottery tickets to strike it rich. The trick is to maximize your income on the job (and know when to move on), make the most of your employee benefits and tax breaks and use that extra money to start investing. Here are some of the best tips to help you escape the rat race whilst in employment:

Promote yourself

Keep your eyes peeled for better ways to do your job. Streamline a procedure, shave costs, create a new profit center, become an expert on a specific topic, anything that will make you stand out as a prime candidate for a promotion or a pay boost.

Negotiate

Don't be afraid to negotiate. In a study of master's degree graduates from her university, Carnegie Mellon economics professor Linda Babcock found that those who negotiated their first salary boosted their pay by 7.4% compared with those who didn't bargain.

Quantify a Pay rise

Get your ducks in a row and your numbers on paper. If possible, quantify how much your efforts add to the company's bottom line. If that's not feasible, spotlight your value with comparable salaries for workers in your position from a Web site, such as Salary.com, or from a professional association.

Market yourself with networking

Plot your strategy when it's time to move on. Create a professional-looking page on MySpace that tells prospective employers why you're an exceptional candidate. Join a professional association or show up at school reunions toting business cards.

Invest like crazy

Don't delay. The quicker you get a jump on putting money aside, the easier it will be to stuff a seven-figure cushion. people spend all they have these days but you should be putting away at least 1/3rd of your take home salary every month if possible and preferably into more lucrative investments than the bank!

Invest automatically, through your employer's retirement plan, sharesave schemes or by setting up a regular deposit to a fund or broker. You'll never miss the money.

Keep it simple

Be wary of get-rich-quick schemes or sales pitches for complex investments, such as oil-and-gas partnerships, that trade on the millionaire cachet to lure investors into buying high-fee products they don't understand. Most millionaire households accumulate their wealth over the long term by sticking to a regular investing plan in a balanced portfolio.

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