How to become wealthy: It’s simpler than most ‘experts’ say

Planning young: a retirement roadmap 

Ask any honest financial planner how to become wealthy, and they’ll tell you the simple act of saving money is far, far more important than picking the next hot stock.

So I was surprised when I came upon an article from The Billfold titled “You Don’t Get Wealthy from Savings.” The article was so wrought with pessimistic thinking and ridiculous assumptions that I couldn’t help but debunk the most alarming.

Hopefully, by the end of the piece, you’ll see that saving — and some easy steps toward investing — is key to becoming wealthy.

Related: Warren Buffett Tells You How to Turn $40 Into $10 Million

Problem No. 1: Saving 3% isn’t how you become wealthy

I’ll tackle the easiest problem first. The article said that if you have the median household income of $51,939, and you’re saving 3% of that income pre-tax, starting at age 30 and following suit until age 65, you’ll only have $192,686.34 by the time you reach retirement.

First of all, let’s get one thing straight: If you want to prove that savings can’t make you wealthy, you can’t assume we’re saving a measly 3% of our income to prove your point. All the example proves is that not saving will keep you from getting wealthy.

If we upped the family’s

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Post-Ferguson, more police uniforms include cameras

Will more police adopt body cameras? 

It is getting more and more likely that your next conversation with a police officer will be recorded on a camera.

And not just any camera — an official, department-issued one on the officer’s glasses, collar or lapel.

Several makers of police body cameras say their orders have grown in recent months, particularly since a police officer in Ferguson, Mo., shot 18-year-old Michael Brown. A grand jury decided Monday there is not enough evidence to charge the officer, Darren Wilson, with a crime.

Taser (TASR), best known for the line of stun guns bearing its name, said sales of its body cameras were up 30% in the third quarter, which included the Aug. 9 shooting of Brown.

Last week, the company said the San Francisco police department had ordered 160 cameras. The Los Angeles police department recently decided it would arm officers with Taser-brand cameras as well.

In all, over 1,200 police agencies are now using Taser cameras, said Sydney Siegmeth, and the company has sold over 100,000 of them, including cameras mounted on the stun guns themselves.

Related: Crowdfunding helps digital bakery

Similarly, Digital Ally (DGLY) said inquiries about its on-body cameras have increased six- or seven-fold, and sales are up three or four times the average.

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Black Friday on strike: Walmart workers vow big protests

wal mart protest street
Shoppers won’t be the only ones lined up outside some Walmart stores on Black Friday.

Some aggrieved Walmart workers and their advocates have a slew of grievances. And for the third year in a row, they will air them on one of the busiest shopping days: Black Friday.

Protesters are expected to gather outside 1,600 Walmart (WMT) stores across the country as the retailer launches doorbuster deals.

That would be more than ever before, according to organizers. Some demonstrations are planned for Wednesday, while others will take place on Thanksgiving Day or Black Friday.

Among the bigger events are expected in Los Angeles, Washington D.C., Chicago, Tampa, Dallas, Denver and Sacramento. Walmart has 4,281 U.S. stores.

Stores one-up each other on Thanksgiving 

Some workers are expected to strike, walking off the job during their shift. They will be joined by teachers and other community leaders.

The demonstrators are backed by groups like OUR Walmart, which has union ties. And they are calling for higher wages (a minimum of $15 an hour) and fair schedules.

In response, a Walmart (WMT)spokeswoman said a lot of the demonstrators are not Walmart workers and do not accurately reflect the views of its employees.

CEO Doug McMillon said last month that only 6,000 of the company’s 1.3 million

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Shoppers rejoice! Black Friday is here

Black Friday is turning grey 

The doors are open. The sales are here. It’s Black Friday.

Black Friday faithful are already scooping up deals at malls and department stores across America.

A few stores — like Kmart and Radio Shack (RSH) — opened Thursday morning, but most — including Macy’s (M), Best Buy (BBY), Target (TGT), Kohl’s (KSS), Toys R Us, J.C. Penney (JCP) and Sears (SHLD) — waited until after Thanksgiving dinner was served.

As night fell, Manhattan’s bustling Times Square was packed with deal hunters — some from as far away as Sweden and Florida.

“My God, it’s crazy down here!” a mother exclaimed inside Toys R Us as she trailed three children past a robotic Tyrannosaurus Rex. Nearby, a worker wearing an elf hat pumped up the crowd: “I guar-an-TEE it’s $24.95!” he crooned.

Walmart (WMT), the nation’s largest retailer, kicked off its sales at 6 p.m. At the chain’s location in Neptune, N.J., shoppers braved long lines in order to secure deeply discounted items.

Lola Stoball had her niece stand in line for a 50″ LED TV on sale for $218 while she was waited for an iPad mini. Stoball shops every year on Thanksgiving, and was also

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India’s economy slows, but optimism remains

Women in India struggle to find work 

India’s economic growth slowed last quarter, raising the stakes for Prime Minister Narendra Modi as he seeks to push through long-overdue reforms.

Gross domestic product grew by 5.3% during the second quarter of India’s fiscal year, down from a 5.7% expansion in the previous quarter. However, many economists had expected a worse showing.

India’s new government has gone to great lengths to build a consensus around economic reforms since gaining power in May’s parliamentary elections.

Modi has promised to end policy paralysis, reduce inflation and tackle corruption. He also pledged to establish manufacturing hubs and industrial corridors and improve the tax code.

But many of the reforms have been stalled by political gridlock, and big ticket reforms have failed to materialize.

“The government’s reform agenda has recently gathered momentum, but progress in a number of the most important areas has so far been underwhelming,” Capital Economics said in a research note.

Related: India’s economy will get its “big bang”

Yet there is a feeling of optimism in India, and many hope that Modi’s efforts to pull India out of its malaise will improve the country’s economic position.

The benchmark Mumbai Sensex index has increased by nearly 35% so far this year, and rules on foreign investment have been eased.


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