Easy ways to build your wealth

Saving money for the future and having a nest egg ready may sound unrealistic, but the truth is, it’s not as difficult as it sounds.



For most of us, the idea of saving money for the future and having a nest egg ready for retirement sounds unrealistic, but the truth is, it’s not as difficult as it sounds.

By focusing on the right areas, there are several different ways that Tulsans can save and invest their money in order to grow their wealth and improve their chances of being able to retire at some point.

This might be difficult for people who are maximizing every cent they earn and are living paycheck to paycheck, but for most Tulsans, there are some steps that can be taken.

“My first advice to anyone who’s saving is to have an emergency fund accumulated within a savings account,” says Matt Farris, senior vice president, market executive of Commerce Trust Co. in Tulsa.

“If something happens — for example, you lose your job, you get hurt, you can’t work for a while — you have some savings to fall back on, maybe three to six months of expenses saved up in an emergency savings account.”

Make the commitment to save. Make it a priority, like paying rent or a mortgage.   

“No matter how much a person is making, all they really control is their own resources,” says Harvie Roe, president of AmeriTrust Corp., Tulsa.

Next, prepare a budget and be realistic about your options, he says.

One opportunity available to just about anyone is your workplace’s deferred compensation plan, usually a 401K account, which can end up playing a big role in retirement.

“Most 401K plans have a matching program, and no investment plan out there can beat that,” Roe says. “You’re getting a dollar or 50 cents for every dollar you put in. Whatever the match is, it’s still more than you’re going to get on an invested dollar, so take advantage of those programs.”

If you can afford it, contribute at least as much your company will match and up to the maximum annual deferral amount, Farris adds. “You’ll get an income tax deduction for contributions, and obviously, that money will grow over time,” he says.

Just about everyone in the business agrees that the younger you start contributing to a retirement plan and take advantage of the power of reinvested earning over time, whether it’s a 401K or something else, the better off you’ll be. Once you’ve got your emergency savings account and are contributing to your 401K plan or a similar deferred compensation plan, Farris recommends a Roth IRA account (subject to IRS income guidelines) for long-term saving.

Roth IRAs are funded with after-tax money. When money is eventually withdrawn — after age 59 1/2 — its earnings are withdrawn tax free, Farris says. He suggests that after paying the monthly bills, put excess funds into the Roth IRA account (in 2019, individuals can contribute $6,000 to a Roth IRA).

The general strategy is that the younger you are, the more aggressive you can be in your investment strategy.

Other options, such as the stock market, come into play if you have the money to fund them. However, stocks can be riskier.   

“If you’re saving for retirement and you’re 30 and you want to retire at 62, then I would be much more aggressive with investment,” Roe says.

Although the stock market has highs and lows, over the long term, particularly with a broad index such as the S&P 500, it has been up, “even through the worst times in our history,” he says.

Getting closer to retirement, “you’ve got to be a little more conservative when you are more dependent on passive investments,” he notes.

If you have additional money that you want to invest beyond a savings account, your 401K and/or possibly a Roth IRA, hiring a financial advisor can help sort through all of the options and weigh all of the risks.

Farris’ advice on how to find the right fit in an advisor hinges on the client asking the right questions.

Interview the advisor, Farris says.

Questions to ask:

  • What are your scope of services, and what can you offer me?
  • How are you compensated? Is it a flat fee on the amount of the account, a percentage of the assets in the account, or a fee on transactions? Some broker/dealer investment relationships are dependent on trades and transactions that cost the client every time.   
  • Are you required to act as a fiduciary and put your interests above mine?

 

Ultimately, you want to be comfortable with the person you’re entrusting your money to and confident you are receiving value for the fees you are paying. “You should have a relationship with your advisor and understand how they’re acting in your best interests,” Farris says.

 

Edit ModuleShow Tags

Archive »You Might Like

Green shopping guide

Shopping with sustainability in mind has never been so much fun.

MOKU makes accessories from downed Hawaiian trees

The eco-minded company utilizes the wood to create various forms of laser-cut jewelry and accessories.

Stylish must-haves for your springtime garden

April showers are sure to bring May flowers with these tools of the trade.
Edit Module

Add your comment:

 

Get the best in arts, entertainment and more straight to your inbox.

Join our email list

Edit ModuleShow Tags

June 2019

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

The Please Touch the Art exhibit breaks the rules of traditional art exhibits and makes art accessible, especially for visitors who are visually impaired or blind. Guests are encouraged to touch...

Cost: free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74135
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong

More information

Think you can't do something? Think again! Step out of your comfort zone and try something new at the I Can't workshops this summer, featuring all new community partners.

Cost: Free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74119
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong
Website »

More information

Please join us for our yearly summer music series as part of your Tulsa City-County Library's Summer Reading Program.  Jana Jae and Jim Paul Blair appear on June 24.  Jae gained fame as the...

Cost: Free

Where:
Central Library
400 civic center
Tulsa, OK  74103
View map »


Sponsor: Tulsa City-County Library
Contact Name: Rebecca H

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

Magi 4 Christ Campers meet each Monday at 6:00 PM until 7:30 PM. At 4241 S. 37th W. Ave., Tulsa, OK. 74107.  We are a Christian group of camping enthusiasts. We are family friendly. Meeting...

Cost: Donations only

Where:
Hope House
4241 S. 37th W. Ave.
South Door Activity Center
Tulsa, OK  74107
View map »


Sponsor: Magi 4 Christ Campers
Telephone: 918-906-0564
Contact Name: Dorothy Brown

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

The Please Touch the Art exhibit breaks the rules of traditional art exhibits and makes art accessible, especially for visitors who are visually impaired or blind. Guests are encouraged to touch...

Cost: free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74135
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

The Please Touch the Art exhibit breaks the rules of traditional art exhibits and makes art accessible, especially for visitors who are visually impaired or blind. Guests are encouraged to touch...

Cost: free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74135
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

Join us for a movie in the garden to celebrate this year's Adult Summer Reading Program theme: "A Universe of Stories" Sandra Bullock and George Clooney star in a thrilling story of two astronauts...

Cost: Free

Where:
Central Library
400 civic center
Tulsa, OK  74103
View map »


Sponsor: Tulsa City-County Library
Telephone: 918-549-7323
Contact Name: Rebecca H

More information

Every Wednesday Live Event Trivia is at The Willows Family Ales - Show starts at 7 and is free to play! Movie scenes, Finish the Lyric, Classic Trivia, and more! The crew from T-Town Tacos will be...

Cost: Free

Where:
The Willows Family Ales
418 south peoria ave
tulsa, OK  74120
View map »


Sponsor: The Willows Family Ales
Telephone: (918) 895-6798
Contact Name: Julian Morgan
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

The Please Touch the Art exhibit breaks the rules of traditional art exhibits and makes art accessible, especially for visitors who are visually impaired or blind. Guests are encouraged to touch...

Cost: free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74135
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong

More information

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

The Collinsville Chamber of Commerce is bringing back their much-anticipated Outdoor Summer Movies for a sixth year this summer. The movies will take place Thursday evenings in June at the...

Cost: Free

Where:
Collinsville City Plaza
12th and Main Street
Collinsville, OK  74021
View map »


Sponsor: Collinsville Chamber of Commerce
Telephone: 918-371-4703
Contact Name: Megan Edwards
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

The Please Touch the Art exhibit breaks the rules of traditional art exhibits and makes art accessible, especially for visitors who are visually impaired or blind. Guests are encouraged to touch...

Cost: free & open to the public

Where:
McKeon Center for Creativity
910 S. Boston Ave.
TCC Metro Campus
Tulsa, OK  74135
View map »


Sponsor: Tulsa Community College
Telephone: 918-595-7339
Contact Name: Cindy Armstrong

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

Ahha Tulsa and Discovery Lab have partnered to create a special night out for families in downtown Tulsa. Parents are able to drop off children at Discovery Lab and stop by ahha for a kid-free...

Cost: Kids: $25 ($15 after first child), Adults: $15

Where:
ahha Tulsa and Discovery Lab
Discovery Lab: 560 N Maybelle Ave
ahha Tulsa: 101 E Archer St
Tulsa, OK  74114
View map »

More information

A unique concert event from Vox Solaris Chamber Choir, mixing traditional choir music with craft beer.  Come join us for this choir concert in the non-traditional venue of...

Cost: $25

Where:
Welltown Brewing
114 W Archer St
Tulsa, OK  74103
View map »


Sponsor: Vox Solaris Chamber Choir
Contact Name: Jeffery Wall
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...

The Museum’s Dickinson Research Center is home to more than 700,000 photographs, 44,000 books, and perhaps unexpectedly, at least 1,000 horses. Meet some of the herd in Horseplay, the new...

Cost: $12.50 adult entry

Where:
National Cowboy & Western Heritage Museum
1700 NE 63rd Street
Oklahoma City, OK  73111
View map »

More information

Featuring more than seventy works by French and European masters such as Degas, Manet, Monet, Rousseau and Van Gogh, this exhibition celebrates Mr. and Mrs. Paul Mellon’s extraordinary gift...

Cost: $15

Where:
Oklahoma City Museum of Art
415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
Website »

More information

Then, Here/Now: Creating Community in the Center is a group exhibition that illuminates the histories and presence/presents of LGBTQIA+ art collectives and projects that help to ensure visibility...

Cost: Free

Where:
Living Arts of Tulsa
307 East M. B. Brady St.
Tulsa, OK  74120
View map »


Telephone: 918-585-1234
Website »

More information

Car Show, Bike Show, Poker Run, Food, Live Music, Burnout Contest 

Cost: $0-$100.00

Where:
Downtown Wagoner
Main Street
Wagoner
Wagoner, OK  74467
View map »


Sponsor: Wagoner Main Street
Telephone: 918-577-1772
Contact Name: Samantha Call
Website »

More information

Joys To The World 4th Summer Camp Enriching the quality of life for young adults with multiple disabilities. WHAT TO EXPECT Summer Camp is designed to meet the needs of students with...

Cost: $100/week; $400/4weeks; $30/day

Where:
Tulsa Hills Church
840 W. 81st Street
Tulsa, OK  74132
View map »


Sponsor: Joys to the World, Inc.
Telephone: 918-282-3191
Contact Name: Jenny Ramnath
Website »

More information

Tulsa Water Lantern Festival is coming up on June 29, 2019! Voted #1 Best Cultural Festival by USA TODAY! Water Lantern Festival is a floating lantern event that is all about connections....

Cost: 1-40

Where:
Events Park
21101 E 101st St
Broken Arrow, OK
View map »

More information

America’s LARGEST interactive comedy murder mystery dinner show is now playing at the Hilton Garden Inn Tulsa Broken Arrow! At The Dinner Detective, you’ll tackle a challenging crime while you...

Cost: 59.95

Where:
Hilton Garden Inn Tulsa- Broken Arrow
420 W Albany St.
Broken Arrow, OK  74012
View map »


Telephone: 866-496-0535
Contact Name: The Dinner Detective
Website »

More information

Help DVIS and the Tulsa Drillers knock out violence! We are in our 16th year of raising funds for survivors of domestic violence and sexual assault. Join us by pledging per home run or making a...

Cost: $1+

Where:
Tulsa, OK


Sponsor: DVIS
Telephone: 918-508-2709
Contact Name: Jenée Day
Website »

More information

Show More...
Show Less...
Edit ModuleEdit ModuleShow Tags
Edit ModuleShow Tags

What's New


Philbrook hosts largest Islamic art exhibit in state history

Philbrook's latest exhibit features more than 150 works spanning over 1,200 years.

Comments

2.12: The Outsider — Danny Boy O’Connor

Danny Boy O’Connor went from 90s hip hop star to passionate preservationist, transforming The Outsiders House into a museum.

Comments

Five Chefs for the Farmers' Market

June 30 wine dinner to benefit local farmers affected by flooding.

Comments

Kaylie's Weekend Guide

Don't let the weekend pass you by. Here's your guide to what to do in Tulsa June 6-9.

Comments

Madeline’s Guide to Tulsa

Tulsa, Oklahoma has a lot to offer. Here are some of my favorite local gems and things to do while you're in town.

Comments