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.

 

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August 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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

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


Telephone: 918-585-1234
Website »

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Senior Star Round-Up - August 18 - Cain's Ballroom - 2 to 5 p.m. The annual Senior Star Round-Up is Sunday, August 18, at the Cain's Ballroom, 423 N. Main Street in Tulsa. This popular...

Cost: $10

Where:
Cain's Ballroom
423 N. Main St.
Tulsa, OK
View map »


Sponsor: Senior Star Living
Telephone: (918) 664-9000
Contact Name: Emily Fox

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BROKEN ARROW COMMUNITY PLAYHOUSE Presents “The Wizard of Oz” (R.S.C.1987) By L. Frank Baum With Music and Lyrics by Harold Arlen and E. Y. Harburg Background Music by...

Cost: $22-$25

Where:
Broken Arrow Community Playhouse
1800 S Main St
Broken Arrow, OK  Broken Arrow
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Sponsor: Broken Arrow Community Playhouse
Telephone: 918-258-0077
Contact Name: 74012
Website »

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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 »

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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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

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...

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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

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

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You're invited to our new store Grand Opening Celebration in Broken Arrow, August 21st for an all day event! As you know, this year marks our 30 year anniversary of serving business minded...

Cost: Free

Where:
Stow's Office Furniture
3604 S Elm Place
Broken Arrow, OK  74011
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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

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...

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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

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

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Sign up now for the Tulsa Area United Way's 9th Annual Golf Scramble – a local tradition that pairs an enjoyable morning of golf with helping your community.

Cost: $400 per team

Where:
LaFortune Park Golf Course
5501 S Yale Avenue
Tulsa, OK  74135
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

Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

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

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Cost: $52.00

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Downtown Broken Arrow
The intersection of Commercial and Main streets
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Website »

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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
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Wings, Wheels & Wishes is a fly-in, car and bike show benefitting the Make-A-Wish Foundation of Oklahoma in loving memory of Collinsville Wish Kid, Bill Campbell. Our event features vintage...

Cost: Free to the public

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Airman Acres Airport
12600 N. 73rd E. Ave.
Collinsville, OK  74021
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Telephone: 918-510-3423
Contact Name: Cindi Conner
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  Our 17th Annual CimTel Classic 5K is August 24, 2019! The registration begins at 6:30am and the race begins at 8am at Cleveland High School 600 N Gilbert Cleveland, OK. The entry fee is $25 for...

Cost: 25.00

Where:
Cleveland High School
600 N Gilbert
Cleveland, OK  74020
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Sponsor: CimTel
Contact Name: Allee Pearson
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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

Maker Faire Tulsa is an award-winning, family-friendly event celebrating technology, education, science, arts, crafts, engineering, food, sustainability, and making of all kinds. The 7th...

Cost: Free

Where:
Central Park Hall at Expo Square
1701 S Sandusky Ave
Tulsa, OK  74112
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Sponsor: Fab Lab Tulsa
Telephone: 918-779-6025
Contact Name: Nathan Pritchett
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Cost: FREE

Where:
Central Park Hall @ Expo Square
4145 East 21st Street
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Bobby O’s Slices + Pies, located in the Meadow Gold District along Route 66, will host a day of meal deals, merchandise giveaways, and kids activities for their Back-to-School Bash. The...

Cost: Free

Where:
Bobby O's
1502 E. 11th St.
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Sponsor: Bobby O's
Telephone: 918-586-2455
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Oh, Tulsa is a Living Arts biennial that celebrates visual, performance, literary, sound, video, and installation art for the Tulsa community. Eligible work includes: Tulsa residents, artists who...

Cost: Free

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


Telephone: 918-585-1234
Website »

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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

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Hilton Garden Inn Tulsa- Broken Arrow
420 W Albany St.
Broken Arrow, OK  74012
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Telephone: 866-496-0535
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DIVAS JUMP THE POND - THE BRITISH INVASION!! DIVAS 4 H.O.P.E. features live music from Tulsa’s diverse local artists along with cocktails, dinner, and one-of-a-kind live and silent auction...

Cost: $15,000 - $250

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Assembly Hall - Cox Business Center
100 Civic Center
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Sponsor: Health Outreach Prevention Education, Inc.
Telephone: 918-688-5022
Contact Name: Kathy L Williams
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Cost: $1+

Where:
Tulsa, OK


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

More information

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Show Less...
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