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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July 2019

Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


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
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Telephone: (405) 236-3100
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"Yer Going to Need a Bigger Boat!" Join Pinot's Palette in the Shark View Room at the Oklahoma Aquarium to paint sharks surrounded by the sea. Part of the Oklahoma...

Cost: $39

Where:
Oklahoma Aquarium
300 Aquarium Dr
Jenks, OK  74037
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Telephone: 918-528-1507

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

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Cost: Varies

Where:
Oklahoma Aquarium
, OK


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:
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415 Couch Drive
Oklahoma City, OK  73102
View map »


Telephone: (405) 236-3100
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Please join us for our yearly summer music series as part of your Tulsa City-County Library's Summer Reading Program.  Vocalist Janet Rutland closes the season on July 22 with the music of the...

Cost: Free

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


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

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The purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
Website »

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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 »

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Show More...
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Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


Website »

More information

The purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
Website »

More information

This Magical event features: A Grand Entrance into our Showroom Greeted by Fairy Tale Princess Characters A Charming Breakfast Buffet (with paid...

Cost: Varies

Where:
Dave & Buster's
6812 S. 105th E. Ave.
Tulsa, OK  74014
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

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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 »

More information

Show More...
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Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


Website »

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 purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
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

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
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Sponsor: The Willows Family Ales
Telephone: (918) 895-6798
Contact Name: Julian Morgan
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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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Show More...
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Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


Website »

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 purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
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

Would you eat an invasive species? You can! The Nature Conservancy has challenged local chefs and restaurants to make you delicious dishes from invasive and native species as they compete for the...

Cost: 125.00

Where:
The Mansion at Woodward Park
2435 S Peoria Ave
Tulsa, OK  74114
View map »


Sponsor: The Nature Conservancy of Oklahom
Telephone: 405-445-5518
Contact Name: Larissa Balzer
Website »

More information

Would you eat an invasive species? At this event, you can! The Nature Conservancy has challenged Tulsa chefs and restaurants to make delicious dishes from invasive and native species as they...

Cost: General Admission: $125

Where:
The Mansion at Woodward Park
2435 S. Peoria Ave.
Tulsa, OK  74114
View map »


Sponsor: The Nature Conservancy
Telephone: 405-503-1411
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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11th Annual Quilt Show featuring judged and non judged quilts made by Sequoyah County and surrounding area quilters.  We will have vendors, demonstrations, door prizes and a boutique.  We will...

Cost: $5.00

Where:
Blackgum Harvestime Church
451558 E 0980 Rd
Vian, OK  74962
View map »


Sponsor: Blackgum Harvestime Sewing Sisters
Telephone: 918-457-9362
Contact Name: Sharon
Website »

More information

Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


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

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 purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
Website »

More information

Ability Resources' Raffle for Independence will take place on the 29th Anniversary of the signing of the Americans with Disabilities Act. Great prizes to be announced! 

Cost: $5

Where:
Tulsa, OK  74120


Sponsor: Ability Resources
Telephone: 918-592-1235
Contact Name: Krisann Diaz
Website »

More information

Join choreographers from across the country for the first of three intimate showings of new modern and contemporary dance, from the hilarious to the introspective, followed by a moderated...

Cost: $12.00-$15.00

Where:
Tulsa Performing Arts Center
110 E 2nd St.
Tulsa, OK  74103
View map »


Sponsor: The Bell House
Telephone: 918-269-1621
Contact Name: Alicia Chesser
Website »

More information

Celebrate the Latin and Hispanic cultures in our community at La Fiesta de Tulsa at Gathering Place! With live music and festive food and drinks, La Fiesta de Tulsa will bring all of the Latino...

Cost: Free

Where:
Gathering Place
2650 S. John Williams Way E.
Tulsa, OK  74114
View map »


Website »

More information

Join choreographers from around the country for an intimate evening of new modern and contemporary dance: five experimental, tender, challenging, moving works of art, followed by a moderated...

Cost: $12.00-$15.00

Where:
Tulsa Performing Arts Center, Liddy Doenges Theate
110 E 2nd St.
Tulsa, OK  74103
View map »


Sponsor: The Bell House
Telephone: 918-269-1621
Contact Name: Alicia Chesser
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...

11th Annual Quilt Show featuring judged and non judged quilts made by Sequoyah County and surrounding area quilters.  We will have vendors, demonstrations, door prizes and a boutique.  We will...

Cost: $5.00

Where:
Blackgum Harvestime Church
451558 E 0980 Rd
Vian, OK  74962
View map »


Sponsor: Blackgum Harvestime Sewing Sisters
Telephone: 918-457-9362
Contact Name: Sharon
Website »

More information

The purpose of Opioid Epidemic Response is to provide an educational community event that brings together patients, providers, community organizations, and elected and appointed officials to...

Cost: Free

Where:
Cherokee Community Building
908 S College Ave
Tahlequah, OK  74464
View map »


Sponsor: OSU Center for Wellness & Recovery
Telephone: 918-561-1883
Website »

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

Sharklahoma is a collaboration between the Oklahoma Aquarium and the Jenks Chamber of Commerce to celebrate our community and its local businesses, while also raising awareness about the ecological...

Cost: Varies

Where:
Oklahoma Aquarium
, OK


Website »

More information

Join choreographers from around the country for an intimate afternoon of new modern and contemporary dance on themes of (dis)connection, home, belonging, and presence, followed by a moderated...

Cost: $12.00-$15.00

Where:
Tulsa Performing Arts Center, Liddy Doenges Theate
110 E 2nd St.
Tulsa, OK  74103
View map »


Sponsor: The Bell House
Telephone: 918-269-1621
Contact Name: Alicia Chesser
Website »

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...
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