DRM Wealth Management, LLC
President Founder - Financial Planner
David Rae is the independent LA CFP®, AIF® to Lead Your Financial Team.
David Rae, Certified Financial Planner®, Accredited Investment Fiduciary® and Wealth Manager positions his clients for prosperity.
Name one of the "100 Most Influential Financial Advisors" by Investopedia.
“Once you get your financial house in order,” he says, “It’s a lot easier for everything else–personal life, professional life, family life and recreational life–to fall into place too.”
Working with a wide diversity of clients for well over a decade, he has built a successful career developing comprehensive financial plans to meet life goals, retirement, tax planning, estate issues, portfolio revision, life insurance, portfolio management, business exit strategies and more. While based in Los Angeles, he serves clients across the country. At the same time, he enjoys a solid reputation as a smart, go-to financial guy for both mainstream and LGBT print, broadcast and online media.
David grew up Irvine, California. His father Mike Rae retired from a career as an NFL quarterback (USC, Raiders, Redskins, Buccaneers) while he was still in elementary school. This gave him a front row seat to retirement planning and money manners early on. His mother, Terri, was something of a financial genius who ran a tight ship, planned carefully, got the most bang for the buck and successfully avoided the financial traps that often snare former athletes and their families.
At the University of Redlands, David majored in Business and Musical Theatre, earning full-ride scholarships in both disciplines. A year studying abroad in Vienna, Austria – in addition to consistent and considerable amounts of world travel that he keeps up to this day – engendered a dimensional world view about peoples and cultures.
Life in finance
Financial planning has proven an excellent fit for fully engages David’s considerable math, social and communication skills. He began in 2003 as a Financial Advisor and hit the ground running. After completing the CFP’s rigorous two-year preparation program, in 2006 he passed the two-day CFP exam (the financial industry’s equivalent of the bar exam) with flying colors, earning him his professional certification. He achieved his Accredited Investment Fiduciary certification in 2015. He became President of DRM Wealth Management in 2017. This independent RIA specializes in helping the friends on the LGBT community reach their financial goals.
In addition to building his own business, David has always been active in helping others build their businesses as well. In 2004, he founded the Beverly Hills Breakfast Club chapter of BNI, an international networking group, which has grown today into the largest and wealthiest chapter in Southern California. He was also named an "Adviser with Heart" by Wealth Management Magazine.
“There’s a significant lack of financial literacy in the general population,” David reports, “Even among those who are very bright. This may be related to being phobic about math since so much about money is really about math too. My function is to translate what may seem to be overwhelming and confusing concepts and programs into something clear, understandable and attainable. Essentially it’s pretty simple. You have a dream or life goal? Great, let’s sit down together, plan a workable strategy on how to finance it and make it a reality.”
David Rae is the go to Financial Expert for the media. He has been seen, quoted and published in many national publications including Nightline, ABC News, CBS News, Fox News, NBC News, KTLA News, KCAL 9 News, Time Magazine, MSN Money, Men’s Health, NBC News, The Today Show, US News & World Report, Yahoo News and 401(K) Specialist Magazine and many more. He blogs weekly on financial issues for The Huffington Post where he is noted for his trenchant observations and spot-on wit. He is also a regular contributor to The Advocate Magazine and Investopedia blogs. Recently, David was interviewed by Nightline. He also has his own personal finance blog Financial Planner LA
David has completed the 545 mile Aids Lifecycle bicycle ride from San Francisco to Los Angeles for seven years in a row becoming not only a top fundraiser personally but heading a team that raised over a million dollars for the organization. A longtime and enthusiastic resident of West Hollywood, he lives with his husband Ryne Meadors and their two chihuahuas.
More info at www.davidraefp.com
or the top rated www.FinancialPlannerLA.com blog.
BA, Business Adminstration, University of Redlands
Assets Under Management:
All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy.
Securities and investment advisory services offered through DRM Wealth Management LLC Registered Investment Adviser. DRM Wealth Management LLC, Trilogy Capital, TD Ameritrade, SEI and Investopedia are separate and unrelated companies. www.financialplannerla.com
Fiduciary Rule and Dodd Frank Video From ABC 7 News
David Rae KTLA 5 News Powerball
David Rae Financial Adviser Discussed what to do if the Stock Market Drops
Tax Reform and your Wallet NBC News with David Rae
Sadly Financial Advisors are not required to have a college degree. The must pass some type of securities licensing which does not really prepare someone to do much.
With this in mind look for an advisor with professional designations like a Certified Financial Planner. Getting the CFP is a 2 year process and end with having to pass a comprehensive 2 day exam. Most CFP's are required to have a college degree to be eligible to become a CFP. Some older adviser may have obtained the CFP designation before a college degree was a requirements.
Side note make sure any financial adviser you work with is a Fiduciary.
All the best,
DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planner. He has been helping friends of the LGBT community reach their financial goals for over a decade. He is a regular contributor to the Advocate Magazine Investopedia and Huffington Post as well as the author of the Financial Planner Los Angeles Blog. Follow him on Facebook, or via his website www.davidraefp.com
Assuming if you "dip" into your savings to pay off your credit card debt you will still have money for your bills that can't be paid for on a credit card I would say do it.
0% interest balance transfers are tempting, and make keeping that debt around much easier. But each time you do a transfer you are likely paying 3-5% for the priviledge. Depening on how long ther 0% teaser rate last for that can be a pretty high interest rate.
You can get a mortgage for a house, but not a loan for retirement. If you had to ask me, I would say put the extra money towards the ROTH IRA. Sooner than later you may make to much to contribute, and just $5500 per year allowed to be contributed most people will need to save beyond a ROTH IRA.
DAVID RAE, CFP®, AIF® is a Los Angeles-based financial planner with DRM Wealth Management, a regular contributor to Advocate Magazine, Huffington Post, Investopedia not to mention numerous TV appearances. He helps smart people across the USA get on track for their financial goals. For more information visit his website at www.davidraefp.com or the Financial Planner LA blog.
Yes, you will want to make adjustments to your homeowners insurance if you are using your property as a rental. You should inform your insurance company and get appropriate coverage. You also want to consider umbrella liability insurance.
Not informing the insurance company that you are using the property as a rental will leave you vulnerable to not actually being covered, if the worst case scenario actually happens.
There isn't a one size fits all answer for this question. I generally find it useful to have more than one credit card. So, I'd say throw it into a drawer if this is your second credit card, just hold on to it in case you need a second card for some reason (like fraud on the first card, or you lose it).
The answer above would change if the second card has an annual fee. You will want to weigh the value of the card versus the annual fee.
Lastly, if you keep the card, we wil assume your credit score will remain the same. If you cancel the card, depending on how many other cards you have, how long you've had the card, and how much of your available credit you are using, your score could drop a bit. Unless you are running out to buy a new car, are maxed on some of your cards, are really trying to rebuild damaged credit, or are looking for a mortgage/refinance, the short term changes to your credit score should really be minimal.
All the best,