Rick Drew

CIMA
Retirement, Investing, Small Business
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“Rick Drew is a founding member of SEDNA Wealth Management, a modern wealth planning and investment firm focused on providing cutting edge technology and personalized advice to empower individuals and their money.”
Firm:

SEDNA Wealth Management

Job Title:

Managing Director

Biography:

SEDNA Wealth Management's  mission is to help people to use advanced technology to build better financial habits and to create wealth for themselves and their communities!

Rick is the founder of SEDNA Wealth Management, a fee-only modern wealth planning and investment firm focused on providing cutting edge technology and personalized advice to empower individuals and their money. Rick and his team help successful individuals and families create a plan to implement the smart money habits that will transform their current life into their ideal life. He and his team are there to personally help each client on their journey as they grow their wealth and get the most out of life. 

Rick is highly trained in the areas of financial planning and investment management having worked for two decades at some of the top firms in the wealth management and asset management industry. He earned the Certified Investment Management Analyst designation (CIMA).

Education:

BS, Business Administration, Florida A&M University

Fee Structure:

Fee-Only

CRD Number:

3136263

Disclaimer:

The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, SEDNA Wealth Management and it's employees (referred to as "SWM") disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement and suitability for a particular purpose. SWM does not warrant that the information will be free from error. None of the information provided on this website is intended as investment, tax, accounting or legal advice,  as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information is at your sole risk. Under no circumstances shall SWM be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if SWM or a SWM authorized representative has been advised of the possibility of such damages. In no event shall SWM have any liability to you for damages, losses and causes of action for accessing this site. Information on this website should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.

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Most Helpful
    Debt, Retirement, Estate Planning
Should I pay off all my debt at once with the inheritance money I am receiving?
100% of people found this answer helpful

 

Yes definitely you should pay off the debt from loans and credit cards. Being debt free, especially from high interest debt from credit cards and personal loans should be a goal for everyone. So you should definitely pay of the $50,000 in debt and which will leave you $120,000 to invest or use to benefit your life.

There are some questions that I would naturally ask to get a better sense of your overall situation but since you’re retired and the inheritance came from your father and not a spouse I’m assuming there won’t be any major changes in lifestyle in your immediate future.

When making the decision to either pay off debt or commit a large amount of money to savings, an investment or even a new business. You have to ask yourself will that investment guarantee you a better return than the annual interest you’re being charged on debt. If your debt is in the form of credit cards or personal loans then usually the interest will be upwards of 10-20%. For reference, the annual return for the S&P 500 stock index is just under 10% for the last 90 years, so in most cases it’s always advisable to pay off the debt.  

Often with clients I address the emotional factors in decisions like this as well. When a loved one passes away it’s natural to want to use the money for something that will prosper or show some type of benefit that you can connect back to your loved one. However, getting rid of high interest debt is a major benefit that releases you from a burden that could hinder you during your retirement years. After you payoff your debt you can look forward to figuring out what’s best for the remaining part of your inheritance.

 

 

July 2018
    Career / Compensation, 401(k), Taxes
If I cash out my 401(k), what will happen other than being taxed on this amount?
100% of people found this answer helpful
4 weeks ago
    401(k), IRAs, Taxes
Do you pay a higher amount in taxes on a post-tax Roth IRA or a pre-tax 401(k)?
100% of people found this answer helpful
May 2018
    Estate Planning, Investing, Real Estate, Stocks
How should I invest the money I am receiving from a financial settlement?
100% of people found this answer helpful
June 2018
    Debt, Retirement, 401(k), Real Estate
Should I take money out of my 401(k) to pay off my house and save money on the mortgage payments in retirement?
100% of people found this answer helpful
July 2018