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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    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

Congratulations on your financial settlement and having the fore thought to use this money to secure your family’s future. Before you decide which investment option to choose, I would advise you to consult with an accountant or tax attorney to see if you will owe any taxes on the settlement. Second, I highly recommend having financial plan done to really understand what your current investment options will mean for your financial picture in the long run. All three investment options: investing in the stock market, purchasing rental property, and purchasing a franchise are great long-term opportunities. Each investment should be examined for it’s potential return opportunity, liquidity, risk factors, and expertise/commitment needed.

Stock Market: When you invest in the stock market you are owning shares in a business and in most cases creating a diversified portfolio to own shares in multiple businesses. By far, investing into the stock market is the easiest in terms of getting started and exiting when you need access to your money. One of the biggest benefits of stock ownership is that it doesn’t require any work on your part and you can employ a financial advisor to customized a strategy that will help you reach your financial goals. Although, investing in stocks is very liquid, most investors should plan to invest for 5-10 years to manage market volatility.

Rental Property: Purchasing a rental property is a great way to earn income and gain appreciation in the real estate market. One of the primary advantages of owning real estate versus the other options is you can use mortgage loans to leverage your actual investment and potentially invest a larger amount than your original investment. Outside of the market risk for real estate you’d want to ask yourself 1). Do you have or know someone (real estate professional) with the expertise to purchase profitable rental properties, 2). the capital to maintain the property, and 3). the time (or money to pay someone) to manage the property? Real estate also isn’t very liquid, but if you’re investing for the long-term (more than 7 years) it should work for you.

Franchise Opportunity: Most franchises assume that as an owner, you will be investing some of your time and skill into the business, as well as money. An investment in a franchise should provide you a return for both the money and a salary for the time invested in the business. That salary can be paid to yourself if you’re running the business, or to a manager if you’re not. Like real estate franchise ownership is not a liquid investment, but as a long term investment you can plan a successful sale of the business within a 1-2 year period. Questions to ask yourself are 1). Do I have the time, personality and strengths to manage a franchise business? 2). Can you examine and choose the right franchise opportunity for your area?

Deciding what investment is right for you largely depends on your personal circumstances and financial plan. My initial thoughts would be why not start with an investment into a stock portfolio and begin doing your research into successful real estate and franchise opportunities. With proper planning there is no reason that you can’t invest in all three.

2 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
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