DRM Wealth Management, LLC
President Founder - Financial Planner
David Rae is the independent LA CFP®, AIF® to Lead Your Financial Team. We believe everyone can retire earlier and with more money than they ever thought possible.
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 Today Show Nightline, ABC News, CBS News, Fox News, NBC News, KTLA News, KCAL 9 News, Time Magazine, MSN Money, Men’s Health, NBC News, 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. David recently became a Personal Finance Contributor for Forbes.com. 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.
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, TD Ameritrade, SEI and Investopedia are separate and unrelated companies. www.financialplannerla.com
Fiduciary Rule and Dodd Frank Video From ABC 7 News
Record Powerball Lottery What to do if you Win - VIDEO
Tax Reform and your Wallet NBC News with David Rae
How to get a Friend to Pay You Back KTLA Video
I'd love to see you get your 401k started. Retirement will be here before you know it. Make sure to contribute at least enough to get the full employer match. Skipping the employer match over your working life could be a million dollar mistake.
Beyond that look to start a non-retirement investment account. Can work as a back up emergency fund. With three kids, there will always be something to spend money on.
The good news is you can rollover your pension cash value (if they allow it) to and IRA. The make withdrawal from there as needed. Withdrawal will still be taxable, but the rollover will not.
For more information check out this post : How to Maximize your Pension Lump Sum or Lifetime Income
Sounds like a win to me. You will likely give up some pay increases during that 2 year time you are tied to your employer- but they are making a large investment in your career and future income.
At your age / with your living expeneses this sounds like the ideal time to pursue the additioanl degreee.
Best of luck
You will want to talk to you accountant to see if you are making a "profit" on the house. From what you have said the answer would be NO. You are selling for less than you paid. But oftentimes when a home is a rental people take "depreciation" which can lower you cost basis for the house. Either way with sales price and costs of selling (realtor / closting costs etc) you likely won't face much if any in the way of taxes.
As for money back from the sale, this will depend on what you owe on the mortgage. If you still your original mortgage you will likely have paid down a good amount of the debt, and should have some equity in the home. If you have refinanced or taken on additional loans on the home you may not end up with anything when selling.
Assuming you have earned income- check out a ROTH IRA.
Great job getting started early!!! This money can really grow over time.