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
Assuming you have earned income- check out a ROTH IRA.
Great job getting started early!!! This money can really grow over time.
I don't think killing yourself to pay off your mortgage that quickly is the best option. I commend you for thinking about it....
-At the very least you should contribute to your workplace 401k enough to get the full employer match. This is like free money that you get tax free now. Crazy to skip it.
-Do you think you can earn more than 3.875% in the stock market over time? If yes you would likely be better off investing over time. If no, you are doing something wrong.
-Will you have an emergency fund? Small thing here- owning a house does cost money- so make sure you keep a little extra for an emergency.
For most people in your general situation- some combo of saving for the long term (investing) and paying down the mortgage as well will be the best answer. You might enjoy this post from Forbes- does the trump tax plan make paying off your mortgage early dumber....
Hey there, you should max out the ROTH IRA first. If you can save more, then you could consider using the Life Insurance Option. This strategy has been dubbed the "Rich Person Roth" in this forbes column. Check it out for more inforation on who should and shouln't try and use life insurance to save for retirement.
STOOOOOOOOOOOOOOOOOOOOOOOOOOOOOPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP No No NO NOOOOOOOOOOOOOOOO
You should not be buying another property. Warning sign 1 - you can't get a loan. Warning Sign 2 - you have credit card debt. Warning 3- you are going to pull money out of an IRA to pay for it. The risk reward just isn't there- if you want to be able to retire- ever.
The answer is NO, before we get to the 2 Plus loans.
Last note here- the taxes and penalities will be outrageous on this withdrawal. You would be crazy to do this.
Yes you would be subject to taxation AND A 10% PENALTY if you pulled money out before hitting 59.5 years old. So if possible, roll the funds over to an IRA, and only pull out what you needed -absolutely needed now- wait until 59.5 for any further withdrawal.