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 in 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 friends of 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. Do 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, Good Day LA, E! 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
If you are thinking of getting a mortgage in the the fall - do not take on any new debt. This will make it harder to get the mortgage you need.
Get that credit card paid off, owning a home is expensive.
Sounds like you would be crazy to lease a car, you don't drive much, you want to make a smart money move, and you keep cars a long time.
The smartest money move would be to buy a good used car, and just keep driving it for a long time.
For more check out this post - How much is that car payment really costing you.
Without knowing your full financial picture, it looks like converting just a big each year after you retire, until you hit 70.5 will leave you paying the least amount of taxes on your ROTH conversion.
Ultimately I advise my clients to donate to charitable organizations that they have some ties too or want to support. Donating simply to get a tax break - will not make financial sense in most cases.
Either way, consider bunching your donations for 2 or more years into a single larger donation to capture as much tax savings as possible, especially if you are typically taking the standard deduction under the new Trump Tax Plan.
For more RMD tips give this post a read: RMD Tips to Maximize Your Retirement Savings
So - yes a solo 401(k) and independent 401(k) are the same things.
You technically can have a SEP and a solo 401(k) in the same year. For most people - a Solo 401k with profit sharing will allow a larger contribution than a SEP alone.