Talking Real Money - Investing Talk

In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system’s heavy exposure to private equity, sparked by Jason Zweig’s Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency.0:04 Show open, call-in invitation, and setup on private equity0:32 Jason Zweig’s WSJ reporting on private equity fees and markups1:25 Washington State pension’s heavy private equity exposure3:23 Valuation and liquidity problems in private equity4:35 Breakdown of WA pension assets (private equity + real estate)5:18 Risks of market downturns and illiquidity6:25 Who’s overseeing the pension fund and their qualifications7:06 Concerns for Washington retirees and contributors8:28 Board “experts” and potential conflicts of interest9:55 Difficulty exiting private equity investments11:06 Questioning reported 12.3% returns vs public markets11:59 Call for political accountability and reform12:50 Comparison to states using mostly public index funds13:35 Why private equity suffers most in downturns14:22 Comparison of pension private equity exposure by state15:58 Rebalancing and “emperor’s clothes” concern17:07 Caller Luke reacts to pension risks18:11 Promotion of RetireMeet and retirement education19:22 Warren Buffett’s retirement advice: simplify and protect20:28 Risk reduction and advisor role in retirement21:26 Fiduciary standards and conflicts of interest22:55 Emphasis on simple, protective portfolios23:07 Caller Jane asks about high advisory fees24:40 Discussion of “active management” risks26:12 Review of proposed funds and red flags29:57 Analysis of high-fee, high-turnover portfolio30:57 Concentration and volatility concerns32:16 Variable annuity warning signs33:37 Commission conflicts and surrender charges33:57 Recommendation to change advisors34:56 Recap of excessive fees and risks36:33 Importance of honest warnings vs future losses37:48 Question on converting Vanguard mutual funds to ETFs38:52 Advantages of ETFs: cost, tax efficiency, liquidityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode of Talking Real Money, Don and Tom take aim at “magical” high-yield investments, focusing on why junk bond funds often behave more like risky stocks than stable bonds. Drawing on research from Larry Swedroe, they explain how high fees, high turnover, and economic sensitivity undermine the appeal of high-yield funds—especially during recessions. They reinforce the core principle that higher returns always mean higher risk and argue that investors are usually better served taking risk in equities and safety in high-quality bonds. Listener questions cover HSAs in retirement, Roth IRAs for young investors, backdoor Roth conversions, and the Vanguard Star Fund. The episode closes with discussion of RetireMeet 2026 and the importance of long-term, disciplined investing.0:04 Opening: Wanting high returns with no risk1:02 Introduction to “magical” high-yield investments1:10 Larry Swedroe’s research on junk bond funds2:20 Investment-grade vs. high-yield bonds explained4:29 Bankruptcy risk and bondholder losses5:49 Returns, volatility, and stock-like behavior6:36 Risk-adjusted returns and Sharpe ratios7:47 Why passive beats active in junk bonds8:35 2008 losses in high-yield funds9:36 “Yield is for farmers” and risk perspective10:42 Why higher yield always means higher risk11:08 Bonds as portfolio ballast12:17 Why equities are better for risk-taking12:27 HSA investing for medical expenses13:56 Roth IRA for grandson with long time horizon15:18 Backdoor Roth conversion tax question17:57 Vanguard Star Fund discussion19:03 Active vs. index fund comparisonsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this Friday Q&A episode, Don answers listener questions on handling backdoor Roth conversions with investment gains, whether Avantis or Vanguard makes more sense for bond investing, and why 529 plans have become even more attractive with new Roth rollover rules. He also tackles a puzzling report of inflated ETF pricing on Vanguard’s platform, urging further investigation, and reassures a listener concerned about AVGE’s diversification compared to VT. Along the way, Don emphasizes the importance of low fees in fixed income, the long-term logic behind factor investing, and the reality that taking additional risk is what creates the potential for higher returns.0:04 Friday Q&A intro and plea for more listener questions1:44 Backdoor Roth with gains—how to handle taxable growth6:01 Avantis vs. Vanguard for bond funds and why fees matter more in fixed income8:00 Using 529 plans for kids and new Roth rollover rules11:19 Odd ETF pricing on Vanguard and why it makes no sense13:38 AVGE vs. VT diversification concerns and factor investing explained18:24 Risk, factor tilts, and long-term expectationsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom examine the long disciplinary history of former broker James Tuberosa and his attempt to reinvent himself as a registered investment advisor through a newly formed firm, highlighting how fiduciary language can be used to mask conflicts driven by insurance commissions. They walk listeners through the importance of reading Form ADV disclosures and explain how regulatory gaps allow questionable practices to continue. The episode reinforces the principle of “buyer beware” before shifting to listener questions on saving for major expenses, evaluating high-fee annuities for elderly retirees, Roth IRA investing for young adults, and the advantages modern investors enjoy from lower costs and better diversification. The show closes with reflections on financial literacy, generational investing improvements, and a preview of RetireMeet 2026.0:05 Opening and setup: broker misconduct story0:10 James Tuberosa’s career and long record of complaints1:14 FINRA expulsion and failed expungement lawsuit2:42 How complaints get quietly “settled”3:51 Shift from broker to RIA status4:49 Skyview Pinnacle and the “clean” front5:48 Using fiduciary language as marketing cover7:17 Why insurance escapes SEC oversight8:22 Conflicts disclosed in ADV9:19 Why disclosures matter10:47 Warning signs: promises and product pitching12:01 Weakness of fiduciary protection13:08 Ethical failures at large firms14:38 Fiduciary vs. commission contradiction15:36 Why reading ADVs protects investors16:17 Transition to listener questions17:16 Sinking funds: investing vs. saving18:40 Planning for major home repairs19:36 Elderly couple and complex annuity21:01 Risks of high-fee variable annuities22:36 Best Roth IRA investment for young adults23:24 Advantages for today’s investors24:58 Lower costs and better diversification today26:38 Historical perspective on investing access28:10 Listener engagement and contact infoLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom break down why hedge funds’ so-called “comeback” doesn’t justify their massive fees, showing how simple index portfolios continue to outperform. They challenge the idea of allocating even small amounts to speculative assets like Bitcoin, emphasizing academic research and real-world risk. The show covers Roth TSP strategies for young federal employees, the importance of international diversification, and why overcomplicated portfolios rarely add value. They also dismantle “Power of Zero” and life insurance retirement schemes, exposing their sales-driven motives. Throughout, Don and Tom reinforce their core message: disciplined saving, diversification, and simplicity beat hype, sales pitches, and emotional investing every time.0:20 How the live radio show becomes a “magical” podcast and why Don controls the edit1:55 Wall Street Journal hedge fund article feels like advertising3:28 Hedge fund returns vs. outrageous fees4:59 How simple 60/40 and 80/20 portfolios beat hedge funds6:43 Jason in Sammamish and the Tesla/Bitcoin debate8:11 Why speculative investing hurts regular savers10:56 Bitcoin, hype, and institutional money myths11:45 Bessenbinder research and why stock picking fails13:09 Why money decisions stay emotional14:03 Micro-cap stock failure rates15:11 Roth TSP matching and young federal employees16:32 When Roth vs. traditional makes sense19:21 Mad Men, old computers, and optimism about the future21:45 Asset allocation for young investors and AVUV vs. global funds23:52 Why international investing matters25:21 The case for simple one-fund portfolios27:45 Advisors pushing annuities and insurance29:14 Why LIRPs and “Power of Zero” plans are dangerous34:43 Exposing insurance-driven “tax-free retirement” marketing34:55 RetireMeet preview and upcoming events36:39 Voice-to-text tools and listener questionsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom kick off the show with weekend banter and nostalgia about checkbooks before diving into why buying and selling a home remains one of life’s biggest—and most misunderstood—financial decisions. Using a Wall Street Journal quiz, they explore smart pricing, commission negotiations, low-cost home improvements, inspections, seasonal pricing patterns, and even haunted-house disclosures. Along the way, callers ask about life insurance planning, tax-managed accounts, umbrella insurance, and retirement income strategy. The episode emphasizes realistic expectations, low-cost investing, diversification, and avoiding unnecessary fees, while reminding listeners that simple, disciplined decisions usually beat flashy financial “solutions.”0:04 Weekend open, call-in invite, “no annuity” guarantee, check-writing nostalgia1:24 Don discovers last checks were written in 2019–20212:45 Home buying/selling as life’s biggest transaction3:20 Overpricing your house and “it’s worth what someone pays”4:24 WSJ real estate quiz: pricing strategy in slow markets6:14 Break, banter, and commission quiz setup7:04 Real estate commissions are negotiable8:10 Selling by owner and staging realities9:14 Caller Dustin: debt-free at 27, life insurance, DIY vs advisors12:41 Planning for life insurance proceeds and beneficiaries14:06 Zillow estimates and home values14:43 Caller Joey: SMAs and tax-loss strategies17:31 Capital gains, housing exemptions, and SMA practicality19:16 Caller Beth: umbrella insurance for homeowners22:02 Caller Ron: retirement income, stable value funds, RMDs25:06 Diversification beyond the S&P 50026:50 Returning to WSJ real estate quiz27:43 Best ROI upgrades: paint and curb appeal28:23 Pre-listing inspections29:44 When home prices peak (June)31:09 Haunted houses and disclosure laws33:43 Listener portfolio: AVGE, AVGV, bondsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle fears about U.S. national debt by breaking down who actually owns it (mostly Americans), why “China owns us” is wildly overstated, and why rising interest costs matter more than sensational headlines. They explain why government debt isn’t a looming foreclosure scenario, how interest payments circulate back to investors, and why politics often distorts financial decision-making. The show also covers 60/40 portfolio resilience, the real role of bonds, listener questions on AVGE and DFAW, investing simplicity, and a nostalgic detour into Spam keys and Mad Men—ending with encouragement for disciplined, long-term investing.0:05 National debt fears and the “Mr. Potter foreclosing America” analogy0:27 Holiday movies, Home Alone sequels, and It’s a Wonderful Life1:13 Who really owns U.S. debt and why it matters2:50 Japan, UK, and China holdings explained4:02 Why foreign selling wouldn’t crash the economy5:13 Most U.S. debt is owned domestically5:31 Interest payments now exceeding military spending6:18 What debt interest really costs households7:19 Why investors shouldn’t panic over government debt8:15 Politics vs. rational investing decisions9:55 Debt, taxes, and what society is willing to give up11:28 Historical tax rates and Mad Men economics12:37 Military spending and post-WWII budgets13:22 60/40 portfolios and market downturn protection14:43 Worst historical declines for balanced portfolios16:37 Long-term resilience of diversified investing17:51 Bonds: income vs. volatility control19:08 Spam keys, Hormel, and changing industries20:52 AVGE, DFAW, and Apella portfolio structure22:29 Simplicity vs. complexity in investing23:47 Podcast longevity and download estimatesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this listener-driven episode, Don, Tom, and advisor Roxy Butner tackle a wide range of investing questions, starting with the explosive growth of ETFs and why many new funds—especially active, leveraged, and thematic products—may be risky for long-term investors. They discuss whether and how to exit expensive inherited mutual funds, how to use low-income years for tax planning, and why capital gains can still trigger taxes even in sabbatical years. The team reviews a complex multi-fund portfolio, explains the pros and cons of adding growth tilts, and dives into behavioral finance—offering practical ways to resist over-tinkering. They close with guidance for investing inherited money later in life, emphasizing purpose, risk tolerance, and family planning, and preview the upcoming RetireMeet event.0:04 Intro, listener questions, and why “ETF” is not “EFT”0:27 ETF growth in 2025 and the rise of active and leveraged funds1:31 Why most new ETFs worry Tom (active, leverage, speculation)2:04 Choosing the right ETF: costs, indexing, and long-term focus3:16 Roxy joins and the listener Q&A begins3:54 Inherited AIVSX: taxes, donating shares, and switching to ETFs7:04 Why traditional mutual funds are tax-inefficient8:14 Sabbatical year strategy and capital gains misconceptions10:39 When to involve a tax professional11:31 Portfolio mix: VOO, Avantis, international, and value tilts12:17 Why adding VUG may increase risk14:57 Asset location challenges and rebalancing problems15:22 Behavioral finance: resisting the urge to tinker19:21 How often to check your portfolio20:10 Discipline, rules, and systematic investing21:11 Inherited $300K at age 79: purpose and next-generation planning23:40 Building a taxable portfolio for heirs24:40 RetireMeet preview and featured speakersLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches.0:04 Show intro, Broncos talk, Mad Men, and settling in2:02 Retirement as the biggest lifetime expense2:47 State-run retirement plans and auto-enrollment3:47 Who really pays for “free” state plans4:09 Why Roth-style saving makes sense6:25 OregonSaves fees and State Street target-date funds8:07 Limited investment choices in most retirement plans9:24 Florida has no state savings plan9:33 WSJ article on purpose and meaning in retirement11:12 “Mattering” and being needed after retirement12:19 Longevity after age 6514:30 Retirement without a plan vs. needing structure15:36 Depression and suicide risks in older retirees16:52 Caller: “Fiduciary” selling indexed annuity17:40 Why annuity pitches violate fiduciary duty20:20 Knowing yourself before retiring21:18 Caller: Helping widowed mother invest safely22:33 When CDs and Treasuries make sense23:47 Using brokerage CD ladders26:34 Sports updates and listener mail27:36 Old 401(k)s and consolidation30:43 Listener saved $100K/year in advisory fees31:47 AUM vs hourly vs flat-fee advisors34:47 Subscription advisors and limited portfolios35:51 Why advice matters more in retirementLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A chaotic but revealing game-show-style opening leads into a sharp lesson on why market trivia doesn’t matter nearly as much as discipline. Tom and Don walk through eye-opening 2025 market stats, including the real impact of the Magnificent Seven, international stocks’ outperformance, and a surprising Bitcoin result, before pivoting to listener calls on risk aversion in retirement, tax drag in fixed income, ETF vs. mutual fund structure, pensions as “bond substitutes,” and the fear of poorly timed rollovers. The episode reinforces a consistent theme: markets anticipate, investors overthink, and long-term success comes from diversification, cost control, and building portfolios around real human behavior—not headlines.0:04 Cold open and chaotic “What Do You Know?” game show setup1:58 S&P 500 return vs. performance without the Magnificent Seven5:16 Magnificent Seven’s staggering 10-year return5:48 International stocks outperform U.S. stocks in 20257:35 Retired caller weighs SGOV vs. VTEB and tax efficiency10:01 Risk aversion, inflation fears, and when bonds actually belong13:11 CD ladders as a stability alternative to bond funds14:27 Clean energy ETFs rise despite negative policy headlines16:41 Colombia emerges as best-performing global stock market18:02 Bitcoin’s surprising full-year decline in 202519:02 Why none of this market trivia actually matters20:28 ETFs vs. mutual funds explained simply and clearly24:44 Why fund companies resist ETF conversions27:13 Pension income vs. bonds in portfolio construction31:20 AI voice experiment and margin rate reality check32:02 Fear of rolling over 401(k)s and “hodgepodge-itis”Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Most retirees aren’t spending anywhere near what they safely could — often barely 2% of their savings — and that hesitation may be costing them the very retirement they worked for. Don and Tom make the case for permission to spend, walking through why flexible withdrawal strategies beat rigid rules, how the “go-go / slow-go / no-go” years actually play out, and why fear of future healthcare costs often leads to unnecessary deprivation today. Listener questions cover tilted portfolios inspired by Paul Merriman, early-retirement home financing decisions, inheritance timing versus helping kids now, and whether ACATS fraud fears are overblown. The through-line: have a real plan, update it annually, and then — finally — live it.0:04 You did everything right — now spend some of the darn money1:06 Retirees spending only ~2% of savings (why this happens)2:03 Permission to spend is harder than permission to save3:16 Go-go, slow-go, no-go years (and why front-loading joy matters)4:34 Healthcare fear vs. actual retirement guardrails6:19 Helping kids before inheritance (when it matters most)6:35 Why “winging it” works for some — and fails for most7:58 Flexible percentage withdrawals vs. fixed rules8:59 Vacations, Hawaii, and spending after strong market years10:55 Great Wolf Lodge economics (and parental survival strategies)13:00 Listener Q: Portfolio tilts (US, SCV, international, EM)15:49 Listener Q: Downsizing early, mortgages vs. IRA withdrawals18:34 Liquidity matters more than interest rates pre-59½21:15 Retirement planning as a map, not a spreadsheet21:46 Listener Q: ACATS fraud fears and account security24:40 Why total safety often makes life worse, not betterLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This Friday Q&A covers real-world money decisions with real consequences, including how to invest life-insurance proceeds after a spouse’s death, why dividend-and-leverage strategies promoted online are fundamentally dangerous, and how inherited IRA rules actually work under the IRS’s 10-year framework. Don also tackles long-term HSA investing, explains why the 4% rule isn’t a one-size-fits-all solution (especially when advisor fees are involved), and even demonstrates an AI-generated version of himself to explore whether good advice can outlive the human delivering it. Equal parts practical guidance, hard math, and skeptical humor.0:04 Friday Q&A returns, holiday illness, and how to submit questions1:04 Investing life-insurance proceeds after a spouse’s death1:45 Why portfolio allocation depends on income need, taxes, and risk tolerance3:05 Why a fee-only fiduciary is essential for survivor planning3:49 Living off dividends using leverage and margin5:03 Why “paycheck into brokerage + leverage” strategies are dangerous7:43 Dividend cuts, margin risk, and downturn math reality9:29 Inherited IRA rules when the original owner had begun RMDs11:32 The 10-year rule, annual RMDs, and IRS life-expectancy tables12:48 Listener appreciation and the value of taking money seriously14:01 How to invest an HSA that won’t be used for years15:09 Adjusting the 4% rule when paying an advisor15:54 AI voice demo, advisor value, and Vanguard’s Advisor AlphaLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Retirement income doesn’t have to mean hoarding assets or obsessing over leaving an inheritance. In this episode of Talking Real Money, Don and Tom dig into a topic that still makes many investors flinch: reverse mortgages. Using recent research and real-world planning logic, they walk through why modern reverse mortgages aren’t the shady last-ditch option they once were, how they can reduce cash-flow stress, and when they may (or may not) make sense as part of a broader retirement plan. Along the way, they tackle myths about heirs losing the house, unpack the true costs, and explain why being “house rich and cash poor” is a real planning problem. The show also answers listener questions on bond ladders using iShares iBonds ETFs, critiques Vanguard’s newer fixed-income ETF BNDF, and closes with a reminder that yield chasing — even from respected firms — still carries risk.0:04 Retirement isn’t about dying rich — it’s about spending your money on you0:25 Why inheritance shouldn’t be the primary goal (with one important exception)1:21 Shirt colors, corporate culture, and the last people still wearing white dress shirts2:48 Smoking everywhere: airplanes, hospitals, grocery stores — and why it mattered financially4:12 Disney jokes, expensive vacations, and setting the tone5:08 Introducing the real topic: reverse mortgages5:15 Why reverse mortgages still scare people — and why that reputation exists6:44 How FHA regulation changed the reverse-mortgage landscape7:21 Are reverse mortgages really a “last resort”?8:14 Using home equity to improve lifestyle, not just survive retirement8:52 Are reverse mortgages expensive? Breaking down the real costs10:53 Lending limits, age factors, and how much equity you can actually access12:39 When the upfront costs make sense — and when they don’t14:35 Myth busted: heirs can still inherit the home15:08 You still own your house — it’s just a mortgage with no monthly payment16:18 Reverse mortgages as liquidity, not a wealth-building tool16:33 The importance of planning before touching home equity16:45 $35 trillion locked in U.S. home equity — and why paying off mortgages isn’t always smart17:57 Downsizing versus staying put: another option entirely19:59 Listener question: simplifying a complex bond ladder21:17 Using iShares iBonds ETFs to build a disciplined bond ladder22:32 The risk of breaking the ladder when rates change23:41 Listener question: Vanguard’s BNDF ETF24:44 Why chasing yield in bond funds can backfire26:06 Gimmicks, relevance, and Vanguard’s shift away from leadership26:33 RetireMeet 2026 preview and registration detailsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode dismantles the myth of “one-size-fits-all retirement,” arguing that retirement isn’t a date, an age, or a lifestyle—it’s a personal transition that demands both an income plan and a purpose plan. Don and Tom explore the growing trend of “un-retiring,” why fear and economic anxiety are lousy motivators for going back to work, and how a lack of planning fuels unnecessary worry later in life. Listener questions cover smart uses of 529-to-Roth conversions, parking large sums of cash, Roth strategies for young investors, rebuilding emergency funds without sabotaging retirement, and why converting Vanguard mutual funds to ETFs in taxable accounts is often a no-brainer. The through-line is clear: stop predicting the future, stop reacting emotionally, and build flexible plans that let your money support the life you actually want.0:04 Retirement isn’t a script, a date, or a finish line0:56 The myth of “retire at 65 and stop living”1:20 The rise of “un-retiring” and why Disney hires retirees3:22 Fear-based reasons people go back to work4:28 Why retirees often worry more, not less5:10 Studies showing how many retirees expect to work again6:38 Income plans vs. purpose plans in retirement7:16 The Dalai Lama, retirement, and dark humor8:16 Using leftover 529 money for a future Roth IRA10:31 Anton Chekhov’s The Bet and money as a moral test12:08 Parking $3.5M: T-bills vs. high-yield savings14:30 Why holding massive cash piles is usually a mistake16:21 Interest-rate predictions and the illusion of certainty19:17 How (and where) people actually listen to podcasts21:02 Mortgage rates under 6% and why context matters23:15 Roth IRAs for young investors and compounding reality25:12 VT vs. AVGE vs. AVGV for long-term simplicity27:51 Disney’s $60B expansion and what it says about costs31:07 Rebuilding emergency funds without derailing retirement33:32 Converting Vanguard mutual funds to ETFs in taxable accounts35:20 Why small tax efficiencies matter over decadesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom Cock and Don McDonald kick off 2026 with a sharp, skeptical look at portfolio simplicity—what it really means, what it doesn’t, and why promises like “no sacrifice in returns” should always raise an eyebrow. Using a Morningstar article as a springboard, they dig into active vs. index funds, one-fund and target-date strategies, and the behavioral traps that complexity creates. Listener calls drive deeper discussions around Avantis funds (AVGE vs. AVGV), value tilts, international exposure, Fidelity’s zero-fee funds, and when simplicity actually beats sophistication. Along the way: holiday viruses, Jeopardy ETF fails, Tesla-as-a-value-stock arguments (sort of), and a reminder that knowing yourself as an investor matters more than chasing the “perfect” allocation.0:04 Holiday hangover, fake presence, and welcoming 20261:27 Simplicity in investing and why complexity isn’t intelligence1:44 Morningstar’s “simplify your portfolio” claim—skepticism engaged3:01 Active funds vs. index funds (and Morningstar’s awkward contradiction)3:56 One-fund vs. multi-fund portfolios and why rebalancing is hard5:24 Target-date funds as delegation for real humans7:32 Hodgepodge-itis vs. fewer funds, fewer mistakes8:52 Listener call: Roth IRA for an 8-year-old and AVGE vs. AVGV12:20 Value tilt, international exposure, and long time horizons13:44 AVGE vs. AVGV performance—why short-term results don’t settle debates16:57 VT compared to Avantis—diversification without tilts17:32 Fidelity Zero funds—what’s free and what’s the catch20:00 Jason from Sammamish: value, growth, Tesla, and confidence23:36 SPY vs. SPYM and when cheap is just cheap25:46 Listener call: escaping a Fidelity managed large-cap portfolio29:58 What to say when an advisor tries to keep your money31:24 Jeopardy contestants miss “ETF” (yes, really)33:46 AVGE vs. VT—tilts, belief systems, and picking your poisonLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Predictions feel comforting—but they’re usually nonsense. In this episode, Don and Tom dismantle the illusion of foresight by revisiting last year’s loudest economic forecasts around tariffs, inflation, jobs, recessions, and markets. Drawing from a Wall Street Journal retrospective, they show how both political promises and expert predictions missed the mark, with reality landing squarely in the messy middle. The takeaway is classic Talking Real Money: nobody—not economists, not presidents, not pundits, and especially not you—has actionable insight into the future. That’s why successful investing isn’t about forecasts or hot takes, but about building a diversified portfolio, rebalancing when needed, and tuning out the noise. The episode wraps with listener questions on teen investing accounts and Roth conversion rules, plus a reminder that humility beats hubris every time markets get unpredictable.0:04 The future is unpredictable—even when we pretend it isn’t0:26 Why we crave predictions and mistake luck for skill0:53 Being “right” once doesn’t mean anything1:58 Tariffs, Trump, and the great forecasting divide2:27 Inflation predictions that never showed up3:53 Jobs, unemployment, and why both sides were wrong5:49 Who actually paid for tariffs (hint: not who you think)7:08 Recession fears vs. reality—and the AI wildcard8:55 Why short-term predictions fail and macro trends survive10:41 The truth usually lives between the extremes11:31 Lao Tzu, Yogi Berra, and why nobody knows the future13:20 The most dangerous “expert” investors trust: themselves14:43 Listener question: investing for a 16-year-old17:29 Roth IRA vs. UTMA/UGMA and simple fund choices18:06 Listener question: Roth conversions and the five-year rule20:54 Humor, offense, and why everyone needs to lighten up21:14 RetireMeet 2026 details and special guest preview23:14 Apella Wealth philosophy and free help reminder24:39 The number one word of the year (still shocking)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Investing isn’t a game, and treating it like one can quietly sabotage your future. This episode dismantles the idea of “trying out” investments or advisors the way Wall Street has trained people to do for decades. Don and Tom argue that real financial advice starts with planning, not products, and that a true fiduciary focuses on taxes, portfolio design, and long-term goals — not beating markets or selling what’s hot. Listener questions tackle portfolio overlap inside a 401(k), when simplicity beats customization, the reality behind so-called “Trump accounts” for children, and how to evaluate companies like Corbridge Financial in teacher retirement plans. The show wraps with a reality check on World Cup ticket pricing that somehow makes active management look affordable by comparison.0:04 Why “trying out” investments makes no more sense than test-driving surgery1:26 The danger of treating investing like a game2:29 How Wall Street gamified investing for nearly a century3:45 What good advisors don’t promise4:10 Fiduciary planning versus transactional sales5:14 Marketing narratives vs. real financial planning6:55 Why big advisory firms spend fortunes on persuasion7:48 Hot returns, sexy funds, and why chasing them fails8:35 Investing to win vs. investing to reach a goal9:56 Accepting market reality instead of competing with billionaires11:27 Product versus planning — the core distinction12:09 Listener question: fixing portfolio overlap inside a 401(k)14:34 Why simpler portfolios usually work better15:09 Using target-date funds to eliminate overlap and rebalancing headaches16:19 What “Trump accounts” actually are — and what they aren’t18:39 Comparing Trump accounts to 529 plans21:38 Corbridge Financial: when it’s fine and when it’s a trap23:01 Appreciating listeners everywhere (yes, even Portland)24:40 World Cup ticket prices that defy financial gravityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

0:04 Remembering the “good old days” of fat commissions0:33 From $200 trades to zero commissions—what really changed1:18 Free trading everywhere… so how do brokers make money now?2:37 Robinhood’s explosive growth and the rise of trading culture3:15 Trading volume triples in six years—what that signals4:42 Payment for order flow, cash sweeps, and hidden costs6:21 Are investors actually getting a deal from free trading?7:13 Why frequent trading and poor returns go hand in hand8:21 Dopamine, gambling mechanics, and Robinhood’s design problem9:47 Day trading: the comeback nobody needed10:57 Why most day traders lose—and taxes make it worse11:36 Prediction markets: gambling with an investing label13:16 Listener questions begin15:55 What is a tokenized stock—and why it’s not investing17:25 Bucket shops, NFTs, and synthetic “stocks”18:45 Early retirement withdrawals and the Rule of 5519:33 Default retirement plans stuffed with annuities—good idea?21:20 Liquidity risk and why annuities aren’t one-size-fits-all22:26 Vanguard’s new Core Plus Bond ETF (BNDP)24:13 Chasing yield vs. using bonds for stability26:20 Why bonds shouldn’t be your return engine27:36 Hoping for a calmer 2026 (good luck with that)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode opens with a reality check on streaming delays before diving into the growing divide between investing and gambling, highlighted by Charles Schwab’s refusal to promote crypto, options, and prediction markets while Robinhood leans fully into high-intensity trading. Don and Tom warn that flashy features and frequent trading usually lead to worse outcomes, not better ones. Listener questions cover whether employees can roll a 401(k) during a plan change (usually no), how to cope with bad retirement plans, and how to choose between a high-cost growth fund and a low-cost index option. The show also tackles whether mixing Avantis and Dimensional funds truly adds diversification, argues that over-engineering portfolios is counterproductive, and closes with a candid discussion about the decline of financial radio, the rise of podcasts, and why a strong financial plan matters more than recent market gains.0:04 Recorded-not-live reality, streaming delays, and why nothing feels real anymore1:56 Schwab draws a hard line between investing and gambling2:56 Robinhood’s casino-style features and the problem with pandering6:12 Why trading more usually means ending up with less6:52 Listener question: Can you roll a 401(k) during a plan change while still employed?9:23 Why “in-service” rollovers usually aren’t allowed before 59½11:53 What employees can do when stuck in a bad 401(k) plan14:44 Fund choice question: Fidelity Growth vs. Vanguard 500 Index Trust18:06 Why expenses, risk, and diversification matter more than past performance19:21 Why podcasts are replacing traditional financial radio22:06 How to listen to podcasts using Apple Podcasts and Spotify27:22 Avantis vs. Dimensional: does doubling up add diversification?31:52 Over-diversifying and the illusion of control34:42 New-year reminder: returns don’t equal good planning35:25 The importance of having an actual financial planLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

With Tom on vacation and an eerily convincing AI stand-in holding down the mic, Don kicks off 2026 by tackling one of the most persistent listener questions: how to actually find a true fiduciary—and how to eliminate salespeople fast. Using FINRA’s BrokerCheck as a simple filter, the show explains why the “B” matters, why dual-registered advisors are still a risk, and how complexity is often a red flag. From there, the conversation dives into the rise of RILAs (registered index-linked annuities), why their shiny back-tested returns don’t mean much, and how simpler balanced portfolios often do better with far less risk and confusion. Along the way, the hosts cover podcast reviews, investing in bourbon barrels (don’t), Roth IRAs for teenagers (do), and close with Tom’s five timeless investing rules for 2026: go global, simplify, define risk, rebalance, and understand your taxes.0:04 New year, Tom on vacation, and the rise of AI Tom0:22 AI voices, joke quality, and job security jokes2:20 Welcome and the show’s core mission2:46 How to actually find a real fiduciary3:30 BrokerCheck explained and why the “B” is a deal-breaker5:24 Firm searches and fast advisor elimination6:38 Why dual registration still isn’t fiduciary7:22 RILAs introduced and why “index-linked” is a warning sign9:38 Hypothetical returns and misleading back-testing11:19 Balanced index funds vs annuity complexity13:00 Why RILAs solve no real investor problem14:08 How to leave podcast reviews (and where)15:22 Apple vs Spotify reviews and ratings reality17:34 Ratings, trolls, and thin-skinned hosts20:07 Tom’s five investing rules for 202620:41 Go global—actually global21:56 Fewer accounts, less mess22:49 Know your risk before the market teaches you23:50 Rebalancing after strong stock years24:38 Understanding taxes by account type27:33 Bourbon barrel investing pitch—hard pass29:13 Custody risk and private-investment danger31:35 No sales guests, ever33:54 Roth IRAs for working teens34:35 RetireMeet 2026 announcementLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Wall Street is pitching “fixed-maturity ETFs” as the perfect solution for retirees who want certainty, income, and peace of mind—but are they actually solving a problem that already has simpler answers? In this episode, Don and Tom break down what bonds and CDs really do, why fixed-maturity funds are being pushed so hard right now, and how fees quietly eat away at the promised benefits. Along the way, they explain the real role of bonds in a portfolio, why chasing yield is a trap, and how diversification and simplicity still beat clever packaging. Listener questions tackle fiduciary responsibility in 401(k) plans, loaded mutual funds, and how much international exposure makes sense in retirement.0:04 New year opener, time anxiety, and refusing to acknowledge large numbers1:05 What a bond actually is—and what it guarantees (and doesn’t)1:54 CDs vs. bonds: fixed maturity products that already work2:37 Why Wall Street suddenly “needs” fixed-maturity ETFs3:22 BulletShares, yields, and the quiet problem of fund expenses4:45 Larry Swedroe’s blunt answer: skip the fund, buy the bonds5:24 Yield fixation and how investors ignore cost and complexity6:05 When fixed-maturity ETFs might make sense—and when they don’t7:14 I-Bonds, TreasuryDirect, and Don’s practical reality check7:48 A simple solution: total bond fund plus a CD ladder8:28 Why fixed maturity doesn’t mean fixed safety10:09 Expense ratios compared: broad bond funds vs. sliced products10:35 The real purpose of bonds in a portfolio12:04 Putting 2022’s bond losses in proper historical context12:58 Eugene Fama on Wall Street “innovation”13:20 Listener question: fiduciary responsibility in a 401(k) plan16:30 Listener question: A-shares, B-shares, loads, and advisor honesty19:14 Why high fund expenses hurt more than exit fees20:52 Listener question: international exposure in retirement portfolios22:18 Practical global diversification without precision theater23:02 Why Don is flexible on allocations—but not on insurance sales23:22 How to send in questions and closing banterLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

The calendar flipped, but the rules didn’t. In this New Year Friday Q&A, Don tackles listener questions on longevity annuities (QLACs), legacy insurance mistakes, advice-only advisory services, and the growing trend toward complex fixed-income systems and alternative investments. From insurance math that favors the house to eye-watering fees dressed up as innovation, the message stays consistent: simplicity beats sophistication, fees matter, and global diversification works the same whether you live in Seattle or Spain.0:00 New year, new Q&A — and why January changes nothing1:30 QLACs explained and why the math still favors insurers2:49 Longevity odds vs. guaranteed income myths5:15 Trapped in a bad annuity — ride it out or cash out?8:53 “Magic money,” bonuses, and negative real returns10:46 Advice-only firms: Abundo Wealth and paying for simplicity13:44 Bond ETFs vs. CD and Treasury ladder strategies17:39 When “systematic” fixed income starts to smell like gimmicks18:53 Alternatives, private credit, and outrageous expense ratios22:18 Why Don defaults to simplicity — every time24:35 Global diversification: same advice, any country27:38 Happy New Year — and why boring still worksLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode dismantles the idea that successful investing comes from finding the next hot thing. Instead, Don and Tom argue that good portfolios are built by eliminating what doesn’t belong: actively managed funds, sector ETFs, alternatives, high-yield bonds, gold, and other distractions that add complexity without purpose. Drawing on a Morningstar column by Amy Arnott, they reinforce that most investing mistakes come from chasing performance rather than embracing simplicity and discipline. The show also tackles listener questions on retirement “bucket” strategies, rebalancing timing, Dimensional fund structure, and annuities—emphasizing that bonds exist for stability, cash should be limited and intentional, and any strategy must be personal, rules-based, and boring enough to actually work.0:04 Opening banter, Apple censoring Tom’s name, and the beige pudding world1:12 Bitcoin critics, one-star reviews, and a bad 2025 for crypto2:03 Core idea: good investing is about elimination, not prediction2:56 Amy Arnott and the case against active management4:07 Why past winners usually become future losers5:28 REITs, once useful, now mostly redundant6:01 Sector funds as performance-chasing traps8:19 Alternatives, I Bonds, and junk bonds—complexity without payoff10:04 Bonds explained properly: stability, not income or excitement11:14 Gold (and Bitcoin) as non-productive speculation13:21 Simplify first and portfolios become easier—and calmer15:05 Retirement bucket strategy: where it helps and where it hurts18:48 Cash as an emergency tool, not a long-term holding21:04 MYGA annuities, safety trade-offs, and insurer risk29:04 Insurance failures as cautionary history31:04 DFAW explained: Core Equity 1 vs Core Equity 235:53 Rebalancing discipline: timing beats tinkering39:11 Final reminder: stop watching your portfolio so muchLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

As the year crawls to a close, Don and Tom torch the ritual of “New Year, New You” financial advice and take aim at the endless lists of five things you must do next year. They break down why year-end deadlines are mostly psychological theater, why prediction-based investing is a sucker’s game, and how even AI—when pressed—admits the truth: diversification beats cleverness, patience beats prediction, and complexity usually hides higher costs and worse outcomes. Along the way, they tackle 529 plans, proposed “Trump accounts,” Roth strategies for kids and retirees, factor investing myths, and the ongoing media obsession with whatever already went up last year. It’s a holiday episode for skeptics, cynics, and anyone tired of being told that this is finally the year everything changes.0:04 Holiday cynicism, snow, trees plotting revenge, and Don declares war on Pollyanna finance1:19 Year-end obsession: why December 31 is an arbitrary psychological trap2:29 Why “five things to do in the new year” articles exist—and why they’re mostly nonsense3:55 Asking AI for financial advice and accidentally getting decent answers4:18 Don’s AI delivers brutal honesty: complexity isn’t sophistication, it’s camouflage5:54 The most dangerous question of all: “What should I invest in next year?”6:06 Everyone’s favorite prediction: AI stocks (again), and why that’s backward logic6:29 The real answer: globally diversified equities, patiently held and largely ignored8:07 Motley Fool, Morningstar, defense stocks, and the annual prediction circus9:29 AI’s final verdict: everything after diversification is garnish people argue about on TV10:33 Listener Brian on New York 529 plans, state tax deductions, and Roth rollover flexibility11:30 How aggressive is too aggressive for a child’s college savings?12:45 Why age-based 529 portfolios are often far more conservative than parents realize14:10 When college money should actually shift to safety—and when it shouldn’t15:43 The mysterious “Trump accounts”: proposed rules, confusion, and missing details16:56 Tax treatment uncertainty, Roth myths, and why free money is still free money18:39 Clear conclusion: this account doesn’t exist yet and nobody knows the real rules20:05 Don’s full rant: pandering policies, financial clutter, and unnecessary complexity22:07 Listener Larry on starting a Roth IRA for a 19-year-old with a one-fund solution22:47 AVGE explained: global, factor-tilted, low-cost, and boring in the best way24:15 AVGE vs. Vanguard Total World: interest vs. necessity25:26 AVGE underperformance criticism and why one-year returns are meaningless28:26 Why Avantis funds aren’t trying to “pick winners” and never claimed to31:32 Listener Caroline on retirement withdrawals, IRAs, Roths, and tax reality33:11 The unavoidable truth: you’ll pay taxes—now or later35:43 How (and where) listeners can actually rate the show38:01 Politics, labels, John Oliver, and why nuance is apparently illegal now38:54 Capitalism, fairness, and refusing ideological purity testsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this post-Christmas edition of Talking Real Money, Don McDonald and Tom Cock dismantle one of the most seductive myths in personal finance: the promise of high returns, no risk, and tax-free income. Using the lawsuit filed by Kyle Busch against Pacific Life as a case study, they expose the dark mechanics of indexed universal life insurance—hidden commissions, opaque costs, fabricated indexes, and returns that quietly disappoint. The episode then pivots to listener questions on diversification mistakes, Roth vs. traditional 401(k)s, late-career pivots into financial advice, ETF selection for retirees, and why doing less with your portfolio almost always beats doing more.0:04 Post-Christmas welcome, Kyle Busch jokes, and why rich people get fleeced too1:18 Indexed Universal Life explained (and why it’s not an investment)1:45 The “bank on yourself” fantasy and why it never dies2:27 $10.5 million in premiums and promises of $800K tax-free income3:20 Why IULs avoid SEC and FINRA scrutiny entirely4:21 The sixth premium notice that blew up the deal4:41 How IULs implode if you stop paying—and why everything can vanish5:52 “Tax-free income, high returns, no risk” exposed as marketing fiction6:01 Hidden commissions, alleged 35% payouts, and zero disclosure7:37 Proprietary indexes designed to benefit insurers, not investors8:50 Internal Pacific Life doc: “Don’t call yourself a financial planner”9:57 Why consumers can’t see costs, commissions, or real returns11:37 Real-world IUL returns: roughly 3–5% annually12:23 Why even Kyle Busch doesn’t actually need life insurance13:44 Caveat emptor—and why “Life” in the firm name should trigger alarms14:03 Listener portfolio question: 60/15/25 isn’t diversified14:53 The S&P 500 isn’t “the market” (and seven stocks prove it)15:54 Simple global solutions vs. portfolio over-engineering17:11 Podcast tech humor and March seminar tease17:22 Listener praise—and teaching people how to find podcasts18:11 2026 seminar date confirmed: March 719:23 Career pivot at 53: CFP vs. AFC vs. Series 6522:02 Why fiduciary firms are hiring—and sales shops are traps23:22 ETF selection for retirees: growth, risk, and tax efficiency24:27 Why Morningstar confuses more than it helps25:07 Dimensional, Avantis, and keeping portfolios simple26:20 Final thoughts, free fiduciary consults, and year-end wrapLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A year-end Boxing Day Q&A covering realistic downside expectations for global portfolios, the marginal value of adding international small-cap value, details for RetireMeet 2026, and a deeply skeptical look at Medicaid-compliant annuities. The common thread: diversification helps, simplicity usually wins, and when complexity shows up early, commissions are often lurking nearby.0:04 Boxing Day confusion, goodwill, and a short-format holiday Q&A1:07 Why this is a shorter, four-question episode to wrap the year2:17 How much can a globally diversified stock portfolio really fall3:06 Limits of global market data and why 2008 still sets expectations4:11 Roughly 40% decline for global stocks in 2008 and how bonds softened the blow4:54 Why worst-case scenarios are about expectations, not predictions6:07 Listener portfolio with VXUS, AVUV, and SWTSX and whether to add AVDV6:35 Balancing small-cap value exposure versus keeping things simple7:56 Why a few basis points rarely justify added complexity8:38 RetireMeet 2026 question and a well-earned jab at Tom’s joke delivery10:02 RetireMeet 2026 details and early seat reservations10:29 Event date and location: March 7, Bellevue at Meydenbauer11:44 Medicaid-compliant annuities explained through a real family scenario13:57 Why MCAs are usually last-resort tools, not early planning solutions15:49 Concerns about elder law attorneys, incentives, and hidden commissions16:35 What MCAs really do: income conversion, not asset protection17:28 Why skepticism is healthy and shopping non-commission options matters18:43 Closing thoughts on trust, incentives, and surviving another financial yearLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

It’s surprisingly hard to know what something is really worth until someone actually tries to buy it—and that problem is front and center in private funds. Don and Tom unpack why private equity, private real estate, and other “alternative” investments often look calm and stable on paper, only to suffer brutal price drops once they finally trade in public markets. From a Wall Street Journal example of a private real estate fund losing roughly 40% overnight, to Morningstar’s troubling enthusiasm for expensive, speculative new ETFs, the episode reinforces a core principle: prices discovered by real markets beat internal estimates every time. Along the way, listeners call in with real-world retirement questions, inherited IRA rules, portfolio simplification strategies, and a healthy dose of holiday banter.0:04 What something is “worth” versus what someone will actually pay1:06 Defining private funds and why valuation is murky2:27 Private fund pricing versus real market pricing3:56 BlueRock fund haircut: paper value meets reality4:24 Market pricing, efficiency, and the wisdom of crowds5:42 The myth of private investments being “less volatile”6:27 Real estate as the perfect valuation example7:39 Listener call: inherited IRA and annuity distribution rules12:42 Holiday humor, crypto annuity joke, and Kentucky bourbon16:01 Moving assets from Edward Jones, loads, and simplification19:41 DIY portfolios versus advisor value21:08 Morningstar’s “Best and Worst New ETFs” critique22:21 Why most new ETFs exist (and why you don’t need them)24:43 Shockingly high ETF expense ratios26:27 Leveraged crypto ETFs and financial absurdity27:37 Seasonal podcast plug and ratings gripe28:44 Listener call: Boeing retirement and rollover planning34:40 Holiday reflections, gratitude, and comfort over richesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A Wall Street Journal column argues that younger investors are turning to options, crypto, and betting as a rational response to a “rigged” economic system. Don and Tom aren’t buying it. While acknowledging real headwinds—student debt, housing costs, wage gaps—they dismantle the idea that gambling is an intelligent adaptation. Drawing on history, lived experience, and actual math, they make the case that leverage, speed, and desperation reliably destroy wealth, while patience, diversification, and boring consistency still work. The system may be flawed, but trying to beat it with casino tactics only helps the house.0:04 Opening rant on “financial nihilism,” generational scolding, and why Gen Z investing looks like gambling1:21 Wall Street Journal column by Kyla Scanlon introduced and framed2:53 Gambling vs. investing—why “the system is rigged” is a terrible excuse for riskier behavior5:24 Don and Tom reflect on their own slow, uncomfortable paths to financial stability6:04 Real-world counterexample: young coworkers who are saving, investing, and buying homes7:41 Defining “financial nihilism” and why speed, leverage, and impatience backfire9:00 What actually works: spend less, delay gratification, diversify, avoid leverage10:46 Historical perspective—every generation faced headwinds, none solved them by gambling12:39 The power of compounding, patience, and boring index investing14:41 Critique of the “small chance of huge return beats slow decline” argument17:12 Listener question: cap-weighted vs. equal-weighted index funds explained19:11 Why equal weighting tilts toward value and smaller companies—and costs more20:22 Millennial caller Jason offers empathy for generational frustration without endorsing gambling23:48 Lifestyle expectations, flexibility, and why hardship doesn’t justify reckless investing27:27 Food, lifestyle, and historical context—what’s better now, what isn’t29:25 Hormel vs. Motorola story revisited: why predicting winners is nearly impossible36:29 Jaw-dropping returns: Hormel’s long-term outperformance over flashy tech38:45 Light holiday banter, gift absurdities, and wrapping up the showLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Streaming was supposed to save us money. Instead, it quietly rebuilt cable… with better branding and worse self-control. Don and Tom trace the journey from rabbit-ear TV to today’s subscription sprawl, where “it’s only $14 a month” quietly becomes hundreds per year. They break down why streaming costs have exploded faster than inflation, how duplication and inertia drain wallets, and what actually works to fix it (bundling, pruning, and strategic binge-and-cancel). From there, the show pivots to listener questions covering smart investing for an 18-year-old, retirement withdrawal sequencing, trust and estate planning pitfalls, and why complexity is often the real enemy of good financial decisions.0:04 Life before streaming: rabbit ears, three channels, and forced family labor0:48 Rewatching Bewitched and realizing old TV was… not great2:27 Cable’s rise, early streaming optimism, and Netflix’s cheap beginnings3:30 Subscription creep: listing the modern streaming pileup4:16 Streaming prices vs inflation — why this hurts more than groceries6:43 Average household streaming costs and the real percentage increase8:21 Duplicate subscriptions and why households overpay without realizing it9:37 Live TV bundles, YouTube TV vs Hulu, and paying cable prices again12:30 Binge-and-cancel as a legitimate cost-control strategy14:02 Value judgments: paying for services you don’t actually watch15:20 Annual audits, forgotten subscriptions, and silent monthly leaks18:17 Investing $9,000 for an 18-year-old with decades ahead19:20 Why a Roth IRA plus one global ETF can be enough20:53 Retirement withdrawals: taxable vs IRA confusion clarified22:45 When wealth gets big enough that DIY stops making sense24:00 Trusts, trustees, and why professional oversight is expensive27:15 Estate planning as a team sport (advisor + attorney)29:33 Why every TV character is suddenly a podcaster30:49 Gratitude, rankings, and why the audience mattersLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this holiday Friday Q&A, Don opens with a festive announcement about Season’s Readings—now Apple-featured and temporarily commercial-free—before diving into listener questions on fixed annuities versus CDs, a creative (and complex) 529-to-Roth strategy tied to Georgia tax deductions, simplifying IRA management and RMDs at Schwab or Vanguard, the unavoidable tax traps of old investment clubs structured as partnerships, and the perennial question of how much U.S. large-cap exposure belongs in a diversified equity portfolio. Along the way, Don reinforces core themes: simplicity beats complexity, costs matter, taxes are inevitable, and diversification has no single “correct” allocation—only trade-offs aligned with philosophy and discipline.0:04 Holiday welcome, Friday Q&A format, and how to submit questions0:46 Season’s Readings podcast announcement, Apple feature, and commercial-free holiday run2:16 Fixed annuities vs CDs: safety, state guarantees, and annuity ladders5:29 Using 529 plans as a long-term Roth pipeline with state tax deductions (Georgia example)9:29 Moving an IRA to Schwab or Vanguard and automating RMDs10:20 Investment clubs as partnerships: K-1s, capital gains, and tax inevitability14:47 How much U.S. large-cap belongs in a diversified stock portfolio18:54 Reviews, critics, Bitcoin pushback, and holiday sign-offLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Market drops are a gift when you’re young and a potential gut-punch when you’re retired, and this episode walks through why that’s true—and what to do about it. Don and Tom break down sequence-of-returns risk in plain English, then explore practical defenses: cash buffers, CD ladders, bucket strategies, flexible withdrawals, partial retirement, and why stocks still belong in retirement portfolios whether you like it or not. Listener questions tackle letting portfolios ride for heirs, value vs. total small-cap funds, tax consequences of rebalancing, and whether political risk should affect public fund investing. The takeaway: there’s no perfect plan, only resilient ones—and behavior matters more than spreadsheets.0:04 Why market drops are good for young investors and scary for retirees0:28 Holiday cheer, audience growth pleas, and the gospel of paper questions1:40 Why young investors should root for down markets2:41 Sequence-of-returns risk explained without the jargon3:20 Real-world retire-at-the-wrong-time examples (2000, 2008, 2020, 2022)4:48 Why sequence risk is such a big retirement planning problem5:40 What to do if you fear bad markets near retirement6:08 Cash buffers and why they actually make sense in retirement7:06 Bucket strategies and how they’re supposed to work7:36 CD ladders as a “get-me-through-the-bad-times” strategy9:27 Flexible withdrawal strategies and lifestyle adjustments10:37 Partial retirement, side hustles, and easing into retirement11:33 Why retirees still need stock exposure12:26 Even small equity allocations help fight inflation13:20 There is no perfect withdrawal rate—only survivable ones14:11 The realistic withdrawal range and why stocks are still required15:33 Why professional fiduciary reviews actually matter16:21 When life blows up your retirement plan anyway18:55 Listener question: should a retiree just let stocks ride for heirs?21:36 Washington CARES, politics, and investing public funds23:18 Small-cap value vs. small-cap index: FSIVX vs. FSSNX25:44 Why low-cost value tilts can still make sense27:00 Smarter gifts: Roth IRAs, 529s, and future-you generosityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode of Talking Real Money takes aim at the latest “easy money” illusion—house flipping—explaining why rising costs, higher interest rates, softer housing demand, and plain old competition have drained much of its appeal. Tom and Don connect flipping’s decline to a familiar pattern of speculative behavior, much like day trading or past real estate manias, and reinforce why there are no reliable shortcuts to wealth. Listener calls drive a wide-ranging discussion on global diversification versus U.S.-only investing, the dangers of concentration risk in the S&P 500, how recency bias distorts performance comparisons, and why owning more markets matters more than making predictions. The episode wraps with practical retirement guidance for older investors, including simplifying portfolios with low-cost target-date funds, and closes with trademark humor and perspective.0:05 Show open, intro banter, singing callbacks, and weekend rhythm0:28 House flipping compared to day trading and FOMO investing1:28 Why flipping activity is down sharply: costs, rates, and competition3:41 The myth of “passive income” in real estate4:50 Softer housing markets and demographic headwinds6:02 No magic systems—long-term investing still wins8:27 Lisa (Colorado): investing nonprofit funds at Vanguard10:30 VOO vs VTI vs VT and the case for global diversification12:29 Volatility, standard deviation, and diversification basics14:44 Sharpe ratios, recency bias, and misleading performance metrics16:54 Charles (Seattle): Boeing plans, VOO, and AVGE at Schwab18:32 S&P 500 concentration risk and the “Magnificent Seven”21:33 Jason (Sammamish): VTI vs VT debate and long-term market data28:41 Debbie (Camano Island): portfolio risk concerns at age 7331:20 Risk tolerance vs risk capacity in retirement33:16 Vanguard target-date funds as a simple retirement solution36:01 Lighter close with creative fundraising and holiday humorLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A classic TRM episode that starts with Tom’s ill-fated attempt to cross a flooded Snoqualmie River (spoiler: no walking on water) and turns into a timely lesson on market returns, diversification, and why comparing your portfolio to headline numbers is usually a mistake. Don and Tom unpack eye-popping 2025 performance across U.S., international, bonds, and small-cap value, warn against recency bias and overpriced active funds, and take several listener calls on Roth conversions, bad custodians, debt forgiveness taxes, and rollover mechanics. The show wraps with Don’s well-earned victory lap for Seasons Readings, now rubbing shoulders with Julie Andrews and Hugh Bonneville in Apple’s fiction charts.0:04 Tom gets stranded by flooding after a questionable river-crossing idea1:40 Flood damage reality check and sympathy for displaced homeowners2:22 Market year-end context and “Dave Ramsey average” returns3:32 Bond funds surprise with strong year-to-date performance4:05 International and global funds crush expectations5:46 Why your return may lag headlines: allocation, costs, and recency bias6:20 Apples-to-apples portfolio comparisons matter9:26 Active funds underperforming despite a strong market year10:47 Global diversification pays off big in 202512:04 January prerecorded show tease and holiday logistics13:25 Seasons Readings featured by Apple Podcasts—downloads explode15:18 Fiction chart brag: sandwiched between Julie Andrews and Hugh Bonneville16:25 Listener call: John Hancock IRA, forced conversions, and bad advice19:06 Why liquidating inside an IRA is not a taxable event20:17 Exposing high-cost, loaded funds and custodian nonsense23:35 Listener question: Roth conversions, pensions, and IRMAA timing26:36 Why “top tax bracket forever” is usually a myth27:31 Listener call: debt settlement and taxable forgiveness income30:13 When a 1099-C is a good deal anyway31:56 Flood-era investment scams and terrible ideas35:55 Clarifying direct rollovers vs. taking possession of funds38:13 Roth IRAs for young earners—yes, even pizza moneyLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

If you’re nearing retirement and uneasy about the math, you’re not alone. Don and Tom tackle the uncomfortable reality that most near-retirees haven’t actually run the numbers—and many won’t like what they see when they do. Drawing on Vanguard data and real-world client experience, they break down three practical ways to shrink a retirement gap: working longer (but not necessarily full-time), thoughtfully tapping home equity, and spending less before and during retirement.0:06 Opening and the retirement gap problem0:52 Podcast platforms, Apple vs Spotify, and Don’s short-story empire4:08 How TRM ranks among investing podcasts and why that still feels surreal5:24 Vanguard data: only 40% of near-retirees are on track6:51 Kids, money, and why retirement math gets uncomfortable fast7:51 Strategy #1: Working longer (and why part-time can be powerful)9:41 Purpose, boredom, and the underrated psychology of retirement10:00 Strategy #2: Home equity as a retirement resource11:12 Downsizing, renting, HELOCs, and reverse mortgage trade-offs13:05 Strategy #3: Spending less—before and during retirement14:29 Reverse mortgage costs, limits, and real-world implications17:01 Social Security timing and when immediate annuities actually help18:40 Inflation risk, fixed income streams, and practical trade-offs19:02 Listener Q: AVGE vs DFAW and understanding underlying holdings21:48 Listener Q: Aggressive Roth portfolios intended for heirs25:30 Listener Q: Washington 529 plans and GET vs traditional 529s27:32 Listener Q: Quantum computing (short answer: no)28:59 Sector investing, AI hype, and why diversification winsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A holiday-flavored Friday Q&A that covers a lot of ground without selling a single candy cane. Don answers listener questions on Medicare vs. Medicare Advantage (and the IRMAA buzzsaw), how to safely reposition an elderly parent’s taxable account, whether to ditch target-date funds for a DIY equity portfolio, how to think about international small-cap ETFs, why teaching kids to pick stocks is a terrible idea, and what to expect when a “free portfolio review” comes from a company whose name literally includes the word annuity. Skeptical, practical, and very on-brand.0:17 Corny holiday Q&A musical intro and setup0:33 Friday Q&A format, how questions get on the show, and holiday vibe2:00 Medicare vs. Medicare Advantage, IRMAA penalties, and why private insurers are exhausting3:37 Why capital gains can make Medicare shockingly expensive4:15 The profit motive problem with Medicare Advantage plans4:37 Question transition and listener call-in reminder5:43 Managing an 82-year-old’s taxable account: safety vs. yield6:18 Why bond funds like BND diversify interest-rate risk better than savings accounts7:15 CD ladders: how they work and why discipline matters7:39 Treasury funds vs. total bond funds for capital preservation7:47 Closing thoughts on preservation-focused portfolios8:52 Target-date funds vs. DIY 401(k) portfolios9:20 Glide paths, rebalancing, and what target-date funds do well10:35 100% equity risk, volatility, and why down markets help accumulators10:53 Choosing between AVDV and AVES (international small value vs. emerging markets)11:47 Why the correct answer is often “both”12:33 Teaching high school students about investing13:52 Why stock-picking education reinforces a dangerous myth14:28 Luck vs. skill and the evidence against beating the market15:39 Index funds, market efficiency, and investor behavior16:49 Morningstar vs. other research tools17:18 Empower’s “free portfolio review” and what might be coming next18:06 Portfolio concentration concerns and tech exposure19:33 Humor break and annuity skepticism20:55 What Empower actually is and what that implies21:16 Empower as an RIA and how to treat their recommendations21:52 Getting a second opinion from a fee-only advisor22:58 Thanks, holiday wrap-up, and call for more questionsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Today’s show turns a national mood ring into a money lesson. Don and Tom walk through a new Wall Street Journal/NORC survey that sorts Americans into four emotional quadrants—comfortable optimists, comfortable pessimists, stressed optimists, and stressed pessimists. Tom takes the quiz live, landing squarely where most Americans do: personally comfortable, broadly pessimistic. The two unpack why sentiment is so gloomy despite solid personal finances, how risk tolerance shifts with market cycles, and why feelings often overpower facts. Listener questions follow on retirement diversification, how much risk one really needs if Social Security covers the bills, whether younger investors should ever be 100% in stocks, and the practical challenges of automatic withdrawals from ETF-based portfolios.0:04 Don’s intro and NPR-style location banter1:08 Why the episode is about how we feel about money1:40 Explaining the four sentiment quadrants in the WSJ/NORC poll3:12 Tom begins the quiz: current financial satisfaction4:23 Confidence levels across jobs, savings, and expenses6:04 Vacations, stock market reactions, and financial worry8:10 Comparing today’s challenges to parents’ generation9:18 Buying a home, marriage, caregiving10:07 Rating the strength of the U.S. economy10:46 Optimism about the future and “the American dream”11:26 Expectations for the next year and future generations13:06 Results: Tom is a “comfortable pessimist”14:44 Why pessimism dominates the national mood15:16 What individuals can—and can’t—control about tomorrow16:29 Listener question: retiring at 63 with mixed assets and too much cash19:14 How risk tolerance should drive allocation, not income sources20:35 Fixing the portfolio’s biggest issue: excess high-yield savings21:54 Listener question: should a 47-year-old investor be 100% stocks?23:11 Why very few people can stomach a 50% decline23:59 The case for diversification even when accumulating24:44 Listener question: automatic ETF withdrawals in retirement26:15 Annual or semiannual rebalancing as a solution27:28 ETFs vs. mutual funds: cost vs. convenience29:13 Year-end cleanup and planning habitsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom take a sharp look at Vanguard’s surprising new direction, especially the decision to fold annuities into 401(k) target-date funds through lightly regulated collective trusts. They contrast Vanguard’s historical simplicity with today’s trend toward complexity, comparing costs, structure, and risk across major providers. Listeners call in with questions about Roth conversions, Schwab target-date funds, entering the market after a forced delay, and whether TIPS or buffered ETFs are worth owning. Throughout, Don and Tom hammer home the fundamentals: low costs matter, complexity harms investors, active management rarely pays, and your stock/bond mix—not gimmicks—drives long-term success.0:04 Opening and setup: Vanguard’s recent drift toward complex products1:03 Vanguard’s dominance in target-date funds and why simplicity used to be the point1:58 Vanguard adding annuities into 401(k) target-date funds — is this helping anyone?3:11 What does an annuity inside a target-date fund even mean?4:03 The 25% annuity allocation example and the misleading “8% payout” illusion5:03 TIAA’s role and why annuity costs remain unclear6:28 Are annuities inside retirement plans a solution in search of a problem?7:38 The fine print: Vanguard’s new collective trusts and weak disclosure requirements8:20 Why collective investment trusts are lightly regulated and potentially concerning9:07 Caller: Roth conversions when you’re withdrawing to live on — should you stop?11:32 When Roth conversions lose their benefit and why you need cash for taxes12:21 Caller: Are Schwab target-date funds worth it in a Roth? (Short answer: No.)13:31 Why Schwab’s higher fees and low international allocation are a problem14:52 Active management inside target-date funds — unnecessary and risky16:12 Risk vs. return: Schwab’s higher volatility and lower historical performance16:41 Caller: Missed market gains while transferring funds — how to get back in18:49 When market discomfort signals a stock/bond misalignment20:16 Comparing Schwab vs. Vanguard target-date funds over 15 years21:37 Why lower cost + lower volatility + better return makes Vanguard the clear win22:02 Should you fear future gimmicks like private credit inside target-date funds?23:29 Caller PSA: Realizing capital gains in a low-income year24:06 ETF explosion — 908 new ETFs this year, most using leverage or derivatives25:29 Why “ETF” doesn’t mean good; junk ETFs equal junk mutual funds26:05 Structural benefits of ETFs and why the market prefers them27:29 Soccer vs. NFL detour, then back to phone calls29:07 Listener question from Colorado: Should you buy a TIPS fund?31:01 Why TIPS rarely add value in diversified portfolios33:22 TIPS behave more like inflation bets than true inflation protection34:34 Why simple, short/intermediate, high-quality bonds—and CDs—often do the job36:17 Caller: What is a buffered ETF, and why does it sound like an annuity?37:29 Buffered ETFs explained: expensive, complicated, and unnecessary38:30 Why gimmicks dominate product launches and how they hurt investorsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this special seasonal episode, you and Tom resurrect Ha or Duh, tearing through Investopedia readers’ “rules to live by” and dismantling the silliest ones with mock gravitas. Between the dad-joke arms race, a spirited defense of compounding, strong opinions on due diligence, and a surprising detour into crypto-mad zip codes, the show blends real financial guidance with holiday-season chaos. The episode also hits deeper listener questions on rebalancing, Roth vs. pre-tax strategy in high brackets, and the danger of thinking blue chips alone equal diversification.0:04 Seasonal return of Ha or Duh and setup of Investopedia’s “investing rules”1:32 Rule 1: Never sell because of emotions — duh2:44 Rule 2: “Only invest in what you know” — emphatic huh3:35 Rule 3: Good investment in a bad market — phrasing unclear, lean duh4:26 Rule 4: Never underestimate compounding — mega-duh5:35 Rule 5: Cash and patience as “positions” — hard huh6:25 Segment break into calls7:49 Back to Ha or Duh lightning round8:33 Buy low, sell high — duh (with caveats)9:58 “Losses are tuition you won’t get at uni” — pass10:21 Hold for the long term — duh11:09 Marathon, not sprint — duh11:39 Is education the best investment? Nuanced disagreement12:45 “Always do your own due diligence” — modified duh (about advisors, not stocks)15:22 FOMO avoidance — duh16:27 Final rule: Start now — biggest duh of all17:41 Wrap-up and transition back to regular Q&A18:06 Listener question: Finding the “sociopath son” episode19:28 Setup for Friday’s Q&A episode20:18 Don’s town turns into “free Disney World” during holidays21:51 Disney hotel pricing shock and personal stories23:42 Don’s new original Christmas story: Santaverse24:01 Story podcasts spike; Short Storyverses mention25:28 Listener from Bothell: 90% blue chips, 10% cash — how to rebalance?26:39 Why blue chips aren’t diversified and the S&P concentration problem28:52 Listener in high bracket asks when Roth beats pre-tax30:26 SECURE Act 2.0 catch-up rules; Roth vs. pre-tax philosophy32:10 Monte Carlo vs. unknowable future tax rates33:26 Why all-Roth 401(k)s would simplify life34:28 Advice: Likely stay pre-tax in 24% bracket35:50 Shocking stats: Seattle among highest crypto-owning zip codes37:24 Air Force bases dominate crypto ownership — why it’s dangerousLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode, Don and Tom saddle up for a tour through Schwab’s “Good, Bad, and Ugly.” They applaud CEO Rick Wurster’s warning about the growing overlap between gambling and investing, take a hard look at Schwab’s retail-side conflicts and non-fiduciary sales practices, and then recoil at the truly ugly: Schwab’s acquisition of Forge Global and its push to open private-company speculation to everyday investors. From there, they field listener questions about crypto’s pointless search for a purpose, how to implement a disciplined 5 percent retirement withdrawal strategy, the ins and outs of tax-free Vanguard mutual-fund-to-ETF conversions, and whether a younger spouse should convert a large TSP balance to Roth. It’s classic Talking Real Money: skeptical, practical, consumer-first, and mildly exhausted by the Wild West of modern finance.0:04 Investing as the Wild West and why caveat emptor still defines the industry0:24 Schwab’s role as custodian vs. broker and how they reshaped trading costs1:14 Schwab’s discount-broker origins and institutional dominance2:37 Free trades, market influence, and why Schwab became the industry’s leader3:52 CEO Rick Wurster’s warning about gambling creeping into investing4:43 Sports betting numbers, prop bets, and why only 5 percent come out ahead5:54 The “bad”: Schwab retail selling and the fiduciary confusion6:40 The “ugly”: Schwab buying Forge Global and pushing private-company speculation7:23 Why private equity is riskier, pricier, illiquid, and over-hyped8:17 The myth of private companies outperforming public ones9:22 Why the Wild West persists: weak oversight, self-dealing, and revolving doors10:48 Listener question: stablecoins, crypto legitimation, and the greater-fool problem13:00 Currency concerns and why crypto still solves nothing13:50 5 percent withdrawal strategy: when and how to draw from your portfolio15:28 Rebalancing, total return withdrawals, and annual cash-flow discipline16:47 Why withdrawals should follow rebalancing, not lead it17:56 Vanguard mutual-fund-to-ETF conversions: how they work and why they’re useful20:10 Expense-ratio savings vs. capital-gains distributions20:55 TSP-to-Roth conversion question: tax-rate timing matters22:44 Only convert if you can pay taxes from outside savings23:08 Reminder: free adviser meetings, no sales pressure24:10 TRM’s longevity and approaching episode 2,000Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This Friday Q&A episode tackles a wide range of listener questions: whether someone with full pension income still needs bonds, how to fix a cluttered 403(b) invested through Corebridge, what to make of Bill Bengen’s new comments about higher withdrawal rates, how inherited IRAs are taxed over the 10-year rule, and a quick explanation of the difference between “securities” and “equities.” Along the way, Don delivers a vintage KOA radio tag, explains why simplicity beats complexity in retirement plans, and walks through why 8% withdrawal fantasies collapse under real-world math.0:04 Friday Q&A intro and listener call-ins1:19 Do you need bonds when pensions cover all expenses?3:01 Why fixed income still matters (and how to gauge risk tolerance)4:33 Listener request: Don recreates a KOA radio tagline7:29 A messy CoreBridge 403(b): what funds to keep and how simple it can be11:37 Target-date vs. multi-fund portfolios and a small value tilt option12:05 Bill Bengen’s new withdrawal rate comments — does 8% make any sense?14:07 Why high withdrawal rates implode in historical simulations16:02 Inherited IRA: what’s actually taxed and how to plan distributions18:35 The bracket danger of big lump-sum withdrawals19:31 Final question: difference between a security and an equity21:15 Why music licensing on podcasts is a nightmareLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode digs into the unwelcome December surprise of capital-gains distributions, especially from actively managed mutual funds. Don and Tom break down Morningstar’s latest list of high-distribution offenders, spotlighting the astonishing 83% capital-gains payout from the Royce Midcap Total Return Fund. They compare the tax drag, costs, turnover, and long-term underperformance of these funds against index funds and ETFs, and explain why tax-efficient investing matters far more than most people realize. Listener questions cover overly complex portfolios, Edward Jones stock positions, odd-lot tender offers, and whether large-cap blue-chip stocks remove the need for bonds. The episode closes with a reminder that detailed portfolio triage is best handled in one-on-one meetings.0:04 Capital-gains season returns and why high fund returns can still hurt0:29 Don & Tom on weather, wardrobe, and warming up in Florida1:30 December capital-gains distributions and why they happen2:07 Morningstar’s warning: active funds with big capital-gains payouts3:06 Vanguard, T. Rowe Price, and American Funds distribution levels4:09 The biggest offender: Royce Midcap Total Return Fund5:41 Why 35 funds will distribute more than 10% of assets5:52 The stunning number: Royce’s 83% capital-gains distribution6:52 Why big outflows and poor performance drive big taxable events7:21 Royce’s turnover, tiny size, high costs, and weak long-term returns8:47 Why it’s critical to hold active funds only in tax-advantaged accounts10:07 ETFs vs mutual funds: tax efficiency and turnover differences11:42 Comparing Royce to Avantis AVGE on fees, turnover, and performance12:16 How AVGE tracks its index vs Royce’s massive underperformance13:33 When selling an active fund before a distribution may or may not help14:05 Listener question: overly detailed allocation request — why it needs a meeting16:29 Why some questions require one-on-one analysis18:20 Why Appella’s free meetings exist (and what they’re not)20:35 Odd-lot tender offers explained22:14 Listener: selling Edward Jones stock holdings and leaving EJ23:42 Why small, young investors should clean up taxable accounts early24:24 The long decline of commission-based brokerage25:26 Bothell check-in: blue-chip stocks vs bonds27:18 Historical returns: 98 years of total market vs small-cap value28:49 Why bonds exist in a portfolio despite low recent returns29:30 Closing thoughts on discipline, diversification, and realismLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A fast, funny Thanksgiving-weekend show where you and Tom unpack why a tiny handful of stocks drive the S&P’s returns, revisit forgotten winners like Hormel and McDonald’s, explain why “you can’t pick them in advance,” and tie it all back to building global, diversified portfolios. Listener calls cover early-retirement withdrawals with 72(t), whether AVGV should replace AVGE, a Thanksgiving relative obsessed with dividends, and a listener being pitched a 1.24% Fidelity “wealth management” upsell.0:06 Thanksgiving haze, Manhattans, overeating, and setting up the show2:24 Magnificent 7 vs S&P 493 and how concentrated returns distort hindsight4:49 1985’s shock winners: Hormel, Lowe’s (the other one), Franklin Resources7:41 The 1980–1990 decade: Hormel and McDonald’s huge runs and why none were predictable8:10 Why you need small, value, and international beyond the S&P 50010:58 Caller: retiring at 56, 72(t) rules, penalties, and whether IRA vs 401(k) location matters14:28 Correction: SEPP applies only to the chosen account, not all pre-tax assets16:36 Travel while you can: knees, age, lie-flat flights, and holiday banter20:21 Caller: AVGE vs AVGV, value tilts, the overlap, and whether it’s worth the swap22:49 Why AVGV exists (and why advisors may not need it)27:35 Thanksgiving email: dividend-obsessed relative critiques VXUS payouts29:53 What dividends really mean—and don’t—and why payout “stability” is useless35:49 Voicemail: Fidelity wants 1.24% to “manage” half a 401(k); is it worth it? (No.)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom and Don spend this post-Thanksgiving episode dismantling the illusion that big insurance companies—Northwestern Mutual in particular—are “financial advisors” rather than high-pressure sales organizations built on whole-life commissions. Don recounts his own early days as a Dean Witter cold-call cowboy, and the two walk listeners through a damning Guardian investigation revealing recruitment practices, high-pressure quotas, and the wealth-destroying math behind whole life. The phones open to calls about Cambridge’s nearly 3% wrap fees, sociopathic insurance sales relatives, term-insurance needs for young families, Roth vs. pre-tax decisions, and how to find a real fiduciary advisor. The theme is consistent: avoid sales machines masquerading as advice, and keep investors from being devoured by the industry’s worst incentives.0:04 Tech glitches, Thanksgiving jokes, and Tom’s three-week vacation cadence1:45 Why this is “not the best-of”—it may be the worst-of2:26 Don’s Dean Witter cold-call origin story and the culture of selling, not advising3:35 Northwestern Mutual’s rebrand and the Guardian investigation4:08 False promises: “You’ll make $200K in three years”5:12 The cold-calling boot camp and why only one trainee survived (Don)6:46 Inside the student recruitment pipeline and the friends-and-family harvesting8:11 Whole life math: the S&P at +3700% vs. Northwestern at +44%10:50 Why whole life persists: commissions12:41 Wrap-up of the Guardian findings and the industry’s structural sleight-of-hand16:23 CALL: Cambridge Wealth “index” portfolio with hidden fees23:14 The reveal: Cambridge’s small-account wrap fees approach 3% per year25:54 CALL: Son-in-law selling insurance, knows it’s a ripoff, loves the money28:55 Thanksgiving family drama and the “sociopath vs. psychopath” riff29:59 CALL: How much term life insurance should a high-income parent carry?32:52 CALL (same): Splitting Roth vs. pre-tax contributions when income is high34:28 CALL: How to find a true fiduciary (and avoid annuity traps)37:59 The advisor interview form and how to make salespeople disqualify themselvesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A light Black Friday edition tackles four listener questions covering Vanguard’s Digital Advisor, the timing of Social Security versus IRA withdrawals, whether to swap target-date funds for a VT/BND mix, and the wisdom (or lack thereof) of adding managed-futures ETFs. The show ends with a look at whether international bonds meaningfully improve diversification (answer: barely). The through-line? Keep investing simple, avoid expensive complexity, and stick with risk-appropriate, broadly diversified portfolios—holiday weekend or not.0:09 Don debates doing a Black Friday episode but decides to keep listeners company1:58 How to submit questions on the website and call on Saturdays2:16 Q1: Is Vanguard’s Digital Advisor worth using?2:56 Pros and cons: low cost, limited choices, avoid the active-fund version4:29 Transition to Q24:55 Q2: Should a spouse take Social Security at 62 or delay and live off an IRA?5:50 Pension changes the math—delay for the 8%/yr benefit7:13 Target-date vs. VT/BND performance and Roth allocation logic8:32 Risk tolerance matters more than account type9:09 Actual performance: 2035 fund vs. VT/BND nearly identical9:42 Q3: Adding managed-futures ETFs as a diversifier10:23 Why Don strongly opposes adding complexity and high-expense hedges11:36 Expense ratios make them non-starters11:56 Q4: Should investors add international bonds?12:46 Tiny diversification benefit; generally not worth it for DIY investors14:38 Correlation improvement maxes out around one-tenth of one percentLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom run through a Wall Street Journal list of “subtle signs it might be time to retire,” reacting to each one with their usual mix of disbelief, personal anecdotes, and gentle ribbing. The episode wanders into tech reluctance, job promotions nobody wants, Sunday dread, obsessive 401(k) checking, volunteering guilt, missing peers, feeling left out of friends’ retirements, boss-related misery, and aging knees. They also answer listener questions about Schwab Intelligent Portfolios and their high cash allocations, discuss the shrinking role of physical cash, explain the real value of pre-1964 silver quarters, and handle calls on Social Security math. Tom repeatedly tracks his daughter’s high-school soccer match on-air, providing live updates as the drama unfolds.1:06 WSJ list of “subtle signs it’s time to retire” begins1:40 Sign #1: Feeling numb arriving at work2:11 Why neither host relates to workplace numbness2:59 Sign #2: Shrinking from new tech tools (Tom jokes incoming)3:40 Don embraces AI, Tom… less so4:21 Sign #3: Avoiding promotions; why neither wants a bigger job5:16 Sign #4: The “Sunday scaries”5:50 Sign #5: Constantly checking your 401(k) balance6:26 Mid-list recap before the break7:42 Second half of the list introduced8:57 Sign #6: Wanting to volunteer more9:40 Sign #7: Realizing all your peers have retired10:11 Don jokes about dying at his desk11:34 Sign #8: Feeling left out as friends enjoy retirement trips12:40 Sign #9: Hating your boss (and why that’s not a retirement issue)12:56 Sign #10: Achy knees and “retire before you can’t enjoy things”13:35 Doctors, guarantees, and aging joints14:43 Call for listener questions15:04 Call: Schwab Intelligent Portfolios’ big cash allocations16:28 How Schwab makes money on the spread18:20 Transparency vs. hidden fees20:20 Back from break — Wednesday podcast explanation21:31 Don hates change (the coin kind and the life kind)22:30 Historical buying power of coins22:56 Pre-1964 silver quarter value24:15 Odds of finding one in circulation25:10 What amount of money makes you bend over and pick it up?25:47 Cleaning out the garage vs. hunting silver coins27:36 Halftime soccer update: the comeback begins29:02 Caller: misunderstanding “8% interest” from Social Security discussion30:26 Caller Paul on cash vs. cashless society31:51 Coca-Cola prices through time32:57 Only 12–18% of payments today are cash34:02 Holiday well-wishes and generational shifts35:34 Bewitched, credit checks, and pre-internet detective workLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode opens with a warning to younger investors who take TikTok advice over historical perspective, especially around claiming Social Security early. Don and Tom walk through the guaranteed 8%+inflation benefit increase from delaying, why “take it at 62 and invest it” collapses under market reality, and how fear is driving a surge in early claims. They pivot to Bitcoin’s sharp drop and why crypto speculation is driven by greed, not protection, before teasing Don’s upcoming crypto short story. Listener questions cover bad long-term-care/annuity hybrids, overcomplicated “bucket” strategies, responsible portfolio risk, and finally a breakdown of two expensive high-volatility mutual funds—both easily beaten by low-cost index alternatives.0:04 Message to younger investors about lacking market perspective1:19 Why TikTok advice on claiming Social Security early is flawed2:17 The real 8%+inflation annual increase from delaying benefits2:27 The “take it at 62 and invest it” myth3:47 Tom recounts Paul Merriman calling his allocation aggressive4:49 Rising panic-driven Social Security filings5:21 Don’s 69 vs. 70 claiming decision6:11 Survivor benefit logic many forget7:42 Imagining a sudden 30% crash—except it’s Bitcoin8:29 Bitcoin’s drop from 124K to mid-80s, plus MicroStrategy leverage9:58 Crypto culture, crypto research, and Don’s upcoming story10:58 Crypto as a greed play, not protection12:37 Emotions sabotage investing; the plan removes them13:51 Why risk needs to match the plan, not ego15:24 Crypto story teaser + Short Storyverses email plug16:31 Listener question: NY Life Asset Flex LTC pitch17:49 Why hybrid LTC/annuity products are weak and commission-heavy19:47 “Bucket” confusion and the need for purpose21:30 Caller Eugene: $250K “play money”23:43 Reality check: could you watch $250K drop to $125K?24:06 Why timing dips doesn’t work25:20 Better uses for excess cash in your 70s27:08 Tom: time for full planning review at age 7728:38 Fund analysis: Morgan Stanley Growth A29:25 Fund analysis: Invesco Equity & Income A30:30 Why moving to low-cost Vanguard indexes is the logical moveLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom go deep on a shady “non-profit” financial education group that funnels retirees into high-commission indexed annuities, using a listener tip to unpack the advisor’s fake credentials, mismatched ADV filings, dubious fiduciary claims, and the simple math that reveals where the money really comes from. Along the way, they cover how to investigate advisors yourself, why financial fairy tales persist, and answer listener questions on Avantis gold holdings, private equity’s impact on small-cap value, and the quality of Schwab’s 529 plan.0:04 Don’s industry rant and a look at the “American Financial Education Alliance” disguise.1:01 How pseudo-nonprofits target advisors and consumers with “no-sales” sales pitches.2:20 Tom’s take on the recycled seminar game and fake educator designations.3:40 Listener tip sparks Don’s PI dive into the flyer, claims, and contradictions.4:49 How to vet advisors using BrokerCheck and Form ADV.5:58 The firm’s tiny AUM and impossible economics of their claimed operations.8:02 The Maryland house vs. the Lakewood Ranch mansion — where the money REALLY comes from.9:25 The inevitable reveal: indexed annuity commissions driving the whole machine.10:18 Breaking down the seminar pitch language and the deceptive “market returns without risk” promise.11:24 Why the sales story collapses under math and dividends.12:34 The “licensed fiduciary” myth and regulatory reality for small firms.14:38 How consumers get fooled by the fiduciary framing in seminar mailers.16:13 Don and Tom dissect the pre-fab radio/TV show factories behind these advisors.17:19 Why the meeting is the real sales trap — and how to avoid it.18:48 Don’s plea: stop believing financial fairy tales.19:26 Don jokes about infiltrating steak-dinner seminars undercover.20:14 Transition to listener Q&A from Maryland: AVDV’s gold exposure.21:26 Why Avantis owns gold miners without being “in gold.”23:47 Momentum, value screens, and why the gold weight makes sense.24:26 Gold Hill, Oregon 529 question: Is the Schwab plan good?25:30 Age-based 529s and Schwab’s low-cost structure.27:28 Private equity fears: will it starve small-cap value indexes?28:41 Why the concern is mostly a media creation, not an investment reality.29:48 Don on the IPO–private–IPO cycle and how markets actually work.30:11 Why private equity performs worse in bad markets.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A lively Friday Q&A episode tackling listener questions about FSAs vs. 401(k) contributions, BND vs. BKAG bond funds, intermediate-term bonds vs. CD ladders, Avantis fund-of-funds fees and structure, and the financial implications of New York City’s newly elected socialist mayor. The show blends practical investing guidance with jokes about annuity-salesperson Halloween costumes and a detour into political fears vs. economic realities.0:04 Opening, Friday Q&A setup, thanks to Tom’s grandkids0:44 Listener FSA dilemma and choosing between FSA funding or 401k3:01 Why FSAs are painful and why a 401k wins when choosing one or the other5:57 Comparing BND and BKAG bond funds, holdings, universe, credit quality9:01 Listener joke: “scariest Halloween costume is an annuity salesperson”9:55 Moving CD-ladder money to VGIT or BIV; differences and trade-offs12:22 Thoughts on iShares LifePath target-date ETF (ITDC)12:33 Why Avantis fund-of-funds exist and whether you pay double fees15:36 Underlying fund costs inside AVGE and how the total expense ratio works16:21 Question about NYC’s new socialist mayor and financial impact fears17:54 Walking through political fears vs. practical economic reality21:55 Why one politician can’t radically reshape a city’s economic fateLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

You and Tom spend this episode unpacking a surprisingly liberating idea for investors: that average is good enough. Kicking off with your own story about a two-star podcast rating, you two stumble into a bigger truth—most people are chasing a level of portfolio perfection that doesn’t matter. Christine Benz’s Morningstar piece becomes the backbone of the discussion, contrasting “maximizers” (engineers, tinkerers, over-optimizers) with “satisfizers” (simple, diversified, sane). From there you hit Tesla’s trillion-dollar pay package drama, Bito’s goofy “dividends,” SGOV vs. CD ladders, fears about private equity sneaking into retirement plans, and a few classic Don-and-Tom tangents. The message: stop overthinking, build a sensible portfolio, and go live your life.0:04 Don’s two-star review existential crisis and the epiphany about doing things for joy1:16 Why being “average” in investing (and life) is perfectly fine1:45 Elon Musk compensation debate and ETF shareholders not getting a vote3:12 Don’s “brilliant raving lunatic” take on Elon and Tesla’s dominance4:38 The kings of tangentiality finally introduce the show5:55 Christine Benz and the “Good Enough Portfolio” philosophy6:36 Maximizers vs. satisfizers explained (plus Bogle bobbleheads)8:53 Why over-optimization rarely improves results9:56 Happiness and second-guessing: satisfizers win11:22 Time costs, tax worries, and the illusion of finding a perfect portfolio12:33 Two-fund vs. ten-fund portfolios and why simplicity works13:55 Working harder doesn’t usually make you richer—your job does14:25 Listener letter: long-time fan from Silverdale reminisces about 198815:26 Tom recalls being put on the air after several glasses of wine16:03 Acorns user asks about BITO’s wild “dividends”18:10 Why BITO’s payouts are actually return of capital and cannibalization19:58 BITO’s volatility roller-coaster (standard deviation 53)20:12 SGOV vs. CD ladders for short-term retirement cash22:07 Why emergency funds shouldn’t sit in a Roth IRA22:58 Listener concerned about private equity creeping into 401(k)s23:52 PE risks, political pressure, and greater-fool concerns25:27 Don thanks listener “AlwaysLearning1953” for the positive review26:49 Murder of Crows, sound effects, and the power of scary crows27:36 New Tales Told update—more stories on the way28:38 Saturday live show reminder and flyover banter28:58 Don’s Kansas/Leavenworth childhood story detourLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom open with the investor mistakes Christine Benz highlighted in Morningstar: portfolio sprawl, concentration in the same large-cap tech names, clinging to ancient active funds, ignoring reallocations, and failing at both asset allocation and asset location. The show then shifts into calls—first about fears of an “AI crash,” then a heartbreaking case of an 80-year-old widow stuck in an expensive, incoherent Schwab-built portfolio, which Don dismantles live. Later, Roth conversion strategy, smishing scams, and a closing riff on Bitcoin’s extreme volatility versus gold. A packed episode on how bad habits, high fees, and fear derail investors—and how a simple, globally diversified plan avoids most of it.0:04 Intro and Christine Benz’s list of common portfolio mistakes0:56 Portfolio sprawl and “hodgepodge-itis”1:32 Overloaded baskets of large-cap tech stocks2:52 The 31-year-old underperforming fund problem3:54 Active vs. passive: the shift the industry still hasn’t admitted4:03 Asset allocation errors driven by ignoring the plan4:51 Why rebalancing matters (and why people never do it)5:40 Asset location mistakes and why taxes demand a smarter structure6:15 Why these errors are easy to fix with a simple plan7:58 Don solo; open phones8:23 Caller: Fear of an “AI crash” and whether it can tank the market11:16 Building a portfolio that can withstand any crash13:01 International ballast and why planning matters more than predictions14:27 Don solo again; open phones15:17 Smishing scams and the rise of SMS-based fraud16:13 How cheap scam-software makes fraud explode17:08 Caller: 80-year-old widow with an awful Schwab portfolio18:27 Don investigates the tickers—high fees, obscure funds, bad structure19:57 Schwab dropped her; Don: “This advisor should be fired”21:07 Why the portfolio lost money and what those numbers really mean22:26 Active funds, high turnover, and tax drag24:01 Don’s verdict: unload the mess and move to simple, low-cost indexing25:01 Why a target-date fund may be the cleanest fix26:33 Take the risk quiz; why advisors should be boring27:00 Don vents about industry incompetence and fee-only failures28:23 Why advisors chase “exciting” instead of sound30:02 Caller: Roth conversion when 70% of assets are in traditional IRAs31:25 Why conversion benefits are minor but sometimes worthwhile32:33 Strategy: convert up to top of the 24% bracket33:19 Wrap-up and call for last questions34:56 Gold vs. Bitcoin: which is actually stable?36:09 Why Bitcoin’s volatility makes it a terrible “currency”Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!