Talking Real Money - Investing Talk

You and Tom take on the myth of hard-and-fast financial rules by walking through Real Simple’s list of nine “rules you can break.” From the latte factor to credit cards, budgeting, bulk shopping, and the old “retire at 65” trope, the conversation keeps coming back to a single theme: money isn’t black and white. You push back against absolutists like Dave Ramsey, emphasize discipline over dogma, and highlight the practical realities of saving behavior, debt, lifestyle choices, and risk. Listener calls round it out — including a thoughtful inheritance question and a late-career investor worried about having “run out of time,” which you defuse with smart, flexible solutions.0:04 Absolutism vs. nuance in personal finance1:24 Dave Ramsey’s black-and-white rules1:57 The latte rule and small vs. big expenses3:36 Pay-yourself-first as the only rule that really works4:57 Are credit cards bad? Protection, perks, and pitfalls6:26 Truth lives between extremes7:45 “Breakable” money rules from Real Simple8:39 The myth of retiring at 659:59 Why more people work past traditional retirement age11:00 Don’s TV story and accidental age-compliment12:59 Is bulk shopping really a money saver?13:55 Why strict budgets fail15:04 Tom’s failing FaceTime and tech-phobia16:02 Caller: leaving money to grandkids who vanished19:43 Family lawsuits when inheritances differ20:23 Caller: asset location and bond placement24:55 Should you draw from 401(k) or IRA first?28:43 Caller: “Am I out of time to retire?”33:00 Solving retirement shortfall with portfolio structure36:16 Don runs the numbers — immediate annuity optionLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A listener’s nightmare 401(k) story sparks a deep dive into how small employers can delay, misuse, or even lose employee retirement contributions before they ever reach the plan custodian. Don and Tom explain the Department of Labor’s weak enforcement, why small plans are most vulnerable, and what workers must do to protect themselves. Then the show tackles backdoor Roth timing rules, Social Security “worst-case” planning, the appeal (or lack of) of mid-cap ETFs, and how to unwind a hodgepodge portfolio without triggering massive tax bills.:04 When employers steal 401(k) contributions before depositing them1:42 The WSJ case: three-year hunt for missing contributions3:02 Why small employers are the highest-risk group5:02 DOL enforcement loopholes and the “administratively feasible” dodge7:04 What to do if your contributions never show up8:09 Fidelity bonds, audits, and how recovery really works9:39 Big-company plans vs. small plans10:36 Inside the Amazon layoff notice fiasco11:54 Listener question: timing a backdoor Roth in 2026 for the 2025 tax year13:40 The Form 8606 trap and pro-rata consequences15:03 Listener question: Should you assume Social Security cuts in your plan?16:41 Why benefits probably won’t be cut—even though the system needs fixing18:04 Listener question: Should anyone buy a mid-cap ETF?18:46 Why good portfolios already own plenty of mid-caps19:36 Listener question: Fixing 20 years of hodgepodge-itis at age 7221:22 Taxes, capital gains, and the slow cleanup strategy23:52 Why Wellington and Wellesley don’t fit a modern portfolio25:20 Personal banter: vacations, spending guilt, and sci-fiLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don fields a full slate of listener questions on everything from SGOV vs. high-yield savings accounts to the differences between AVUV and DFSV, why international stocks belong in a portfolio (but shouldn’t dominate it), and whether equal-weighted funds solve the “Magnificent 7” concentration problem. He digs into target-date and bond-fund suitability for short-term money, clarifies what “rules-based” really means for Avantis and Dimensional, and gently deflates misconceptions about long-term international outperformance. Along the way he riffs on talk radio’s decline, teases Tom’s dad jokes, and reinforces the core message: diversify, know your time horizons, and don’t overthink what good academic research already tells us.0:04 Don opens Q&A Friday and reflects on radio’s slow fade2:20 SGOV vs. high-yield savings accounts for emergency cash5:13 Why AVUV and DFSV only overlap ~40% despite similar factors8:43 Which fund is “wilder”: AVUV vs. DFA small value9:54 Why international stocks belong in a portfolio—but not overweighted11:41 Long-term U.S. vs. international return history14:51 S&P 500 concentration and equal-weight ETF considerations18:44 Equal-weight vs. small-value tilt vs. rules-based funds20:07 Where to put 2–3 year money: savings, CDs, BND, or a near-dated target-date fund?23:13 Better language than “active”: rules-based vs. systematicLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom question a surprising Wall Street Journal column arguing that annuities should become the default option in 401(k) plans. They explore why the idea is gaining traction, where the logic breaks down, and how the insurance industry benefits when complexity outpaces understanding. Along the way, they dig into the real shortcomings of annuities—fees, opacity, inflation risk, liquidity traps—and why “guarantees” often mask the true cost. Listener questions follow, covering tax-efficient stock cleanup at Schwab, spouse disagreements over individual stock picking, automatic ETF withdrawals at Vanguard, and building Dimensional portfolios inside Aspire plans.0:04 Don’s rant: “What the world needs now is… more annuities?”1:20 WSJ’s argument: make annuities the 401(k) default2:05 Why income complexity doesn’t justify default annuities3:01 Do annuities actually solve longevity risk?3:29 Inflation, joint-life costs, and who really wins4:20 Insurance industry reputation and the unanswered criticisms5:15 High fees, opacity, and why mistrust is earned5:59 Are annuity sales tactics the real barrier?7:02 Should annuities be in 401(k)s at all? Don vs. Tom7:36 Why annuities are mostly sold, not bought9:10 Liquidity traps and major-life-event risks10:01 Why “plans” matter more than “products”10:57 Listener questions: why nobody calls anymore11:14 Q1: Selling a brokerage full of individual stocks at Schwab12:46 Q1b: How to convince a spouse who loves stock picking14:21 Indexing vs. anecdotal evidence16:21 SPIVA data and why active managers lose17:02 Q2: Can Vanguard automate ETF withdrawals?19:05 Fractional shares and why purchases are allowed20:25 Q3: Aspire 403(b) options and DFA overload23:46 How many DFA funds do you really need?24:44 Micro-cap risks and portfolio sprawl25:42 Tom’s pumpkin-patch grandkid cameoLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom and Don grade Gen Z investors from a recent Wall Street Journal article, discussing their portfolios, common mistakes like stock picking, active management, and crypto speculation. They move into practical retirement and college-planning questions from callers — including Roth vs. taxable accounts, 401(k) catch-up contributions, 529 plans, and college costs pushing $90 K a year.0:04 Gen Z investing habits and media influence1:59 Grading five young investors from a WSJ profile7:43 Financial-flinch reflex and planning plug12:21 Listener: starting a 401(k) at 5915:34 Listener: using taxable funds for a Roth contribution20:24 Listener: Roth 401(k) catch-ups and 529 trade-offs26:08 College costs and saving priorities28:43 Listener: opening a 529 for a grandchild36:12 Listener: portfolio check (AVUV + bond ladder) and AVGE recommendationLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle investor “magical thinking,” especially the belief that private equity, non-traded REITs, and other illiquid “exclusive” investments offer hidden superior returns. They walk through Jason Zweig’s recent reporting on a Florida pension fund that locked up money, paid higher fees, and earned under 1% a year. The conversation underscores why liquidity, transparency, and diversification matter far more than complexity or exclusivity. The episode also features listener questions on retirement withdrawal sequencing for a $9M portfolio, evaluating cash balance plans, and deciding between traditional vs. Roth 401(k) contributions. A recurring theme: boring portfolios win.0:05 Magical thinking and the fantasy of “special” investments1:52 Private equity realities: higher fees, no liquidity, often lower returns2:46 The Indian Shores pension fund case3:44 Withdrawal limits and 0.7% 5-year returns4:34 Why endowments can do illiquid assets but you probably shouldn’t5:21 “Roach motel” investing and lack of transparency8:35 How mutual funds must provide daily liquidity vs. private funds that don’t8:49 Excitement is bad; investing should be boring9:54 Caller: $9M portfolio—withdraw taxable first or convert IRAs?11:51 Traditional IRAs vs taxable sequencing strategy14:17 Why taxable first lowers tax impact and preserves flexibility16:03 Blackstone senior housing REIT losses and why “sure things” fail17:39 Diversification protects you when single bets go bad18:06 Why private deals appeal emotionally (exclusivity + status)20:38 Caller: Tesla & concerns about private equity creeping into ETFs23:07 Why mainstream ETFs won’t adopt illiquid private assets24:43 REIT ETFs behave more like stabilizing bond substitutes26:02 LeaveMeAlone email-unsubscribe tool discovery28:04 Listener questions: send via site or voice form30:51 Cash balance plan concerns—likely a stable value/insurance product33:08 Another listener: Edward Jones 401(k) with American Funds C-shares34:30 High-fee small-plan 401(k)s—why they happen and how to fix36:27 Caller: Should we switch to Roth 401(k) contributions? Probably not here.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom welcomes consumer advocate Herb Weisbaum (ConsumerMan) to talk through the rising headaches of modern travel and everyday scams. Herb shares a recent Delta Airlines ordeal where he was nearly stranded overseas because he didn’t have the exact credit card used to purchase his ticket months earlier — a policy he and others say is poorly disclosed and inconsistently enforced. The conversation expands to robocall loan scams, fake toll violation texts, and AI-boosted fraud that’s becoming harder to spot. Herb offers practical steps on how to avoid getting trapped, plus early holiday shopping advice as tariffs and supply issues push prices up. A lively, useful consumer-protection episode.0:10 Tom introduces Herb Weisbaum and today’s consumer-focused discussion1:14 Tom’s Heathrow airline mess and why travelers feel powerless2:08 Herb’s far worse Delta experience: denied boarding without original credit card3:44 Calling a neighbor at 3am to photograph the card and save the trip5:13 Delta’s justification: “We’re protecting you from fraud”6:20 Why airlines can mistreat travelers and get away with it7:04 U.S. vs. EU passenger rights and compensation differences8:32 Text scams: fake unpaid toll notices are surging9:46 The new wave of “pre-approved loan” robocall scams10:48 AI makes scam messages grammatically perfect and harder to detect11:04 Slow down, don’t engage, verify before responding12:20 Let unknown calls go to voicemail to avoid social pressure14:07 Holiday shopping preview: tariffs, supply constraints, scarcity in decor and toys15:55 Black Friday all season long—price tracking and refund requests16:27 Brief detour into kid gifts, backpacks, and questionable plush monsters17:21 Checkbook.org and ConsumerMan resources for unbiased help18:17 Herb’s love of model trains and signing offLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This Friday Q&A tackles a familiar voice: Bitcoin Bob tries again to make the case for crypto as protection against currency debasement. Don breaks down what “debasement” actually means, why inflation gradually reduces purchasing power, and why Bitcoin’s extreme volatility makes it a poor replacement for the U.S. dollar. Productive assets remain the historically reliable hedge. Then: a comparison of target-date funds vs. a DIY three-fund portfolio, guidance for a couple aiming for early retirement with multi-account withdrawal planning, a discussion of equity/bond allocation in personal portfolios, and what might happen to the small China exposure inside global funds if geopolitical tensions escalated into war.0:04 Friday Q&A intro and request for more listener questions1:33 Bitcoin Bob returns: what “currency debasement” means4:34 Bitcoin vs. the dollar: volatility and why stability matters6:59 The real hedge: productive global assets over speculative tokens8:29 Target-date funds vs. a three-fund portfolio in retirement10:32 Asset allocation control vs. glide path defaults11:20 Early retirement scenario: withdrawal sequencing, 72(t), and risk tolerance14:55 When to add bonds and why emotional behavior matters16:00 Don’s and Tom’s current equity/bond allocations17:07 If the U.S. and China went to war: what happens to VT’s China exposure?20:26 Why global diversification limits catastrophic lossLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom take listeners on a wild ride through the booming (and frequently disastrous) world of leveraged ETFs. They break down how these funds promise double or triple the excitement but mathematically bleed away returns through volatility decay. A few listener questions follow, covering retirement cash buffers, negotiating advisory fees on large portfolios, and comparing IRTR vs AOM for a near-retiree allocation. Humor, subtle self-mockery, a Jonas Brothers detour, and a reminder that gambling is not investing.0:04 Opening banter and the thrill-seeker pitch for leveraged ETFs1:29 Leveraged single-stock ETFs explode from zero to $40B3:26 MicroStrategy example: stock up ~30%, 2x ETF down ~65%5:03 How volatility decay quietly destroys leveraged returns7:36 5x ETFs and the “go to zero in one day” problem9:01 When leverage stops being “investing” and starts being gambling11:38 Listener question: Should retirees hold a bigger cash buffer to avoid selling in downturns?14:37 Listener question: Should a $4M managed client negotiate fees? (Yes.)17:43 IRTR vs AOM comparison for someone three years from retirement22:54 Seasonal weather rant and hunkering down for productivityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the universal truths of investing — namely, that most investors underperform the market due to their own behavior. They discuss the persistence of emotional decision-making, the dangers of market timing, and the importance of diversification and sticking to a plan. Listener calls cover UGMA accounts, bond allocation in IRAs, downsizing for assisted living, robo-investing, annuities, and advisor ethics. The show mixes data-driven insight with classic Real Money humor and real-world financial guidance.0:04 Universal truths of investing and investor behavior2:07 Why investors underperform their own funds (Morningstar “Mind the Gap”)3:30 Market sentiment, cash levels, and memories of 2000 and 20084:31 Peter Lynch on market corrections and investor overconfidence5:40 The danger of timing the market and trusting stocks too much6:40 “Financial Flinch Reflex” parody PSA (Appella Wealth ad)7:41 Listener: diversifying a Vanguard UGMA for grandson’s education12:14 Listener: TSP rollover, age-based bond allocation, and risk tolerance14:40 The right asset mix for long-term investors in their 40s15:48 Listener: selling condo for assisted living — planning for late-life care18:45 Spending vs. inheritance — why it’s okay to use your own money20:27 Producer’s question: is SoFi robo-investing safe for beginners?22:56 Emergency funds vs. long-term investing; debt priorities26:03 Listener: spouse investing in individual stocks — handling differences28:32 Listener: total market vs. S&P 500 core fund; AVGE and DFAW explained30:17 Listener: 8% annuity “crediting rate” myth and why it’s misleading35:42 Real internal rate of return on annuities and risk comfort37:12 Listener: following advisor from Ameriprise to a bank — fiduciary warning39:36 Why commissioned products persist and how fiduciary rules differLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the timeless question: why do you invest? They challenge the “TINA” mindset (“There Is No Alternative”) and dissect new research claiming retirement savers should own no bonds at all. They argue that while stocks outperform over long stretches, bonds remain essential for emotional stability and survival during market crashes. Listeners join in with sharp questions about CD ladder withdrawal strategies, crypto-based dividend schemes, securities lending, and international ETF allocation. The show wraps with a skeptical look at Vanguard’s growing tilt toward active management and new global funds from Avantis.0:04 Why do you invest? Defining purpose versus chasing returns1:29 The rise of “TINA investing” — there is no alternative to stocks?2:30 Bonds as shock absorbers when markets collapse3:57 Questioning global overweights in new stock research5:01 The emotional toll of chasing maximum returns6:12 Bonds’ true role: keeping investors calm and consistent7:50 Zweig’s conclusion — even he still owns bonds9:06 Retirement timing risk and the case for diversification10:29 Caller Jay from Georgia — testing a five-year CD ladder withdrawal plan12:34 Turning the CD ladder into part of a bond portfolio13:46 What to do with the ladder during a market downturn14:47 Caller Jason from Washington — Elon Musk, Bitcoin, and the “Strike/Strive” gimmick15:49 The math behind high-yield crypto preferreds doesn’t add up17:18 When hype meets hazard: Ponzi parallels in risky yields18:57 Why “everyone’s doing it” isn’t a defense for bad strategy20:04 Why MicroStrategy’s dividend promises defy logic21:15 Listener question — securities lending in IRAs23:09 How stock lending actually works (and why it barely pays)24:18 Why most small investors shouldn’t bother27:15 Vanguard’s new identity crisis: the push into active management27:47 The profitability problem of index funds28:53 Can Vanguard’s active funds really beat their benchmarks?31:48 Why past performance still fails as a predictor33:14 Vanguard’s crypto flirtation and industry pandering35:43 Caller Craig from Seattle — expanding global exposure with AVNV36:32 The case for adding Avantis International Value ETF37:46 Early results and long-term expectationsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar’s Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn’t need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders’ black hole stadium.0:04 Reintroducing the need for financial help (but not that kind of help)1:17 Christine Benz’s surprising admission: she has a financial planner2:27 The value of a “responsible second opinion”3:25 Why Benz says peace of mind has real value3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective4:54 When hourly financial advice makes sense6:38 Organization and accountability as hidden benefits8:08 The disinterested spouse problem8:40 Why succession planning matters more than you think9:32 “Permission to spend” — an underrated role of advisors10:19 Who doesn’t need an advisor: young savers and disciplined investors11:27 When to get a second opinion even if you’re DIY12:18 Spotting bad advice and hidden annuities13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors14:09 Complexity and the need for help beyond 6514:47 The problem of small investors being preyed upon by salespeople15:52 Listener question: adding small-cap value exposure16:47 Comparing AVUV, DFSV, and SLYV performance and structure19:00 Expense ratios and diversification differences20:18 Don and Tom’s ETF verdict21:10 Retirement checkup: 77-year-old with pension and LTC coverage22:06 Evaluating liquidity, income, and survivorship23:48 The vanishing quality of long-term care policies24:56 Tom’s empty-nest plans and aching knee25:43 Raiders jokes and the black-painted stadiumLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don answers a range of listener questions covering topics from Fidelity’s fully paid lending program to the Roth 401(k) decision and mortgage payoff strategies. He explains why stock lending rarely adds much value for ETF investors, why paying off a 2.6 percent mortgage makes little financial sense, and why even Berkshire Hathaway isn’t a substitute for true diversification. Listeners also learn about HSA payroll tax savings and how to build Roth flexibility without triggering the pro-rata rule.0:04 Friday Q&A intro and listener invitation1:25 Fidelity’s fully paid lending program explained—small returns, limited upside3:47 When stock lending might make sense for rare or hard-to-borrow shares4:33 Mortgage payoff debate—2.6% rate vs. 7% investing return5:30 Don confirms: investing wins, emotion aside7:09 Caller argues for Berkshire Hathaway B as the “perfect” one-stock portfolio9:14 Don dismantles the myth—Buffett’s own warnings, risk concentration11:23 401(k) vs. Roth 401(k)—how to decide and why a plan matters14:04 Backdoor Roth options for self-employed spouses15:32 Importance of long-term planning once portfolios near $1 million15:56 HSA payroll advantage—no Social Security tax on contributions17:11 Using a Roth to store “extra mortgage” money until retirement18:08 Why paying off a low-rate mortgage later may not make sense19:37 Free fiduciary portfolio checkup offer from Apella WealthLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom open with an honest reflection on market déjà vu—how today’s investing climate echoes the speculative excesses of 1929 and 2008. Citing Andrew Ross Sorkin’s new book 1929: Inside the Greatest Crash in Wall Street History, they discuss the modern “financialization” wave: private equity, venture capital, crypto, and private credit being repackaged for retail investors and even 401(k)s, often under looser regulation. They warn listeners about “mark to make-believe” valuations and Wall Street’s relentless drive to sell complexity to the masses. The conversation moves from cautionary history (leveraged trusts of 1929, margin loans, and subprime mortgages) to present-day parallels like Bitcoin ETFs and private-market tokens. The takeaway: avoid opaque, speculative products; stick with transparent, low-cost diversification. In the Q&A, they answer listener questions about simplifying global portfolios with VT vs. VTI/VXUS, and about selling or donating concentrated stock positions from employee plans.0:04 Opening disclaimers and acknowledgment that the episode isn’t meant to scare investors1:18 Historical parallels—1929, 1987, 2008—and the feeling of “market déjà vu”2:10 Introducing Andrew Ross Sorkin’s new book 1929 and his NYT column on modern speculation3:20 Financialization and the loosening of investor protections in the 2020s4:33 Wall Street’s constant invention of confusing products that favor sellers4:58 Robinhood’s Vlad Tenev and the illusion of democratizing risk6:12 Lowering the barriers to private markets and what that means for investors7:26 Echoes of 1929: leveraged ETFs, margin-like structures, and “Russian-doll” debt8:29 The perils of leverage and speed of modern market declines9:02 Private-market tokens and the “mark-to-make-believe” problem10:25 Overvaluation, lack of liquidity, and Wall Street’s interest in 401(k) assets11:41 Historical leverage shifts—from banks to private credit12:58 Why trusting financial “authorities” can be dangerous13:32 Emotional honesty: people lie, and investors must self-protect14:42 Jealousy, lottery-thinking, and envy as behavioral pitfalls15:36 Investing as elimination—avoid what’s complex, costly, or confusing16:48 Listener Q&A: two-fund simplicity (VT + BND) vs. multi-ETF tinkering18:38 The temptation to overweight U.S. equities20:00 Contrarian case for international exposure (VXUS)21:15 ESPP stock cleanup: when to sell concentrated holdings22:44 Charitable giving of appreciated stock for tax efficiencyLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom go after one of their favorite targets: bad actors in the financial industry—especially those who flee regulation by becoming insurance salesmen. They break down a shocking new study showing that 98% of brokers kicked out by FINRA stay in the business by selling annuities and other insurance products, often with little oversight. The duo compares this behavior to “cockroaches,” slamming state insurance commissions for weak enforcement and minimal fines. Later, they tackle Washington State’s ballot measure SR 8201 on investing long-term care funds, answer listener questions about 529 plans versus UTMAs, discuss 457 plan costs and fund choices, and close with a fun chat about Halloween chaos and coffee and cocoa prices.0:04 Opening rant on misbehavior in the financial industry and the perils of “bad advisors.”1:03 How fired brokers reappear as insurance salesmen—98% stay in the industry.3:10 Why state insurance oversight is toothless and how low the penalties really are.5:14 Insurance firms masquerading as planners—why fiduciary-only advisors matter.6:03 The study’s “cockroach” comparison and why the problem persists.7:37 How to vet your advisor using FINRA’s BrokerCheck and state insurance lookups.9:16 State vs. federal regulation—why the insurance lobby spent $200 million to avoid SEC oversight.11:08 Caller Beth from Washington asks about SR 8201—investing long-term care funds in stocks.13:27 The fiduciary perspective: diversification and realistic expectations.15:23 Caller Gene from Puyallup on 529 plans vs. UTMAs for grandkids.17:55 Tax control, gift rules, and the best state 529 options.19:20 Holiday gifting and a little banter about who’s on Tom’s “nice list.”20:22 Halloween costumes, tourists, and Celebration, Florida trick-or-treat madness.23:28 Behind the scenes: Don reveals the entire “Talking Real Money” production staff (himself).24:32 Podcast email list plug—how to subscribe at TalkingRealMoney.com.25:35 Explaining podcasts for the AM radio crowd—how to find Talking Real Money on your phone.27:30 Listener question from Matthew in Illinois about 457 plan costs and hidden fees.30:38 The truth about 457s, penalties, and why Schwab’s low-cost ETFs may be smarter.32:34 Caller Rob from Bellevue discusses attending RetireMeet and noticing the Apella building.33:18 Wrapping with cocoa and coffee futures—good news for chocolate, bad for espresso lovers.37:49 Don plugs Litreading’s Scary Story Season before switching to Christmas stories.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the timeless topic of diversification — why it’s back in style, why it’s so hard to maintain, and why most investors (and pros) still get it wrong. They walk through how market “leadership” shifts over decades, the global vs. U.S. split, and why comparing your portfolio to the S&P 500 is often a trap. Listener questions cover ETF access at T. Rowe Price and Vanguard, whether to invest or pay down debt, and how the 5% flexible withdrawal rule works in early retirement. Plus, the guys riff on Halloween candy inflation, Social Security COLA bumps, and Don’s LitReading “Scary Story Season.”0:04 Show open — Saturday radio edition and why repetition matters in financial education1:03 The fashion of diversification — and why it’s “back in style”2:27 International and small-cap value resurgence3:15 Why investors chase past returns instead of diversifying4:02 Gold, inflation, and recency bias — lessons from the 1980s5:21 U.S. vs. international allocation debate: market cap vs. 50/506:20 The long wait for Japan’s market recovery7:41 Practical diversification tools — AVGE, DFAW, VT8:19 Stop comparing everything to the S&P 5009:08 Historical proof: global portfolio vs. S&P since 193110:02 Caller Charlie — buying Avantis or DFA ETFs through T. Rowe Price or Vanguard12:39 How fund custodians differ from managers13:27 Checking portfolio exposure with Morningstar14:42 Caller Gabe — invest or pay off debt?16:45 When to pay off a car loan vs. mortgage19:35 How to handle multiple mortgages and long-term plans20:22 Social Security’s 2026 COLA bump and the “good news/bad news” of $102 more a month22:21 Inflation realities — coffee, beef, and Halloween candy25:02 Candy talk — shrinkflation and Don’s trick-or-treat haul25:54 LitReading plug: “Scary Story Season” and Philip K. Dick’s The Hanging Man27:34 Search “Don McDonald” in Apple Podcasts — chiropractor cameo included29:05 Listener Victor (a.k.a. George) — can $4 million last 60 years with 5% withdrawals?31:38 How the flexible withdrawal method works in practice33:49 Retirement purpose, Monte Carlo results, and FIRE skepticism37:41 Kindleberger quote on bubbles and envy: “There’s nothing so disturbing as to see a friend get rich.”38:55 Kindleberger’s background and Manias, Panics, and CrashesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom Cock and Apella Wealth advisor Roxy Butner team up for a lively listener Q&A episode covering everything from the new wave of penny-stock IPOs to retirement readiness and tax traps. Tom opens with a warning about the surge in risky penny-stock offerings, then the two dive into listener questions about annuity sales pressure at Fidelity, portfolio diversification mistakes, CD taxation myths, Roth conversions, and one standout 21-year-old listener getting her financial life off to a stellar start.0:05 Tom opens with a warning about the explosion in penny-stock IPOs1:26 Why “lottery-ticket” stocks nearly always burn investors2:21 Diversify, stay tax-efficient, and skip the hype2:30 Roxy joins for listener Q&A3:38 Fidelity’s annuity pitch — a listener wonders if it’s time to leave5:05 Who’s truly fiduciary: Fidelity vs. Vanguard vs. Apella6:14 Vanguard dipping a toe into crypto6:51 Quabina from Ohio: $2.2M at 47 — diversified enough to retire at 55?8:14 Missing global diversification and bonds in an all-U.S. portfolio9:57 Early-retirement planning challenges and healthcare costs10:20 How to design the right stock-bond-international mix11:36 Daniel from California: Are long CDs taxed as capital gains?13:04 Why CD interest is always ordinary income — and muni bond alternatives13:29 Year-end planning: RMDs, Roth conversions, and tax optimization14:45 Common tax mistakes and mis-placed assets15:19 Emily from Ohio: “Young and Dumb” — a 21-year-old investing the smart way18:51 Building a first Roth IRA and why bonds don’t belong yet20:00 One-fund simplicity: AVGE vs. VOO21:41 Long-term mindset: global diversification and patience pay offLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle another full “Q Day,” answering listener questions on Roth fund selection, bond fund gimmicks, real estate returns, California’s odd HSA tax treatment, switching from Vanguard to Avantis, copying politician trades, and whether Vanguard’s Cash Plus account beats its money market fund. The episode mixes practical investing logic with humor, skepticism, and a bit of Don’s plug for his new storytelling podcast, New Tales Told.0:04 Q Day begins — Don riffs on “Q” words and high-quality listener audio1:42 Betsy from Minnesota asks: best funds for a Roth IRA (AVUV, VOO, AVGE)2:39 Don suggests simplifying to AVGE, but warns of risk and emotional resilience4:12 Jesse from Seattle on CPAG “tax-efficient” bond ETF — Don calls it a gimmick5:55 Don’s math: CPAG only helps slightly at 35% tax bracket, not worth complexity9:06 Listener compares 403(b) vs. home value growth — Don confirms results typical12:45 Real estate’s weak real return over time and lifestyle vs. investment value12:45 California HSA confusion — Don explains CA taxes HSAs like normal accounts15:22 Nathan from Georgia: Vanguard vs. Avantis funds, and “copy politician trades”17:20 Don: Avantis adds small/value tilt, AVGE can simplify portfolio management19:14 Don: “copy-trade” apps are expensive, delayed, and silly gimmicks20:58 James from Virginia: Vanguard Cash Plus vs. money market funds22:34 Don explains FDIC difference and risk-reward tradeoff, prefers money market24:11 Closing reflections, legacy talk, and plug for New Tales ToldLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom revisit the Social Security debate after new Wall Street Journal and New York Times articles challenge long-standing advice to delay claiming. They dismantle clickbait claims that “waiting doesn’t make sense,” highlighting emotional biases, unrealistic investment assumptions, and spousal benefit considerations. The episode also covers whether Social Security counts as an asset, then shifts to listener questions about 529-to-Roth rollovers for graduate school, switching funds in an IRA, and managing company stock in an ESOP-based 401(k).0:00 Why they keep returning to Social Security and why 25% of retirees rely on it entirely1:43 Two-thirds claim before full retirement age; Wall Street Journal’s clickbait headline3:02 The “bird in hand” fallacy and instant-gratification bias3:48 Don’s confession: took Social Security at 69—and dogs ruined the travel plans4:40 WSJ’s faulty 5%-return argument and why most investors won’t achieve it5:43 The math: waiting pays more monthly, but longevity is the unknown6:32 Trade-offs between retiring early, portfolio drawdowns, and spousal benefits7:35 NYT’s claim that Social Security is America’s most valuable “asset”8:08 Don’s rebuttal: it’s income, not an asset—you can’t liquidate it9:49 Why people misclassify Social Security and how bonds fit differently10:08 When and how to get a second (fiduciary) opinion on claiming strategies11:00 The plague of commission-driven “advisors” and fake fiduciaries12:29 Old brokerage “no-load fund” lies and how similar games persist today12:40 Listener Q&A: overfunded 529 plan vs. Roth rollover for grad school14:27 Midwifery degrees, student-loan math, and the 5% rate cutoff17:13 Rollover IRA question: switching Fidelity funds to Vanguard ETFs18:15 Active vs. index funds—why fees and diversification matter20:05 Active-active management and small-cap risk humor20:54 ESOP question: how much company stock is too much? (Hint: under 5%)22:42 Selling discipline and diversification in employee-owned firms24:39 Don and Tom joke about their own ownership and “sell-out” strategy25:04 Daily calls, good-natured ribbing, and reminders about Saturday’s live showLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into common misconceptions about what’s really been the top-performing asset class over the past five years—spoiler: it’s not the S&P 500. They compare U.S. large-cap growth with international small-cap value, using Larry Swedroe’s data to highlight the importance of global diversification. Listeners call in about estate planning, withdrawal rates in retirement, and portfolio construction. The hosts explain community property rules, flexible withdrawal strategies backed by research, and which small-cap value ETFs they prefer. The episode closes with a reality check on Bitcoin’s latest crash, revisiting Mark Hulbert’s warning that crypto isn’t an asset class but a risky “thingy.”0:04 Opening banter on the show’s long Seattle run and mission to simplify money.2:08 The S&P 500 obsession—why investors overweight large U.S. growth stocks.3:23 Larry Swedroe’s quiz: best-performing asset class 2019–2025 (hint: it’s not U.S. large growth).4:07 Dimensional International Small Cap Value Fund (DISVX) vs. S&P 500 Growth (VOOG).5:20 Why diversification and global exposure matter long-term.6:20 Break: “Financial Flinch Reflex” PSA.7:42 Diversification means holding assets that sometimes disappoint you.8:33 Don’s marriage analogy and listener call-in from Baltimore about trusts.10:15 Estate simplicity, beneficiary designations, and when trusts are unnecessary.11:55 The danger of “trust mills” and the value of family transparency.14:40 Community property vs. joint tenancy—Washington’s unique tax advantage.16:36 Call from Michael: flexible vs. fixed withdrawal rates in retirement.17:29 Why a 5% flexible withdrawal often beats the classic 4% rule.20:19 Research roundup: Kitsis, Vanguard, Morningstar confirm flexible success rates.23:09 Listener from Tennessee asks about capital-gains exclusions.25:44 Chris from Seattle: using target-date funds to fix a “hodge-podge” portfolio.27:24 Adding small-cap value (AVUV) to target-date funds for tilt and simplicity.28:34 Listener from New Hampshire asks which planning software Appella Wealth uses.30:06 Call from Sam: best small-cap value ETF options (AVUV vs. VBR).33:21 Risk, volatility, and why small-cap value offers higher expected returns.35:47 Mark Hulbert on crypto’s crash—bigger than 1929 by percentage.36:54 Why hype, not utility, drives crypto coverage.38:36 Final takeaway: investors remain too U.S.-centric; diversify globally.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom kick off by joking about their “record-breaking” call drought before diving headlong into the week’s biggest speculative loser: crypto. The duo dismantle the mythology around Bitcoin and its countless imitators, comparing the excitement of trading coins to sports betting and reminding listeners that portfolios are for investing, not gambling. They tie the current crypto crash to leverage, insider-like trades, and the same fraud patterns seen in history’s great financial cons—from Jay Gould’s gold-cornering to Elizabeth Holmes’ blood-testing farce. Later, they field listener questions on asset location, liquidity management, emerging-market exposure, and the danger of leverage via MicroStrategy’s Bitcoin bet. Through it all, they emphasize fiduciary discipline, skepticism toward hype, and the basic rule: excitement and good investing rarely mix.0:04 Pretending last Saturday’s show didn’t happen; Tom’s pun about “Pacific” questions.1:41 Crypto crash carnage—Bitcoin off 16%, Ethereum down 25%, “Trump Coin” collapsing.2:30 Comparing crypto’s thrill-seeking crowd to sports betting mania.3:55 Why your financial advisor should not be your gambling coach.4:48 The leveraged, insider-ish side of crypto speculation.5:06 The absurdity of 10,000+ coins that serve no purpose but gambling.7:40 Calling crypto “speculative” and comparing it to a casino roller coaster.8:10 Binance payout trouble—proof many players don’t know how to run big-money businesses.10:32 MicroStrategy’s leveraged Bitcoin plunge and the perils of margin.11:37 The illusion of “value” in digital tokens versus productive assets.12:55 Historical echo: borrowed money, bubbles, and 1929-style leverage warnings.15:25 Listener questions segment opens; lighthearted banter about philately and call volume.17:02 “ChatGPT beats bad advisors” — asset location done right (bonds in IRA, stocks in Roth).18:30 Why most “advisors” ignore tax planning in favor of commissions.20:23 Jay Gould, robber barons, and the Wall Street Journal’s bizarre defense of con artists.22:12 From Nikola to Theranos—lying as business strategy and why “gray areas” hurt investors.24:53 The moral cost of tolerating fraud disguised as innovation.26:36 Why trust is the real foundation of capitalism, not creative deception.27:00 How to protect yourself: fee-only fiduciary advice and due diligence.27:36 Mariners hangover theory for low call volume; nostalgic TV banter (“Bewitched”).29:06 Caller Tom (Seattle): $4 M portfolio, $1 M in money market—how much liquidity is too much?30:34 The hidden risk of waiting too long to react when rates fall.33:08 Building a CD ladder to lock yield without betting on one-day rates.34:25 Quick take: Why they’d avoid owning Boeing stock individually.36:18 Caller Justin (Florida): emerging-market allocation for high-risk investors.37:29 Case for small-cap and value tilts, including emerging markets.38:34 Should you exclude China? Why it’s still essential in global portfolios.39:29 Closing reminders—use the website for questions, and find fiduciary help at TalkingRealMoney.com.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle a mix of market mania and listener questions, skewering speculative fads like meme stocks, SPACs, private credit ETFs, and covered-call funds. Don opens with a scam text story before the duo dive into the absurdity of “get-rich” products during a record-breaking market. They stress discipline, diversification, and turning off CNBC — repeatedly. Listener questions include Roth conversions in high tax brackets and funding a home purchase without wrecking retirement plans. The show ends on a hilarious tangent about listeners wearing backpack banners to promote Talking Real Money.0:04 Scam text from Colorado and the hazards of living alone in a studio1:09 Market highs and the illusion of perfect timing2:35 Stock concentration, meme stock mania, and the “Magnificent Seven” dominance3:34 Listener call: investing in a soccer team partnership promising 15–30% returns5:12 Why “too good to be true” often is — scams and speculative traps6:09 Covered-call ETFs (JEPI, GPIQ) explained and debunked9:39 New private credit ETF (PCR): high fees, low transparency, huge risk12:49 CNBC hype vs. reality — why turning off financial TV is sound advice16:21 Listener question: Roth conversions and tax traps in the 30% bracket19:26 Another listener: funding a new home without derailing retirement21:47 Don’s rant on overpricing homes — “every house sells at the right price”23:24 Real estate emotion vs. math — the price always tells the truth24:31 Episode wrap-up: humor, gratitude, and an absurd “wearable banner” promo ideaLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don answers six listener questions covering CD ladders vs. bond funds, global diversification for young investors, allocation shifts for early retirees, HSA documentation rules, 529 plan comparisons, and whether Dave Ramsey-style portfolios need bonds. He closes with practical guidance on holding cash for opportunities and a reminder about the value of disciplined, evidence-based investing.0:10 Friday Q&A intro and how to send in questions1:51 Are CD ladders a good replacement for bond funds?3:37 How to build a disciplined CD ladder and avoid rate-timing mistakes3:41 A father asks how to diversify his daughter’s Roth IRA beyond VTI5:48 Couple planning early retirement—asset allocation and 72(t) options9:41 Why bonds exist: emotional stability vs. return chasing11:29 The case for international diversification11:29 Long-term HSA strategy and what to do without old receipts14:32 How to recreate expense records and save PDFs going forward15:26 Which 529 plans are best for kids aged 2–12? (Utah vs. Schwab)17:28 Dave Ramsey investing myths and the real purpose of bonds20:36 When to start adding bonds—take the Talking Real Money risk quiz21:00 Where to park six-figure cash for car or property purchases22:46 Short-term safety vs. yield trade-offLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don swats a studio bug, then swats down the idea of dividend-driven retirement portfolios. Drawing on Jason Zweig’s interview with Richard Thaler, they explain why retirees should focus on total return—spending from a diversified portfolio rather than chasing yield. They hit Robinhood’s profit model, bid-ask spreads, and the need for automatic-enrollment retirement plans. A listener call leads to a discussion of Social Security timing, debt-free retirement, and (yes) hodgepodge-itis—Don’s term for chaotic portfolios. Things wrap with a jailed investor’s question, some gallows humor, and the usual banter about holidays and compliance.0:04 Bug chaos and phone-line reminder1:41 Why dividend-income portfolios are a trap2:50 Jason Zweig & Richard Thaler on total-return spending4:18 Total return beats “high-dividend” illusions5:39 Robinhood’s option-spread profits and the myth of “free” trading6:15 Schwab vs. Robinhood: relative honesty in bid-ask spreads7:43 Thaler’s take on missing retirement plans and automatic savings9:05 Anniversary talk and the failed “Debbie Show” experiment10:15 Back to Thaler—why most workers still lack plans11:39 Tesla options example showing 7 percent spread12:05 Case for national retirement depository & hybrid Social Security13:33 Hodgepodge-itis defined (and owned by Don)14:51 Low call volume and the Mariners’ hangover15:52 Listener Kevin asks about dividends vs. selling stock16:53 Reinvesting dividends vs. total-return withdrawals18:17 Dividends reduce company growth potential19:45 Why high-yield chasing kills diversification20:07 Caller David, age 67, plans retirement & asks how to prep21:55 Social Security timing advice—benefits rise monthly22:50 David’s details: city pension, deferred comp, house, no debt24:07 Getting professional fiduciary advice before retiring25:23 David’s crypto confession and $3K Ripple gamble27:27 Jail-bound investor asks where to park money30:18 Don & Tom debate investing from behind bars (humor intact)33:19 Columbus Day scheduling confusion & closing banterLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom open with banter about the weather, baseball playoffs, and studio quirks before diving into what it means to be a “millionaire” today versus in 1890. They explore how much of modern net worth is illiquid, why home equity and retirement funds can trap wealth, and how planning for liquidity and income is crucial. The conversation transitions into a discussion of market volatility, rare earth trade tensions with China, and Brett Arends’ critique of index investing. They counter with historical perspective, humor (and potato chips), and advice about risk, rebalancing, and human behavior. Later, listener calls cover portfolio structure, Empower vs. Vanguard advisor options, and evaluating advisor fees and fund costs. The show closes with their classic blend of education, sarcasm, and fiduciary realism.0:04 Opening banter, phone number, Florida “cold front,” and baseball chatter2:33 Topic intro: What a million dollars means now vs. 18903:58 Comparing historic vs. modern millionaires and net worth equivalency4:43 The illusion of wealth—why 70% of assets are often inaccessible5:30 Planning for liquidity: why paying off a mortgage too early can backfire6:37 Don’s retirement planning promo7:39 Historical comparison: 1890s Gilded Age vs. today’s millionaire stats8:19 Market globalization and modern wealth concentration9:43 Rare earths and the U.S.–China tariff skirmish10:22 Market check: stocks, bonds, and gold all dip; volatility talk12:04 Don’s “unnamed thing” (Bitcoin) drops 10.5%; discussion on risk and rebalancing13:48 Don shifts to 60/40 allocation—explains rationale near retirement14:34 Brett Arends’ “Dumbest Stock Market in History” critique discussed16:00 Debate: Are index investors stabilizing markets through consistency?17:19 Potato chip tangent and investor psychology18:32 Arends’ bearishness vs. evidence-based investing20:00 Protecting your psyche, not every dollar, from market declines20:20 Podcasting history—when Talking Real Money began21:32 Caller Samir (Virginia): $4M net worth, suffering from “hodgepodge-itis”24:15 Don and Tom’s prescription: stop investing until you have a plan25:42 Margin loan temptation and why 10.5% interest kills the idea27:00 Tom reinforces the need for a fiduciary planner27:32 Caller Chris (Texas): moving from Empower to Vanguard PAS29:21 Vanguard vs. Empower: conflicts, fund choices, and planning gaps31:46 “Half-pregnant” advice models and Bogle’s legacy examined34:20 Broader critique: single-provider risk and investor behavior35:54 Caller Dave (Olympia): evaluating returns, fees, and portfolio costs37:50 What’s a reasonable expense ratio and advisor fee range39:24 Final takeaway: judge portfolios by structure, not short-term returnsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this playful and insightful episode, Don and Tom explore how the beloved Friends characters might fare financially if they were retiring today. Using their signature mix of humor and practical investing wisdom, they analyze each character’s fictional career, personality, and spending habits to project their retirement readiness. The second half of the show returns to real-world money matters, answering listener questions about blending withdrawal strategies and fund choices in employer retirement plans.0:04 Why this episode starts with a Friends reference—and yes, it’s copyright-friendly0:31 Monica and Chandler Bing as retirement savers: organized, driven, but maybe too perfectionist3:25 Monica’s obsessive planning vs. Chandler’s possible risk aversion4:22 Overthinking portfolios and the emotional toll of too much tweaking5:01 Savers who struggle to spend: how Monica might hoard instead of enjoy5:56 Chandler’s likely financial behavior and their combined million-plus portfolio7:03 Ross: neurotic, divorced, and probably pension-supported7:54 Why pensions are psychologically powerful for retirees8:35 Ross would need an advisor to keep him calm and invested9:14 Rachel: spender, low earner, fashion industry job—not retirement ready10:30 Joey: the actor’s feast-or-famine finances and SAG-AFTRA pension potential12:22 Real SAG-AFTRA pension expectations: modest but helpful13:09 Joey’s likely retirement: modest income, limited comfort outside major cities13:54 Phoebe: quirky, lovable… financially reckless?14:28 Phoebe’s imaginary downfall: alimony, bad investing, busking in Times Square15:20 Big picture takeaways: personality, income, and circumstance aren’t destiny—but they shape outcomes16:48 The Bings win the retirement game… Phoebe’s husband probably doesn’t stay married17:30 Listener Q1: Combining fixed and flexible withdrawal strategies18:52 30-year portfolio simulation using 60/40 and AI tools20:24 Hybrid strategy results: high survival rate, smoother ride, and growing payouts21:21 Comparison of 4% vs. 5% withdrawal income over time22:36 Listener Q2: Replacing expensive international funds in a union 401k plan24:00 Replace EuroPacific and Developed with Fidelity’s low-cost international index fund25:17 Expense ratio showdown: PigWX vs. FSPSX26:32 Closing chaos: how to contact Tom and the long-lost newsletter phone number27:49 Origins of 800-FUND-004 and how someone just walked into the Bellevue office29:42 End credits and final laughs—yes, even Tom held back the dad jokes (mostly)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this extended Friday Q&A episode, Don answers six listener-submitted questions covering a wide range of personal finance and investing topics. He kicks off with a fiery takedown of cryptocurrency as a viable asset class, arguing it’s based on hype and the greater fool theory. Other questions explore whether pensions should count as fixed income in asset allocation, the performance of Dimensional and Avantis funds versus traditional index funds, the pros and cons of Collective Investment Trusts in 401(k)s, and the strategic timing of Social Security. He ends by clarifying a common misconception about RMDs and Secure Act 2.0. Expect smart insights, a little snark, and the kind of blunt honesty that’s rare in financial media.0:04 Listener Q&A returns with an extra dose—six questions this time1:07 Confusing podcast scheduling clarified (sort of)2:11 Crypto as an asset class? Don calls it “entirely invented” and dismantles the use case hype4:32 If civilization collapses, your Bitcoin won’t save you6:06 Crypto = greater fool theory; Don braces for hate mail7:30 Dimensional/Avantis vs. index funds—do the extra fees pay off?9:13 A 15-year comparison: Dimensional Global Equity vs. VT11:43 Should a pension count as fixed income? Don says no—it’s a volatility game, not income15:48 CITs (Collective Investment Trusts) in 401(k)s—cheaper, but less transparent18:58 Index funds should be your benchmark; Don suspects this one’s active20:02 Claiming Social Security early to preserve Roth? Don says the math rarely supports it23:59 Secure 2.0 and RMD confusion—born in 1959? You still take RMDs at 73, not 7526:15 Tech keeps improving—Don urges retirees to stay sharp, stay curiousLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into a new Morningstar report showing that tactical allocation funds—those run by “smart” managers who actively shift investments—significantly underperformed simple buy-and-hold index portfolios. They unpack why doing nothing often wins, discuss investor behavior gaps, and revisit the power of staying the course. Listener questions follow on mortgage payoffs, TIAA advisory fees, and adjusting stock/bond splits in retirement. The episode wraps with Don revealing his personal creative project—his short story A Chance of Death on his LitReading podcast—and a teaser for his next story, Murder of Crows.0:23 Morningstar headline: tactical allocation funds lose to “do-nothing” portfolios1:45 What tactical allocation funds really are (a.k.a. expensive market timing)2:52 Morningstar urges investors to “stay the course”3:04 Revisiting “Mind the Gap” and why investors underperform their own funds4:28 Data comparison: $10k in tactical vs. passive portfolio over 10 years5:31 Why professionals can’t beat buy-and-hold investors6:51 Human behavior, arrogance, and the illusion of market-timing skill8:37 The need for a written plan and risk-based portfolio9:58 If you have a plan, market noise stops mattering10:22 Tangent: WWII documentaries vs. Taylor Swift’s Miss Americana11:21 Listener question #1 – Paying off a low-rate mortgage vs. investing13:35 Math and emotion collide: cheap money, liquidity, and peace of mind15:35 Listener question #2 – TIAA Wealth Management fees and fiduciary standards18:31 Reading TIAA’s ADV: possible fees up to 2% on small accounts20:08 Comparing local RIAs vs. large institutions21:08 Clarifying blended fees and fund costs21:47 Listener question #3 – Vanguard advisor suggesting 60/40 allocation22:53 Risk tolerance vs. risk need – the real balance24:05 Investment Policy Statements and Vanguard’s advisory limitations25:46 Call for more listener questions and upcoming Q&A shows26:15 Don plugs Lit Reading and his new original story “A Chance of Death”28:24 How AI collaboration shaped the story’s creation30:59 Discussion of his next story, “Murder of Crows”32:17 Invitation for audience feedback on Lit Reading storiesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom kick off this episode with a satirical bang—mocking the apocalyptic tone of a MarketWatch article about the “Fourth Turning,” a cyclical doom prophecy claiming America faces a cataclysmic reset every 80–100 years. Citing wars, depressions, and now AI, wealth taxes, and the fall of the dollar, the hosts break down the fatalistic tone, expose the fear-marketing behind it, and reassure listeners that, historically, markets have recovered—and rewarded long-term investors.0:04 Faux alien warning: the Fourth Turning economic apocalypse is coming1:16 Dissecting the MarketWatch article and the “Fourth Turning” theory2:26 Peak catastrophe by 2030? AI job loss, collapsing dollar, wealth taxes3:38 Don asks: what is this guy selling? Spoiler: $100M wealth club6:01 $180k to join R360—clearly not for the average listener6:33 Don’s “financial flinch reflex” PSA spoof (ad)7:41 Tom: “We love being scared”—AI panic and deepfake video fears9:07 Caller Sue (68): Ready to retire with $820k and SS? Don says yes13:05 Sue’s next step: get a fiduciary checkup, maybe run Monte Carlo14:10 Tom runs one: 50th percentile = she hits zero at 9815:32 Flexible withdrawal rates might work better than rigid 4%16:34 Listener voicemail: Should we switch from Roth to Traditional now?18:16 DT’s Roth vs. traditional strategy: save taxes while you can20:14 WSJ article on taxes and stock gains—do ETFs instead21:25 Tax basics for investors: capital gains rates and efficiency23:26 Mad Men nostalgia and mid-century tax rates25:15 TV detour: Bewitched vs. I Dream of Jeannie vs. Outlander27:10 Back to calls: Theodore asks about 403(b) options in Burlington29:10 Don explodes: garbage annuity vendors dominate the plan31:01 Aspire is the only halfway-decent vendor… if you avoid their advisors33:54 Don tells how an Albuquerque teacher got Vanguard into their plan35:44 Aspire hack: use FundSource for no-load mutual funds36:14 Caller Steve: hold 20 stocks or sell and rebalance?37:53 Tom: hybrid approach. Don: depends on need. Watch tax bracketLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

The show kicks off with a sardonic take on turf wars between delivery drivers—yes, really—before diving into third-quarter market returns, investor behavior, and asset class performance. Don and Tom remind listeners (again) that sticking with a diversified portfolio beats timing markets or following headline noise. Listeners call in about Social Security strategies, inheritance accounts for minors, and what to do with large sums of cash in retirement. The show wraps with a smart look at ETF-to-mutual fund conversions and why the old-school fund industry is getting left in the dust.0:11 Delivery turf wars joke and quarter-end reflections1:40 Fears vs. reality: inflation, jobs, and trade wars2:16 Q3 returns: U.S. stocks +8%, EM +9.6%, silver tops, cocoa flops3:09 What you had to do to earn those returns: be invested, diversified, and ignore noise5:13 Don scolds investors still avoiding value and international stocks6:11 Chocolate aside, it’s been a strong year for stocks and bonds7:42 Promo: Why guessing isn’t a retirement plan7:51 Don recovers from a cough; Tom lists worst Q3 performers (lean hogs!)9:13 Listener Chad argues for claiming Social Security early if you can earn 3%11:08 Don crunches the math: break-even at age 81–82 if invested at 3%12:57 Survivor benefits and why waiting helps your spouse13:57 Don jokes about his wife stealing his life force and living to 11214:54 Vaccine banter and intro to next caller15:56 Caller Michael from Burien sells a condo, asks where to put $300k19:07 Don and Tom suggest municipal bonds like VTEB for tax-free yield20:20 Michael quotes a great retirement planning aphorism20:29 Shift to ETF inflows and the downfall of mutual funds29:13 Vanguard’s tax-free conversion model and Dimensional’s exemptive relief30:49 What this shift means for investors with taxable accounts31:17 Mutual funds may soon be the next buggy whips32:22 Listener Connie asks: do you really get back Social Security withheld when working before FRA?33:14 Tom and Don clarify: benefit adjusted later, but no “refund”34:37 Caller Susan from Connecticut: what to do with $250k in cash36:52 Don: You don’t need more products—you need a real financial plan39:17 Flat-fee plans and how to find a true fiduciaryLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A lively, unscripted listener Q&A episode with no set topic — just a flood of great questions. Don and Tom tackle everything from inheriting farmland to the hidden cost of medical inflation, tax-efficient short-term investments, Ameriprise conflicts of interest, fund turnover ratios, and a heartfelt tribute to the late Jonathan Clements, a true pioneer of rational investing journalism. Plenty of wit, warmth, and straight talk about money — plus a personal moment of honesty from Tom about life, loss, and gratitude.0:04 Cold open: “A show with no topics” banter and weather humor2:07 Angie from St. Paul: Inheriting farmland — hold or sell?6:04 Anton from Spokane: Medflation’s impact on Social Security COLA and Medicare premiums10:45 Jason from Tigard: SPAXX vs. SGOV — which is better for short-term cash?13:35 Ameriprise client: Should I use an SMA or fire my advisor?18:41 Luke from Evans, GA: ETF turnover and what it really means23:25 Tribute to Jonathan Clements — his life, legacy, and impact on index investing27:10 Personal reflections, audience appreciation, and gratitude from TomLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In the longest Q&A episode yet, Don answers seven listener questions covering everything from concentrated stock windfalls and early retirement asset allocation to Roth vs. taxable contributions, the real 59½ withdrawal date, the dangers of buffered ETFs, and the reality of home affordability. He stresses the importance of security over speculation, the need for actual retirement planning, and the pitfalls of gimmicky Wall Street products, all while weaving in his trademark skepticism and humor.0:04 Friday Q&A intro and listener surge in questions2:18 Jackpot in two small-cap stocks at age 70—should he sell?6:28 42-year-old with uncertain job security and $850k retirement + $518k taxable—structuring allocations for early retirement11:28 Roth vs. taxable brokerage contributions for flexibility before 59½15:13 Clarifying 59½ rule—date vs. year of eligibility17:11 Buffered ETFs explained and why they’re just Wall Street gimmicks21:53 Rule of thumb for first-time homebuyers: mortgage % of income, 15 vs. 30-year terms, and why homes aren’t great investmentsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle Americans’ retirement fears, highlighting a survey where one in five say it would take “a miracle” to retire securely. They stress the importance of planning over wishful thinking, cover the risks of recency bias, taxes, and underestimating longevity, and explain why flexibility—delaying Social Security, working part-time, downsizing, or even using a reverse mortgage—may be essential. Listener questions include a 30%+ ETF return (AVDV), the new rules allowing 529 rollovers to Roth IRAs, and a deep dive into Facet Wealth versus Northwestern Mutual, with a reminder about low-cost index investing and the value of fiduciary advice.0:04 How confident Americans are about retirement security1:37 “It would take a miracle” vs. “You need a plan”2:37 The value of professional reviews and planning tools3:52 No perfect time to retire, recency bias, and government as your “partner”5:08 Retirement timing compared to parenthood decisions6:06 The limits of Social Security and lifestyle realities7:18 Adapting by working longer, delaying Social Security, or reducing expenses8:25 Cutting wants, working part-time, or considering home equity solutions9:23 Reverse mortgages and staged retirement strategies10:03 Purpose, social life, and health in retirement11:25 Listener question: international ETF with a 30%+ return (AVDV up 38% YTD)13:02 Why diversification matters for capturing those “30 percenters”13:22 Listener question: 529 rollovers to Roth IRAs and beneficiary changes16:21 Listener case study: RN nearing retirement, Facet vs. Northwestern Mutual18:07 Facet’s flat annual fee structure compared to traditional AUM fees20:54 The pitfalls of Northwestern Mutual’s high fees and insurance roots23:34 When to hire a fiduciary and why $1.5M+ means it’s time25:30 Advisor costs vs. DIY investing, plus an extended “haircut analogy”27:13 Shout-out to AI-generated Talking Real Money show artLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the creeping role of AI in financial advice—highlighting Vanguard’s new “nudges” on its platform—before pivoting into lively listener calls. The show explores the balance between saving and living (including an $800K earner debating a bigger house), the risks of high-yield gimmick ETFs like QQQI, the simplicity of age-based 529 plans, and the murky rules around paying kids into Roth IRAs. Humor, skepticism, and practical guidance keep the conversation grounded, with a side of leaf blowers, Italian villas, and Tom’s inevitable puns.0:10 Don’s dramatic AI apocalypse intro and Vanguard “nudges”1:20 Squarespace rant: how customer service died4:13 Vanguard limiting fund lists—bias toward active funds?6:22 AI is coming for investing advice6:35 Listener call: $800K household, cheap mortgage, “living life” vs upgrading home10:22 House affordability rules: 25–30% PITI, low-rate lock-in dilemma12:19 Call from Jim in Bellevue: QQQI high-yield ETF13:44 Why covered call income funds are risky, volatile, and gimmicky17:41 Tech focus, March 2000 parallels, why diversification beats chasing yield19:29 Covered call strategies—why they lose upside and add complexity22:50 Listener email from Shauna: which Utah 529 portfolio to pick24:36 Best choice = age-based glide path, simplicity and cost advantages26:13 Follow-up caller: Roth IRAs for kids, risk of inflated wages and IRS scrutiny29:24 Who checks wages? IRS shutdown jokes, K-1 confusions, AI tax analysis failLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom open with a tribute to financial writer Jonathan Clements, reflecting on his career and unique investing wisdom. They unpack five of his “pearls,” including saving early, avoiding big mistakes, and living an active, purposeful life. From there, they pivot into critiques of misleading annuity sales cloaked in fiduciary language, highlight changes coming to retirement account catch-up contributions, and tackle listener questions on bond ETFs, ETF vs. mutual fund conversions, CD strategies, and investing with a reluctant spouse. The show mixes respect for sensible investing voices with sharp criticism of gimmicks, all wrapped in listener calls and banter.1:04 Remembering Jonathan Clements and his influence2:59 Pearl #1: Make and save money early, passion can wait3:54 Pearl #2: Winning isn’t everything—avoiding losers matters most5:05 Pearl #3: The tax code rewards patience and savers5:50 Pearl #4: Don’t just stand there, do something (in life, not trading)7:37 Reflection on his loss and the scarcity of sensible money voices9:34 Critiquing Kiplinger article and annuity sales cloaked as fiduciary advice11:44 Pearl #5: Humans are built to strive, not sit idle—retirement requires purpose12:40 Preview of rising early-retirement questions in upcoming Q&A show13:22 Vacation banter, Disney’s Aulani resort, and “surfing together” joke14:13 Back to annuity sales, fiduciary mask problem, and misleading disclosures17:39 Listener email anticipating annuity criticism—prediction fulfilled18:12 Listener call: pushback on jargon, “basis points vs. bips” debate20:13 Listener call: bond ETF BINC—why it’s loaded with junk and risky25:22 Explaining Roth-only 401(k) catch-ups starting 2026 for $145k+ earners27:22 Listener call: ETF vs. mutual fund conversions, Vanguard’s patent, Fidelity status31:29 Listener call: couple with $1.6M in cash, wife afraid of investing35:36 Don and Tom’s advice: show need via a financial plan, start with small stock exposure35:59 Listener call from Italy: CDs, interest rates, and laddering vs. penaltiesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the “big three” global equity ETFs—Vanguard VT, Dimensional DFAW, and Avantis AVGE—breaking down their diversification, costs, risk/return assumptions, style tilts (small/value vs large/growth), and geographic/sector weights. They highlight how DFA and Avantis add microcaps and factor tilts that Vanguard’s index omits, why fees are “pennies” but differences in construction matter, and why “rules-based” is more accurate than “active.” Listener questions cover lottery winnings (lump sum vs annuity), the collapse of Publishers Clearinghouse payouts, and Ameriprise’s pricey SMA accounts. The theme: investing lives in the middle ground—balancing risk, cost, and logic.0:04 Middle-dweller banter and show open0:54 Why ETFs replaced mutual funds as the easy route1:23 The “big three” global ETFs: VT, AVGE, DFAW2:34 Which is “better”? Spoiler: none—or all2:56 Diversification: DFAW 13,700 stocks vs VT’s 10,0004:00 Expense ratios: Vanguard’s cost advantage4:32 Risk/return projections and why they’re guesses6:22 Microcaps explain much of the differences7:55 Why small/value stocks historically outperform8:55 Style box breakdown: small vs large allocations9:45 U.S. vs international exposure: “pandering portfolios”10:57 Tech vs financials: sector allocations diverge12:09 Recent performance snapshots, short vs long term13:34 Index (VT), Factor (DFAW), Rules-based tilt (AVGE)15:25 Long-term results: Avantis beats Vanguard despite higher fee16:15 Risk/return symmetry: you could make a lot, lose a lot16:45 Listener Q&A: $2B Powerball jackpot—lump sum or annuity?18:01 Publishers Clearinghouse collapse leaves winners unpaid21:07 Listener Q&A: Ameriprise SMA fees and pitfalls23:48 Why Ameriprise’s “nice” advisors are still costlyLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this Friday Q&A edition of Talking Real Money, Don tackles listener questions ranging from the dangers of options trading and critiques of Dave Ramsey, to building a simple 60/40 portfolio, comparing flat-fee versus AUM advisors, and whether international bonds deserve a spot in a portfolio. Along the way, he mixes in humor, candid pushback, and practical advice while emphasizing clarity, simplicity, and the importance of asking good questions.0:04 Intro, gratitude for enough listener questions to fill a show1:20 Why Don won’t recommend any book on options trading3:29 Caller defends Dave Ramsey and critiques Don & Tom’s take5:55 Don responds, clarifies criticisms, and acknowledges Ramsey’s positive impact8:00 Portfolio question from Andy: building a 60/40 with a value tilt11:14 Flat fee vs. AUM advisors—when each makes sense13:41 Bond question: Fidelity vs. Vanguard total bond funds, and role of international bonds17:27 Don on thick skin as a talk show host and why critique is welcomeLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode tackles gold mania in its latest surge, debunking its “safe haven” myth with historical returns and practical comparisons to stocks. Don and Tom expose how Wall Street and fund providers exploit the hype, critique Ameriprise and high-yield muni funds, and answer listener questions on target-date funds vs DIY portfolios, HSA withdrawals, and advisor conflicts. The conversation balances humor, skepticism, and blunt warnings about chasing assets after dramatic run-ups.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A candid hour on consumer self-defense. We open with iOS 26’s unknown-caller screening and a New York Times crime reporter nearly duped by a “Chase Bank” spoof—lesson: don’t trust caller ID, don’t transact with inbound callers, verify via the number on your card or the bank app, and remember spoofed numbers make simple blocking imperfect. Listeners jump in: a Rule of 55 correction (not 72(t)/72(q)), plus a sharp TSP/Roth asset-location play—keep core market cap in TSP, use Roth for small-value tilt (e.g., AVUV). Then the consumer beat: Florida HVAC sticker shock and why three bids matter. Scam watch flags Smart Lab International’s “AI” sports-betting/trading scheme and crypto funding as Ponzi-ish red-flags. We close on the fiduciary fog—why “certified fiduciary” labels can hide annuity sales—and reject structured notes/buffer ETFs in favor of a simple, low-cost balanced portfolio that matches risk to need.1:07 New iPhone feature screens unknown callers1:58 Scam calls and “scam du jour” routine3:05 NYT crime reporter nearly falls for Chase/Zelle spoofing scam6:23 Why scams work when people let their guard down7:00 Don’t trust caller ID, best practices for bank contacts8:24 Zelle vs. Venmo debate and practical use cases9:34 Caller correction on Rule 55 vs. 72Q/72T10:58 Listener Brian on TSP allocation and AVUV tilt13:07 Tom’s buffer/puffer joke flop13:44 Advice on blocking spoofed numbers and safer verification15:00 Segue into consumer issues beyond investing16:06 History of Florida’s heat and AC dependency16:43 Air conditioning repair and wild $11k vs. $4.7k quotes19:22 Tom’s ongoing heat pump saga21:10 Bob Cratchit fireplace joke21:14 Listener Q&A from Nibley, Utah about Smart Lab “AI trading” scheme24:28 What Smart Lab claims to do (AI sports betting + trading)26:23 Company origins in Malta, Seychelles, now Ho Chi Minh City27:57 Ponzi-like structure and risks with crypto-based platforms29:16 Closing advice: don’t nibble on Smart Lab29:27 Caller John on fiduciary standards and insurance sales32:28 Exposure of “Certified Financial Fiduciary” designations and insurance sales tactics34:46 Caller Rajiv on structured notes vs. buffer ETFs36:02 Simplicity of balanced portfolios over complex gimmicksLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode of Talking Real Money tackles myths about the Federal Reserve and interest rates, explains why mortgage and Treasury rates don’t automatically follow Fed moves, and reminds listeners that markets usually price in expected changes. Don and Tom then pop the cork on wine investing, showing that after costs it performs about as well as plain bonds—and far worse than a 60/40 portfolio. They compare wine and tobacco “sin stocks,” highlight the volatility of individual companies like Constellation Brands and Altria, and use that as a cautionary lesson against stock-picking. Listener calls cover asset location strategies (Roth vs. taxable vs. HSA), the realities of buffer ETFs, and how to evaluate fiduciary firms like Prairie View Partners (now Savant). As always, the conclusion is clear: keep it simple, diversify, and drink the wine instead of investing in it.0:04 Old-fashioned call-in intro and Fed rate cut discussion1:33 Myths about Fed decisions and mortgage/consumer loan rates3:21 Treasury yields, market reactions, and rate expectations through 20266:16 Why markets often anticipate rate changes in advance7:40 Transition into alternatives and “exciting” investments9:03 Wine as an investment: storage, insurance, dealer costs10:38 Average returns vs. net after-cost reality (bonds beat wine)12:46 Stocks and bonds outperform—“invest in markets, drink the wine”14:08 Constellation Brands stock history as a volatility case study17:37 Altria (tobacco) stock comparison and “sin stock” volatility lesson20:16 Small percentage of individual stocks outperform T-bills (Bessembinder research)21:39 Listener: Asset location strategy (taxable, Roth, HSA)24:58 ETFs changing the asset location conversation27:10 Treatment of HSAs as Roth-like for medical use vs. IRA-like otherwise28:42 Listener: Buffer funds (“boomer candy”) and why they’re costly gimmicks32:54 Reminder that many investors panic out of markets at the worst times33:42 Listener: Emergency fund and avoiding 1099s (spoiler: you can’t)34:58 Listener: Evaluating fiduciary firm Prairie View Partners (merged with Savant)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

0:04 Why your home isn’t part of your investment portfolio0:26 The myth of the American Dream and why owning may not make sense1:33 A buyer’s remorse story from Atlanta2:35 $3,000/month to own vs. $1,200/month to rent3:34 Hidden expenses: $13,000 sewer connection surprise4:31 “I can’t sell my house” = “I won’t lower the price”5:35 Housing returns: even hot markets underperform stocks6:19 Divorcees sharing homes to keep a 2% mortgage7:35 Why paying off a low-rate mortgage often makes no sense8:45 Don and Tom both bought homes for lifestyle, not wealth10:13 Florida: where houses go to die (and get re-roofed)11:33 Owning a home is not a prerequisite for wealth12:48 How to send voice questions (seriously, do it)14:18 Listener Q: 401(k) with limited options—how to balance Roth IRA15:25 Fund strategy: AVUV and AVDV combo16:44 Listener Q: Why not mention charitable remainder trusts?17:27 Listener Q: Are flat-fee advisors better than AUM?19:00 Hourly advisor costs and why they seem high20:35 Outro: Tell a friend, save them from financial doomLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don laments the shortage of voice-submitted questions for the Friday Q&A shows and urges listeners to speak their questions into their phones or computers instead of typing them. He answers four listener questions: whether to take a pension lump sum or annuity, whether to roll a 401(k) into an IRA and how much to keep saving with a union pension, a callout about financial jargon (especially “basis points”), and whether stocks are as speculative as cryptocurrency. Don emphasizes that the annuity option is unusually generous, consolidating accounts can simplify rebalancing, saving as much as possible remains wise, and owning the entire global economy through diversified funds is investing, not speculation.0:09 Don bemoans typed questions and encourages listeners to use voice submission2:16 Listener asks about lump-sum pension vs. annuity — Don leans strongly toward annuity6:05 Listener asks about rolling over a 401(k) to an IRA and whether to keep contributing — Don favors consolidation and continued saving9:00 Caller criticizes jargon like “basis points” — Don defends term as shorthand but explains its meaning12:04 Caller compares stocks to crypto — Don explains why diversified global stocks are investing, not speculationLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode explores Americans’ financial well-being in 2025, using a Yahoo Finance/Marist survey as the springboard. Don and Tom discuss how their audience differs from the average American listener, how perceptions of financial health can be misleading, and what to actually do if your finances—or your feelings about them—are getting worse. They debate the usefulness of net worth tracking, stress the importance of financial literacy, and suggest automating savings. Listener questions cover indexed annuities, bond substitutes, tax implications, and long-term care sales pitches. They also read a letter defending Rick Edelman and challenging their dismissal of crypto, which leads to a lively discussion about evidence-based investing, Eugene Fama’s critique of Bitcoin, and the dangers of sensationalized advice. They end with a reflection on public criticism and the value of having one’s views challenged.0:29 Comparing TRM listeners to Ramsey and Kiyosaki audiences1:37 Median savings for over-65 Americans and why $200k still isn’t enough2:42 Yahoo/Marist survey results: affordability, debt, emergency savings3:50 One in three say finances worsened; generational breakdown4:51 Explaining net worth, what to include and exclude7:01 Tracking net worth annually as a financial benchmark8:00 Divorce, net worth, and the joke about “kill them off”9:50 Income gap, gender differences, and perception vs. reality10:34 How uncertainty and fear shape financial outlooks11:41 Producer note joke about being “sexist but not leftist”11:50 Dissatisfaction with savings and personal spending habits13:06 Fixing bad finances: literacy, automation, benchmarking17:20 Don argues perception matters more than reality for many18:20 Listener question: fixed index annuity as bond substitute19:46 Caps, participation rates, and underperformance vs. markets21:10 Tax treatment of annuities vs. ETFs22:55 Importance of advice near retirement (decumulation phase)23:44 Listener shares bad LTC/annuity sales pitch experience24:54 Fixed annuity guarantees vs. CDs and government bonds25:39 Listener defends Rick Edelman, suggests an open dialogue26:52 Don’s critique of Edelman’s shift toward sensationalism29:29 Eugene Fama’s comments on Bitcoin, clash with Edelman’s stance31:23 Public criticism is fair game—reading recent Apple Podcast reviews32:48 Bitcoin adoption debate and institutional incentivesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don goes solo this week and covers the wild state of “investing” in 2025 — including single-stock ETFs, leveraged funds, and zero-day options that look more like gambling than investing. He answers listener questions about Roth strategies for kids, aggressive long-term allocations, finding fiduciary advisors, dealing with inherited stock portfolios, and the ethics and fees of big Wall Street firms. Plus, he fields questions about new tax-focused ETFs and whether complicated multi-fund factor strategies are really worth the trouble.0:04 Don jokes about ChatGPT replacing him, welcomes listeners1:53 Today’s topic: 30% of new ETFs are tied to single stocks — “this is gambling”4:27 Zero-day options and high-frequency trading likened to sports betting5:23 Congressman Ro Khanna’s 2,800 trades this year — four per market day6:12 Don’s call to stop pretending this is investing8:16 Caller Mike: 3 kids with $100k+ Roths each — aggressive allocation recommendations (AVUV, AVGE, DFAW, 100% equity)12:24 International weighting debate — Don likes 60/40 global tilt15:34 Caller Dan from Israel: How to confirm if an advisor is a fiduciary; why inheriting stocks isn’t a reason to keep them18:08 Transitioning from stocks to ETFs while minimizing capital gains22:23 Caller Laura: Ethical concerns with J.P. Morgan, fees near 1%, annuities in portfolio — Don urges finding a true fiduciary and offers local resources27:07 Caller Jim: New ETF (TOT) promising tax efficiency — Don warns against chasing “magic tricks” for small benefits31:44 Question about swapping gains between mother/son’s VTI shares — IRS won’t allow33:47 Kath reads listener question: Three-bucket retirement system, comparing iShares GLOF vs AVGE — Don says it’s fine, but may be overcomplicating35:34 Rebalancing frequency discussion — annual is enough for mostLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This week Don hosts solo and brings in “Cath GPT” (ChatGPT) as a "live" guest to explore the rise of AI in personal finance. They cover what types of questions AI is best at answering, its limits for real-time data and stock trading, and the importance of privacy and skepticism. Don emphasizes planning before investing, critiques dollar-cost averaging with lump sums, and fields listener calls on shifting from commercial real estate to the market, Roth conversions, AVGE vs. AVUV, resetting cost basis in a low-income year, and avoiding dubious “legacy funds.” The show closes with reminders about planning, asking spoken questions, and steering clear of high-commission products.1:02 NYT & Yahoo reports on AI financial advice1:53 Cath GPT joins live, discusses safe AI uses3:58 Privacy concerns and data recency limits6:22 Why AI is bad for stock trading advice6:50 Don confirms Cath recommends index investing8:14 Warning about sycophancy — always ask for sources8:38 Caller Josh: pivoting from commercial property to stock market10:32 Don: planning first, lump sum > DCA13:23 Caller Greg: inherited assets, Roth conversions, AVGE timeframe, bond/CD ladders17:20 Don urges no market timing on conversions22:50 Caller Brian: small-cap value, AVUV vs. Russell 2000, Merriman strategy28:07 Don: simplify, AVUV fine but optional29:43 Caller Jason: harvesting gains in low-income year, Don urges diversification33:03 Caller: backdoor Roth timing — lump sum beats DCA34:35 Don jokes about October crashes37:59 Caller Tim: best annuity is SPIA, avoids “legacy funds”Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom take listeners on a “mountaintop” look at today’s frothy markets, exploring elevated valuations, retail trading spikes, and record margin debt. They unpack what these numbers really mean, warn against trying to time the market, and reiterate the need for diversification and a long-term plan. Listener questions include a young investor’s Fidelity-heavy portfolio, a 30-something’s aggressive allocation and risk score mismatch, and a listener inquiry about “investwithroots.com,” which Don dissects as a private real-estate fund with fees and risks that outweigh its glossy promises.0:04 Opening from the market “peak” and climbing metaphor1:38 Market valuation discussion: P/E ratios, concentration in top 10 stocks3:21 Surge in retail trading, meme stocks, margin debt, Robinhood sentiment5:13 Economic uncertainty and why market timing doesn’t work6:11 Staying with your plan and portfolio diversification7:15 Risks of U.S. large-cap concentration in typical portfolios8:03 The need to include small-cap, value, and international stocks9:14 Eugene Fama’s “trading is like soap” warning and why trading destroys wealth10:46 Practical advice: stop trying to outsmart the market, build a plan13:22 Listener Q1: 18-year-old’s portfolio—too much large-cap, not enough international or small value16:15 Listener Q2: 30-year-old with $100K—good diversification but needs bonds for risk profile19:25 Listener Q3: Investwithroots.com analysis—fees, geographic risk, private REIT red flags24:16 Why public REITs like Vanguard’s VNQ offer better diversification/liquidityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don answers listener questions on funding a taxable brokerage account, clarifies what “more buyers than sellers” really means, explains why fixed income is about psychology rather than income, gives advice on setting up joint accounts for aging parents, lays out a lifetime HSA allocation strategy, and clears up confusion about Appella Wealth’s connection to Talking Real Money.0:04 Friday Q&A intro and thanks for listener questions1:19 When to open a taxable brokerage account (AVGE + SGOV mix)3:28 “More buyers than sellers” — why it’s really about demand vs. supply6:23 Whether pension + Social Security counts as “fixed income” in a 60/40 plan10:40 Setting up money market accounts and estate planning for aging parents14:07 Lifetime HSA strategy — contributions, withdrawals, and allocation glidepath17:32 Is Appella Advice for Life connected to Talking Real Money?Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dig into international investing — why diversification across borders is essential, why timing international markets is a mistake, and how currency fluctuations affect returns. They revisit Japan’s lost decades, talk emerging markets, discuss John Bogle’s arguments against international investing, and explain why owning all markets all the time makes the most sense. Listener questions cover tax perceptions about California, long-term return comparisons, 401(k) rollover and Rule of 55 withdrawals, and the realities of retiring abroad — including the sticker shock of Guatemala’s healthcare spending.0:04 Should you invest internationally now that foreign markets are rising?1:29 Morningstar data shows non-U.S. markets doubling U.S. returns in 2025.2:38 The dollar’s weakness as a key factor in performance.3:20 Mexico, Brazil, Japan, and China’s strong year — but should you chase it?4:02 Market leadership cycles: U.S. vs. international across decades.4:50 The “1990 Japan” cautionary tale: why timing single markets can disappoint.6:17 Concentration risk, emerging markets, and why you need global diversification.7:33 Exposure to global companies you can’t get by owning U.S.-only funds.8:42 Dimensional’s chart shows no country wins every year — own them all.9:40 Addressing the John Bogle “you already own international through U.S. firms” argument.10:21 Nestlé example: why local economy exposure matters.12:45 Listener Greg challenges Don’s California tax comment — clarification given.13:45 State tax comparisons, why there’s no perfect tax haven.14:41 New York vs. California tax burdens — where it’s worst.15:30 Listener Tim asks about long-term return periods — Don points to IFA data.17:40 1,700+ episodes milestone and show longevity banter.18:30 Listener Jeff’s complex retirement accounts and Rule of 55 rollover question.19:09 Discussion of retiring abroad and health care concerns in Guatemala.22:20 U.S. health care spending vs. Guatemala — a sobering gap.23:39 Gallows humor about quick death and end-of-life planning.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode, Don and Tom dig into the podcast rankings to explain why Talking Real Money isn’t at the top—and why Dave Ramsey still is, despite offering more shame than substance. They explore the concept of financial shaming vs. education, reflect on listener Judy’s brilliant retirement planning, and take aim at stock-trading politicians, especially California Rep. Ro Khanna with his 4,700+ trades in one year. Listener questions cover inheritance allocation, condos as investments, and 401(k) vs. Roth vs. brokerage savings. Bonus: Tom yells at his grandkids, Don hates condos, and Congress gets roasted.0:04 Who’s #1 in investing podcasts? Spoiler: It’s not Don and Tom—it’s still Ramsey1:18 Financial shaming, bullying, and the “toxic” tone of the Ramsey Show2:22 The lost LinkedIn post that called out Ramsey culture3:49 Should shame ever be part of financial advice? (They say no)5:05 How Talking Real Money tries to educate—not humiliate7:04 What should great financial advice sound like? A compassionate take8:47 Caller Judy (age 72) seeks advice on a $200k inheritance—Tom and Don love her plan11:51 Municipal bond ETFs (like VTEB) vs. international bonds vs. risk tolerance13:53 Judy’s journey learning finance solo—Don gets emotional14:38 Why are podcast rankings volatile? Don suspects cheating again16:03 Listener question: Should you max both 401(k) and IRA? (Yes, and here’s why)17:59 Roth > Traditional > Brokerage: A savings priority guide18:45 Target-date funds vs. S&P 500 returns—why it’s not apples to apples20:05 Caller Nathan: Getting married, no kids, and thinking of buying a condo22:56 Warning: Condos are almost always terrible investments25:44 Real estate reality check—condos lag, freestanding homes rebound better27:52 Don’s definitive answer: “I would never own a condo”28:33 Congress and stock trading: 86% of Americans say it should be banned30:20 Ro Khanna made 3,000+ trades in 2023… and wants to ban stock trading?31:52 Why Congress shouldn’t trade stocks—and how index funds are the solution34:24 Ro Khanna’s $103 million in trades and 149 conflicts of interest36:46 Wrapping up: Condos, curmudgeons, and Central Florida emptinessLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig’s analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP’s F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high.0:04 Welcome, fatuousness defined, and realistic investing begins0:52 Why you shouldn’t expect 15% returns forever—even if you got them1:52 What Jason Zweig’s long-term data reveals about stock returns2:51 Bogle warned us not to expect high returns—now what?4:16 Spending and saving: more important than investing performance5:08 Don’s “prepaid gains” analogy for future expectations7:00 Real market returns since 1793—spoiler: they’re not 15%8:58 Stocks might only beat inflation by 3%—and that’s still a win9:45 Start saving early: waiting until 50 is a losing game10:18 How to plan with lower expected returns (realistic scenarios)11:56 Use expected return to guide your savings rate (3% = save 20%)13:45 “You weren’t smart. You were lucky.” Now diversify.15:31 Tom’s wife dreads football season—Don celebrates Chiefs loss18:42 Listener RMD question: Which ETFs get tapped at Vanguard?19:29 Bonds are back: fixed income up ~6% this year20:24 Rebalancing vs. just selling: how to handle RMDs smartly21:04 Raiders rank #4 in NFL valuations… but why?24:36 Top NFL team values: Cowboys rule, Cardinals drool27:27 Arizona sports: low attendance, low valuations28:59 TSP question: F fund vs. G fund—what to use, when30:25 Don favors the G fund for simplicity and ballast31:45 Tom and Don disagree—F fund might return more, but…32:26 Don’s vegetable-spiked coffee and Justin’s final TSP allocation34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes”35:47 Why you probably talked to a salesperson, not a fiduciary37:04 The free Appella consultation is steak-free and no-pressureLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!