Talking Real Money - Investing Talk

Don flies solo for another Question-and-Answer Friday (not Freaky Friday… despite Hollywood’s best efforts). Listener questions cover everything from Roth IRA choices for young investors to tax loss harvesting and reducing portfolio volatility with bond allocations. Don breaks down the pros and cons of popular ETFs, explains the benefits of tilting toward small and value, and gently guides a listener away from a pricey Fidelity fund. He also reaffirms that tax loss harvesting is a two-account job and urges investors to rebalance based on total portfolio risk—not just account type.0:04 Don rails against yet another Freaky Friday reboot0:58 Why diversification beats chasing past winners like VTI or VONG3:41 Small-cap and value tilt: the long-term case4:45 Why international stocks still matter (volatility control > return chasing)5:58 Bond options in a 401(k): FXNAX vs. stable value vs. combo6:59 Should you count brokerage and HSA balances in your allocation mix?8:20 Stable value is not "guaranteed" value—what you need to know10:09 Can you tax-loss harvest in two different brokerage accounts? (Yes!)12:51 FBGRX: Not terrible, just suboptimal. Here’s what to do insteadLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom explore the value of changing your mind in the face of new data—financial and otherwise. Sparked by Christine Benz’s recent Morningstar piece, they reflect on how their own views on DIY investing, target date funds, and even TIPS have evolved over time. Listener questions cover annuity taxes, Bitcoin inflation claims, covered call ETFs, and whether CDs beat bond funds in retirement. Grumpiness levels: elevated but entertaining.0:04 Flexibility in finance: Why it’s okay to change your mind1:16 Christine Benz says she’s rethinking the DIY retirement approach2:48 The underrated value of real financial advice (Vanguard Alpha)3:51 Why advice matters more in retirement than during accumulation5:36 All-in-one funds like target date strategies get a new look6:41 Trick: Adjust your target date fund based on risk tolerance7:47 Target date glide path flattens at retirement (~50% stock)8:24 TIPS funds vs. laddering: Christine’s third “meh” shift9:53 Equities = effective inflation hedge; tips may be redundant10:29 Don’s personal changes: Target date funds and 4% rule flexibility12:07 Vanguard survey: Advisors = peace of mind + time savings13:23 Money and emotion: #1 cause of murder and divorce14:57 Listener Q: What to do with a low-cost deferred annuity at Fidelity17:09 Stop obsessing over who pays taxes—spend and enjoy19:20 Listener Q: Bitcoin vs. dollars—why price comparisons fail20:07 Bitcoin isn’t a currency. It’s just volatile20:31 Listener Q: Are JEPI/JEPQ “safe” for dividends? Nope22:04 Covered call ETFs carry hidden risks and higher costs23:50 Listener Q: Why use bond funds instead of CDs or money market?25:03 Bond funds vs. CDs: risk, return, and long-term expectations27:08 Don’s rant: Stop trying to game the system—good enough is good enoughLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom defend the long-maligned 60/40 portfolio, diving into a 150-year Morningstar study that reveals its lower volatility and emotional survivability—even if it underperforms an all-stock portfolio over time. They tackle fixed indexed annuities head-on, debunking the myth of market returns without risk, citing high commissions, surrender charges, lack of liquidity, and poor transparency. Several listener calls highlight confusion over annuity strategies and Roth vs. pre-tax retirement contributions, including a deep dive from a New York City teacher juggling pensions, 403(b)/457 plans, and Roth conversions under new IRS rules. The show wraps with a playful rant about birthday freebies and a PBS show rec (“Mr. Bates vs. the Post Office”).0:04 The truth about balanced portfolios and the 60/40 myth1:50 Why bonds failed in 2022—and what 150 years of history say about diversification3:27 Bear markets: 60/40 vs. all stocks during crises like the Great Depression4:53 Trade-offs: long-term growth vs. sticking with the plan6:49 Financial Flinch Reflex: the PSA ad returns7:09 Caller John asks: “What’s so bad about fixed indexed annuities?”8:00 Don unloads: high fees, misleading returns, and awful disclosures10:11 John presses for alternatives: what’s safe and simple with decent return?13:02 Don’s CD ladder strategy vs. annuities15:08 Why opacity, commissions, and complexity make these products unsuitable for most16:21 Caller Charles: a planner wants to manage his annuity—for a fee17:21 Why even “fixed” annuities might not belong in fiduciary portfolios20:47 The growing gray area: commissions vs. fiduciary care22:17 Ranking annuities: worst to best (indexed, variable, fixed, immediate)24:58 Summary: “Lazy products” sold for commission, not client success26:39 Caller Brian: NY teacher strategizes 403(b), 457, Roth, and future pension28:29 Navigating new Roth rules, Rule of 55, and using a 7% fixed option30:15 Don and Tom: stick with pre-tax now, convert later in lower-bracket retirement33:02 Mechanics of Roth catch-ups: plan providers still in the dark35:29 Birthday freebies! Tacos, cookies, burgers… and existential dread36:57 Red Robin, Denny’s, and the pursuit of the free Grand Slam38:06 Book chat: Don’s still slogging through the Franklin bio39:13 Must-watch: Mr. Bates vs. the Post Office on PBSLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom highlight what may be today’s biggest stock market bargain: small-cap value stocks, which have drastically underperformed large-cap growth and now appear poised for long-term reversion to the mean. They explain why chasing big winners like Nvidia and Apple could backfire, and why broad diversification with a tilt toward small and value still makes sense. Callers get help with tax drag from old mutual funds, switching from expensive active funds to ETFs, household asset allocation, Roth conversions, and whether to sell a large single-stock inheritance. The show wraps with a well-deserved swipe at Jordan Belfort’s shameless self-promotion.0:05 Don kicks things off with a musical flashback: The Who’s “Bargain” sets the tone for a segment on what may be today’s biggest investing bargain—small value stocks.2:00 The S&P 500 has averaged 13.2% annually since 2014; small caps lag at 7.2%. Investors are fleeing small-cap ETFs just as they may be poised for reversion to the mean.3:30 The top five stocks in the S&P 500 are now five times larger than the entire Russell 2000. That kind of imbalance can’t last forever.5:08 Historically, small-cap value has outperformed large growth by ~4% annually over 100 years—yet most investors are overexposed to U.S. large-cap growth.8:08 Instead of market timing, build a balanced portfolio based on your risk tolerance. Consider overweighting small and value, but don’t ditch large caps entirely.9:23 Even the worst year for small caps (2008, -34%) wasn’t as bad as the S&P’s peak-to-trough crash (-57%). Diversification isn’t just smart—it’s safer.10:23 For equity allocation: a 1/3 split between large U.S., small U.S., and international may be simple, but effective.11:59 Eugene from Baltimore has a $5M+ portfolio generating massive taxable income. Don and Tom recommend municipal bonds and more tax-efficient ETFs.17:45 Mutual fund to ETF conversions (like those offered by Vanguard and Dimensional) could reduce Eugene’s tax bill without triggering capital gains.22:43 BJ from San Antonio holds a pricey Invesco fund (SMMIX) full of big tech—essentially a closet index fund with an 0.85% fee. Time to switch to low-cost, diversified ETFs.25:38 Vanguard’s VUG offers the same exposure with more holdings and a 0.04% fee—plus it’s transparent, predictable, and consistent.28:43 Ron in Lakeland wonders if he should copy his wife’s ETFs. If your household has a unified asset allocation plan, identical holdings across accounts are fine.31:27 Jerry from Lacey, WA asks whether to keep doing Roth conversions or start Social Security now. Don and Tom advise continuing tax-efficient conversions, possibly up to the 22% bracket, but not beyond. Also watch out for income thresholds that affect benefits like the $6K tax rebate.35:46 Sherry (dropped call) inherited $4M in Microsoft. Diversify! But do it with a tax strategy and professional help.36:49 Don reacts to a nauseating LinkedIn post by Jordan Belfort, reminding us that glorifying financial predators only feeds industry corruption.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into the new “big, beautiful” tax bill with humor and skepticism, covering changes to Social Security taxation, tips and overtime exemptions, expanded SALT deductions, and the controversial $1,000 baby bonus. They also tackle listener questions on Roth vs. IRA asset protection, portfolio rebalancing confusion, and lazy robo-advisory allocations. Bonus: helium speculation, trade school love, and a jab at politicians who pander.0:04 Intro: “Dearly beloved…” it’s tax time1:10 Overview of the “Big Beautiful Bill” and $4T impact1:25 Tips and OT tax exemptions starting in 20252:09 Social Security tax break: $6K per person if under income limits3:28 Standard deduction and new child tax credits4:13 $1,000 newborn savings account—free government money5:17 SALT deduction expanded to $40K for four years6:44 Property and sales tax deductions clarified7:48 Guilt over tax breaks? Try a Roth gift for the grandkids8:27 The “kid account” vs. 529 plans vs. UGMA10:58 Trade school > AI: real jobs that can’t be outsourced12:42 Don rants on political pandering in the bill13:47 Listener Q1: 401(k) rollover and asset protection in Washington16:17 IRA protections state-by-state16:52 Listener Q2: Does rebalancing mean switching investments?18:34 Rebalancing means returning to plan, not chasing trends20:04 Show plug: Owen Wilson’s helium speculation on “Stick”21:28 Listener Q3: Is this Vanguard robo-portfolio too lazy?22:47 Why it’s impossible to rebalance between Roth and IRA accounts23:58 Listener Q4: What’s really inside DFAW? Core 1 vs. Core 227:26 Core 2 = more small/value tilt; DFAW ≈ AVGE28:26 Expense ratio difference between DFAW and AVGE is negligibleLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don answers a handful of listener questions, offering sharp, practical insight on investing myths, flexible retirement withdrawals, taxable brokerage accounts, and misleading financial scare tactics. He critiques Suze Orman’s confusing advice, breaks down the logic of the 4% rule, and dismantles a fear-mongering insurance pitch claiming to “save retirement.” Expect sarcasm, clarity, and one well-aimed diatribe at the insurance-industrial complex.0:04 Summer slowdown in listener questions and podcast downloads1:21 Don’s theory: why the South works less and the North built the Fortune 5002:30 Suze Orman says sell treasuries, buy Pfizer—Don (and Chuck Jaffe) respond4:58 How to send in your questions—Don needs more spoken ones5:04 Listener Q1: Does the 4% rule assume you’ll run out at 95?6:49 Don explains the assumptions behind the 4% rule and how it holds up historically8:35 Q2 follow-up: What if I’m 50/50, not 60/40? Adjusting withdrawal expectations9:59 Real-world historical 4% rule example from 1994 to 202411:03 Listener Q2: Building and eventually using a taxable brokerage account13:50 Don’s advice: broader diversification, bigger emergency fund, and smart drawdown tactics15:26 Listener Q3: Bob Carlson’s fear-based sales pitch—is it legit or just sleaze?16:56 Don explains how insurance reps avoid disclosure rules and push high-commission junk19:14 Why the radio is filled with non-fiduciary insurance hustlers22:09 How to get real help, real answers, and real fiduciary advice—for free22:36 Don’s final ask: bring Talking Real Money to your summer campfireLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into the wild world of “speculative” ETFs inspired by Jason Zweig’s WSJ piece, mocking the absurdity of funds like the Icelandic stock market ETF (35 stocks, really?) and those tracking things like crude oil shipping futures. They debunk the myth that “ETF” means safe and highlight the rise of investing as entertainment. Later, they discuss disclaiming inherited assets, why tax planning and estate titling matter, and why deferred compensation plans should be part of a bigger strategy—not just a reaction. Listener calls from Maryland, Sammamish, Yelm, and Illinois round out the episode with smart, practical retirement planning questions.0:17 ETFs as sport? Jason Zweig’s takedown of gimmicky, risky ETFs1:29 Iceland ETF, HVAC stocks, and crude oil transport—this isn’t investing3:35 GLCR: The Iceland ETF with a 1% fee and a chilly 35-stock portfolio5:09 Diversification vs. “D-versification” and the illusion of ETF safety5:40 Why investing shouldn’t feel exciting—and what that says about us6:50 Zweig’s gambling metaphor and why “just 5%” is still real money8:56 Listener Eugene on inheriting IRAs and disclaiming taxable accounts12:25 Legal disclaimers: IRS Rule 2518, timing, and why PODs are cleaner15:23 Estate attorney reminders and state law disclaiming quirks17:24 Sammamish listener Jason on VXUS vs. VEA for international exposure18:56 Tesla talk: Waiting for $400, fears, and the balance sheet debate22:03 Listener Chris from Yelm: Deferred comp vs. dividend stocks26:34 Chris needs a real plan, not just portfolio improvisation29:40 Strategy: Spend from taxable, defer the deferred33:03 Listener Joni from Illinois: Maxing contributions and Roth eligibility35:58 Congress’ oddly specific 60–63 catch-up rules and K Street lobbyingLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom take on the ever-persistent phrase “This time it’s different,” as Bloomberg and NYT articles suggest AI, financial fragmentation, and inflation have permanently changed the investing game. The duo questions whether these changes actually warrant different investing behavior—or if they’re just the latest in a long line of panics dressed up as paradigm shifts. Along the way, they debate market melt-ups, the logic of diversification, and why equities pay more (hint: it’s not because they’re safe). Listeners call in with questions about ETFs in IRAs, Roth conversions later in life, and tax-savvy asset allocation across accounts.0:04 Perspective from aging: we’ve heard “this time is different” before1:58 AI panic, financial fragmentation, and inflation—Bloomberg’s argument3:31 Don and Tom challenge claims of “new” market conditions5:08 AI voice cameo: Cath makes her show debut6:05 What should investors do if things are different?9:00 NYT’s Jeff Sommer warns of a potential market “melt-up”10:08 Irrational exuberance: unprofitable stocks soaring12:57 Why risk still pays: stocks go up and down15:02 Smooth ≠ profitable: bonds are boring, stocks reward fear18:23 Listener asks: Why own international if U.S. wins?20:34 Diversification vs. chasing past performance23:42 Call: ETFs vs. mutual funds inside retirement accounts29:36 Call: Should a 79-year-old convert to a Roth?36:53 Call: Asset location strategy and inherited IRA cash flow41:36 Don’s final advice: no tax tricks—just make a planLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom returns from his surprise Canadian adventure and the duo dive into the age-old retirement question: How do I get my money out? They break down the three most common withdrawal strategies—dividends, total return, and hybrid—and make the case for why a well-managed total return strategy usually comes out on top. Listener questions cover Roth IRA gifts to a niece, inherited IRA distribution rules, Paul Merriman’s small-cap stance, and whether long-term care insurance is a smart bet or an emotional security blanket.0:04 Tom’s Canadian re-entry, Uber tally, and chocolate croissant confessions1:27 Intro to retirement income strategies: the great withdrawal confusion2:52 Strategy #1: Living off dividends—why it’s flawed and risky5:19 Strategy #2: Total return—rebalancing for sustainable income8:07 Strategy #3: Hybrid approach—Don’s skeptical take10:51 Listener Q&A: Best way to gift a Roth IRA to a 30-year-old niece12:01 IRA inheritance rule: what happens if the inheritor dies13:33 Paul Merriman’s international small-cap comment clarified16:44 Federal retiree asks about withdrawal order; daughter’s international allocation24:28 Long-term care insurance: practical planning or expensive gamble?27:35 How to get a free, pressure-free portfolio review from the teamLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don tackles six listener questions in a rare full-stack Q&A Friday. He breaks down a shady universal life insurance pitch, dismantles the myth of “smart” market timing with limit orders, and offers clarity on Roth conversions, rebalancing strategies, and inherited IRA hacks. A master class in how to stop making dumb money moves.0:04 Intro – Friday Q&A episode with a goal: 6 questions in one show1:18 How to ask your questions (and why spoken questions get on air)2:55 Rachel (NC): Friend sold a $7,000+/yr universal life policy — is it a scam? (Yes)4:09 Breakdown of how much goes to commissions, costs, and investments in year one6:44 Better choice: Buy term and invest the difference8:47 Backdoor Roth IRA Timing: Can I convert a 2025 non-deductible IRA in 2026 and still have it count for 2025? (Sort of, but not really)11:08 Andrew: Used a limit order during market dip to rebalance — did it work or just get lucky?14:22 Why timing systems (even “disciplined” ones) fail over time15:23 S&P 500 Addition Bump: Can you profit from companies added to the index? (Unlikely)17:37 Tesla example and the dangers of trying to front-run institutional traders18:22 Casey in Albuquerque: What does rebalancing really mean? (All of it—stocks/bonds, small/large, U.S./intl.)21:21 Eric: Can you offset inherited IRA RMDs by making IRA/401(k) contributions with that income? (Yes, if within limits)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don is joined by Mike DeJoseph from Vanguard to unpack the meaning and real-world impact of Advisor’s Alpha—Vanguard’s research showing how good financial advisors can add up to 3% annually in net value to client portfolios. They break down the origins of the concept (internally coined back in 2001), clarify what alpha actually means, and dig into where that added value comes from: behavioral coaching, tax-efficient strategies, lower costs, smarter withdrawal planning, and disciplined asset allocation. Mike emphasizes that unlike investment alpha, which is a zero-sum game, advisor alpha is a positive-sum benefit rooted in planning and emotional guidance. They challenge misleading marketing from high-fee brokers, expose the damage of poor advisor behavior, and highlight what separates a “good” advisor from a truly great one—namely, those who align clients’ values with their money. The conversation ends with a forward look at AI’s role in advice: not replacing advisors, but augmenting their ability to listen, guide, and support clients like financial therapists. 0:04 Don introduces rare guest: Mike DeJoseph of Vanguard0:35 The origin of Vanguard’s Advisor’s Alpha paper1:27 What is alpha? And what makes it positive for advisors2:49 Advisor value beyond investment products3:36 Explaining alpha in terms of benchmarks and behavior5:05 Why investment alpha is rare, but advisor alpha isn’t6:25 Positive-sum vs. zero-sum advice outcomes7:37 Misunderstanding the 3% alpha number9:48 Behavior, taxes, and cost drag reduce investor returns11:06 How advisors improve tax allocation and drawdown11:55 3% does not include asset allocation or manager selection12:06 Why active manager outperformance remains elusive13:17 Vanguard’s history with active management and costs14:45 Active equity vs. active bond management16:14 What makes an advisor “great,” not just good17:39 Helping clients align money with values18:27 Behavioral coaching during market downturns21:07 Holistic financial advice vs. performance promises21:47 Why 100% fiduciary advisors are rare—and how to spot one22:45 Advisor compensation models: from commission to fees24:06 Shocking stat: commissions down from 80% to 10% since 201025:16 How smart investors forced the industry to change26:44 What a 3% fee does to advisor alpha28:34 Overcharging kills word-of-mouth trust29:43 What bad advisor behavior looks like31:45 Vanguard’s approach to advisor education and ethics33:41 Where the industry goes next: better advice, better business34:19 AI’s role in improving advice, not replacing it36:36 Tech that enhances human connection and insight37:22 The future: more therapist, less product-seller37:55 Final advice: if they talk about returns, walk away38:44 Mike reflects on working with great advisors—and Vanguard’s missionLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom kick off this episode by responding to a one-star Apple Podcast reviewer who promised to upgrade to five stars—if they correct their allegedly false Bitcoin claims. Challenge accepted. Don clarifies his earlier “nobody uses Bitcoin” remark by digging into the actual numbers: only 15,000 businesses worldwide accept it, out of over 359 million—roughly 0.0004%, making it statistically more rare than a lightning strike. They also break down the real costs of converting Bitcoin to dollars: while some exchanges charge under 1%, Bitcoin ATMs routinely charge 5–25% in fees, with total costs sometimes exceeding 30%. Then, a listener calls in with a ChatGPT-generated portfolio featuring VUG, VEA, SMH, and AXON. Don tears it apart for being tech-heavy, overly concentrated, and missing broad market exposure—ironically, even ChatGPT agrees with him. Listeners also get advice on why ETFs are gradually replacing mutual funds, when (if ever) annuities make sense, and why indexed annuities are the financial industry’s version of timeshares: opaque, overpriced, and always sold, never bought. Despite the facts and the humor, Don doubts his five-star redemption is coming—but if Greg’s Mowing and Septic accepts Bitcoin, there’s still hope.0:26 Don confronts repeat negative podcast reviewers1:35 NavRep’s public offer: “Correct your Bitcoin lies and I’ll give 5 stars”2:31 Bitcoin rebuttal: 15,000 businesses accept it—out of 359 million5:13 Teaser: Bitcoin conversion fees part 2 coming up after the break6:26 Don admits his imprecise “nobody accepts Bitcoin” claim8:19 Clearing up the 8% Bitcoin conversion fee claim—context was ATMs9:49 Bitcoin ATM fees average 17.5%, sometimes hit 30%11:04 Exchange conversion under 1% is possible—but not for quick cash13:10 Volatility and impracticality still make Bitcoin a poor currency16:00 ChatGPT jokes: “Beer at a Baptist wedding” & “Greg the mower”16:49 Caller Jason asks ChatGPT for a portfolio; Don and Tom cringe17:46 ChatGPT suggested a tech-heavy, overly concentrated portfolio20:40 Better suggestions: VT, AVGE, DFAW—not VUG/SMH/AXON21:50 Don’s GPT criticizes Jason’s GPT: “No bonds, no value, no real estate”23:43 Caller Scott nails TRM’s philosophy and nearly retires Don26:12 The rare “pros” of annuities—and their bigger downsides28:24 Indexed annuities: regular income taxed as ordinary income30:02 Betting against the house: how annuity math favors insurers31:44 Caller Jane asks if ETFs are better than mutual funds32:05 ETF settlement is faster, but that’s not a reason to choose33:30 Vanguard accounts support ETFs beyond their own funds34:51 Updated: mutual funds now settle T+1, ETFs also T+136:26 Jane warned about National Life Group’s indexed annuity pitch37:07 Why Don hates indexed annuities: high fees, low returns, opaque structure39:27 Still selling like hotcakes: $27B in indexed annuities sold Q1 202540:35 Wrap-up: annuities remain unethical despite legality and popularityLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this hard-hitting episode, Don and Tom expose “Retirement Planning University”—a slick, misleading marketing operation posing as a legitimate educational program. Despite hosting seminars at respected universities, the organization isn’t accredited and exists primarily to funnel attendees into high-commission indexed annuities sold by Strategic Wealth Investment Group. The duo break down the tangled relationships, the legal gray zones (including a likely violation of Florida law), and the wildly under-disclosed conflicts buried deep in Form ADV filings. Plus: a call from a skeptical listener about global diversification, a backdoor Roth update in response to H.R.1, a heartwarming tribute to Tom’s mother-in-law, and a brutal real-world annuity pitch targeting grieving beneficiaries. This one hits hard.0:04 Thunder and fireworks, then a storm of a different kind: fake financial education1:20 “Retirement Planning University” is not accredited—possibly illegal in Florida2:38 Florida law: using “university” in a name can be a crime4:21 Strategic Wealth Investment Group funnels money into their “nonprofit”6:27 Don breaks down Form 990 and discovers $6.3M in funding with 1.8% used for education8:50 A never-before-seen conflict disclosure: over a page of indexed annuity conflicts11:02 Universities that rent space to these events—should they be ashamed?13:56 Don confesses: used ChatGPT to surface filings, laws, and charity reports faster15:40 Final verdict: it’s not education—it’s a sophisticated lead funnel17:18 Caller Jack: Is VT too concentrated in tech megacaps like Apple and Nvidia?19:22 Don: It’s still globally diversified, but yes, value/small tilts help21:57 A heartfelt tribute to Tom’s mother-in-law and her one smart money move: LTC insurance23:01 Caller Mark: Does the new tax bill kill backdoor Roths?27:18 Don runs the full 900-page bill through GPT—no mention of Roth changes28:56 Sidebar: elderly elephant tourists and Romanian bear selfies30:36 Caller Mary: Advisor pitching a 1035 annuity swap to dodge IRMA34:42 Don and Tom: Just pay the IRMA bump—don’t buy another bad annuity36:44 The IRMA fear is way overblown; it’s just one year39:18 Why aren’t these practices banned? Because regulators are stretched thin40:12 Don taught real adult education classes—but the next “educator” was a brokerLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Is your portfolio built by a broker or a model? Don and Tom break down the surprisingly persistent patterns of old-school broker portfolios—loaded with local stocks, overpriced “index” funds, and actively managed everything—versus the growing adoption of model portfolios based on actual research (not just a hunch and a handshake). Along the way, they torch high-fee index fund imposters, answer smart listener questions on global diversification, CD ladders, tax traps in variable annuities, and even debate whether a Japanese WWII bomber should really be called “Jill.” Oh, and Tom reads a brutal Apple Podcast review… and takes it like a champ.0:04 Dumb money habits and the rise of model portfolios1:23 Bellevue vs Florida weather showdown2:34 Classic broker-built portfolio ingredients3:55 Sprinkling in overpriced “index” funds5:50 What a model portfolio is (and isn’t)6:53 Structure vs speculation: why models matter8:31 Global diversification as a simple model9:18 The difference between advice and product-pushing10:24 When “index” doesn’t mean cheap: top offender list11:55 The 2.33% RIDEX fund shame parade13:02 The Jill bomber sidetrack takes flight13:54 Listener Laura’s AVDE allocation dilemma15:40 Two-fund model: Avantis U.S. + international17:00 Logistical pronunciation issues and Bolden software18:42 Rate assumptions for planning software19:35 Tom’s humor gets roasted in a 5-star review20:52 Listener Carol’s CD ladder tax question22:38 Timing vs safety: the truth about “dry powder”24:36 Mitchell’s $550K variable annuity dilemma26:10 Why annuity gains aren’t capital gains27:01 Low-cost annuity, but still no step-up28:11 The opaque, intentionally confusing nature of insurance29:41 Scheduling complaints and Don’s one-day-off fantasy32:12 Programming note: no podcast on market holidays34:04 Calls, questions, and Jill Bomber sign-off chaosLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this fast-moving, fraud-fighting episode of Talking Real Money, Tom Cock is joined by longtime consumer advocate Herb Weisbaum (aka The ConsumerMan) to expose two of the fastest-growing scams in the U.S.: predatory solar sales and the “pig butchering” crypto scam. Herb details the dangerous combination of shady sales reps and shadowy financing pushing overpriced, underperforming solar systems door-to-door. Then, the duo dives into long-con crypto scams, deepfake romance cons, and the weaponization of AI for fraud. Herb doesn’t hold back—calling crypto “sheer stupidity” and buy-now-pay-later schemes a gateway to regret. It’s a wild, enlightening ride full of practical advice and a few laughs at the crooks’ expense.0:44 The ConsumerMan joins the show—cape at the dry cleaner, fraud cape that is1:30 Solar sales scams: door-to-door hustlers + shady financiers2:37 Solar “deals” that aren’t: pressure sales, fake savings, buried contract terms5:35 Solar installations gone wrong—and sometimes never installed at all6:55 Why good contractors don’t knock on doors8:20 Know the difference between credits and cash—solar isn’t “free”9:26 Pig butchering crypto scams explained10:40 Fake trading platforms that “show” fake returns11:50 AI-powered fraud: deepfake voices, faces, and video chats13:26 Romance scams that clean people out—millions lost14:15 Don’t respond to unsolicited texts or calls—ever15:11 Former SEC officials: crypto exists for crime and tax evasion16:44 Crypto isn’t investment—it’s gambling with digital vapor17:25 Insurance crisis: companies fleeing, premiums surging18:41 Regulators letting insurers raise rates without scrutiny19:29 Consumer quiz: what to do first if you’re scammed21:18 Why you should never pay with Zelle or a debit card22:30 Getting teens a credit card the right way23:43 Coming soon: Buy Now, Pay Later scams (Costco’s in now too)24:48 Where to find Herb’s work—Checkbook, Consumerpedia, and ConsumerManLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Gen Z may just be schooling the rest of us in retirement savings—sort of. Don breaks down why the kids are all right… and also why they’re misled. Auto-enrollment rules, social media misinformation, and shaky FinTok advice are all under the microscope. He then tackles smart ETF choices for young investors, questions about windfall investing and burial plots, the overhyped Shell-BP merger rumor, the madness of MicroStrategy’s crypto-fueled valuation, and how to responsibly (and legally) cash out decades-old gold holdings. Plus, Don dishes out practical planning wisdom and allergic sniffles from sunny Florida.0:04 Gen Z’s surprising retirement savings rate—and why it’s not the whole story1:06 Auto-enrollment in 401(k)s and how it changed everything2:34 Gen Z’s financial education: more access, but less understanding?3:49 The rise (and danger) of FinTok as a financial advice source5:00 Over 70% of FinTok advice is misleading or incomplete6:15 Back in studio—Don on allergies, Alpha kids, and social media scams8:29 Chase “glitch” scam and other Gen Z-targeted bad advice10:11 Credit Karma: Gen Z scams and IRS audits are shockingly high11:17 Call: Should a granddaughter’s IRA stay in VOO or add tech/growth?12:48 Why Don avoids sector funds like Infotech, even for young investors13:45 The trouble with chasing recent winners like VOOG14:29 Historical returns: value > growth, despite recent performance15:47 Call: $20k–25k Nordstrom stock sale—spend, save, or invest?17:59 Burial plots vs. emergency fund: Don’s (very real) take20:42 CDs for older investors: short-term, safe, sensible21:48 Call: Shell buying BP? Not likely—and Don calls the hype23:35 BP’s politics and price already reflect takeover speculation25:02 Inheriting BP stock: should you take the exit opportunity?26:13 UK resistance to selling BP to a Dutch firm like Shell26:56 Individual stocks = concentrated risk, even for giants like BP28:09 Reminder: Every financial move should be part of a real plan29:05 Roth conversions, tax brackets, and portfolio rebalancing31:08 MicroStrategy’s insane Bitcoin play—and why it’s all risk32:23 Company worth 40% more than its Bitcoin holdings—why?33:28 Don warns: short selling and options are for gamblers only34:00 Call: 59-year-old IT director wants to invest $5K/month wisely35:21 Max the 401(k), use Roth IRA next, and build long-term wealth36:47 Portfolio diversification with risk-based allocation37:27 Call: Selling gold bought in the ’80s—how to handle taxes39:47 How to recreate gold purchase records if you’ve lost receipts40:55 Debunking the “three coins per month tax-free” mythLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

The market hit another “all-time high”—shocking no one. Don dismantles the myth that record highs are reasons to panic or pull back, reminding listeners that long-term investing and diversification remain undefeated. He breaks down the actual recent S&P 500 data, explains why global diversification matters (even when it lags), and skewers both single-stock overconfidence and scammy ETFs promising outrageous yields. Listener calls dig into retirement withdrawal strategy, Roth conversion tactics, and why brokerage accounts might not always be necessary.0:04 Market hits all-time high again… surprise!0:39 Should you invest when the market is at an all-time high?1:43 Don takes live calls—money questions welcome2:11 S&P 500 update: fastest bounce in history3:55 Surprise stock leaders: not the Magnificent Seven5:13 Why diversification matters—again9:30 All-time highs are normal—and necessary11:21 Global stocks vs. U.S.: less volatile, less exciting13:20 Palantir millionaire: savvy or lucky? (Spoiler: probably lucky)16:55 Overconcentration risk—even with the S&P 50018:07 Fixed income + discipline = real-life smoother ride18:53 Caller Don in Covington: timing Roth withdrawals and big expenses21:43 Withdrawal order: Taxable → Traditional IRA → Roth23:50 Investing = confusing or clear. Your pick.24:39 Caller Dave in Gig Harbor: 529-to-Roth confusion cleared up27:31 529s just got even better for long-term wealth building29:52 Back to solo Don: Tom’s in Normandy30:27 Jason Zweig warns about shady 200% yield ETFs33:08 How Tesla YieldMax ETF lost 80% while claiming a “62% yield”34:44 If it sounds too good to be true… skip it36:00 Listener question: Should cash be counted in your 70/30 allocation?38:12 The role of cash in reducing volatility and funding withdrawals39:01 Caller Mark in Connecticut: Do I even need a brokerage account?41:59 Roth as dual-purpose tool: liquidity + long-term compoundingLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tear into the lunacy of financial predictions—starting with famed doomsayer Nouriel Roubini suddenly turning optimistic (is that a good sign or a terrifying one?). Then it’s onto Ron Baron and his wildly volatile, high-fee Barron Partners Fund, which beat the QQQ—barely—by taking massive concentrated bets on Tesla and SpaceX. Finally, they answer listener questions about portfolio diversification, international exposure, and outrageously overpriced 401(k) fund options (Nationwide, we’re looking at you). It’s a full-on roast of Wall Street’s ego-driven nonsense with a side of smart, actionable advice.0:04 Predicting markets is impossible—so why do people still listen to those who try?1:50 Dr. Doom (Nouriel Roubini) turns into Mr. Boone—predicting good times ahead3:35 Roubini blames AI and nuclear fusion for his new optimism4:57 Don’s rule: All predictions are a prehistoric brain trap5:20 Ron Baron and his Partners Fund—poster child for active management hype6:41 Nearly half the fund is in two holdings: Tesla and SpaceX8:44 From $10K to $6.5K in 6 months: the cost of extreme concentration9:47 Expense ratio: 2.25%—with $7.5B in assets? Outrageous10:54 Why high-flyer funds are built to crash hard, too11:39 Investing in Barron = trying to beat the market (and probably failing)13:14 Lost 43% in 2022—twice the S&P’s loss13:48 But in 2020? Up 150%. Thanks, Tesla14:51 Listener Q: Army major wants to clean up his Roth portfolio16:10 Don and Tom: Scrap the mid-cap clutter—go global with VT17:59 Listener Q: New job, horrible 401(k) fund choices—can he still contribute?19:03 Nationwide’s 93-basis-point index fund sparks full-on Don rant20:14 High fees vs. tax breaks: what wins?21:31 Why the financial industry is addicted to greed22:11 Appella’s no-pressure offer to review your portfolio23:04 Don’s publisher’s clearinghouse FaceTime scam storyLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom welcomes Roxy Butner back to field listener questions on retirement income, Roth vs. traditional 401(k) choices, car financing math, leftover 529 rollovers, and bond price confusion. Listeners hear sharp, practical advice on optimizing savings and withdrawals—without slipping into tax traps. Plus, a shoutout to the record 401(k) savings rate and a surprising mini-lesson on estate planning trends.0:05 401(k) savings rates hit a new high—why 20% total savings should be your goal2:40 Roth vs. Traditional 401(k) for younger investors—Roxy makes the case3:57 Listener Q: Early retirees managing withdrawals across brokerage, Roth, and IRA accounts6:36 Tax bracket management vs. withdrawal strategy—how to stay in the 24%8:38 Roth conversions and RMD prep—why to think now about later taxes9:41 Why DIY retirees still need a second set of eyes on their plan10:25 Listener Q: What to do with $16K left in a 529 plan11:24 529-to-Roth rollover rules and strategy12:31 Listener Q: Pay cash for a car or finance at 1.9%?13:58 Emotional vs. mathematical car finance decision-making15:11 Listener Q: Got 6/7 on FINRA quiz—why do bond prices fall when rates rise?17:36 Bond basics: duration, rate risk, and quality17:53 Roxy’s real-world client trend: surge in estate planning questions18:54 Free portfolio analysis plug and Roxy’s parting thoughtsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode, Don and Tom dive into a revealing YouGov survey that shows Americans might not be as overconfident as we thought—except when it comes to trustworthiness, loyalty, and… mechanical skills? The guys unpack what this means for investors, especially the surprising gaps between men and women in self-perception. Then they outline the traits that actually do make for above-average money managers—like patience, discipline, and optimism—before answering a pair of strong listener questions about asset allocation in retirement and Social Security survivor benefits.0:04 Kicking off with confessions: Americans may not be as overconfident as we thought0:35 Only 26% think they’re sexually above average? Really?1:34 The weird areas where Americans do think they excel: loyalty, ethics, critical thinking2:40 Self-deception vs. actual financial behavior3:04 The gender confidence gap and investing implications4:40 How much of success is really just luck?5:47 Personal luck stories and the randomness of life7:13 Men think they’re funnier and more intelligent—survey says…7:54 Back to money: Only 42% think they’re above-average money managers8:47 Traits that actually matter in investing: patience, risk management, discipline10:59 Goal setting, diligence, and why optimism pays12:23 Confidence is lower than expected—and women may be better investors13:44 Who really dances at weddings?14:04 Q&A: Cindy’s $250k hobby account and what to do with it17:57 Rebuilding a diversified portfolio around AVGE and BND20:21 Q&A: Survivor benefits and claiming strategies for couples22:41 What a surviving spouse actually receives from Social Security24:50 Live from the lake? Maybe. Tech permitting.25:46 Free advice and fart coin falloutLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don tackles the dangerous myth of “safe” high-yield investments, calling out misleading financial advice around covered call funds and non-traded real estate deals. He takes calls on 529 plans vs. UTMA, long-term care insurance pitfalls, robo-advisors for special needs planning, and a shady pitch for a fixed-indexed annuity disguised as a fiduciary recommendation. He ends with a birthday shoutout and a reminder of why good advice matters.0:04 Greed and the myth of “safe” investments1:27 Human desire for more with less risk—prime for exploitation3:02 The illusion of safety: high-yield savings vs. riskier “alternatives”3:50 Covered call funds are not safe—Don’s own experience4:42 Non-traded real estate and price illusion5:22 Financial Flinch Reflex PSA6:23 How to call the show and why listener questions matter7:36 529 vs. UTMA for a newborn + Fidelity Zero Fund vs. FSKAX10:44 529s can convert to Roth IRAs—huge benefit11:15 Long-term care insurance: costs, limitations, and reality checks13:57 Hybrid LTC policies: gimmicky, commission-driven16:34 Premium examples: $5K to $10K/year for minimal coverage17:53 Funding a disabled daughter’s future using Schwab Intelligent Portfolio19:50 Dollar-cost averaging lump sums? Don says no—invest now21:12 Don on vacation guilt and cheap travel habits22:24 529s owned by a trust—yes, and Utah’s My529 gets Don’s stamp24:25 More trust pros and Utah’s fee/vehicle advantages25:42 Listener wary of FIA pitch for TSP rollover—Don smells fraud27:48 The match, the cap, the “no annuity” claim—Don calls B.S.29:24 How to verify if someone’s actually a fiduciary32:43 Why fixed-indexed annuities dodged SEC regulation34:05 The real reason they’re pushing 70% of your money into an FIA36:00 Listener calls just to wish Don happy birthday37:32 Don thanks his audience and reflects on why he keeps doing thisLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don flies solo from Florida while Tom continues his Euro-tour, tackling the deep flaws in Morningstar’s mutual fund and target-date fund ratings. He skewers their cozy relationship with high-fee fund companies and explains how commission-based funds keep getting top honors while cheaper, investor-friendly alternatives like Vanguard are buried down the list. Don also fields live calls about asset allocation, inherited IRA distribution rules, Roth IRA contribution strategies, and the all-too-real pain of annuity surrender charges—some as high as 12.5% in year one.0:04 Don opens solo—Tom’s in Germany—and reflects on aging and the Maytag repairman1:05 A brief history of Don’s 40+ year career in financial media and advice3:05 Praise for Morningstar’s data, but heavy criticism of its ratings system5:04 Morningstar’s bias: high-fee target-date funds getting gold medals9:12 American Funds ranked above Vanguard despite massive commissions11:01 Don breaks down absurd rankings: T. Rowe, PIMCO, J.P. Morgan all above Vanguard13:37 Morningstar’s “medal” approach ignores cost—key to long-term returns14:34 When paying more makes sense (hint: not fund fees)16:41 Why commissions offer zero investor value18:24 Share class shell games: A-shares vs. C-shares deception20:40 Call: AVUV vs VT allocation—Don recommends 10% in AVUV23:43 Weather sarcasm, caller hesitation, and the “Seattle call effect”25:16 Tease: Surrender charges on annuities—what you don’t know can cost you27:09 Annuities: “safe”… but how safe is 12.5% surrender in year one?29:35 Call: 43-year-old saving $2,400/year in a Roth and wants to do better32:39 Don’s advice: open an outside Roth, invest in VT, and take the risk quiz34:39 Call: Inherited IRA RMD rules—Don corrects a past mistake37:07 Why inherited IRA rules are a legal labyrinth—CPA strongly advisedLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom expose the seductive illusion of “wealth without risk” by dissecting the explosion of equity-hedged ETFs and mutual funds. They tear into the high fees, low returns, and false promises sold by funds claiming to protect investors from market drops while capturing the upside. With support from recent Wall Street Journal coverage and AQR data, they explain how these “hedging” strategies—especially options-based ones—often underperform simple stock/bond portfolios. Listener questions tackle Roth conversions, AVGE vs. GLOV, and the myth of magical investing pills.0:04 Investing dreams and chocolate dreams: both come with a price1:31 Wall Street sells “protection” from volatility—Americans are buying2:37 Hedged funds as “stock insurance”? More like expensive illusions3:57 Comparing VOO to PHDG: 13% vs. 4.3% returns4:54 Downside protection claims fall apart under scrutiny6:18 Lower volatility, far lower returns—does it help you sleep or retire?7:34 How these funds work: options-based “protection” explained8:48 Options decay and premium costs crush performance9:56 Simpler is better: most “safety” funds fail to beat basic stock/bond mix11:03 5-year S&P 500 returns: mostly up, and up a lot11:50 Hedged funds underperform in up years—and still lose in down ones12:22 Hidden costs in options-based funds aren’t in the expense ratio13:30 Bottom line: no panacea, no magic. Just smart allocation14:05 Investor responsibility: no one will protect your money but you14:12 Listener Q&A intro and apology for delay15:05 Backdoor Roth vs. regular Roth when income is uncertain16:59 AVGE vs. GLOV: performance vs. philosophy17:55 GLOV’s returns look good—but it’s far less diversified19:21 Passive label vs. reality: GLOV is focused, possibly active20:38 Short track record makes comparisons tricky22:04 Don and Tom favor massive diversification over short-term wins23:42 Set expectations low and you’ll be pleasantly surprised24:49 Ask us anything—and yes, crypto guy left another bad review26:02 Crypto is “generational”? Maybe, but Don still won’t use money he can’t spendLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

CORRECTION: During the 13:45 caller, I gave erroneous advice on the withdrawal rules for an inherited IRA. Given that this was his father’s IRA, he is not eligible to wait until the end of the 10-year period. So he will need to distributions and, then, make a charitable gifts. -DonDon tackles a stack of listener questions in this rapid-fire Friday Q&A, covering what a financial plan should cost, how tipping might work in a cashless future, and how to fine-tune a retirement portfolio with Avantis funds. He also addresses important estate planning steps after a death, how to use QCDs with inherited IRAs, and whether AUM fees are worth it compared to hourly planners. Along the way, he reflects on why he still manages his own money—and maybe shouldn’t.0:04 Intro to Friday Q&A and how listener questions are selected2:12 What should a detailed retirement plan cost? Median price range explained4:33 How will we tip in a cashless society? From bellboys to Bitcoin to Apple Pay7:39 Listener portfolio check: 85% AVGE, 10% AVUV, 5% AVDV—too tilted?11:36 Credit after death: Should an executor notify the credit bureaus? Yes—and how13:45 Inherited IRA RMD workaround: Can QCDs help avoid taxes before age 70½?17:02 AUM fees vs. flat-fee advisors: Is paying more for more assets fair?25:51 Why Don still manages his own money (for now)—inertia, taxes, and habitsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into the human obsession with prediction—especially in finance—and why models fail us more than they help. They dissect the CAPE ratio, Fama vs. Shiller, and why “knowing” the market is a fool’s errand. Listeners also get lessons on ETF pricing myths, market cap misunderstandings, SEP Roth IRAs (spoiler: they’re basically unicorns), and whether dad deserves a gift or just more responsibilities.0:04 We crave certainty—even though our money brains are terrible at prediction.1:01 Wall Street’s models exist to soothe our fear of the unknown.1:34 “All models are wrong, but some are useful” — CAPE ratio vs. the real world.2:39 Shiller vs. Fama: You can’t time the market, even with a Nobel.4:51 Why diversification, risk-based equity premiums, and low fees beat predictions.5:24 Models work… until they don’t (hello, Phillips Curve).7:02 Why the inflation-unemployment link broke after 2000: China changed the game.8:26 Let’s admit it: You cannot accurately and consistently predict the future.9:14 Call from Catherine: Why Schwab ETF prices are “low” (spoiler: stock splits).11:31 Price per share means nothing. Market cap is what matters.13:04 Berkshire never split its stock—why it’s $731K a share.14:24 Apple vs. Berkshire vs. Microsoft: Market cap is the real metric.16:32 Why the Dow is dumb (and would be even dumber with Berkshire in it).17:49 Listener Q: Where to park $450K before a home purchase? (Hint: not bonds.)18:29 High-yield savings accounts are still the best move.19:53 Father’s Day preview: Don rants about dumb gifts and ungrateful kids.21:19 Kiplinger’s list: 5 ways dads can teach money lessons (cue sarcasm).24:06 Allowances, budgeting, and tax talks with kids—realistic or fantasy?25:28 Roth IRAs and investing lessons for teens: what actually works.27:45 Why teaching kids to pick stocks is a dangerous myth.29:38 “Graduation fund” idea: simple global ETFs like AVGE or DFAW.30:43 Yes, your kids might move back in. Yes, it’s happening again.32:13 Listener Q: Can you open a Roth SEP IRA? (Short answer: not really yet.)33:54 One firm offers it… but it’ll cost you $500/year and it’s shady.35:20 Final caller: Are there any annuities we do like? (Answer: the shortest show ever.)36:34 Program note: Tom gone for 2 weeks, Don wants your calls (or sympathy).Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom tackle the behavioral trap of “home bias” in investing—why U.S. investors tend to overinvest domestically and why it’s dangerous. They compare global fund allocations across countries, poke fun at nationalist investing instincts, and explain why international diversification is essential. Listener calls cover early Social Security regret, 72(t) withdrawals, covered calls on Palantir, and what happens to target date funds after they “expire.”1:52 Home bias explained: Americans (and Australians) overweight U.S. stocks2:58 U.S. vs global stock market value debate3:42 Fund companies pander to investor bias4:14 Vanguard Australia fund: 42% Aussie stocks?!5:25 Why home bias hurts—Australia’s 25% bank exposure6:26 Dimensional and Avantis global tilt: 70% U.S.7:52 Long-term global diversification reduces volatility8:17 The 2000s: Global funds outperformed U.S. funds9:21 Call: Donna in AZ – Regret over early Social Security filing11:29 Don confesses he took his at 69: “I’m weak”12:02 Donna’s still in great shape—no panic needed13:04 Timing Social Security: Only critical if it’s most of your income14:45 Emotional investing vs logic—why home bias persists15:51 Japan: Home bias disaster, zero returns since 199016:07 Call: Kyle in TX – 72(t) withdrawals and bond reluctance18:21 Tom explains why bonds matter when pulling from a shrinking stock portfolio19:51 Call: Jason the Tesla Bull – Covered calls on Palantir21:15 Covered call mechanics explained23:14 Don’s 1980s crash story: When covered calls fail24:14 Covered calls appeal to greed, often backfire25:20 Palantir’s PE ratio? Try 1,058—yikes26:30 Meme stocks vs megacaps: Palantir’s government dependency27:05 Call: John in OH – Fidelity fee confusion update28:16 John’s advisor can’t see the same statements—sus?30:32 Make sure to bring statements and get written answers31:29 Don’s birthday, Father’s Day gripes, and Twain wisdom32:22 Call: Elizabeth in SC – What happens to a 2010 target date fund?33:37 Vanguard 2010 funds merge into 70/30 “retirement income” fund35:14 Performance? ~5% annualized—above inflationLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode of Talking Real Money, Don and Tom take aim at one of the most persistent investing mistakes: owning individual stocks. With humor and sharp skepticism, they explore why investors—even those who say they follow the show’s advice—still concentrate wealth in a few companies like Apple, NVIDIA, or their employer’s stock. Referencing Jason Zweig’s Wall Street Journal column and legendary research from Bessembinder, they show how dangerous, emotional, and often delusional this strategy really is. From Washington Mutual to VF Corp, the history of single-stock implosions is long and painful. Plus, they field smart listener questions on business loans, Roth conversions, and hummingbird beak evolution. Yes, really.0:04 Why owning individual stocks is more like gambling than investing0:58 Zweig’s column and stories of extreme stock concentration1:42 Real investors with 30%+ in just a few stocks3:00 “I only own Apple”—the emotional traps of stock picking5:02 Washington Mutual: faith in the familiar turns to loss6:44 The VF Corp disaster and foundations behaving badly8:43 No one rings a bell before your stock collapses9:49 Stock picking risks: underperformance and default10:22 Don’s infamous four-stock “diversified” portfolio (spoiler: zeroed out)11:48 Emotional attachment to companies vs. logic12:27 Top justifications for owning individual stocks—and why they’re bogus13:40 “It’s money I can afford to lose” (No, it’s not.)14:51 Owning your own business ≠ owning a stock15:20 Risk in entrepreneurship is different—but still real16:18 Listener question: Pay cash or borrow to buy a high-return business asset?18:02 Don and Tom strongly favor using business cash over loans19:11 Why even 40% returns are no guarantee20:39 Hummingbirds evolve to match human feeders (seriously!)21:34 Listener Q: Convert old 401(k) from Mutual of America to Roth IRA?23:20 Why you should probably roll that 401(k) out—fast23:33 Joke time: The silent P in pterodactyl24:32 Don’s mental age… remains in the single digitsLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom and Roxy dive into listener questions with sharp advice and sharper metaphors—like why a 1,000-point drop in the Dow is more like a slight temperature dip than a financial catastrophe. They cover smart asset location (where to put what), consolidation tips for retirement accounts, the often-overlooked costs of rental real estate, and the emotional tug-of-war between risk tolerance and capacity as retirement nears. Plus: a gentle roast of Robert Kiyosaki, a Parisian travel tip, and a few digs at over-diversified portfolios.0:05 Tom’s intro rant: fear headlines and market timing1:39 Denominator blindness: why scary drops sound worse than they are2:52 2.4% drop = sweater weather, not financial panic3:55 Listener Q1 (Jeff): Where to hold stocks vs. bonds—taxable vs. IRA4:17 Asset location strategy: not just S&P and short-term bonds5:35 Duration, muni bonds, and why not all income is equal6:24 One custodian, fewer accounts: simplify to win7:41 Start with overall allocation, not tax location9:16 Managing drawdowns, RMDs, and legacy with tax planning10:54 Listener Q2 (Jason): Should I just let my equities grow?11:40 Risk capacity vs. risk tolerance: don’t drive 90 if 65 gets you there13:08 Why 90/10 in retirement rarely makes sense14:27 Distributions and downturns: another case for bonds15:28 Listener Q3 (Justin): Real estate vs. market income16:22 Landlord reality check: equity ≠ cash flow17:47 The tax myths of rental income vs. investments19:40 How investors really generate income (total return strategy)21:01 Time to develop a real estate exit plan?21:38 Final thoughts, free reviews, and Roxy’s Parisian wisdomLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode explores the psychological and financial side of retirement planning through the lens of entropy. Don and Tom dive into an article from Kiplinger that cleverly compares retirement to the second law of thermodynamics: left unmanaged, both money and purpose tend toward chaos. Only 4% of retirees say they're "living the dream"—and the duo explores why that number is so shockingly low. From maintaining routine and finding meaning to avoiding common money traps like over- or under-spending, this episode is packed with practical insights and sardonic banter. Plus, listener questions on Roth conversions for low-income parents and generating sustainable income in retirement portfolios.0:04 Why we're talking thermodynamics on a money show1:40 The "Second Law" of Retirement: Life drifts toward chaos2:15 Only 4% of retirees say they're "living the dream"3:06 Why retirement can be scary—even for us4:44 Do something in retirement... but get paid for it?6:09 Volunteering vs. purposeful work (and airplane nostalgia)7:03 Retirement spending traps: splurging or hoarding8:09 The danger of financially supporting adult children9:43 Composer John Williams and the myth of retirement11:24 Three keys to a better retirement: social, purpose, activity12:04 Paul Merriman, semi-retirement, and finding meaning13:23 It all still comes down to money—and the freedom it brings14:42 Steve Martin's quote on money and dumb stuff15:30 Listener question: Tax-efficient Roth conversions for elderly parents20:07 Listener question: Income generation with ETFs vs. income funds22:51 Junk bonds, Franklin Income Fund risk, and total return25:48 Strategy tip: Keeping a year of cash to smooth out volatility26:11 Upcoming events and Apollo's July 9th appearance27:37 Free portfolio review offer and purpose in helping others28:51 Tom's boat motor saga and 1-star review nightmaresLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dig into America’s $1.7 trillion in forgotten retirement accounts—29 million of them! They walk listeners through how to search for their own missing funds and share their own finds (or lack thereof). They answer questions about where to park $100K in short-term savings, when (or if) to convert to a Roth in your 70s, the pros and cons of ETFs versus mutual funds in taxable accounts, and the murky territory of backdoor Roth timing and the pro-rata rule. A listener also calls in with praise—and a gentle challenge—to donate or support the show, leading to reflections on how to really help Talking Real Money thrive.0:05 Welcome back—same truth, new week: invest simply, diversify, and stop overthinking1:24 Financial complexity is mostly unnecessary—simple portfolios work best2:37 Listeners have lost $1.7 trillion in forgotten 401(k)s—here’s how to find yours4:34 Don checks the retirement lost & found—comes up empty6:33 Tom finds $29 from Starbucks—through a different database7:36 Sites to check: National Registry, Lost & Found DB, MissingMoney.com9:15 Caller Alan: What should I do with $100K in liquid, short-term funds?11:30 Don’s “Three Easy Pieces” ladder strategy: savings + 1-year + 2-year CDs14:13 Alan’s happy—Bread Savings gets a shout-out15:43 Talking Real Money Friday Q&A is the listener favorite17:00 Caller Joel: Should I switch my Vanguard mutual funds to ETFs?19:14 Yes—especially in taxable accounts, for better tax efficiency20:44 Caller Sue: At 77, is it too late to convert $100K from IRA to Roth?27:05 Probably not worth it—tax impact likely the same or worse29:51 Rethinking retirement tax math—it’s not “your” money until it’s taxed33:19 Don checks reviews—guess who’s back with a grudge?33:49 Caller Ray: Can I move IRA to 457 to avoid pro-rata on backdoor Roth?36:40 Caller Jim: Mom’s advisor switched to LPL—should I worry?38:59 Jim’s suggestion: listeners donate to a favorite charity in TRM’s name40:04 Victory Capital funds: Don’s not a fan of their approach42:41 Why broad diversification beats thematic ETFs with 100 holdings44:12 Wrap-up: Where to listen, how to submit questions, and why reviews matterLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom salute high-schoolers who tackled the National Personal Finance Challenge, then test listeners (and each other) with the same nine-question quiz—covering basics like principal vs. balance, Roth RMD rules, CDs, vesting, inflation risk, callable bonds, and limit orders. Call-in segments dig into real-world money puzzles: whether to sink home-sale proceeds into a new mortgage at today’s 7 % rates, how (and whether) to value a military pension, rolling a TSP, and a head-scratcher about wildly swinging “management” fees inside a Fidelity IRA. A quick detour touches on Don’s upcoming birthday before they wrap with practical takeaways: know your income gap first, keep fees transparent, and remember—it’s “losing money safely” if cash just languishes.0:04 Why everyone needs a working knowledge of money1:22 National Personal Finance Challenge shout-out & why only 0.1 % of high-schoolers compete2:04 Quiz Q1 — defining principal4:01 Quiz Q2 — Roth vs. traditional IRA RMD rules5:10 Invitation for listeners to tackle the quiz live on air7:38 Quiz Q4 — why CDs pay more (funds locked for a term)8:57 Quiz Q5 — what “vesting” really means9:59 Quiz Q7 — parking cash in a sock = inflation risk12:33 Quiz Q8 — callable bonds explained13:51 Caller Hillary — use equity to pay down a 7 % mortgage or invest instead?16:33 Liquidity vs. rate trade-off and psychological comfort of a lower payment18:43 Model-airplane museum banter & show phone line reminder20:46 Caller Justin — valuing a pension and TSP rollover strategy23:45 Start with income needs, then size savings; why keeping TSP is fine if it’s your only IRA28:13 Caller John — Fidelity “management fee” swings; how to pin your advisor down33:25 Caller Will — cosmic birthday musings & the age of the universe36:51 Quiz Q9 — limit orders, and Tom flunks Series 7 trivia40:35 How few teens get real money education & resources to close the gapLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom explore the evolution, promise, and pitfalls of Exchange-Traded Funds (ETFs). While ETFs have become the dominant investment vehicle, boasting $8 trillion in assets and more than 4,000 choices, the duo cautions against the “novelty trap” that lures investors into trendy, high-cost, low-diversification funds. They advocate sticking with time-tested providers like Vanguard, Schwab, and Avantis, and urge listeners to focus on strategy over hype. The episode also covers listener questions on Facet Wealth’s alternative investments and Roth IRA income limits, ending with a light jab at Portland’s real estate collapse and Don’s growing jet lag.0:04 Opening banter and the rise of ETFs as mutual fund successors1:28 ETF history from SPY to the $8 trillion juggernaut2:21 Why ETFs caught on: low cost, tax efficiency, index focus3:45 When Wall Street noticed: strategic beta and rule-based funds emerge4:59 The novelty problem: gimmicky single-stock and crypto ETFs6:57 How to filter the 4,000 ETFs to a trustworthy handful7:34 Which fund families to consider—and which to avoid8:58 Active vs. passive: the murky middle and the “passively active” dilemma10:01 Conflicts of interest in ETF endorsements and advertising bias11:19 ETF investing principles: keep it simple, diversified, and strategic12:09 Why the industry lumps Dimensional and Avantis with active managers14:09 Brief detour into Austin, Silicon Valley, and Portland real estate15:22 Final ETF takeaway: old, boring, and proven beats shiny and new17:01 Listener Q1: Is Facet Wealth’s alternative income strategy a red flag?22:01 Listener Q2: Roth IRA income limits, backdoor Roths, and best next movesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this Friday Q&A episode, Don answers a wide range of listener questions, covering everything from market timing behavior and condo pitfalls to portfolio simplification and strategic debt repayment. He offers heartfelt financial guidance with his usual mix of candor and compassion—including a personal confession about his own Social Security decision. Plus, he pleads (just a little) for positive Apple Podcast reviews to combat the crypto bros and insurance hawks.0:04 Friday Q&A intro and how to submit voice questions1:40 What do market-timing traders actually do with their cash during volatility?4:25 Are condos and co-ops really “the devil”? Why Don’s skeptical9:46 Listener shares Don sparked his investing journey in the ‘90s11:15 Should a friend drop her advisor for a robo-platform—or go DIY with VT/BND?17:32 Why Don prefers AVGE over VTI for broader, smarter diversification18:15 Tiny differences in fees can mean big long-term results18:58 Active-duty military caller: Should I pay off debt using savings and ditch whole life?24:08 Listener nearing 70: Should I freeze my Social Security or just enjoy it now?26:46 Don’s honest confession about his own SS filing decision27:52 Why good reviews matter (and how to fight the crypto/insurance trolls)29:43 Call live on Saturdays while Tom vacations… againLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

A chaotic day leads Don into a deep (and entertaining) dive into the futility of market timing, spurred by a recent Morningstar article on Pacer’s Trendpilot ETF. Don and Tom break down the mechanics of the fund’s strategy, its underperformance compared to a simple 60/40 portfolio, and the long-term cost of trying to avoid downturns. Listener questions bring up diversification, Roth IRAs, and the eternal struggle with ticker symbols. Plus, a special heads-up for federal employees about an upcoming webinar. And yes, kilt ventilation is discussed.0:04 “It never rains but it pours” rant, helicopters, kilts, and chaos2:02 Welcome and the evolution from market timing believers to skeptics3:13 Trendpilot ETF’s moving average strategy explained (kind of)5:45 Morningstar says: strategy failed, underperformed S&P by 5% annually6:58 97-year 60/40 portfolio beats Trendpilot in return and volatility8:32 2020 example: Trendpilot missed the 38% rebound—ouch9:59 Why market timing fails most investors over time11:05 Loss aversion vs. long-term strategy with fixed income13:08 Trendpilot’s $3.3B in AUM—but it still doesn’t justify market timing14:23 Listener mail: VTEB vs VTBE, Series 65 textbook gems, diversification18:26 How much in a single stock? Almost none19:10 Roth IRA allocation question—AVUS, DFIV, AVUV, and maybe just AVGE22:24 One-fund to rule them all: AVGE breaks it down across 15 funds24:11 Federal employee webinar pitch – June 7 at appellowealth.com25:39 Wrapping up with call-in info, dreams about forgetting the phone number, and kilts (again)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom unpack Morningstar’s latest “5 of the Best” investing methods, praising the simplicity of balanced and target-date funds but warning against high-fee versions. They emphasize that no portfolio fits everyone and push for low-cost index solutions. Listeners call in with 401k rollover questions and political discomfort around financial firms—sparking a candid, occasionally funny chat about ethics, emotions, and retirement realities. The episode wraps with a challenge to fix Social Security and a request for more five-star Apple Podcast reviews before Don dies on the mic.1:07 Morningstar’s ‘5 of the Best’ investing methods reviewed1:48 Balanced funds and target-date funds: pros and cautions2:48 Three-fund and custom-fit portfolios discussed4:08 Critique of Morningstar’s recommended balanced funds6:19 Expense ratios of target-date funds and better alternatives7:17 Morningstar’s risky allocation advice near retirement9:17 Why one-size-fits-all portfolios don’t work10:14 Caller Sally: Should we move from T. Rowe Price 401k?12:56 T. Rowe Price vs. Vanguard fee comparison14:03 How to roll over a 401k into an IRA17:39 Custom portfolios vs. simplicity and human behavior21:42 Caller Lynn: Political discomfort with Schwab as custodian26:26 Keeping an advisor despite ideological concerns28:38 Raising the retirement age: Denmark vs. U.S.32:48 Fixing Social Security: remove the wage cap35:29 Listener reviews, crypto hate, and ETF conspiracy theoriesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode of Talking Real Money, Don and Tom reluctantly return to the topic of Bitcoin, using its recent price spike to explore deeper questions about market efficiency, irrational investor behavior, and the legitimacy of crypto as an investment. With nods to Eugene Fama, Cliff Asness, and some well-aimed skepticism, the duo debates whether price reflects value or just hype. Alongside listener calls from California, Canada, and North Carolina, they address portfolio allocation, pension rollover strategies, and even debunk gold’s glitter as a bond replacement—punctuated by a truly explosive segment on “FartCoin.” Yes, really.0:56 Tom and Don reluctantly dive into Bitcoin and crypto’s price spike1:37 Are crypto markets truly efficient? Academia vs. reality2:44 Price goes up because price went up? Questioning efficient market theory4:17 Cliff Asness on how social media distorts collective investment judgment6:23 Don restates the three ways to make money: work, luck, dishonesty6:50 Harvard-style debate: Can markets be truly efficient?8:24 Rational ignorance and emotional investing behavior9:36 Fama says Bitcoin will go to zero within a decade10:30 Dogecoin and meme coins: speculative absurdity vs. real purpose12:06 Investment principles: Diversify, plan, ignore hype13:51 Tom and Don are ‘contrary indicators’—Bitcoin jokes ensue14:14 Call: Clinton in CA asks where to put pension payments he doesn’t need yet16:13 Investment advice for 5-year+ horizon: high yield/cash/bond/stock mix17:48 Tom’s wife builds a wheelbarrow, financial education “nonprofit” mailer19:11 Crypto joke segment: FartCoin rises to $3.50… and the bad puns begin22:02 Call: Jeff from Canada on gold returns vs. bond stability24:24 Should gold be part of a diversified portfolio? Historical returns debunked28:39 Gold bar nostalgia vs. investment logic29:58 TRM T-shirt giveaway and gold vs. bonds as ‘cool’ vs. smart31:30 Call: Zach in NC—Should he roll old 401(k) into state pension plan?33:10 Breakdown of NC pension plan fund options and a 90/10 allocation strategy36:03 Don signs up for a “non-sales” financial education class by an unlicensed guy37:50 Red flags: financial advisor not registered anywhere, mystery deepensLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom dive into a new study showing the average investor spends just six minutes researching a stock—most of it just watching the price move. From gut feelings to hometown bias, they unpack why individual stock picking is often driven by emotion, not logic. Along the way, they skewer myths about control, tax efficiency, and the Warren Buffett fantasy. Listener questions cover Roth 401k rollovers, Roth conversion timing, and Fidelity’s commingled active target-date funds—and why none of them beat a good portfolio of low-cost ETFs.0:04 Stock picking takes 6 minutes, says NYU study1:09 Why people pick stocks without research1:56 Risk analysis ignored by most investors2:57 The illusion of gut instinct investing4:22 Beating the market is harder than it looks5:44 The fantasy of picking only “good” stocks7:10 The control myth and cost of stock picking8:29 Buffett’s process vs. your fantasy9:53 The illusion of control and tax myths10:58 What real diversification means12:11 You’re wasting time, not just money13:11 Emotion makes individual stock picking harder13:59 Familiarity bias in hometown investing15:21 Listener Q1: Roth 401k rollover planning16:27 How many ETFs should a multimillion Roth have?17:59 Get fiduciary help or risk being sold garbage18:21 Listener Q2: Roth conversion tax trap20:17 RMDs aren’t the enemy—bad Roth math is20:29 Listener Q3: Fidelity commingled target-date fund21:35 Why active target funds fail investors22:07 Better option: Three low-cost ETFs insteadLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don fields a fresh batch of listener questions in this all-audio edition. A longtime fan asks whether a municipal bond ETF (VTEB) is a smarter place than a money market fund for short-term cash—Don explains why liquidity and risk matter more than yield. Another listener wants help navigating how much cash retirees should keep and when to use it—Don breaks it into two simple buckets: one for living, one for emergencies. A third caller gets a red flag for being pitched Cliffwater’s CCLFX fund by a so-called fiduciary. Don pulls no punches on high-fee, opaque, risky private lending funds—and questions the advisor’s motivations. Later, a listener asks about Vanguard’s old-school actively managed funds like Wellington and PrimeCap, and whether they still have a place in a modern index-based portfolio. And finally, a TIPS investor wonders if he’s overcommitted to inflation protection. Spoiler: maybe. Don wraps by reflecting on 40 years in talk radio and thanking the show’s loyal, growing audience.0:10 Don introduces the many ways listeners can submit questions2:21 Q1: SPAXX vs. VTEB for short-term savings—liquidity vs. yield5:34 Why money market wins for money needed within 2–3 years6:27 Q2: How much cash should retirees keep—and when to use it?7:25 Retirement cash strategy: living cash vs. true emergencies9:31 Q3: Advisor recommends Cliffwater CCLFX—should I worry?11:01 CCLFX breakdown: 10% yield sounds sexy, but what’s the cost?13:27 A thousand times the cost of Vanguard bonds—yes, really15:41 Don: this “fiduciary” isn’t acting in your best interest17:01 Q4: Do Vanguard’s active funds still belong in a portfolio?18:18 PrimeCap vs. VTI—higher cost, same return, less diversification19:56 Active funds are legacy products—and not built for the long game20:25 Q5: TIPS bonds—smart inflation hedge or overweight risk?22:48 Equities already provide inflation protection—TIPS should be a slice, not half24:03 Don reflects on 40 years in talk radio—and thanks loyal listenersLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom roll through Memorial Day weekend with a little heat from the audience, a breakdown of where Americans get their financial advice (hint: it’s not great), and some solid, real-world investing guidance. They take a couple of strong listener calls—one on geopolitical market fear and another from a small business owner unsure how to save for retirement. Plus, Don flaunts a ridiculous cash stash and his new Rodecaster Pro II. Yes, it’s that kind of show.0:04 Memorial Day weekend caller drought and listener outrage over not using cash1:10 Don reflects on talk radio, aging, and Colonel Sanders2:05 Gallup survey reveals where Americans get financial advice—spoiler: it’s not ideal3:47 Breakdown of advice sources: friends, family, advisors, websites, banks, podcasts5:23 Tom reads the actual top 10 list from Gallup—cue confusion and math jokes7:54 Why banks may be the worst place to get financial advice10:18 Fiduciary fail: Only 1% of advisors always act in your best interest12:36 Sound effects galore and nobody on the phone—hello, crickets15:53 Brad finally calls back with fears over Israel-Iran conflict and market moves21:38 Why gold isn’t a smart hedge, even in global turmoil23:52 The myth of timing the market, even with breaking geopolitical news27:02 Mike calls from Lacey to argue that ditching cash detaches us from reality31:23 Don flexes with $473 in his wallet (and a wife who gives him money)32:23 Jason the mobile mechanic asks how to save for retirement34:08 Jason’s stuck with an advisor—but doesn’t know what he’s invested in36:19 The guys lay out a DIY Roth strategy and recommend ditching the advisorLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

This episode brings the heat on so-called “financial educators” masquerading as fiduciaries while hawking high-commission indexed annuities. Don and Tom dissect the misleading promises of 9% guaranteed returns, break down real disclosure numbers, and expose the enormous commissions driving these “recommendations.” Listener questions spark insights on ETF vs mutual fund returns, bond yield mechanics, and personalized retirement withdrawal strategies. Oh, and say goodbye to the penny—it’s headed for extinction.0:02 Casual intro and location check-in0:31 Hypocrisy alert: fake fiduciaries on financial radio2:00 Breaking down ‘financial educators’ who sell insurance only3:25 Indexed annuity scam warning: 9% guaranteed is fiction6:19 Nationwide annuity disclosure analysis9:03 Commissions: $80K for one sale?!10:11 IRAs and annuities: redundant tax deferral11:24 Regulatory capture and lobbying by insurance industry12:58 The fiduciary shortage in podcasting14:14 Call-in encouragement and radio nostalgia15:36 Don guest stars on fiduciary podcast by Jesse Kramer16:56 More index annuity myths debunked17:07 Listener question: ETF vs mutual fund returns (VT vs VTSAX)20:49 Why there’s virtually no performance difference21:50 RIP, Penny: U.S. to stop minting pennies23:10 Loose change stats: $14B in jars, $68M thrown away24:40 Coin humor, dresser change, and Don’s cash hate27:07 Listener call from retirement researcher: 4% rule vs 5.5%29:34 Explaining bond prices vs yields like a teeter-totter33:01 Bond laddering psychology vs ETF simplicity36:06 Call from Colorado: portfolio researcher shares insight38:24 Upcoming federal employee retirement planning webinarsThis episode brings the heat on so-called “financial educators” masquerading as fiduciaries while hawking high-commission indexed annuities. Don and Tom dissect the misleading promises of 9% guaranteed returns, break down real disclosure numbers, and expose the enormous commissions driving these “recommendations.” Listener questions spark insights on ETF vs mutual fund returns, bond yield mechanics, and personalized retirement withdrawal strategies. Oh, and say goodbye to the penny—it’s headed for extinction. “9% Guaranteed? Yeah, Right.” “Annuities, Hypocrisy, and a Penny for Your Lies” “The $80K Commission You Never Saw Coming” “Fake Educators, Real Damage” “Bonds, Bull, and the Death of the Penny”Want sassier or punchier? I’ve got reserves.Scene:A retro 1950s-style classroom. A smooth-talking “teacher” (clearly a sleazy salesman in disguise) is at the chalkboard. The chalkboard reads “9% GUARANTEED!” in big bold letters.Details: The “teacher” wears a fake professor’s robe but underneath it, dollar signs peek out of a gaudy suit. In the corner, a “fiduciary” badge sits untouched on the desk. A shocked student (maybe a piggy bank with arms) raises its hand in horror. Light sepia-toned filter, mid-century vibe, logo space top left clear.Ready for art now?Say the word and I’ll whip up the image. Want to punch up the summary or swap out a title? I’m yours. 🎙Questions? Comments? Click!

Tom takes a break from vacationing to join Don in a deep dive on target date funds—the good, the mediocre, and the fee-loaded ugly. They break down performance data, highlight major fund differences, and remind listeners why understanding your own risk tolerance still matters. Listener questions spark advice on Roth IRAs for young investors and strategies for holding large tax payments. All with classic banter, bad jokes, and a quick jab at the Raiders.0:04 Tom’s back (briefly), and the banter’s already off the rails1:42 Target date funds: the set-it-and-forget-it investing strategy3:06 $4 trillion invested—do they actually work?4:29 Performance since 2010: solid but not spectacular4:52 Fees dropping, but some funds still gouge6:06 Comparing returns: Vanguard, Hancock, American Funds, Voya7:39 Hidden loads and fees—legal, but not ethical7:59 Target date trouble: they don’t know you9:03 Asset allocation assumptions can misfit your real risk9:44 Most funds overweight large U.S. companies11:14 What Vanguard 2025 actually holds (spoiler: little value)12:43 Better than nothing—but not better than customized13:38 Final take: decent for novices, but beware high fees and mismatched risk16:15 Listener Q1: Roth IRAs in only VFIAX—good idea for young investors?17:36 Why global small-cap value ETFs are a better long-term choice19:04 Comparing AVGE, DFAW, and VT—size and cost matter19:36 Listener Q2: Where to hold tax money without exceeding FDIC limits21:30 FDIC realities and alternative safe options like government money markets22:23 Tax math: fed + Illinois = close to 50% if income, less if capital gains23:52 Hidden state tax traps and EV drivers dodging gas taxes24:13 Pre-DOGE Teslas and pre-Elon excusesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this lighter (but still info-packed) Friday Q&A episode, Don tackles a mixed bag of real-world money questions—from Roth conversions and selling the family home to foreign tax credits and the emotional overload of trying to do everythingat once. Listeners wrestle with software vs. strategy, gifting real estate to their kids, and finding financial sanity in mid-life. Don reminds us: good advice doesn’t come with a magic wand, but it does come with a bit of permission to slow down.0:56 Roth conversions vs. tax software forecastsDon breaks down a listener’s dilemma between believing Bolden software’s results and the unpredictable future of taxes.3:16 Selling a $1.3M home to your daughter at a discountCreative estate planning meets real estate risk. Don dives into the tax, gift, and legal landmines.9:21 Should I worry about foreign tax credits with VT?A listener’s ETF portfolio prompts a discussion on whether VT’s structure means missing out on foreign tax credit benefits.14:13 “Is Tom using a money multiplier?”A sharp-eared listener catches a math slip and asks whether Tom is secretly using margin or magic.15:35 Holistic financial planning for a stretched young familyIn a heartfelt question, a 30-something couple wonders how to juggle mortgage, saving, and life without burning out. Don gives them more than advice—he gives them permission.21:59 Don’s guest appearance on Personal Finance for Long-Term InvestorsIf you want more Don, check out his chat about annuities with Jesse Kramer.Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don shares a deeply personal tale from 2007 when, as an HOA treasurer, he dodged a financial landmine involving auction-rate securities—just before the 2008 crisis froze their liquidity. That real-life scare flows into a fierce takedown of today’s institutional obsession with illiquid assets like private equity, especially in university endowments. Harvard’s high-risk strategies, retirement plans promoting alternatives, and the seductive myths of market outperformance get picked apart. Don and Tom warn investors not to chase complexity or “exclusive” returns, especially when liquidity disappears. Plus: a pension tax trap, Opportunity Zone hype, and the nerdy joys of CD ladders.0:04 Don’s HOA horror story: auction-rate securities before the 2008 collapse2:06 Liquidity vanishes when you need it most—Wall Street Journal echoes the warning3:51 Harvard’s endowment crash: elite returns turn embarrassing4:34 Private equity’s scary recipe: micro-cap risk + debt + 3–4% fees5:44 Why these complex products often spark crises6:42 “Works until it doesn’t”: the fatal flaw of illiquid alternatives8:10 Illiquidity explained with the real estate analogy10:13 State pension investing: lessons from Washington’s shift to index funds11:32 Why elite endowment managers must pretend to be smarter than markets12:10 Microsoft vs. Mac: the cost of complexity, again13:15 Secret formulas, snake oil, and the myth of exclusive financial wisdom14:36 Listener Q1: Can Alaska pension income go into a Roth?16:25 Listener Q2: Qualified Opportunity Zones—worth it or tax dodge trap?19:05 Tax deferral vs. sound investing: when kicking the can isn’t smart20:27 Listener Q3: Fidelity’s CD ladder tool and emergency funds21:40 How CD ladders smooth yields—and a shortcut with bond funds23:27 Volatility = reward: why risk is the reason stocks outperform24:10 Why indexed annuities kill returns—and the fake comfort they sell25:30 Tech support rants, Gen Z lifelines, and the “is it plugged in?” curseLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Tom and Don open the show with tech woes and quips before diving into a serious discussion about the U.S. credit rating downgrade and its implications for borrowing costs and long-term debt. They offer practical investing advice in light of the downgrade—think short- and intermediate-term bonds and global diversification. Listener calls bring a colorful array of financial situations: a comfortably retired couple managing rental income, a military retiree with credit card debt, a candid debt history rant from a longtime listener, and a woman with $80K in savings and a low mortgage who's frozen in financial fear. The show wraps with WWII plane trivia, laughs about caulking commercials, and a reminder: simplify your finances before they complicate you.0:04 Show open; Tom and Don back on the line, with tech trouble and small-town banter1:45 U.S. credit downgrade and what it means for investors5:20 What to do now: diversify bonds, stay short-term, add global exposure7:26 Call: Ike from Marysville — strong retirement income, rental questions, safe stock skepticism13:44 Installment sale talk, tax planning, and passive income alternatives15:41 Call: Nick vents on U.S. debt history and tax policy—“Reagan to Trump, same mistakes”19:44 Call: Pat the military retiree—$14K in credit card debt, $400K in IRA, what to do?24:25 Strategy: Use cash and IRA to eliminate debt fast—stop paying 20% to Discover27:12 Call: Jody from Blaine — 65, working, scared to invest, $80K in savings33:57 Advice: Keep the mortgage, max the 401(k), move money into higher-yield and growth35:18 Wrap-up: Graduation pride, plane trivia, caulk jokes, and a heartfelt call to actionLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don returns from a exhausting, comedy-of-errors flight to discuss how the markets pulled an equally wild round trip—plunging, then rebounding to the tune of $8 trillion. He and Tom break down the April stock and bond tantrum, laugh off predictions of recession, and offer practical guidance for scared investors, risk-takers, and those tempted by annuities. Listener questions cover mortgages vs. investing, the role of fixed annuities, and a touching thank-you from a longtime fan who retired well thanks to Don’s early radio shows. Oh, and Tom’s now YouTube famous. Just ask his grandkids.0:04 Don’s cursed travel story: jet lag, delays, and onboard medical drama1:28 Welcome back—Tom’s model aircraft museum returns2:48 Market rewind: sharp drop and $8T rebound3:55 April 8 market bottom; temper tantrum or bear tease?4:40 CNN Fear & Greed Index: from panic to euphoria in weeks6:27 Fan mail: “Planes, Trains & Cryptocurrency” and Tesla hate from a Lyft driver7:43 Don’s Broadway singalong graduation trip to NYC9:01 Recession odds fall fast—tariffs rise faster11:27 Tom calls out the mayor’s interest rate prediction logic13:01 Check your 401(k)? Maybe don’t—unless you’re learning your risk tolerance14:10 Don’s “Tune Out the Noise” video hits 10+ million views16:43 Listener challenge: Why bash Fidelity annuities?18:47 Don’s CD ladder vs. annuities—why he prefers federal over contractual guarantees20:10 Even “no load” annuities can be slippery—careful with the fine print21:51 TRM hits 1,648 episodes (and counting)22:44 Listener Bruce: From broke in 1989 to comfortably retired, thanks to Don24:17 Remember load funds? Why no-loads and ETFs rule now25:59 American Funds' ETF pivot: lipstick on a mutual fund28:36 Listener question: Invest inheritance or pay off 6.6% mortgage?33:10 Roth IRA strategy, liquidity concerns, and investing at age 3536:17 Graduation singers belt Sinatra’s “New York, New York” at Radio City38:21 Reminder: Free portfolio help at TalkingRealMoney.com39:53 End-of-show degeneracy: full monty jokes, sensitivity training, and accidental innuendoLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom welcome Weston Wellington of Dimensional Funds for a rare and richly insightful conversation covering market volatility, media noise, diversification, and the enduring wisdom of index investing. Weston compares Spam to Motorola, skewers financial hype, and champions simplicity in investing—and yes, he might just sing if you let him. The conversation explores how far the financial industry has evolved (and still has to go), why most investors get in their own way, and whether AI or just good old-fashioned “aggregated intelligence” holds the future of smart money management.0:04 Don’s surprise “singing telegram” and guest intro0:53 Weston Wellington on volatility and market uncertainty2:47 Why volatility is the “price we pay to play”3:32 The media’s role in investor anxiety4:57 Should investors act on daily financial advice?6:15 Portfolio changes should reflect personal changes, not headlines7:24 Spam vs. Motorola: A lesson in stock picking9:44 Dimensional’s stance on individual stock ownership10:02 Diversification as “the closest thing to a free lunch”11:07 Are alternative investments the new magic bullet?12:43 Mutual funds vs. ETFs—what works best and when15:27 Industry evolution: from 8% loads to indexing dominance18:29 Where Dimensional fits in the modern fund landscape21:01 AI vs. “aggregated intelligence” in managing portfolios24:04 How regular people can find real financial advice25:34 The key to success: Temperament, not timing26:44 Weston’s side gig as a roving birthday singer27:58 Why Weston hasn’t been invited lately (and he's lonely)Learn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don’s back from NYC with pride (and maybe jet lag), tackling a full slate of thoughtful listener questions. From Roth conversions and the TSP G Fund to cash balance plan gimmicks, RMD timing, overpriced 401(k) plans, and yes, the eternal question: Are annuities ever worth it? Don delivers straight talk, a little outrage, and no-nonsense advice—with some well-placed jabs at the industry’s smoke and mirrors.0:04 Don returns from NYU graduation trip and thanks listeners for sending questions0:56 Should a 54/61-year-old couple convert traditional IRA to Roth? “It depends”3:05 Federal employee asks about the TSP G Fund – why it’s loved, and when not to use it5:47 High earners ask about cash balance plans – Don says beware the fees and opacity11:05 Planning for RMDs at 73 – monthly, quarterly, or lump sum? Don prefers year-end13:38 60-year-old stuck in a principal 401(k) with 2.3% fees – Don goes full outrage18:28 “Are annuities ever appropriate?” Yes—but rarely, and only immediate onesLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom launch into a globe-trotting episode—complete with multilingual greetings and a cameo from Cookie Monster—before diving into the serious question of global investing. They challenge the "home country bias" that keeps investors overly concentrated in U.S. stocks, highlight the recent performance gap favoring international small-cap value, and remind listeners that chasing returns and market timing are just two sides of the same bad investing coin. With personal anecdotes, Japan’s long recovery, and fund comparisons (VT, AVGE, DFAW), they make a rock-solid case for global diversification. Plus: a real-life trustee dilemma, a potentially smart annuity strategy, and a few dad jokes you didn’t ask for.0:04 Multilingual greetings, Cookie Monster, and off-the-rails intro1:38 Listeners ignore the banter—jump straight to annuity questions2:05 “Why would I want foreign stocks?” US home bias gets roasted2:39 International small-cap value up, S&P down—performance flips3:23 Blackberry nostalgia, Don’s voiceover gigs, and cowboy auditions5:30 U.S. vs. international investing—timing or chasing returns?6:48 Market cycles and why global investing reduces regret8:26 Feelings aren’t facts—own the planet, not your predictions10:08 Japan's 34-year climb back—and the real lesson of 199011:49 Dividends matter: Japan’s returns weren’t all dead12:20 Comparing VT, AVGE, and DFAW for global exposure14:33 Why Don prefers global funds over DIY U.S./intl combos15:30 A 1992 Japan vs. global return showdown—$10k becomes $41k or $233k17:50 They buried the lead—global diversification wins again18:14 Listener corrects math on 4% rule—Don admits the slip19:06 Comment on borrowing from 401(k) and the “double-tax” myth20:04 Facebook dad jokes derail Tom’s patience20:53 Trust investing dilemma: annuity vs. portfolio income23:50 Immediate annuity may be the best fit for a “failed-to-launch” son25:23 Where to shop for no-load annuities—Fidelity, Ameritas, Stan the Annuity ManLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

In this episode, Don and Tom rewind to the not-so-golden era of Wall Street paperwork, bringing a modern perspective to old-school investing habits. They tackle listener questions around dividend investing, the allure of individual stocks, and whether the 'buy and hold forever' mindset still holds up in the era of ETFs. Along the way, they dismantle outdated advice, give historical context to stock certificate culture, and steer listeners back toward diversified, evidence-based strategies. A little nostalgia, a lot of myth-busting.0:00 — Opening thoughts on old-school investing1:30 — Why dividend stocks still captivate investors (and why they shouldn’t)3:45 — Caller wants to hand-pick dividend stocks for income—Don’s got a better plan6:12 — The problem with nostalgia-driven portfolios7:55 — What a pile of stock certificates used to represent—and what it doesn’t anymore9:40 — Why ETFs offer smarter, cheaper, saner exposure to dividends12:18 — Tom reflects on the emotional appeal of owning "pieces of companies"14:02 — Another caller asks: Should I dump my dividend ETF for higher-yield stocks?15:40 — Compounding, risk, and the illusion of control17:00 — Why chasing yield can lead to capital destruction19:15 — Final thoughts: Don’t mistake familiar for safe, or paper for valueLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!

Don and Tom take aim at America's favorite financial myths—starting with the widespread belief that real estate and gold are the best long-term investments. They present nearly 100 years of historical data to show why stocks have far outpaced both. The conversation also tackles misleading annuity pitches, a classic pension lump sum dilemma, and the age-old question facing 20-somethings: save for a house or retirement? Callers bring smart questions about guaranteed annuities, where to park surplus cash, and the VT vs. VTI+VXUS tax argument. As always, the show delivers investing wisdom with skeptical charm and a few zingers.0:10 — A third of Americans believe real estate or gold are the best long-term investments1:40 — The real historical winners: stocks beat gold and real estate by miles3:03 — Nearly 100 years of returns: real estate (4.2%), gold (5%), stocks (9.9%)6:00 — Don’s missed heart procedure and Tom’s recycled joke vault7:49 — Don’s NYC hotel sticker shock vs. Tom’s five-star absence excuse9:02 — Caller Jim asks about multi-year guaranteed annuities as bond alternatives10:01 — Why MYGAs aren’t remotely comparable to U.S. Treasuries13:07 — If something looks too good (5.8% guaranteed), it probably isn't14:25 — Another Jim (Florida) asks: lump sum or $250/month pension?17:30 — Financial flexibility vs. longevity risk in pension decisions21:32 — Listener dilemma: save for retirement or a house at 24?23:57 — Why early Roth contributions beat early homeownership for long-term wealth25:41 — Kyle in Indianapolis has an extra $40K—where should it go?27:26 — If it’s 5 years, don’t risk stocks. If it’s 10+, maybe30:47 — Allie from Wyoming asks: VT vs. VTI+VXUS for better foreign tax credits32:25 — Why foreign tax credit isn’t a good enough reason to skip VT34:21 — Global GDP, stock valuations, and the eternal U.S. vs. international allocation debateLearn more about your ad choices. Visit megaphone.fm/adchoicesQuestions? Comments? Click!