Talking Real Money

Vanguard slashes fees again, pushing its average expense ratio down to six basis points. Don and Tom contrast that with outrageously expensive ETFs charging 2% to 14% annually, walk through why evidence-based factor funds cost a bit more than pure index funds, answer listener questions about international tilts and fund-of-funds rebalancing, and clarify why diversification across assets still matters more than fee-chasing alone. 0:04 Vanguard cuts fees again — average expense ratio now 0.06% 3:43 What expense ratios really are (and how many investors unknowingly overpay) 5:00 The shockers: ETFs charging 2% to 14% annually 11:13 Comparing Vanguard index costs vs. Avantis and Dimensional factor funds 14:41 Why anything above ~0.35% for passive/rules-based investing is likely too much 16:03 The “Militia” ETF: 14% fee, poker background, no real track record 19:46 Listener: Increasing international exposure inside IRA/Roth 21:35 Clarifying fund-of-funds vs. multiple funds for rebalancing 23:18 Why Avantis and Dimensional include mid-cap, REITs, and bonds 27:25 Evidence-based investing isn't just about returns — it's about correlation and volatility control Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode focuses on smart portfolio construction across multiple accounts, using AVGV to complement limited 401(k) options, and why allocation should be viewed holistically. A caller debates stretching into a later target-date fund, prompting a discussion about risk versus actual retirement need. Crypto is challenged as speculation rather than investment. Dividend strategies and bond placement inside Roth IRAs are examined. A muni bond question reinforces the value of patience. The show closes with a humorous but pointed critique of the UFO ETF and broader thematic fund hype. 0:04 AVGE vs. AVGV — why adding global value can offset a 401(k)'s large-cap bias 5:02 Think one portfolio — asset allocation should span every account 8:18 2045 vs. 2060 target-date funds — only take the risk you actually need 11:20 Crypto challenge — utility, politics, and “I'm up” aren't investment theses 14:48 SCHD in a Roth — dividend chasing and why bonds usually don't belong there 18:54 Roth contribution ideas — avoid overlap, consider value exposure 20:11 Selling an individual muni — bid/ask spreads and the case for just holding 26:50 The UFO ETF — defense stocks wrapped in alien hype 31:01 $800B in thematic ETFs — headlines aren't a strategy Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode moves from the origin of “rule of thumb” to why most investing rules of thumb don't work for real people. Tom and Don explore a Yale professor's personalized allocation model, walk through tax-smart strategies for funding a child's car while managing Roth conversions and capital gains, warn about liquidity risks in private credit after restrictions at Blue Owl Capital, explain how to structure IRA withdrawals through disciplined rebalancing, and close by addressing market-timing anxiety for retirees sitting heavily in cash. The through-line: simple rules are comforting, but thoughtful planning beats shortcuts every time. 0:04 What “rule of thumb” really means and why investing is full of them 2:17 60/40, 100-minus-age, and why simple formulas fall short 3:16 Yale professor James Choi's personalized allocation formula 4:35 Why a 25-year-old probably should be nearly 100% in stocks 6:25 Spreadsheets vs. real-world investors 9:39 Portugal caller: funding a daughter's car purchase tax-efficiently 13:28 Roth conversions, 12% bracket strategy, and zero capital gains planning 16:46 Rebalancing opportunity: selling VTI vs. Schwab Intelligent Portfolio 19:16 Private credit warning: liquidity restrictions at Blue Owl Capital 23:45 The illusion of “safe” high returns in private lending 26:53 IRA withdrawal strategy: sell winners when rebalancing 29:35 Annual vs. monthly withdrawal discipline 31:34 60/40 vs. 70/30 — how much difference really matters 33:32 Retirement income simplification: fewer funds, easier rebalancing 34:48 Seattle caller: $1.45M in money market and market-timing temptation 36:18 Why market timing fails and when an advisor earns their keep Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom examine Kiplinger's list of top retirement side gigs and separate practical ideas from pipe dreams, questioning whether executive coaching, IT consulting, online reselling, and landlord life truly offer “passive” or realistic income. They highlight more viable options like tutoring, handyman work, and tour guiding while emphasizing purpose over paycheck. Listener questions cover the risks of private credit and alternative investments, plus smart strategies for consolidating multiple 401(k) accounts without triggering unintended tax consequences. 0:04 Old guys still podcasting intro 1:38 Kiplinger's retiree side-gig list 3:26 Executive coaching reality check 4:40 AI and tech consulting skepticism 6:32 Consulting and client ego problems 7:53 AI vs. content writers 9:06 Bookkeeping for small businesses 9:29 Online selling isn't easy money 11:19 Tutoring as a steady option 12:17 Handyman work pays well 13:44 Tour guide opportunities 14:17 Landlord myth of “passive” income 16:00 Where to find side gigs 16:47 Bridge jobs for healthcare 17:08 Purpose-driven retirement 19:14 Private credit and alternative risks 23:46 Consolidating multiple 401(k)s Learn more about your ad choices. Visit megaphone.fm/adchoices

After a bump in crypto-fueled listener calls, Don tackles a mix of practical and philosophical money questions: why Fidelity's new “stablecoin” isn't an investment at all, whether a heavily conditioned city 401k match is worth the risk versus a flexible Roth 457, how to safely reposition an 85-year-old's idle savings without sacrificing liquidity, and why actively managed mutual funds can generate painful surprise tax bills. The episode closes with the return of Bitcoin Bob, sparking a spirited debate over whether Bitcoin is a currency, a commodity, or a “store of wealth” — and whether something that swings 50% qualifies for that title. 0:04 Crypto episode follow-up, listener call surge, and AI voice processing update 1:52 Fidelity's new stablecoin FIDD — why it's pointless for investors 3:41 City retirement plan dilemma: conditional 401k match vs. Roth 457 flexibility 8:24 When complicated employer matches aren't worth the hoops 9:31 Helping an 85-year-old move idle savings — high-yield savings vs. brokerage 11:40 Janus mid-cap fund capital gains surprise and ETF tax efficiency 13:11 Why mid-cap alone isn't diversification — broader ETF alternatives 15:19 Bitcoin Bob returns: currency vs. commodity vs. “store of wealth” 19:53 Volatility reality check — why Bitcoin fails the store-of-wealth test Learn more about your ad choices. Visit megaphone.fm/adchoices

Vanguard lowers fees yet again, pushing its average expense ratio down to just six basis points — a move that underscores how dramatically fund costs have fallen over time. Don and Tom contrast this with shockingly expensive ETFs charging double-digit annual fees and explain why those costs are nearly impossible to overcome. They unpack the difference between pure index funds and factor-based funds like Avantis and Dimensional, clarify common confusion around rebalancing and fund-of-funds strategies, answer listener questions about increasing international exposure, and explain why evidence-based investing includes diversification across bonds and real estate — not just stocks. The episode reinforces a core message: fees matter far more than most investors realize, especially the ones they never see. 0:04 Vanguard cuts fees again — average expense ratio now just 0.06% 1:23 Brief detour into model aircraft before returning to money talk 3:43 Fund expense ratios explained — what investors are really paying 5:00 The shock factor: ETFs charging 12%–14% annually 10:08 Why ultra-high expense ratios are nearly impossible to justify 11:13 Vanguard vs. factor funds — why Avantis and Dimensional cost more 14:41 The invisible cost problem — how expense ratios quietly drain returns 16:03 Militia Long Short ETF (ORR) — high fees, no track record 21:02 Listener question: Increasing international exposure inside IRAs 23:03 One fund vs. multiple funds in taxable accounts — rebalancing clarification 24:09 Why Dimensional and Avantis offer mid-cap, REIT, and bond funds 25:51 Evidence-based diversification beyond equities Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle S&P 500 concentration risk and the dominance of the Magnificent Seven, explaining why diversification still matters despite compelling active management narratives. They clarify the difference between currency and investment in a pointed Bitcoin vs. U.S. dollar discussion, then pivot to fixed income strategy—highlighting why low-cost, large-scale bond funds like BND often outperform higher-fee “active” alternatives that quietly take more credit risk. Listener calls cover 401(k) catch-up contributions, bond ETF selection for retirement income planning, and whether using excess RMD funds for Roth conversions really adds value after taxes and IRMAA considerations. As always, the theme is disciplined investing over storytelling. 0:04 Technical chaos intro and why better investing still matters 1:32 S&P 500 concentration risk and the “Magnificent Seven” problem 2:40 The dangerous “but” in diversification pitches 3:43 Small, value, and momentum factors explained briefly 5:33 Active management as narrative creation 9:57 Bitcoin vs. U.S. dollar as currency vs. investment 13:29 What actually makes something an investment 15:08 Bond ETFs for retirement years 5–8: BND vs. Avantis 17:42 Why bond fund size and expenses matter 21:36 Active bond ETFs, credit risk, and hidden tradeoffs 25:38 401(k) catch-up contributions clarified 30:21 Roth conversions, RMD strategy, and tax math realities 34:09 IRMAA considerations and Medicare premium surprises Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dissect a Morningstar article naming the “best core stock funds” for 2026, noting the sharp decline in recommended actively managed funds and the dominance of low-cost index funds. While they applaud the shift away from expensive stock pickers, they argue Morningstar's “core” approach still leads to unnecessary complexity and heavy large-cap (especially S&P 500) concentration, with little exposure to small-cap, value, and emerging markets. They advocate instead for simple, globally diversified, factor-tilted funds like DFAW, AVGE, or AVGV. Listener questions cover switching from AVGE to AVGV inside an IRA (risk tolerance matters), improving a 32-year-old's 401(k) allocation (use a Roth IRA to add small/value exposure), and a sharp analogy comparing passive investing to driving with traffic rather than weaving aggressively for no gain. 0:04 Investing in a “wonderful world” by ignoring noise 1:14 AI audio tools that may replace editors (and shorten meetings) 5:06 Morningstar's 2026 “Best Core Funds” list shifts toward indexing 6:39 Why “core” still means large-cap heavy and incomplete diversification 9:50 The problem with piling into multiple S&P 500 funds 12:14 Why Dimensional and Avantis are missing from the list 13:26 One-fund global solutions: DFAW, AVGE, AVGV 17:44 Listener analogy: aggressive driving vs. active investing 19:08 IRA question: Switching from AVGE to AVGV and risk tolerance 20:34 32-year-old's 401(k) allocation and using a Roth IRA to add small/value 28:40 Retirement workshop plug and who should attend 30:21 Free fiduciary advice vs. actually hiring an advisor Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode, Don introduces a new AI audio enhancement tool that dramatically improves the sound quality of listener questions, then dives into a series of practical retirement issues. He tackles whether converting a $2 million term life policy to whole life after a disability makes sense (and what must be guaranteed in writing), explains how to properly freeze a deceased parent's credit and handle inherited POD accounts and IRAs under the 10-year rule, pushes back on the increasingly discussed “bond trough” retirement strategy by emphasizing emotional risk over theoretical logic, and closes with reassurance for listeners considering retiring part-time in Mexico, explaining how U.S. retirement accounts, tax treaties, and global banking make the process far simpler than many assume. 0:04 Friday intro and new AI tool that dramatically improves caller audio quality 2:01 Whole life conversion offer after disability — “free” premiums and what to demand in writing 5:57 How to submit spoken questions and call-in info 6:22 After a parent's death: credit freezes, deceased alerts, and final credit reports 7:41 Inheriting POD accounts and an IRA — step-up in basis and the 10-year IRA rule 9:57 AVGE vs. AVGV fake-out and real question: bond “trough” strategy in retirement 11:24 Logical vs. emotional risk tolerance — why most retirees can't handle 50% drawdowns 13:40 Retiring internationally (Mexico example) — IRAs abroad, tax treaties, and practical Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets may feel calm despite geopolitical noise, but uncertainty is the permanent condition of investing—and the price of admission for higher returns. Don and Tom unpack Jason Zweig's reminder that investors hate uncertainty (tough), discuss the surge in speculation from leveraged ETFs to prediction markets, and explain why “play money” accounts should stay small. They field listener questions on building an investment policy statement, rebalancing without sabotaging returns, simplifying overly complex ETF portfolios, choosing international small-cap exposure, and setting up custodial accounts (with a nod to Roth IRAs for working teens). The core message: take only the risk you need, not the risk your inner con man wants. 0:00 The podcast that never ends; investors hate uncertainty 1:19 Jason Zweig revisits 2008 and the permanence of market uncertainty 3:16 Calm markets, speculative behavior, and the rise of prediction markets 6:00 “Play money” accounts and the danger of confusing gambling with investing 8:18 Take the risk you need—not the risk you want 9:05 Writing down how you feel during downturns 11:51 Listener question: Rebalancing and creating an Investment Policy Statement 17:09 25-year-old portfolio review: Too much complexity, wrong tilts 20:27 International small-cap choice: AVDV vs. AVDS 23:26 Custodial accounts for teens and the Roth IRA opportunity 26:10 RetireMeet 2026 promotion and event details Learn more about your ad choices. Visit megaphone.fm/adchoices

Talking Real Money opens with a stark illustration of why Bitcoin fails as a usable currency, showing how volatility can destroy real-life budgets overnight. Don and Tom compare crypto to historic speculative bubbles, argue that stability—not hype—is the core function of money, and dismantle the “store of value” narrative. The show then shifts to practical listener calls covering CD ladders, Treasury yields, retirement readiness, estate planning, and early-retirement balance. Throughout, they emphasize boring, diversified, evidence-based investing over speculation, reminding listeners that long-term financial security comes from discipline, planning, and emotional restraint—not chasing the next hot trend. 0:04 Bitcoin paycheck scenario and real-world income collapse 1:04 Currency volatility vs. household budgeting reality 2:22 Bitcoin's 45% drop and “currency vs. speculation” argument 3:24 Hyperinflation examples and why stability matters 4:03 “Greater fool” theory and vanishing crypto hype 4:47 Why Bitcoin fails as a functional currency 5:59 Tulip mania and historical bubbles comparison 6:59 Tangible assets vs. pure speculation 7:39 “At least you can live in a house” argument 8:26 Michael Saylor, HODL culture, and empty promises 9:30 NFT collapse and Beeple example 10:11 Crypto returns vs. real assets 11:14 Listener question: CDs vs. Treasuries 12:22 Current CD rates and Bankrate reference 13:56 Risks of long-term bonds and rate changes 15:32 Don's real CD ladder example 16:37 Fixed income diversification strategy 18:35 Hot money leaving crypto for prediction markets 19:45 Generational blind spots and bubble psychology 21:08 Retirement planning call: housing proceeds and savings 23:57 Social Security timing and cash-flow planning 25:41 Importance of fee-only fiduciary planning 27:32 Vernita Toll Bridge digression (classic TRM) 30:33 Estate planning: wills vs. trusts 33:49 RetireMeet promotion and resources 35:43 FIRE listener call: saving vs. living balance 38:58 Permission to spend responsibly Learn more about your ad choices. Visit megaphone.fm/adchoices

0:04 Dow hits 50,000 while most stocks lag—why it's a meaningless headline 0:59 Robinhood and Palantir slide—speculators start getting nervous 1:39 Jason Zweig on low-volatility funds—and why timing them is a trap 1:55 Why the Dow is a terrible “index” built on 1890s math 3:22 Diversified portfolios quietly up nearly 6% YTD in early 2026 3:32 Small-cap value up 13%—the payoff of long-term discipline 4:05 “We didn't predict this”—why diversification beats market bragging 4:54 Portfolios should already be built for downturns 5:10 The danger of reacting after markets “stumble” 7:09 Average vs. median net worth—why averages mislead 8:26 How billionaires distort financial statistics 9:09 “Lies, damned lies, and statistics” origins 10:06 AI-enhanced listener call audio and Friday Q&A podcast 10:37 DFFVX vs. AVUV—Dimensional vs. Avantis small-cap value 13:33 Why track records don't matter for similar funds 13:53 Super Bowl sirloin cooking advice 15:17 Whole life insurance review—why to cash out in retirement 17:08 When cash-value insurance makes sense (rarely) 19:22 Surprise downloads of Christmas stories in February 20:57 Caller asks about “set-it-and-forget-it” investing 24:26 Risk tolerance when retiring soon 26:08 Using AVGE for global diversification 27:48 Why near-retirees should get professional reviews 30:28 Emergency funds—never use a Roth 31:37 High-yield savings accounts around 4%+ 34:11 Portfolio balance and realistic expectations Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom step away from pure investing talk to explore how AI, layoffs, and stagnant wages are reshaping career paths—especially for young people and midlife career changers. Drawing on a Wall Street Journal article, they make the case that skilled trades and blue-collar careers are increasingly attractive alternatives to vulnerable white-collar jobs. They discuss service advisor roles, union trades, and apprenticeship paths, then pivot to listener questions on Robinhood bonuses, switching to financial advising later in life, and the risks of moving from AVGE to AVGV. Throughout, they emphasize self-knowledge, discipline, and long-term thinking—whether choosing a career or building a portfolio. 0:04 Why this episode is about earning money, not just investing 0:31 Encouraging parents to rethink college-only career paths 1:15 AI, layoffs, and the shrinking white-collar job market 2:32 Crash Champions and the rise of service advisor careers 3:31 Don's dealership days and why he left the car business 5:12 Learning to drive stick shift the hard way 6:46 Apprenticeships, $60K starting pay, and growth potential 7:34 Work-life balance in blue-collar vs. white-collar jobs 8:36 Why contractors struggle with communication and planning 9:05 Demand for skilled trades and handyman services 9:47 Labor shortages: factory, construction, and auto techs 10:36 Demographics and the retirement of skilled workers 11:35 Pensions, unions, and taking responsibility for retirement 12:45 Finding yourself in your 20s and career experimentation 13:04 New Tales Told plug and early radio career story 14:23 Listener: Robinhood bonuses and disciplined investing 15:41 Why Robinhood encourages risky behavior 17:23 Listener: Becoming a financial advisor at 55 18:31 Barriers to entry and starting an independent RIA 19:14 Why people skills matter more than math skills 20:45 How AI will reshape the advisory profession 22:07 Shift from brokerage to fiduciary advising 23:18 Listener: Switching from AVGE to AVGV 24:47 Risk tolerance and fund volatility 26:31 Splitting funds and managing behavioral risk Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode of Talking Real Money, Don tackles five thoughtful listener questions ranging from confusing 401(k) collective investment trusts and investment club withdrawals to Roth conversion strategies, inflation fears in bond portfolios, and inherited IRA planning. Along the way, he emphasizes transparency over opacity, flexibility over prediction, and discipline over emotion. Don pushes back against fear-driven investing decisions, cautions against large tax moves based on uncertain futures, explains when TIPS do (and don't) make sense, and praises a listener's smart inherited IRA-to-Roth strategy. Note: listener call audio has been enhanced with a new tool, making callers sound almost like they're in the studio. Let us know what you think. 0:04 Podcast vs. radio intro, Friday Q&A format, and improved caller audio quality 1:00 How listeners submit questions through TalkingRealMoney.com 1:44 33-year-old with $330K in a 401(k) and confusing collective investment trusts 4:26 Why “intermediate cycle” funds are market timing in disguise 6:47 Investment club withdrawals and in-kind transfers after Schwab/TD merger 9:23 Why there's no universal rule for investment club distributions 9:58 Complex Roth conversion plan and IRMAA concerns 14:31 Why large Roth conversions rely too heavily on tax predictions 16:59 The case for slow, flexible, incremental conversions 17:28 National debt fears and switching from BND to TIPS 20:47 When TIPS actually help and why panic reallocations fail 21:46 Emotional control as the core investing skill 22:10 Inherited IRA strategy to fund Roth contributions 24:15 Why spreading withdrawals over 10 years makes sense 25:09 Listener growth, competition with Stacking Benjamins, and call to action Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom take on Elon Musk's claim that AI will make retirement saving obsolete, pushing back hard on the idea that technology or billionaires will somehow fund everyone's future. They examine why universal basic income is politically and mathematically unrealistic, remind listeners that past tech revolutions didn't magically create widespread wealth, and reinforce the importance of steady, diversified investing. The episode also tackles listener questions on HSAs, 529 rollovers, taxable account strategy, and tax efficiency, while weaving in commentary on work, purpose, behavior, and—once again—the ongoing menace of gas-powered leaf blowers. 0:04 Fear of AI and its supposed impact on money and jobs 1:52 Elon Musk's claim that retirement saving will become irrelevant 2:59 Why billionaires don't like sharing wealth 4:29 Historical tax rates and wealth distribution 6:21 Business Insider survey: 94% still plan to save 8:45 Why tech revolutions don't eliminate financial risk 9:59 Work, purpose, and retirement psychology 10:33 Universal basic income math and tax reality 11:54 Luddites and historical job displacement 12:55 Listener questions segment begins 13:18 HSA invested in Fidelity target-date fund 17:38 Overfunded 529 plans and Roth rollover rules 20:45 Taxable account strategy and balanced funds 23:28 Asset location and tax efficiency 24:49 Finding fund returns on Morningstar 25:46 Tom's Scottsdale meetings 26:45 War on gas-powered leaf blowers Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom and Don break down why gold, silver, and individual stocks remain speculative distractions rather than reliable investments, using recent volatility in precious metals and Microsoft as cautionary examples. They explain how globally diversified portfolios helped investors stay steady while fear-driven assets whipsawed. The show tackles retirement allocation risks, high-cost target date funds, and how much risk retirees may actually need to take. Listener questions cover 401(a) rollovers, withdrawal strategies, rebalancing after a decade, tax treatment of tips, collective investment trusts, teacher retirement plans, and high-yield savings accounts—reinforcing the case for low costs, broad diversification, and disciplined investing. 0:04 Why gold and silver are speculation, not investments 1:19 Precious metals crash and volatility reality check 3:11 Microsoft drop and risks of single-stock investing 4:40 Fear, home bias, and global diversification 7:12 Birthday story and listener banter 8:31 Elaine's 401(a) and risky target-date fund allocation 11:24 High expense ratios vs. low-cost index options 12:47 Retirement income needs and withdrawal risk 14:04 Monte Carlo results for 60/40 portfolios 15:56 Tips income, taxes, and rebalancing questions 18:03 Standard deduction and real tax impact 23:39 Capital Group CIT vs. Vanguard index funds 25:21 Downsides of collective investment trusts 28:08 403(b)WISE and school district plan ratings 29:55 Teacher retirement plan advocacy 32:32 High-yield savings account recommendations 34:18 Rebalancing after 10 years 35:17 Asset location and tax efficiency Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom dig into the Washington State pension system's heavy exposure to private equity, sparked by Jason Zweig's Wall Street Journal reporting and a Seattle Times investigation. They explain why high fees, opaque valuations, and lack of liquidity make private equity especially dangerous for public retirement funds—and why Washington leads the nation in risk. The conversation expands to compare pension strategies across states, question governance and oversight, and warn retirees about the real-world consequences of excessive risk. Later, the hosts respond to a listener trapped in a high-fee, actively managed portfolio and variable annuity, illustrating how costs and complexity quietly erode wealth. The show wraps with practical retirement guidance inspired by Warren Buffett—simplify and protect—plus a discussion of converting mutual funds to ETFs for greater efficiency. 0:04 Show open, call-in invitation, and setup on private equity 0:32 Jason Zweig's WSJ reporting on private equity fees and markups 1:25 Washington State pension's heavy private equity exposure 3:23 Valuation and liquidity problems in private equity 4:35 Breakdown of WA pension assets (private equity + real estate) 5:18 Risks of market downturns and illiquidity 6:25 Who's overseeing the pension fund and their qualifications 7:06 Concerns for Washington retirees and contributors 8:28 Board “experts” and potential conflicts of interest 9:55 Difficulty exiting private equity investments 11:06 Questioning reported 12.3% returns vs public markets 11:59 Call for political accountability and reform 12:50 Comparison to states using mostly public index funds 13:35 Why private equity suffers most in downturns 14:22 Comparison of pension private equity exposure by state 15:58 Rebalancing and “emperor's clothes” concern 17:07 Caller Luke reacts to pension risks 18:11 Promotion of RetireMeet and retirement education 19:22 Warren Buffett's retirement advice: simplify and protect 20:28 Risk reduction and advisor role in retirement 21:26 Fiduciary standards and conflicts of interest 22:55 Emphasis on simple, protective portfolios 23:07 Caller Jane asks about high advisory fees 24:40 Discussion of “active management” risks 26:12 Review of proposed funds and red flags 29:57 Analysis of high-fee, high-turnover portfolio 30:57 Concentration and volatility concerns 32:16 Variable annuity warning signs 33:37 Commission conflicts and surrender charges 33:57 Recommendation to change advisors 34:56 Recap of excessive fees and risks 36:33 Importance of honest warnings vs future losses 37:48 Question on converting Vanguard mutual funds to ETFs 38:52 Advantages of ETFs: cost, tax efficiency, liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom take aim at “magical” high-yield investments, focusing on why junk bond funds often behave more like risky stocks than stable bonds. Drawing on research from Larry Swedroe, they explain how high fees, high turnover, and economic sensitivity undermine the appeal of high-yield funds—especially during recessions. They reinforce the core principle that higher returns always mean higher risk and argue that investors are usually better served taking risk in equities and safety in high-quality bonds. Listener questions cover HSAs in retirement, Roth IRAs for young investors, backdoor Roth conversions, and the Vanguard Star Fund. The episode closes with discussion of RetireMeet 2026 and the importance of long-term, disciplined investing. 0:04 Opening: Wanting high returns with no risk 1:02 Introduction to “magical” high-yield investments 1:10 Larry Swedroe's research on junk bond funds 2:20 Investment-grade vs. high-yield bonds explained 4:29 Bankruptcy risk and bondholder losses 5:49 Returns, volatility, and stock-like behavior 6:36 Risk-adjusted returns and Sharpe ratios 7:47 Why passive beats active in junk bonds 8:35 2008 losses in high-yield funds 9:36 “Yield is for farmers” and risk perspective 10:42 Why higher yield always means higher risk 11:08 Bonds as portfolio ballast 12:17 Why equities are better for risk-taking 12:27 HSA investing for medical expenses 13:56 Roth IRA for grandson with long time horizon 15:18 Backdoor Roth conversion tax question 17:57 Vanguard Star Fund discussion 19:03 Active vs. index fund comparisons Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode, Don answers listener questions on handling backdoor Roth conversions with investment gains, whether Avantis or Vanguard makes more sense for bond investing, and why 529 plans have become even more attractive with new Roth rollover rules. He also tackles a puzzling report of inflated ETF pricing on Vanguard's platform, urging further investigation, and reassures a listener concerned about AVGE's diversification compared to VT. Along the way, Don emphasizes the importance of low fees in fixed income, the long-term logic behind factor investing, and the reality that taking additional risk is what creates the potential for higher returns. 0:04 Friday Q&A intro and plea for more listener questions 1:44 Backdoor Roth with gains—how to handle taxable growth 6:01 Avantis vs. Vanguard for bond funds and why fees matter more in fixed income 8:00 Using 529 plans for kids and new Roth rollover rules 11:19 Odd ETF pricing on Vanguard and why it makes no sense 13:38 AVGE vs. VT diversification concerns and factor investing explained 18:24 Risk, factor tilts, and long-term expectations Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom examine the long disciplinary history of former broker James Tuberosa and his attempt to reinvent himself as a registered investment advisor through a newly formed firm, highlighting how fiduciary language can be used to mask conflicts driven by insurance commissions. They walk listeners through the importance of reading Form ADV disclosures and explain how regulatory gaps allow questionable practices to continue. The episode reinforces the principle of “buyer beware” before shifting to listener questions on saving for major expenses, evaluating high-fee annuities for elderly retirees, Roth IRA investing for young adults, and the advantages modern investors enjoy from lower costs and better diversification. The show closes with reflections on financial literacy, generational investing improvements, and a preview of RetireMeet 2026. 0:05 Opening and setup: broker misconduct story 0:10 James Tuberosa's career and long record of complaints 1:14 FINRA expulsion and failed expungement lawsuit 2:42 How complaints get quietly “settled” 3:51 Shift from broker to RIA status 4:49 Skyview Pinnacle and the “clean” front 5:48 Using fiduciary language as marketing cover 7:17 Why insurance escapes SEC oversight 8:22 Conflicts disclosed in ADV 9:19 Why disclosures matter 10:47 Warning signs: promises and product pitching 12:01 Weakness of fiduciary protection 13:08 Ethical failures at large firms 14:38 Fiduciary vs. commission contradiction 15:36 Why reading ADVs protects investors 16:17 Transition to listener questions 17:16 Sinking funds: investing vs. saving 18:40 Planning for major home repairs 19:36 Elderly couple and complex annuity 21:01 Risks of high-fee variable annuities 22:36 Best Roth IRA investment for young adults 23:24 Advantages for today's investors 24:58 Lower costs and better diversification today 26:38 Historical perspective on investing access 28:10 Listener engagement and contact info Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom break down why hedge funds' so-called “comeback” doesn't justify their massive fees, showing how simple index portfolios continue to outperform. They challenge the idea of allocating even small amounts to speculative assets like Bitcoin, emphasizing academic research and real-world risk. The show covers Roth TSP strategies for young federal employees, the importance of international diversification, and why overcomplicated portfolios rarely add value. They also dismantle “Power of Zero” and life insurance retirement schemes, exposing their sales-driven motives. Throughout, Don and Tom reinforce their core message: disciplined saving, diversification, and simplicity beat hype, sales pitches, and emotional investing every time. 0:20 How the live radio show becomes a “magical” podcast and why Don controls the edit 1:55 Wall Street Journal hedge fund article feels like advertising 3:28 Hedge fund returns vs. outrageous fees 4:59 How simple 60/40 and 80/20 portfolios beat hedge funds 6:43 Jason in Sammamish and the Tesla/Bitcoin debate 8:11 Why speculative investing hurts regular savers 10:56 Bitcoin, hype, and institutional money myths 11:45 Bessenbinder research and why stock picking fails 13:09 Why money decisions stay emotional 14:03 Micro-cap stock failure rates 15:11 Roth TSP matching and young federal employees 16:32 When Roth vs. traditional makes sense 19:21 Mad Men, old computers, and optimism about the future 21:45 Asset allocation for young investors and AVUV vs. global funds 23:52 Why international investing matters 25:21 The case for simple one-fund portfolios 27:45 Advisors pushing annuities and insurance 29:14 Why LIRPs and “Power of Zero” plans are dangerous 34:43 Exposing insurance-driven “tax-free retirement” marketing 34:55 RetireMeet preview and upcoming events 36:39 Voice-to-text tools and listener questions Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom kick off the show with weekend banter and nostalgia about checkbooks before diving into why buying and selling a home remains one of life's biggest—and most misunderstood—financial decisions. Using a Wall Street Journal quiz, they explore smart pricing, commission negotiations, low-cost home improvements, inspections, seasonal pricing patterns, and even haunted-house disclosures. Along the way, callers ask about life insurance planning, tax-managed accounts, umbrella insurance, and retirement income strategy. The episode emphasizes realistic expectations, low-cost investing, diversification, and avoiding unnecessary fees, while reminding listeners that simple, disciplined decisions usually beat flashy financial “solutions.” 0:04 Weekend open, call-in invite, “no annuity” guarantee, check-writing nostalgia 1:24 Don discovers last checks were written in 2019–2021 2:45 Home buying/selling as life's biggest transaction 3:20 Overpricing your house and “it's worth what someone pays” 4:24 WSJ real estate quiz: pricing strategy in slow markets 6:14 Break, banter, and commission quiz setup 7:04 Real estate commissions are negotiable 8:10 Selling by owner and staging realities 9:14 Caller Dustin: debt-free at 27, life insurance, DIY vs advisors 12:41 Planning for life insurance proceeds and beneficiaries 14:06 Zillow estimates and home values 14:43 Caller Joey: SMAs and tax-loss strategies 17:31 Capital gains, housing exemptions, and SMA practicality 19:16 Caller Beth: umbrella insurance for homeowners 22:02 Caller Ron: retirement income, stable value funds, RMDs 25:06 Diversification beyond the S&P 500 26:50 Returning to WSJ real estate quiz 27:43 Best ROI upgrades: paint and curb appeal 28:23 Pre-listing inspections 29:44 When home prices peak (June) 31:09 Haunted houses and disclosure laws 33:43 Listener portfolio: AVGE, AVGV, bonds Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle fears about U.S. national debt by breaking down who actually owns it (mostly Americans), why “China owns us” is wildly overstated, and why rising interest costs matter more than sensational headlines. They explain why government debt isn't a looming foreclosure scenario, how interest payments circulate back to investors, and why politics often distorts financial decision-making. The show also covers 60/40 portfolio resilience, the real role of bonds, listener questions on AVGE and DFAW, investing simplicity, and a nostalgic detour into Spam keys and Mad Men—ending with encouragement for disciplined, long-term investing. 0:05 National debt fears and the “Mr. Potter foreclosing America” analogy 0:27 Holiday movies, Home Alone sequels, and It's a Wonderful Life 1:13 Who really owns U.S. debt and why it matters 2:50 Japan, UK, and China holdings explained 4:02 Why foreign selling wouldn't crash the economy 5:13 Most U.S. debt is owned domestically 5:31 Interest payments now exceeding military spending 6:18 What debt interest really costs households 7:19 Why investors shouldn't panic over government debt 8:15 Politics vs. rational investing decisions 9:55 Debt, taxes, and what society is willing to give up 11:28 Historical tax rates and Mad Men economics 12:37 Military spending and post-WWII budgets 13:22 60/40 portfolios and market downturn protection 14:43 Worst historical declines for balanced portfolios 16:37 Long-term resilience of diversified investing 17:51 Bonds: income vs. volatility control 19:08 Spam keys, Hormel, and changing industries 20:52 AVGE, DFAW, and Apella portfolio structure 22:29 Simplicity vs. complexity in investing 23:47 Podcast longevity and download estimates Learn more about your ad choices. Visit megaphone.fm/adchoices

In this listener-driven episode, Don, Tom, and advisor Roxy Butner tackle a wide range of investing questions, starting with the explosive growth of ETFs and why many new funds—especially active, leveraged, and thematic products—may be risky for long-term investors. They discuss whether and how to exit expensive inherited mutual funds, how to use low-income years for tax planning, and why capital gains can still trigger taxes even in sabbatical years. The team reviews a complex multi-fund portfolio, explains the pros and cons of adding growth tilts, and dives into behavioral finance—offering practical ways to resist over-tinkering. They close with guidance for investing inherited money later in life, emphasizing purpose, risk tolerance, and family planning, and preview the upcoming RetireMeet event. 0:04 Intro, listener questions, and why “ETF” is not “EFT” 0:27 ETF growth in 2025 and the rise of active and leveraged funds 1:31 Why most new ETFs worry Tom (active, leverage, speculation) 2:04 Choosing the right ETF: costs, indexing, and long-term focus 3:16 Roxy joins and the listener Q&A begins 3:54 Inherited AIVSX: taxes, donating shares, and switching to ETFs 7:04 Why traditional mutual funds are tax-inefficient 8:14 Sabbatical year strategy and capital gains misconceptions 10:39 When to involve a tax professional 11:31 Portfolio mix: VOO, Avantis, international, and value tilts 12:17 Why adding VUG may increase risk 14:57 Asset location challenges and rebalancing problems 15:22 Behavioral finance: resisting the urge to tinker 19:21 How often to check your portfolio 20:10 Discipline, rules, and systematic investing 21:11 Inherited $300K at age 79: purpose and next-generation planning 23:40 Building a taxable portfolio for heirs 24:40 RetireMeet preview and featured speakers Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches. 0:04 Show intro, Broncos talk, Mad Men, and settling in 2:02 Retirement as the biggest lifetime expense 2:47 State-run retirement plans and auto-enrollment 3:47 Who really pays for “free” state plans 4:09 Why Roth-style saving makes sense 6:25 OregonSaves fees and State Street target-date funds 8:07 Limited investment choices in most retirement plans 9:24 Florida has no state savings plan 9:33 WSJ article on purpose and meaning in retirement 11:12 “Mattering” and being needed after retirement 12:19 Longevity after age 65 14:30 Retirement without a plan vs. needing structure 15:36 Depression and suicide risks in older retirees 16:52 Caller: “Fiduciary” selling indexed annuity 17:40 Why annuity pitches violate fiduciary duty 20:20 Knowing yourself before retiring 21:18 Caller: Helping widowed mother invest safely 22:33 When CDs and Treasuries make sense 23:47 Using brokerage CD ladders 26:34 Sports updates and listener mail 27:36 Old 401(k)s and consolidation 30:43 Listener saved $100K/year in advisory fees 31:47 AUM vs hourly vs flat-fee advisors 34:47 Subscription advisors and limited portfolios 35:51 Why advice matters more in retirement Learn more about your ad choices. Visit megaphone.fm/adchoices

A chaotic but revealing game-show-style opening leads into a sharp lesson on why market trivia doesn't matter nearly as much as discipline. Tom and Don walk through eye-opening 2025 market stats, including the real impact of the Magnificent Seven, international stocks' outperformance, and a surprising Bitcoin result, before pivoting to listener calls on risk aversion in retirement, tax drag in fixed income, ETF vs. mutual fund structure, pensions as “bond substitutes,” and the fear of poorly timed rollovers. The episode reinforces a consistent theme: markets anticipate, investors overthink, and long-term success comes from diversification, cost control, and building portfolios around real human behavior—not headlines. 0:04 Cold open and chaotic “What Do You Know?” game show setup 1:58 S&P 500 return vs. performance without the Magnificent Seven 5:16 Magnificent Seven's staggering 10-year return 5:48 International stocks outperform U.S. stocks in 2025 7:35 Retired caller weighs SGOV vs. VTEB and tax efficiency 10:01 Risk aversion, inflation fears, and when bonds actually belong 13:11 CD ladders as a stability alternative to bond funds 14:27 Clean energy ETFs rise despite negative policy headlines 16:41 Colombia emerges as best-performing global stock market 18:02 Bitcoin's surprising full-year decline in 2025 19:02 Why none of this market trivia actually matters 20:28 ETFs vs. mutual funds explained simply and clearly 24:44 Why fund companies resist ETF conversions 27:13 Pension income vs. bonds in portfolio construction 31:20 AI voice experiment and margin rate reality check 32:02 Fear of rolling over 401(k)s and “hodgepodge-itis” Learn more about your ad choices. Visit megaphone.fm/adchoices

Most retirees aren't spending anywhere near what they safely could — often barely 2% of their savings — and that hesitation may be costing them the very retirement they worked for. Don and Tom make the case for permission to spend, walking through why flexible withdrawal strategies beat rigid rules, how the “go-go / slow-go / no-go” years actually play out, and why fear of future healthcare costs often leads to unnecessary deprivation today. Listener questions cover tilted portfolios inspired by Paul Merriman, early-retirement home financing decisions, inheritance timing versus helping kids now, and whether ACATS fraud fears are overblown. The through-line: have a real plan, update it annually, and then — finally — live it. 0:04 You did everything right — now spend some of the darn money 1:06 Retirees spending only ~2% of savings (why this happens) 2:03 Permission to spend is harder than permission to save 3:16 Go-go, slow-go, no-go years (and why front-loading joy matters) 4:34 Healthcare fear vs. actual retirement guardrails 6:19 Helping kids before inheritance (when it matters most) 6:35 Why “winging it” works for some — and fails for most 7:58 Flexible percentage withdrawals vs. fixed rules 8:59 Vacations, Hawaii, and spending after strong market years 10:55 Great Wolf Lodge economics (and parental survival strategies) 13:00 Listener Q: Portfolio tilts (US, SCV, international, EM) 15:49 Listener Q: Downsizing early, mortgages vs. IRA withdrawals 18:34 Liquidity matters more than interest rates pre-59½ 21:15 Retirement planning as a map, not a spreadsheet 21:46 Listener Q: ACATS fraud fears and account security 24:40 Why total safety often makes life worse, not better Learn more about your ad choices. Visit megaphone.fm/adchoices

This Friday Q&A covers real-world money decisions with real consequences, including how to invest life-insurance proceeds after a spouse's death, why dividend-and-leverage strategies promoted online are fundamentally dangerous, and how inherited IRA rules actually work under the IRS's 10-year framework. Don also tackles long-term HSA investing, explains why the 4% rule isn't a one-size-fits-all solution (especially when advisor fees are involved), and even demonstrates an AI-generated version of himself to explore whether good advice can outlive the human delivering it. Equal parts practical guidance, hard math, and skeptical humor. 0:04 Friday Q&A returns, holiday illness, and how to submit questions 1:04 Investing life-insurance proceeds after a spouse's death 1:45 Why portfolio allocation depends on income need, taxes, and risk tolerance 3:05 Why a fee-only fiduciary is essential for survivor planning 3:49 Living off dividends using leverage and margin 5:03 Why “paycheck into brokerage + leverage” strategies are dangerous 7:43 Dividend cuts, margin risk, and downturn math reality 9:29 Inherited IRA rules when the original owner had begun RMDs 11:32 The 10-year rule, annual RMDs, and IRS life-expectancy tables 12:48 Listener appreciation and the value of taking money seriously 14:01 How to invest an HSA that won't be used for years 15:09 Adjusting the 4% rule when paying an advisor 15:54 AI voice demo, advisor value, and Vanguard's Advisor Alpha Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement income doesn't have to mean hoarding assets or obsessing over leaving an inheritance. In this episode of Talking Real Money, Don and Tom dig into a topic that still makes many investors flinch: reverse mortgages. Using recent research and real-world planning logic, they walk through why modern reverse mortgages aren't the shady last-ditch option they once were, how they can reduce cash-flow stress, and when they may (or may not) make sense as part of a broader retirement plan. Along the way, they tackle myths about heirs losing the house, unpack the true costs, and explain why being “house rich and cash poor” is a real planning problem. The show also answers listener questions on bond ladders using iShares iBonds ETFs, critiques Vanguard's newer fixed-income ETF BNDF, and closes with a reminder that yield chasing — even from respected firms — still carries risk. 0:04 Retirement isn't about dying rich — it's about spending your money on you 0:25 Why inheritance shouldn't be the primary goal (with one important exception) 1:21 Shirt colors, corporate culture, and the last people still wearing white dress shirts 2:48 Smoking everywhere: airplanes, hospitals, grocery stores — and why it mattered financially 4:12 Disney jokes, expensive vacations, and setting the tone 5:08 Introducing the real topic: reverse mortgages 5:15 Why reverse mortgages still scare people — and why that reputation exists 6:44 How FHA regulation changed the reverse-mortgage landscape 7:21 Are reverse mortgages really a “last resort”? 8:14 Using home equity to improve lifestyle, not just survive retirement 8:52 Are reverse mortgages expensive? Breaking down the real costs 10:53 Lending limits, age factors, and how much equity you can actually access 12:39 When the upfront costs make sense — and when they don't 14:35 Myth busted: heirs can still inherit the home 15:08 You still own your house — it's just a mortgage with no monthly payment 16:18 Reverse mortgages as liquidity, not a wealth-building tool 16:33 The importance of planning before touching home equity 16:45 $35 trillion locked in U.S. home equity — and why paying off mortgages isn't always smart 17:57 Downsizing versus staying put: another option entirely 19:59 Listener question: simplifying a complex bond ladder 21:17 Using iShares iBonds ETFs to build a disciplined bond ladder 22:32 The risk of breaking the ladder when rates change 23:41 Listener question: Vanguard's BNDF ETF 24:44 Why chasing yield in bond funds can backfire 26:06 Gimmicks, relevance, and Vanguard's shift away from leadership 26:33 RetireMeet 2026 preview and registration details Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode dismantles the myth of “one-size-fits-all retirement,” arguing that retirement isn't a date, an age, or a lifestyle—it's a personal transition that demands both an income plan and a purpose plan. Don and Tom explore the growing trend of “un-retiring,” why fear and economic anxiety are lousy motivators for going back to work, and how a lack of planning fuels unnecessary worry later in life. Listener questions cover smart uses of 529-to-Roth conversions, parking large sums of cash, Roth strategies for young investors, rebuilding emergency funds without sabotaging retirement, and why converting Vanguard mutual funds to ETFs in taxable accounts is often a no-brainer. The through-line is clear: stop predicting the future, stop reacting emotionally, and build flexible plans that let your money support the life you actually want. 0:04 Retirement isn't a script, a date, or a finish line 0:56 The myth of “retire at 65 and stop living” 1:20 The rise of “un-retiring” and why Disney hires retirees 3:22 Fear-based reasons people go back to work 4:28 Why retirees often worry more, not less 5:10 Studies showing how many retirees expect to work again 6:38 Income plans vs. purpose plans in retirement 7:16 The Dalai Lama, retirement, and dark humor 8:16 Using leftover 529 money for a future Roth IRA 10:31 Anton Chekhov's The Bet and money as a moral test 12:08 Parking $3.5M: T-bills vs. high-yield savings 14:30 Why holding massive cash piles is usually a mistake 16:21 Interest-rate predictions and the illusion of certainty 19:17 How (and where) people actually listen to podcasts 21:02 Mortgage rates under 6% and why context matters 23:15 Roth IRAs for young investors and compounding reality 25:12 VT vs. AVGE vs. AVGV for long-term simplicity 27:51 Disney's $60B expansion and what it says about costs 31:07 Rebuilding emergency funds without derailing retirement 33:32 Converting Vanguard mutual funds to ETFs in taxable accounts 35:20 Why small tax efficiencies matter over decades Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom Cock and Don McDonald kick off 2026 with a sharp, skeptical look at portfolio simplicity—what it really means, what it doesn't, and why promises like “no sacrifice in returns” should always raise an eyebrow. Using a Morningstar article as a springboard, they dig into active vs. index funds, one-fund and target-date strategies, and the behavioral traps that complexity creates. Listener calls drive deeper discussions around Avantis funds (AVGE vs. AVGV), value tilts, international exposure, Fidelity's zero-fee funds, and when simplicity actually beats sophistication. Along the way: holiday viruses, Jeopardy ETF fails, Tesla-as-a-value-stock arguments (sort of), and a reminder that knowing yourself as an investor matters more than chasing the “perfect” allocation. 0:04 Holiday hangover, fake presence, and welcoming 2026 1:27 Simplicity in investing and why complexity isn't intelligence 1:44 Morningstar's “simplify your portfolio” claim—skepticism engaged 3:01 Active funds vs. index funds (and Morningstar's awkward contradiction) 3:56 One-fund vs. multi-fund portfolios and why rebalancing is hard 5:24 Target-date funds as delegation for real humans 7:32 Hodgepodge-itis vs. fewer funds, fewer mistakes 8:52 Listener call: Roth IRA for an 8-year-old and AVGE vs. AVGV 12:20 Value tilt, international exposure, and long time horizons 13:44 AVGE vs. AVGV performance—why short-term results don't settle debates 16:57 VT compared to Avantis—diversification without tilts 17:32 Fidelity Zero funds—what's free and what's the catch 20:00 Jason from Sammamish: value, growth, Tesla, and confidence 23:36 SPY vs. SPYM and when cheap is just cheap 25:46 Listener call: escaping a Fidelity managed large-cap portfolio 29:58 What to say when an advisor tries to keep your money 31:24 Jeopardy contestants miss “ETF” (yes, really) 33:46 AVGE vs. VT—tilts, belief systems, and picking your poison Learn more about your ad choices. Visit megaphone.fm/adchoices

Predictions feel comforting—but they're usually nonsense. In this episode, Don and Tom dismantle the illusion of foresight by revisiting last year's loudest economic forecasts around tariffs, inflation, jobs, recessions, and markets. Drawing from a Wall Street Journal retrospective, they show how both political promises and expert predictions missed the mark, with reality landing squarely in the messy middle. The takeaway is classic Talking Real Money: nobody—not economists, not presidents, not pundits, and especially not you—has actionable insight into the future. That's why successful investing isn't about forecasts or hot takes, but about building a diversified portfolio, rebalancing when needed, and tuning out the noise. The episode wraps with listener questions on teen investing accounts and Roth conversion rules, plus a reminder that humility beats hubris every time markets get unpredictable. 0:04 The future is unpredictable—even when we pretend it isn't 0:26 Why we crave predictions and mistake luck for skill 0:53 Being “right” once doesn't mean anything 1:58 Tariffs, Trump, and the great forecasting divide 2:27 Inflation predictions that never showed up 3:53 Jobs, unemployment, and why both sides were wrong 5:49 Who actually paid for tariffs (hint: not who you think) 7:08 Recession fears vs. reality—and the AI wildcard 8:55 Why short-term predictions fail and macro trends survive 10:41 The truth usually lives between the extremes 11:31 Lao Tzu, Yogi Berra, and why nobody knows the future 13:20 The most dangerous “expert” investors trust: themselves 14:43 Listener question: investing for a 16-year-old 17:29 Roth IRA vs. UTMA/UGMA and simple fund choices 18:06 Listener question: Roth conversions and the five-year rule 20:54 Humor, offense, and why everyone needs to lighten up 21:14 RetireMeet 2026 details and special guest preview 23:14 Apella Wealth philosophy and free help reminder 24:39 The number one word of the year (still shocking) Learn more about your ad choices. Visit megaphone.fm/adchoices

Investing isn't a game, and treating it like one can quietly sabotage your future. This episode dismantles the idea of “trying out” investments or advisors the way Wall Street has trained people to do for decades. Don and Tom argue that real financial advice starts with planning, not products, and that a true fiduciary focuses on taxes, portfolio design, and long-term goals — not beating markets or selling what's hot. Listener questions tackle portfolio overlap inside a 401(k), when simplicity beats customization, the reality behind so-called “Trump accounts” for children, and how to evaluate companies like Corbridge Financial in teacher retirement plans. The show wraps with a reality check on World Cup ticket pricing that somehow makes active management look affordable by comparison. 0:04 Why “trying out” investments makes no more sense than test-driving surgery 1:26 The danger of treating investing like a game 2:29 How Wall Street gamified investing for nearly a century 3:45 What good advisors don't promise 4:10 Fiduciary planning versus transactional sales 5:14 Marketing narratives vs. real financial planning 6:55 Why big advisory firms spend fortunes on persuasion 7:48 Hot returns, sexy funds, and why chasing them fails 8:35 Investing to win vs. investing to reach a goal 9:56 Accepting market reality instead of competing with billionaires 11:27 Product versus planning — the core distinction 12:09 Listener question: fixing portfolio overlap inside a 401(k) 14:34 Why simpler portfolios usually work better 15:09 Using target-date funds to eliminate overlap and rebalancing headaches 16:19 What “Trump accounts” actually are — and what they aren't 18:39 Comparing Trump accounts to 529 plans 21:38 Corbridge Financial: when it's fine and when it's a trap 23:01 Appreciating listeners everywhere (yes, even Portland) 24:40 World Cup ticket prices that defy financial gravity Learn more about your ad choices. Visit megaphone.fm/adchoices

0:04 Remembering the “good old days” of fat commissions 0:33 From $200 trades to zero commissions—what really changed 1:18 Free trading everywhere… so how do brokers make money now? 2:37 Robinhood's explosive growth and the rise of trading culture 3:15 Trading volume triples in six years—what that signals 4:42 Payment for order flow, cash sweeps, and hidden costs 6:21 Are investors actually getting a deal from free trading? 7:13 Why frequent trading and poor returns go hand in hand 8:21 Dopamine, gambling mechanics, and Robinhood's design problem 9:47 Day trading: the comeback nobody needed 10:57 Why most day traders lose—and taxes make it worse 11:36 Prediction markets: gambling with an investing label 13:16 Listener questions begin 15:55 What is a tokenized stock—and why it's not investing 17:25 Bucket shops, NFTs, and synthetic “stocks” 18:45 Early retirement withdrawals and the Rule of 55 19:33 Default retirement plans stuffed with annuities—good idea? 21:20 Liquidity risk and why annuities aren't one-size-fits-all 22:26 Vanguard's new Core Plus Bond ETF (BNDP) 24:13 Chasing yield vs. using bonds for stability 26:20 Why bonds shouldn't be your return engine 27:36 Hoping for a calmer 2026 (good luck with that) Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode opens with a reality check on streaming delays before diving into the growing divide between investing and gambling, highlighted by Charles Schwab's refusal to promote crypto, options, and prediction markets while Robinhood leans fully into high-intensity trading. Don and Tom warn that flashy features and frequent trading usually lead to worse outcomes, not better ones. Listener questions cover whether employees can roll a 401(k) during a plan change (usually no), how to cope with bad retirement plans, and how to choose between a high-cost growth fund and a low-cost index option. The show also tackles whether mixing Avantis and Dimensional funds truly adds diversification, argues that over-engineering portfolios is counterproductive, and closes with a candid discussion about the decline of financial radio, the rise of podcasts, and why a strong financial plan matters more than recent market gains. 0:04 Recorded-not-live reality, streaming delays, and why nothing feels real anymore 1:56 Schwab draws a hard line between investing and gambling 2:56 Robinhood's casino-style features and the problem with pandering 6:12 Why trading more usually means ending up with less 6:52 Listener question: Can you roll a 401(k) during a plan change while still employed? 9:23 Why “in-service” rollovers usually aren't allowed before 59½ 11:53 What employees can do when stuck in a bad 401(k) plan 14:44 Fund choice question: Fidelity Growth vs. Vanguard 500 Index Trust 18:06 Why expenses, risk, and diversification matter more than past performance 19:21 Why podcasts are replacing traditional financial radio 22:06 How to listen to podcasts using Apple Podcasts and Spotify 27:22 Avantis vs. Dimensional: does doubling up add diversification? 31:52 Over-diversifying and the illusion of control 34:42 New-year reminder: returns don't equal good planning 35:25 The importance of having an actual financial plan Learn more about your ad choices. Visit megaphone.fm/adchoices

With Tom on vacation and an eerily convincing AI stand-in holding down the mic, Don kicks off 2026 by tackling one of the most persistent listener questions: how to actually find a true fiduciary—and how to eliminate salespeople fast. Using FINRA's BrokerCheck as a simple filter, the show explains why the “B” matters, why dual-registered advisors are still a risk, and how complexity is often a red flag. From there, the conversation dives into the rise of RILAs (registered index-linked annuities), why their shiny back-tested returns don't mean much, and how simpler balanced portfolios often do better with far less risk and confusion. Along the way, the hosts cover podcast reviews, investing in bourbon barrels (don't), Roth IRAs for teenagers (do), and close with Tom's five timeless investing rules for 2026: go global, simplify, define risk, rebalance, and understand your taxes. 0:04 New year, Tom on vacation, and the rise of AI Tom 0:22 AI voices, joke quality, and job security jokes 2:20 Welcome and the show's core mission 2:46 How to actually find a real fiduciary 3:30 BrokerCheck explained and why the “B” is a deal-breaker 5:24 Firm searches and fast advisor elimination 6:38 Why dual registration still isn't fiduciary 7:22 RILAs introduced and why “index-linked” is a warning sign 9:38 Hypothetical returns and misleading back-testing 11:19 Balanced index funds vs annuity complexity 13:00 Why RILAs solve no real investor problem 14:08 How to leave podcast reviews (and where) 15:22 Apple vs Spotify reviews and ratings reality 17:34 Ratings, trolls, and thin-skinned hosts 20:07 Tom's five investing rules for 2026 20:41 Go global—actually global 21:56 Fewer accounts, less mess 22:49 Know your risk before the market teaches you 23:50 Rebalancing after strong stock years 24:38 Understanding taxes by account type 27:33 Bourbon barrel investing pitch—hard pass 29:13 Custody risk and private-investment danger 31:35 No sales guests, ever 33:54 Roth IRAs for working teens 34:35 RetireMeet 2026 announcement Learn more about your ad choices. Visit megaphone.fm/adchoices

Wall Street is pitching “fixed-maturity ETFs” as the perfect solution for retirees who want certainty, income, and peace of mind—but are they actually solving a problem that already has simpler answers? In this episode, Don and Tom break down what bonds and CDs really do, why fixed-maturity funds are being pushed so hard right now, and how fees quietly eat away at the promised benefits. Along the way, they explain the real role of bonds in a portfolio, why chasing yield is a trap, and how diversification and simplicity still beat clever packaging. Listener questions tackle fiduciary responsibility in 401(k) plans, loaded mutual funds, and how much international exposure makes sense in retirement. 0:04 New year opener, time anxiety, and refusing to acknowledge large numbers 1:05 What a bond actually is—and what it guarantees (and doesn't) 1:54 CDs vs. bonds: fixed maturity products that already work 2:37 Why Wall Street suddenly “needs” fixed-maturity ETFs 3:22 BulletShares, yields, and the quiet problem of fund expenses 4:45 Larry Swedroe's blunt answer: skip the fund, buy the bonds 5:24 Yield fixation and how investors ignore cost and complexity 6:05 When fixed-maturity ETFs might make sense—and when they don't 7:14 I-Bonds, TreasuryDirect, and Don's practical reality check 7:48 A simple solution: total bond fund plus a CD ladder 8:28 Why fixed maturity doesn't mean fixed safety 10:09 Expense ratios compared: broad bond funds vs. sliced products 10:35 The real purpose of bonds in a portfolio 12:04 Putting 2022's bond losses in proper historical context 12:58 Eugene Fama on Wall Street “innovation” 13:20 Listener question: fiduciary responsibility in a 401(k) plan 16:30 Listener question: A-shares, B-shares, loads, and advisor honesty 19:14 Why high fund expenses hurt more than exit fees 20:52 Listener question: international exposure in retirement portfolios 22:18 Practical global diversification without precision theater 23:02 Why Don is flexible on allocations—but not on insurance sales 23:22 How to send in questions and closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices

The calendar flipped, but the rules didn't. In this New Year Friday Q&A, Don tackles listener questions on longevity annuities (QLACs), legacy insurance mistakes, advice-only advisory services, and the growing trend toward complex fixed-income systems and alternative investments. From insurance math that favors the house to eye-watering fees dressed up as innovation, the message stays consistent: simplicity beats sophistication, fees matter, and global diversification works the same whether you live in Seattle or Spain. 0:00 New year, new Q&A — and why January changes nothing 1:30 QLACs explained and why the math still favors insurers 2:49 Longevity odds vs. guaranteed income myths 5:15 Trapped in a bad annuity — ride it out or cash out? 8:53 “Magic money,” bonuses, and negative real returns 10:46 Advice-only firms: Abundo Wealth and paying for simplicity 13:44 Bond ETFs vs. CD and Treasury ladder strategies 17:39 When “systematic” fixed income starts to smell like gimmicks 18:53 Alternatives, private credit, and outrageous expense ratios 22:18 Why Don defaults to simplicity — every time 24:35 Global diversification: same advice, any country 27:38 Happy New Year — and why boring still works Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode dismantles the idea that successful investing comes from finding the next hot thing. Instead, Don and Tom argue that good portfolios are built by eliminating what doesn't belong: actively managed funds, sector ETFs, alternatives, high-yield bonds, gold, and other distractions that add complexity without purpose. Drawing on a Morningstar column by Amy Arnott, they reinforce that most investing mistakes come from chasing performance rather than embracing simplicity and discipline. The show also tackles listener questions on retirement “bucket” strategies, rebalancing timing, Dimensional fund structure, and annuities—emphasizing that bonds exist for stability, cash should be limited and intentional, and any strategy must be personal, rules-based, and boring enough to actually work. 0:04 Opening banter, Apple censoring Tom's name, and the beige pudding world 1:12 Bitcoin critics, one-star reviews, and a bad 2025 for crypto 2:03 Core idea: good investing is about elimination, not prediction 2:56 Amy Arnott and the case against active management 4:07 Why past winners usually become future losers 5:28 REITs, once useful, now mostly redundant 6:01 Sector funds as performance-chasing traps 8:19 Alternatives, I Bonds, and junk bonds—complexity without payoff 10:04 Bonds explained properly: stability, not income or excitement 11:14 Gold (and Bitcoin) as non-productive speculation 13:21 Simplify first and portfolios become easier—and calmer 15:05 Retirement bucket strategy: where it helps and where it hurts 18:48 Cash as an emergency tool, not a long-term holding 21:04 MYGA annuities, safety trade-offs, and insurer risk 29:04 Insurance failures as cautionary history 31:04 DFAW explained: Core Equity 1 vs Core Equity 2 35:53 Rebalancing discipline: timing beats tinkering 39:11 Final reminder: stop watching your portfolio so much Learn more about your ad choices. Visit megaphone.fm/adchoices

As the year crawls to a close, Don and Tom torch the ritual of “New Year, New You” financial advice and take aim at the endless lists of five things you must do next year. They break down why year-end deadlines are mostly psychological theater, why prediction-based investing is a sucker's game, and how even AI—when pressed—admits the truth: diversification beats cleverness, patience beats prediction, and complexity usually hides higher costs and worse outcomes. Along the way, they tackle 529 plans, proposed “Trump accounts,” Roth strategies for kids and retirees, factor investing myths, and the ongoing media obsession with whatever already went up last year. It's a holiday episode for skeptics, cynics, and anyone tired of being told that this is finally the year everything changes. 0:04 Holiday cynicism, snow, trees plotting revenge, and Don declares war on Pollyanna finance 1:19 Year-end obsession: why December 31 is an arbitrary psychological trap 2:29 Why “five things to do in the new year” articles exist—and why they're mostly nonsense 3:55 Asking AI for financial advice and accidentally getting decent answers 4:18 Don's AI delivers brutal honesty: complexity isn't sophistication, it's camouflage 5:54 The most dangerous question of all: “What should I invest in next year?” 6:06 Everyone's favorite prediction: AI stocks (again), and why that's backward logic 6:29 The real answer: globally diversified equities, patiently held and largely ignored 8:07 Motley Fool, Morningstar, defense stocks, and the annual prediction circus 9:29 AI's final verdict: everything after diversification is garnish people argue about on TV 10:33 Listener Brian on New York 529 plans, state tax deductions, and Roth rollover flexibility 11:30 How aggressive is too aggressive for a child's college savings? 12:45 Why age-based 529 portfolios are often far more conservative than parents realize 14:10 When college money should actually shift to safety—and when it shouldn't 15:43 The mysterious “Trump accounts”: proposed rules, confusion, and missing details 16:56 Tax treatment uncertainty, Roth myths, and why free money is still free money 18:39 Clear conclusion: this account doesn't exist yet and nobody knows the real rules 20:05 Don's full rant: pandering policies, financial clutter, and unnecessary complexity 22:07 Listener Larry on starting a Roth IRA for a 19-year-old with a one-fund solution 22:47 AVGE explained: global, factor-tilted, low-cost, and boring in the best way 24:15 AVGE vs. Vanguard Total World: interest vs. necessity 25:26 AVGE underperformance criticism and why one-year returns are meaningless 28:26 Why Avantis funds aren't trying to “pick winners” and never claimed to 31:32 Listener Caroline on retirement withdrawals, IRAs, Roths, and tax reality 33:11 The unavoidable truth: you'll pay taxes—now or later 35:43 How (and where) listeners can actually rate the show 38:01 Politics, labels, John Oliver, and why nuance is apparently illegal now 38:54 Capitalism, fairness, and refusing ideological purity tests Learn more about your ad choices. Visit megaphone.fm/adchoices

In this post-Christmas edition of Talking Real Money, Don McDonald and Tom Cock dismantle one of the most seductive myths in personal finance: the promise of high returns, no risk, and tax-free income. Using the lawsuit filed by Kyle Busch against Pacific Life as a case study, they expose the dark mechanics of indexed universal life insurance—hidden commissions, opaque costs, fabricated indexes, and returns that quietly disappoint. The episode then pivots to listener questions on diversification mistakes, Roth vs. traditional 401(k)s, late-career pivots into financial advice, ETF selection for retirees, and why doing less with your portfolio almost always beats doing more. 0:04 Post-Christmas welcome, Kyle Busch jokes, and why rich people get fleeced too 1:18 Indexed Universal Life explained (and why it's not an investment) 1:45 The “bank on yourself” fantasy and why it never dies 2:27 $10.5 million in premiums and promises of $800K tax-free income 3:20 Why IULs avoid SEC and FINRA scrutiny entirely 4:21 The sixth premium notice that blew up the deal 4:41 How IULs implode if you stop paying—and why everything can vanish 5:52 “Tax-free income, high returns, no risk” exposed as marketing fiction 6:01 Hidden commissions, alleged 35% payouts, and zero disclosure 7:37 Proprietary indexes designed to benefit insurers, not investors 8:50 Internal Pacific Life doc: “Don't call yourself a financial planner” 9:57 Why consumers can't see costs, commissions, or real returns 11:37 Real-world IUL returns: roughly 3–5% annually 12:23 Why even Kyle Busch doesn't actually need life insurance 13:44 Caveat emptor—and why “Life” in the firm name should trigger alarms 14:03 Listener portfolio question: 60/15/25 isn't diversified 14:53 The S&P 500 isn't “the market” (and seven stocks prove it) 15:54 Simple global solutions vs. portfolio over-engineering 17:11 Podcast tech humor and March seminar tease 17:22 Listener praise—and teaching people how to find podcasts 18:11 2026 seminar date confirmed: March 7 19:23 Career pivot at 53: CFP vs. AFC vs. Series 65 22:02 Why fiduciary firms are hiring—and sales shops are traps 23:22 ETF selection for retirees: growth, risk, and tax efficiency 24:27 Why Morningstar confuses more than it helps 25:07 Dimensional, Avantis, and keeping portfolios simple 26:20 Final thoughts, free fiduciary consults, and year-end wrap Learn more about your ad choices. Visit megaphone.fm/adchoices

A year-end Boxing Day Q&A covering realistic downside expectations for global portfolios, the marginal value of adding international small-cap value, details for RetireMeet 2026, and a deeply skeptical look at Medicaid-compliant annuities. The common thread: diversification helps, simplicity usually wins, and when complexity shows up early, commissions are often lurking nearby. 0:04 Boxing Day confusion, goodwill, and a short-format holiday Q&A 1:07 Why this is a shorter, four-question episode to wrap the year 2:17 How much can a globally diversified stock portfolio really fall 3:06 Limits of global market data and why 2008 still sets expectations 4:11 Roughly 40% decline for global stocks in 2008 and how bonds softened the blow 4:54 Why worst-case scenarios are about expectations, not predictions 6:07 Listener portfolio with VXUS, AVUV, and SWTSX and whether to add AVDV 6:35 Balancing small-cap value exposure versus keeping things simple 7:56 Why a few basis points rarely justify added complexity 8:38 RetireMeet 2026 question and a well-earned jab at Tom's joke delivery 10:02 RetireMeet 2026 details and early seat reservations 10:29 Event date and location: March 7, Bellevue at Meydenbauer 11:44 Medicaid-compliant annuities explained through a real family scenario 13:57 Why MCAs are usually last-resort tools, not early planning solutions 15:49 Concerns about elder law attorneys, incentives, and hidden commissions 16:35 What MCAs really do: income conversion, not asset protection 17:28 Why skepticism is healthy and shopping non-commission options matters 18:43 Closing thoughts on trust, incentives, and surviving another financial year Learn more about your ad choices. Visit megaphone.fm/adchoices

It's surprisingly hard to know what something is really worth until someone actually tries to buy it—and that problem is front and center in private funds. Don and Tom unpack why private equity, private real estate, and other “alternative” investments often look calm and stable on paper, only to suffer brutal price drops once they finally trade in public markets. From a Wall Street Journal example of a private real estate fund losing roughly 40% overnight, to Morningstar's troubling enthusiasm for expensive, speculative new ETFs, the episode reinforces a core principle: prices discovered by real markets beat internal estimates every time. Along the way, listeners call in with real-world retirement questions, inherited IRA rules, portfolio simplification strategies, and a healthy dose of holiday banter. 0:04 What something is “worth” versus what someone will actually pay 1:06 Defining private funds and why valuation is murky 2:27 Private fund pricing versus real market pricing 3:56 BlueRock fund haircut: paper value meets reality 4:24 Market pricing, efficiency, and the wisdom of crowds 5:42 The myth of private investments being “less volatile” 6:27 Real estate as the perfect valuation example 7:39 Listener call: inherited IRA and annuity distribution rules 12:42 Holiday humor, crypto annuity joke, and Kentucky bourbon 16:01 Moving assets from Edward Jones, loads, and simplification 19:41 DIY portfolios versus advisor value 21:08 Morningstar's “Best and Worst New ETFs” critique 22:21 Why most new ETFs exist (and why you don't need them) 24:43 Shockingly high ETF expense ratios 26:27 Leveraged crypto ETFs and financial absurdity 27:37 Seasonal podcast plug and ratings gripe 28:44 Listener call: Boeing retirement and rollover planning 34:40 Holiday reflections, gratitude, and comfort over riches Learn more about your ad choices. Visit megaphone.fm/adchoices

A Wall Street Journal column argues that younger investors are turning to options, crypto, and betting as a rational response to a “rigged” economic system. Don and Tom aren't buying it. While acknowledging real headwinds—student debt, housing costs, wage gaps—they dismantle the idea that gambling is an intelligent adaptation. Drawing on history, lived experience, and actual math, they make the case that leverage, speed, and desperation reliably destroy wealth, while patience, diversification, and boring consistency still work. The system may be flawed, but trying to beat it with casino tactics only helps the house. 0:04 Opening rant on “financial nihilism,” generational scolding, and why Gen Z investing looks like gambling 1:21 Wall Street Journal column by Kyla Scanlon introduced and framed 2:53 Gambling vs. investing—why “the system is rigged” is a terrible excuse for riskier behavior 5:24 Don and Tom reflect on their own slow, uncomfortable paths to financial stability 6:04 Real-world counterexample: young coworkers who are saving, investing, and buying homes 7:41 Defining “financial nihilism” and why speed, leverage, and impatience backfire 9:00 What actually works: spend less, delay gratification, diversify, avoid leverage 10:46 Historical perspective—every generation faced headwinds, none solved them by gambling 12:39 The power of compounding, patience, and boring index investing 14:41 Critique of the “small chance of huge return beats slow decline” argument 17:12 Listener question: cap-weighted vs. equal-weighted index funds explained 19:11 Why equal weighting tilts toward value and smaller companies—and costs more 20:22 Millennial caller Jason offers empathy for generational frustration without endorsing gambling 23:48 Lifestyle expectations, flexibility, and why hardship doesn't justify reckless investing 27:27 Food, lifestyle, and historical context—what's better now, what isn't 29:25 Hormel vs. Motorola story revisited: why predicting winners is nearly impossible 36:29 Jaw-dropping returns: Hormel's long-term outperformance over flashy tech 38:45 Light holiday banter, gift absurdities, and wrapping up the show Learn more about your ad choices. Visit megaphone.fm/adchoices

Streaming was supposed to save us money. Instead, it quietly rebuilt cable… with better branding and worse self-control. Don and Tom trace the journey from rabbit-ear TV to today's subscription sprawl, where “it's only $14 a month” quietly becomes hundreds per year. They break down why streaming costs have exploded faster than inflation, how duplication and inertia drain wallets, and what actually works to fix it (bundling, pruning, and strategic binge-and-cancel). From there, the show pivots to listener questions covering smart investing for an 18-year-old, retirement withdrawal sequencing, trust and estate planning pitfalls, and why complexity is often the real enemy of good financial decisions. 0:04 Life before streaming: rabbit ears, three channels, and forced family labor 0:48 Rewatching Bewitched and realizing old TV was… not great 2:27 Cable's rise, early streaming optimism, and Netflix's cheap beginnings 3:30 Subscription creep: listing the modern streaming pileup 4:16 Streaming prices vs inflation — why this hurts more than groceries 6:43 Average household streaming costs and the real percentage increase 8:21 Duplicate subscriptions and why households overpay without realizing it 9:37 Live TV bundles, YouTube TV vs Hulu, and paying cable prices again 12:30 Binge-and-cancel as a legitimate cost-control strategy 14:02 Value judgments: paying for services you don't actually watch 15:20 Annual audits, forgotten subscriptions, and silent monthly leaks 18:17 Investing $9,000 for an 18-year-old with decades ahead 19:20 Why a Roth IRA plus one global ETF can be enough 20:53 Retirement withdrawals: taxable vs IRA confusion clarified 22:45 When wealth gets big enough that DIY stops making sense 24:00 Trusts, trustees, and why professional oversight is expensive 27:15 Estate planning as a team sport (advisor + attorney) 29:33 Why every TV character is suddenly a podcaster 30:49 Gratitude, rankings, and why the audience matters Learn more about your ad choices. Visit megaphone.fm/adchoices

In this holiday Friday Q&A, Don opens with a festive announcement about Season's Readings—now Apple-featured and temporarily commercial-free—before diving into listener questions on fixed annuities versus CDs, a creative (and complex) 529-to-Roth strategy tied to Georgia tax deductions, simplifying IRA management and RMDs at Schwab or Vanguard, the unavoidable tax traps of old investment clubs structured as partnerships, and the perennial question of how much U.S. large-cap exposure belongs in a diversified equity portfolio. Along the way, Don reinforces core themes: simplicity beats complexity, costs matter, taxes are inevitable, and diversification has no single “correct” allocation—only trade-offs aligned with philosophy and discipline. 0:04 Holiday welcome, Friday Q&A format, and how to submit questions 0:46 Season's Readings podcast announcement, Apple feature, and commercial-free holiday run 2:16 Fixed annuities vs CDs: safety, state guarantees, and annuity ladders 5:29 Using 529 plans as a long-term Roth pipeline with state tax deductions (Georgia example) 9:29 Moving an IRA to Schwab or Vanguard and automating RMDs 10:20 Investment clubs as partnerships: K-1s, capital gains, and tax inevitability 14:47 How much U.S. large-cap belongs in a diversified stock portfolio 18:54 Reviews, critics, Bitcoin pushback, and holiday sign-off Learn more about your ad choices. Visit megaphone.fm/adchoices

Market drops are a gift when you're young and a potential gut-punch when you're retired, and this episode walks through why that's true—and what to do about it. Don and Tom break down sequence-of-returns risk in plain English, then explore practical defenses: cash buffers, CD ladders, bucket strategies, flexible withdrawals, partial retirement, and why stocks still belong in retirement portfolios whether you like it or not. Listener questions tackle letting portfolios ride for heirs, value vs. total small-cap funds, tax consequences of rebalancing, and whether political risk should affect public fund investing. The takeaway: there's no perfect plan, only resilient ones—and behavior matters more than spreadsheets. 0:04 Why market drops are good for young investors and scary for retirees 0:28 Holiday cheer, audience growth pleas, and the gospel of paper questions 1:40 Why young investors should root for down markets 2:41 Sequence-of-returns risk explained without the jargon 3:20 Real-world retire-at-the-wrong-time examples (2000, 2008, 2020, 2022) 4:48 Why sequence risk is such a big retirement planning problem 5:40 What to do if you fear bad markets near retirement 6:08 Cash buffers and why they actually make sense in retirement 7:06 Bucket strategies and how they're supposed to work 7:36 CD ladders as a “get-me-through-the-bad-times” strategy 9:27 Flexible withdrawal strategies and lifestyle adjustments 10:37 Partial retirement, side hustles, and easing into retirement 11:33 Why retirees still need stock exposure 12:26 Even small equity allocations help fight inflation 13:20 There is no perfect withdrawal rate—only survivable ones 14:11 The realistic withdrawal range and why stocks are still required 15:33 Why professional fiduciary reviews actually matter 16:21 When life blows up your retirement plan anyway 18:55 Listener question: should a retiree just let stocks ride for heirs? 21:36 Washington CARES, politics, and investing public funds 23:18 Small-cap value vs. small-cap index: FSIVX vs. FSSNX 25:44 Why low-cost value tilts can still make sense 27:00 Smarter gifts: Roth IRAs, 529s, and future-you generosity Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of Talking Real Money takes aim at the latest “easy money” illusion—house flipping—explaining why rising costs, higher interest rates, softer housing demand, and plain old competition have drained much of its appeal. Tom and Don connect flipping's decline to a familiar pattern of speculative behavior, much like day trading or past real estate manias, and reinforce why there are no reliable shortcuts to wealth. Listener calls drive a wide-ranging discussion on global diversification versus U.S.-only investing, the dangers of concentration risk in the S&P 500, how recency bias distorts performance comparisons, and why owning more markets matters more than making predictions. The episode wraps with practical retirement guidance for older investors, including simplifying portfolios with low-cost target-date funds, and closes with trademark humor and perspective. 0:05 Show open, intro banter, singing callbacks, and weekend rhythm 0:28 House flipping compared to day trading and FOMO investing 1:28 Why flipping activity is down sharply: costs, rates, and competition 3:41 The myth of “passive income” in real estate 4:50 Softer housing markets and demographic headwinds 6:02 No magic systems—long-term investing still wins 8:27 Lisa (Colorado): investing nonprofit funds at Vanguard 10:30 VOO vs VTI vs VT and the case for global diversification 12:29 Volatility, standard deviation, and diversification basics 14:44 Sharpe ratios, recency bias, and misleading performance metrics 16:54 Charles (Seattle): Boeing plans, VOO, and AVGE at Schwab 18:32 S&P 500 concentration risk and the “Magnificent Seven” 21:33 Jason (Sammamish): VTI vs VT debate and long-term market data 28:41 Debbie (Camano Island): portfolio risk concerns at age 73 31:20 Risk tolerance vs risk capacity in retirement 33:16 Vanguard target-date funds as a simple retirement solution 36:01 Lighter close with creative fundraising and holiday humor Learn more about your ad choices. Visit megaphone.fm/adchoices

A classic TRM episode that starts with Tom's ill-fated attempt to cross a flooded Snoqualmie River (spoiler: no walking on water) and turns into a timely lesson on market returns, diversification, and why comparing your portfolio to headline numbers is usually a mistake. Don and Tom unpack eye-popping 2025 performance across U.S., international, bonds, and small-cap value, warn against recency bias and overpriced active funds, and take several listener calls on Roth conversions, bad custodians, debt forgiveness taxes, and rollover mechanics. The show wraps with Don's well-earned victory lap for Seasons Readings, now rubbing shoulders with Julie Andrews and Hugh Bonneville in Apple's fiction charts. 0:04 Tom gets stranded by flooding after a questionable river-crossing idea 1:40 Flood damage reality check and sympathy for displaced homeowners 2:22 Market year-end context and “Dave Ramsey average” returns 3:32 Bond funds surprise with strong year-to-date performance 4:05 International and global funds crush expectations 5:46 Why your return may lag headlines: allocation, costs, and recency bias 6:20 Apples-to-apples portfolio comparisons matter 9:26 Active funds underperforming despite a strong market year 10:47 Global diversification pays off big in 2025 12:04 January prerecorded show tease and holiday logistics 13:25 Seasons Readings featured by Apple Podcasts—downloads explode 15:18 Fiction chart brag: sandwiched between Julie Andrews and Hugh Bonneville 16:25 Listener call: John Hancock IRA, forced conversions, and bad advice 19:06 Why liquidating inside an IRA is not a taxable event 20:17 Exposing high-cost, loaded funds and custodian nonsense 23:35 Listener question: Roth conversions, pensions, and IRMAA timing 26:36 Why “top tax bracket forever” is usually a myth 27:31 Listener call: debt settlement and taxable forgiveness income 30:13 When a 1099-C is a good deal anyway 31:56 Flood-era investment scams and terrible ideas 35:55 Clarifying direct rollovers vs. taking possession of funds 38:13 Roth IRAs for young earners—yes, even pizza money Learn more about your ad choices. Visit megaphone.fm/adchoices

If you're nearing retirement and uneasy about the math, you're not alone. Don and Tom tackle the uncomfortable reality that most near-retirees haven't actually run the numbers—and many won't like what they see when they do. Drawing on Vanguard data and real-world client experience, they break down three practical ways to shrink a retirement gap: working longer (but not necessarily full-time), thoughtfully tapping home equity, and spending less before and during retirement. 0:06 Opening and the retirement gap problem 0:52 Podcast platforms, Apple vs Spotify, and Don's short-story empire 4:08 How TRM ranks among investing podcasts and why that still feels surreal 5:24 Vanguard data: only 40% of near-retirees are on track 6:51 Kids, money, and why retirement math gets uncomfortable fast 7:51 Strategy #1: Working longer (and why part-time can be powerful) 9:41 Purpose, boredom, and the underrated psychology of retirement 10:00 Strategy #2: Home equity as a retirement resource 11:12 Downsizing, renting, HELOCs, and reverse mortgage trade-offs 13:05 Strategy #3: Spending less—before and during retirement 14:29 Reverse mortgage costs, limits, and real-world implications 17:01 Social Security timing and when immediate annuities actually help 18:40 Inflation risk, fixed income streams, and practical trade-offs 19:02 Listener Q: AVGE vs DFAW and understanding underlying holdings 21:48 Listener Q: Aggressive Roth portfolios intended for heirs 25:30 Listener Q: Washington 529 plans and GET vs traditional 529s 27:32 Listener Q: Quantum computing (short answer: no) 28:59 Sector investing, AI hype, and why diversification wins Learn more about your ad choices. Visit megaphone.fm/adchoices

A holiday-flavored Friday Q&A that covers a lot of ground without selling a single candy cane. Don answers listener questions on Medicare vs. Medicare Advantage (and the IRMAA buzzsaw), how to safely reposition an elderly parent's taxable account, whether to ditch target-date funds for a DIY equity portfolio, how to think about international small-cap ETFs, why teaching kids to pick stocks is a terrible idea, and what to expect when a “free portfolio review” comes from a company whose name literally includes the word annuity. Skeptical, practical, and very on-brand. 0:17 Corny holiday Q&A musical intro and setup 0:33 Friday Q&A format, how questions get on the show, and holiday vibe 2:00 Medicare vs. Medicare Advantage, IRMAA penalties, and why private insurers are exhausting 3:37 Why capital gains can make Medicare shockingly expensive 4:15 The profit motive problem with Medicare Advantage plans 4:37 Question transition and listener call-in reminder 5:43 Managing an 82-year-old's taxable account: safety vs. yield 6:18 Why bond funds like BND diversify interest-rate risk better than savings accounts 7:15 CD ladders: how they work and why discipline matters 7:39 Treasury funds vs. total bond funds for capital preservation 7:47 Closing thoughts on preservation-focused portfolios 8:52 Target-date funds vs. DIY 401(k) portfolios 9:20 Glide paths, rebalancing, and what target-date funds do well 10:35 100% equity risk, volatility, and why down markets help accumulators 10:53 Choosing between AVDV and AVES (international small value vs. emerging markets) 11:47 Why the correct answer is often “both” 12:33 Teaching high school students about investing 13:52 Why stock-picking education reinforces a dangerous myth 14:28 Luck vs. skill and the evidence against beating the market 15:39 Index funds, market efficiency, and investor behavior 16:49 Morningstar vs. other research tools 17:18 Empower's “free portfolio review” and what might be coming next 18:06 Portfolio concentration concerns and tech exposure 19:33 Humor break and annuity skepticism 20:55 What Empower actually is and what that implies 21:16 Empower as an RIA and how to treat their recommendations 21:52 Getting a second opinion from a fee-only advisor 22:58 Thanks, holiday wrap-up, and call for more questions Learn more about your ad choices. Visit megaphone.fm/adchoices