Talking Real Money

This Friday Q&A tackles a familiar voice: Bitcoin Bob tries again to make the case for crypto as protection against currency debasement. Don breaks down what “debasement” actually means, why inflation gradually reduces purchasing power, and why Bitcoin's extreme volatility makes it a poor replacement for the U.S. dollar. Productive assets remain the historically reliable hedge. Then: a comparison of target-date funds vs. a DIY three-fund portfolio, guidance for a couple aiming for early retirement with multi-account withdrawal planning, a discussion of equity/bond allocation in personal portfolios, and what might happen to the small China exposure inside global funds if geopolitical tensions escalated into war. 0:04 Friday Q&A intro and request for more listener questions 1:33 Bitcoin Bob returns: what “currency debasement” means 4:34 Bitcoin vs. the dollar: volatility and why stability matters 6:59 The real hedge: productive global assets over speculative tokens 8:29 Target-date funds vs. a three-fund portfolio in retirement 10:32 Asset allocation control vs. glide path defaults 11:20 Early retirement scenario: withdrawal sequencing, 72(t), and risk tolerance 14:55 When to add bonds and why emotional behavior matters 16:00 Don's and Tom's current equity/bond allocations 17:07 If the U.S. and China went to war: what happens to VT's China exposure? 20:26 Why global diversification limits catastrophic loss Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom take listeners on a wild ride through the booming (and frequently disastrous) world of leveraged ETFs. They break down how these funds promise double or triple the excitement but mathematically bleed away returns through volatility decay. A few listener questions follow, covering retirement cash buffers, negotiating advisory fees on large portfolios, and comparing IRTR vs AOM for a near-retiree allocation. Humor, subtle self-mockery, a Jonas Brothers detour, and a reminder that gambling is not investing. 0:04 Opening banter and the thrill-seeker pitch for leveraged ETFs 1:29 Leveraged single-stock ETFs explode from zero to $40B 3:26 MicroStrategy example: stock up ~30%, 2x ETF down ~65% 5:03 How volatility decay quietly destroys leveraged returns 7:36 5x ETFs and the “go to zero in one day” problem 9:01 When leverage stops being “investing” and starts being gambling 11:38 Listener question: Should retirees hold a bigger cash buffer to avoid selling in downturns? 14:37 Listener question: Should a $4M managed client negotiate fees? (Yes.) 17:43 IRTR vs AOM comparison for someone three years from retirement 22:54 Seasonal weather rant and hunkering down for productivity Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle the universal truths of investing — namely, that most investors underperform the market due to their own behavior. They discuss the persistence of emotional decision-making, the dangers of market timing, and the importance of diversification and sticking to a plan. Listener calls cover UGMA accounts, bond allocation in IRAs, downsizing for assisted living, robo-investing, annuities, and advisor ethics. The show mixes data-driven insight with classic Real Money humor and real-world financial guidance. 0:04 Universal truths of investing and investor behavior 2:07 Why investors underperform their own funds (Morningstar “Mind the Gap”) 3:30 Market sentiment, cash levels, and memories of 2000 and 2008 4:31 Peter Lynch on market corrections and investor overconfidence 5:40 The danger of timing the market and trusting stocks too much 6:40 “Financial Flinch Reflex” parody PSA (Appella Wealth ad) 7:41 Listener: diversifying a Vanguard UGMA for grandson's education 12:14 Listener: TSP rollover, age-based bond allocation, and risk tolerance 14:40 The right asset mix for long-term investors in their 40s 15:48 Listener: selling condo for assisted living — planning for late-life care 18:45 Spending vs. inheritance — why it's okay to use your own money 20:27 Producer's question: is SoFi robo-investing safe for beginners? 22:56 Emergency funds vs. long-term investing; debt priorities 26:03 Listener: spouse investing in individual stocks — handling differences 28:32 Listener: total market vs. S&P 500 core fund; AVGE and DFAW explained 30:17 Listener: 8% annuity “crediting rate” myth and why it's misleading 35:42 Real internal rate of return on annuities and risk comfort 37:12 Listener: following advisor from Ameriprise to a bank — fiduciary warning 39:36 Why commissioned products persist and how fiduciary rules differ Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle the timeless question: why do you invest? They challenge the “TINA” mindset (“There Is No Alternative”) and dissect new research claiming retirement savers should own no bonds at all. They argue that while stocks outperform over long stretches, bonds remain essential for emotional stability and survival during market crashes. Listeners join in with sharp questions about CD ladder withdrawal strategies, crypto-based dividend schemes, securities lending, and international ETF allocation. The show wraps with a skeptical look at Vanguard's growing tilt toward active management and new global funds from Avantis. 0:04 Why do you invest? Defining purpose versus chasing returns 1:29 The rise of “TINA investing” — there is no alternative to stocks? 2:30 Bonds as shock absorbers when markets collapse 3:57 Questioning global overweights in new stock research 5:01 The emotional toll of chasing maximum returns 6:12 Bonds' true role: keeping investors calm and consistent 7:50 Zweig's conclusion — even he still owns bonds 9:06 Retirement timing risk and the case for diversification 10:29 Caller Jay from Georgia — testing a five-year CD ladder withdrawal plan 12:34 Turning the CD ladder into part of a bond portfolio 13:46 What to do with the ladder during a market downturn 14:47 Caller Jason from Washington — Elon Musk, Bitcoin, and the “Strike/Strive” gimmick 15:49 The math behind high-yield crypto preferreds doesn't add up 17:18 When hype meets hazard: Ponzi parallels in risky yields 18:57 Why “everyone's doing it” isn't a defense for bad strategy 20:04 Why MicroStrategy's dividend promises defy logic 21:15 Listener question — securities lending in IRAs 23:09 How stock lending actually works (and why it barely pays) 24:18 Why most small investors shouldn't bother 27:15 Vanguard's new identity crisis: the push into active management 27:47 The profitability problem of index funds 28:53 Can Vanguard's active funds really beat their benchmarks? 31:48 Why past performance still fails as a predictor 33:14 Vanguard's crypto flirtation and industry pandering 35:43 Caller Craig from Seattle — expanding global exposure with AVNV 36:32 The case for adding Avantis International Value ETF 37:46 Early results and long-term expectations Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar's Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn't need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders' black hole stadium. 0:04 Reintroducing the need for financial help (but not that kind of help) 1:17 Christine Benz's surprising admission: she has a financial planner 2:27 The value of a “responsible second opinion” 3:25 Why Benz says peace of mind has real value 3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective 4:54 When hourly financial advice makes sense 6:38 Organization and accountability as hidden benefits 8:08 The disinterested spouse problem 8:40 Why succession planning matters more than you think 9:32 “Permission to spend” — an underrated role of advisors 10:19 Who doesn't need an advisor: young savers and disciplined investors 11:27 When to get a second opinion even if you're DIY 12:18 Spotting bad advice and hidden annuities 13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors 14:09 Complexity and the need for help beyond 65 14:47 The problem of small investors being preyed upon by salespeople 15:52 Listener question: adding small-cap value exposure 16:47 Comparing AVUV, DFSV, and SLYV performance and structure 19:00 Expense ratios and diversification differences 20:18 Don and Tom's ETF verdict 21:10 Retirement checkup: 77-year-old with pension and LTC coverage 22:06 Evaluating liquidity, income, and survivorship 23:48 The vanishing quality of long-term care policies 24:56 Tom's empty-nest plans and aching knee 25:43 Raiders jokes and the black-painted stadium Learn more about your ad choices. Visit megaphone.fm/adchoices

Don answers a range of listener questions covering topics from Fidelity's fully paid lending program to the Roth 401(k) decision and mortgage payoff strategies. He explains why stock lending rarely adds much value for ETF investors, why paying off a 2.6 percent mortgage makes little financial sense, and why even Berkshire Hathaway isn't a substitute for true diversification. Listeners also learn about HSA payroll tax savings and how to build Roth flexibility without triggering the pro-rata rule. 0:04 Friday Q&A intro and listener invitation 1:25 Fidelity's fully paid lending program explained—small returns, limited upside 3:47 When stock lending might make sense for rare or hard-to-borrow shares 4:33 Mortgage payoff debate—2.6% rate vs. 7% investing return 5:30 Don confirms: investing wins, emotion aside 7:09 Caller argues for Berkshire Hathaway B as the “perfect” one-stock portfolio 9:14 Don dismantles the myth—Buffett's own warnings, risk concentration 11:23 401(k) vs. Roth 401(k)—how to decide and why a plan matters 14:04 Backdoor Roth options for self-employed spouses 15:32 Importance of long-term planning once portfolios near $1 million 15:56 HSA payroll advantage—no Social Security tax on contributions 17:11 Using a Roth to store “extra mortgage” money until retirement 18:08 Why paying off a low-rate mortgage later may not make sense 19:37 Free fiduciary portfolio checkup offer from Apella Wealth Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with an honest reflection on market déjà vu—how today's investing climate echoes the speculative excesses of 1929 and 2008. Citing Andrew Ross Sorkin's new book 1929: Inside the Greatest Crash in Wall Street History, they discuss the modern “financialization” wave: private equity, venture capital, crypto, and private credit being repackaged for retail investors and even 401(k)s, often under looser regulation. They warn listeners about “mark to make-believe” valuations and Wall Street's relentless drive to sell complexity to the masses. The conversation moves from cautionary history (leveraged trusts of 1929, margin loans, and subprime mortgages) to present-day parallels like Bitcoin ETFs and private-market tokens. The takeaway: avoid opaque, speculative products; stick with transparent, low-cost diversification. In the Q&A, they answer listener questions about simplifying global portfolios with VT vs. VTI/VXUS, and about selling or donating concentrated stock positions from employee plans. 0:04 Opening disclaimers and acknowledgment that the episode isn't meant to scare investors 1:18 Historical parallels—1929, 1987, 2008—and the feeling of “market déjà vu” 2:10 Introducing Andrew Ross Sorkin's new book 1929 and his NYT column on modern speculation 3:20 Financialization and the loosening of investor protections in the 2020s 4:33 Wall Street's constant invention of confusing products that favor sellers 4:58 Robinhood's Vlad Tenev and the illusion of democratizing risk 6:12 Lowering the barriers to private markets and what that means for investors 7:26 Echoes of 1929: leveraged ETFs, margin-like structures, and “Russian-doll” debt 8:29 The perils of leverage and speed of modern market declines 9:02 Private-market tokens and the “mark-to-make-believe” problem 10:25 Overvaluation, lack of liquidity, and Wall Street's interest in 401(k) assets 11:41 Historical leverage shifts—from banks to private credit 12:58 Why trusting financial “authorities” can be dangerous 13:32 Emotional honesty: people lie, and investors must self-protect 14:42 Jealousy, lottery-thinking, and envy as behavioral pitfalls 15:36 Investing as elimination—avoid what's complex, costly, or confusing 16:48 Listener Q&A: two-fund simplicity (VT + BND) vs. multi-ETF tinkering 18:38 The temptation to overweight U.S. equities 20:00 Contrarian case for international exposure (VXUS) 21:15 ESPP stock cleanup: when to sell concentrated holdings 22:44 Charitable giving of appreciated stock for tax efficiency Learn more about your ad choices. Visit megaphone.fm/adchoices

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

Don and Tom tackle the timeless topic of diversification — why it's back in style, why it's so hard to maintain, and why most investors (and pros) still get it wrong. They walk through how market “leadership” shifts over decades, the global vs. U.S. split, and why comparing your portfolio to the S&P 500 is often a trap. Listener questions cover ETF access at T. Rowe Price and Vanguard, whether to invest or pay down debt, and how the 5% flexible withdrawal rule works in early retirement. Plus, the guys riff on Halloween candy inflation, Social Security COLA bumps, and Don's LitReading “Scary Story Season.” 0:04 Show open — Saturday radio edition and why repetition matters in financial education 1:03 The fashion of diversification — and why it's “back in style” 2:27 International and small-cap value resurgence 3:15 Why investors chase past returns instead of diversifying 4:02 Gold, inflation, and recency bias — lessons from the 1980s 5:21 U.S. vs. international allocation debate: market cap vs. 50/50 6:20 The long wait for Japan's market recovery 7:41 Practical diversification tools — AVGE, DFAW, VT 8:19 Stop comparing everything to the S&P 500 9:08 Historical proof: global portfolio vs. S&P since 1931 10:02 Caller Charlie — buying Avantis or DFA ETFs through T. Rowe Price or Vanguard 12:39 How fund custodians differ from managers 13:27 Checking portfolio exposure with Morningstar 14:42 Caller Gabe — invest or pay off debt? 16:45 When to pay off a car loan vs. mortgage 19:35 How to handle multiple mortgages and long-term plans 20:22 Social Security's 2026 COLA bump and the “good news/bad news” of $102 more a month 22:21 Inflation realities — coffee, beef, and Halloween candy 25:02 Candy talk — shrinkflation and Don's trick-or-treat haul 25:54 LitReading plug: “Scary Story Season” and Philip K. Dick's The Hanging Man 27:34 Search “Don McDonald” in Apple Podcasts — chiropractor cameo included 29:05 Listener Victor (a.k.a. George) — can $4 million last 60 years with 5% withdrawals? 31:38 How the flexible withdrawal method works in practice 33:49 Retirement purpose, Monte Carlo results, and FIRE skepticism 37:41 Kindleberger quote on bubbles and envy: “There's nothing so disturbing as to see a friend get rich.” 38:55 Kindleberger's background and Manias, Panics, and Crashes Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom Cock and Apella Wealth advisor Roxy Butner team up for a lively listener Q&A episode covering everything from the new wave of penny-stock IPOs to retirement readiness and tax traps. Tom opens with a warning about the surge in risky penny-stock offerings, then the two dive into listener questions about annuity sales pressure at Fidelity, portfolio diversification mistakes, CD taxation myths, Roth conversions, and one standout 21-year-old listener getting her financial life off to a stellar start. 0:05 Tom opens with a warning about the explosion in penny-stock IPOs 1:26 Why “lottery-ticket” stocks nearly always burn investors 2:21 Diversify, stay tax-efficient, and skip the hype 2:30 Roxy joins for listener Q&A 3:38 Fidelity's annuity pitch — a listener wonders if it's time to leave 5:05 Who's truly fiduciary: Fidelity vs. Vanguard vs. Apella 6:14 Vanguard dipping a toe into crypto 6:51 Quabina from Ohio: $2.2M at 47 — diversified enough to retire at 55? 8:14 Missing global diversification and bonds in an all-U.S. portfolio 9:57 Early-retirement planning challenges and healthcare costs 10:20 How to design the right stock-bond-international mix 11:36 Daniel from California: Are long CDs taxed as capital gains? 13:04 Why CD interest is always ordinary income — and muni bond alternatives 13:29 Year-end planning: RMDs, Roth conversions, and tax optimization 14:45 Common tax mistakes and mis-placed assets 15:19 Emily from Ohio: “Young and Dumb” — a 21-year-old investing the smart way 18:51 Building a first Roth IRA and why bonds don't belong yet 20:00 One-fund simplicity: AVGE vs. VOO 21:41 Long-term mindset: global diversification and patience pay off Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle another full “Q Day,” answering listener questions on Roth fund selection, bond fund gimmicks, real estate returns, California's odd HSA tax treatment, switching from Vanguard to Avantis, copying politician trades, and whether Vanguard's Cash Plus account beats its money market fund. The episode mixes practical investing logic with humor, skepticism, and a bit of Don's plug for his new storytelling podcast, New Tales Told. 0:04 Q Day begins — Don riffs on “Q” words and high-quality listener audio 1:42 Betsy from Minnesota asks: best funds for a Roth IRA (AVUV, VOO, AVGE) 2:39 Don suggests simplifying to AVGE, but warns of risk and emotional resilience 4:12 Jesse from Seattle on CPAG “tax-efficient” bond ETF — Don calls it a gimmick 5:55 Don's math: CPAG only helps slightly at 35% tax bracket, not worth complexity 9:06 Listener compares 403(b) vs. home value growth — Don confirms results typical 12:45 Real estate's weak real return over time and lifestyle vs. investment value 12:45 California HSA confusion — Don explains CA taxes HSAs like normal accounts 15:22 Nathan from Georgia: Vanguard vs. Avantis funds, and “copy politician trades” 17:20 Don: Avantis adds small/value tilt, AVGE can simplify portfolio management 19:14 Don: “copy-trade” apps are expensive, delayed, and silly gimmicks 20:58 James from Virginia: Vanguard Cash Plus vs. money market funds 22:34 Don explains FDIC difference and risk-reward tradeoff, prefers money market 24:11 Closing reflections, legacy talk, and plug for New Tales Told Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom revisit the Social Security debate after new Wall Street Journal and New York Times articles challenge long-standing advice to delay claiming. They dismantle clickbait claims that “waiting doesn't make sense,” highlighting emotional biases, unrealistic investment assumptions, and spousal benefit considerations. The episode also covers whether Social Security counts as an asset, then shifts to listener questions about 529-to-Roth rollovers for graduate school, switching funds in an IRA, and managing company stock in an ESOP-based 401(k). 0:00 Why they keep returning to Social Security and why 25% of retirees rely on it entirely 1:43 Two-thirds claim before full retirement age; Wall Street Journal's clickbait headline 3:02 The “bird in hand” fallacy and instant-gratification bias 3:48 Don's confession: took Social Security at 69—and dogs ruined the travel plans 4:40 WSJ's faulty 5%-return argument and why most investors won't achieve it 5:43 The math: waiting pays more monthly, but longevity is the unknown 6:32 Trade-offs between retiring early, portfolio drawdowns, and spousal benefits 7:35 NYT's claim that Social Security is America's most valuable “asset” 8:08 Don's rebuttal: it's income, not an asset—you can't liquidate it 9:49 Why people misclassify Social Security and how bonds fit differently 10:08 When and how to get a second (fiduciary) opinion on claiming strategies 11:00 The plague of commission-driven “advisors” and fake fiduciaries 12:29 Old brokerage “no-load fund” lies and how similar games persist today 12:40 Listener Q&A: overfunded 529 plan vs. Roth rollover for grad school 14:27 Midwifery degrees, student-loan math, and the 5% rate cutoff 17:13 Rollover IRA question: switching Fidelity funds to Vanguard ETFs 18:15 Active vs. index funds—why fees and diversification matter 20:05 Active-active management and small-cap risk humor 20:54 ESOP question: how much company stock is too much? (Hint: under 5%) 22:42 Selling discipline and diversification in employee-owned firms 24:39 Don and Tom joke about their own ownership and “sell-out” strategy 25:04 Daily calls, good-natured ribbing, and reminders about Saturday's live show Learn more about your ad choices. Visit megaphone.fm/adchoices

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

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

Don and Tom tackle a mix of market mania and listener questions, skewering speculative fads like meme stocks, SPACs, private credit ETFs, and covered-call funds. Don opens with a scam text story before the duo dive into the absurdity of “get-rich” products during a record-breaking market. They stress discipline, diversification, and turning off CNBC — repeatedly. Listener questions include Roth conversions in high tax brackets and funding a home purchase without wrecking retirement plans. The show ends on a hilarious tangent about listeners wearing backpack banners to promote Talking Real Money. 0:04 Scam text from Colorado and the hazards of living alone in a studio 1:09 Market highs and the illusion of perfect timing 2:35 Stock concentration, meme stock mania, and the “Magnificent Seven” dominance 3:34 Listener call: investing in a soccer team partnership promising 15–30% returns 5:12 Why “too good to be true” often is — scams and speculative traps 6:09 Covered-call ETFs (JEPI, GPIQ) explained and debunked 9:39 New private credit ETF (PCR): high fees, low transparency, huge risk 12:49 CNBC hype vs. reality — why turning off financial TV is sound advice 16:21 Listener question: Roth conversions and tax traps in the 30% bracket 19:26 Another listener: funding a new home without derailing retirement 21:47 Don's rant on overpricing homes — “every house sells at the right price” 23:24 Real estate emotion vs. math — the price always tells the truth 24:31 Episode wrap-up: humor, gratitude, and an absurd “wearable banner” promo idea Learn more about your ad choices. Visit megaphone.fm/adchoices

Don answers six listener questions covering CD ladders vs. bond funds, global diversification for young investors, allocation shifts for early retirees, HSA documentation rules, 529 plan comparisons, and whether Dave Ramsey-style portfolios need bonds. He closes with practical guidance on holding cash for opportunities and a reminder about the value of disciplined, evidence-based investing. 0:10 Friday Q&A intro and how to send in questions 1:51 Are CD ladders a good replacement for bond funds? 3:37 How to build a disciplined CD ladder and avoid rate-timing mistakes 3:41 A father asks how to diversify his daughter's Roth IRA beyond VTI 5:48 Couple planning early retirement—asset allocation and 72(t) options 9:41 Why bonds exist: emotional stability vs. return chasing 11:29 The case for international diversification 11:29 Long-term HSA strategy and what to do without old receipts 14:32 How to recreate expense records and save PDFs going forward 15:26 Which 529 plans are best for kids aged 2–12? (Utah vs. Schwab) 17:28 Dave Ramsey investing myths and the real purpose of bonds 20:36 When to start adding bonds—take the Talking Real Money risk quiz 21:00 Where to park six-figure cash for car or property purchases 22:46 Short-term safety vs. yield trade-off Learn more about your ad choices. Visit megaphone.fm/adchoices

Don swats a studio bug, then swats down the idea of dividend-driven retirement portfolios. Drawing on Jason Zweig's interview with Richard Thaler, they explain why retirees should focus on total return—spending from a diversified portfolio rather than chasing yield. They hit Robinhood's profit model, bid-ask spreads, and the need for automatic-enrollment retirement plans. A listener call leads to a discussion of Social Security timing, debt-free retirement, and (yes) hodgepodge-itis—Don's term for chaotic portfolios. Things wrap with a jailed investor's question, some gallows humor, and the usual banter about holidays and compliance. 0:04 Bug chaos and phone-line reminder 1:41 Why dividend-income portfolios are a trap 2:50 Jason Zweig & Richard Thaler on total-return spending 4:18 Total return beats “high-dividend” illusions 5:39 Robinhood's option-spread profits and the myth of “free” trading 6:15 Schwab vs. Robinhood: relative honesty in bid-ask spreads 7:43 Thaler's take on missing retirement plans and automatic savings 9:05 Anniversary talk and the failed “Debbie Show” experiment 10:15 Back to Thaler—why most workers still lack plans 11:39 Tesla options example showing 7 percent spread 12:05 Case for national retirement depository & hybrid Social Security 13:33 Hodgepodge-itis defined (and owned by Don) 14:51 Low call volume and the Mariners' hangover 15:52 Listener Kevin asks about dividends vs. selling stock 16:53 Reinvesting dividends vs. total-return withdrawals 18:17 Dividends reduce company growth potential 19:45 Why high-yield chasing kills diversification 20:07 Caller David, age 67, plans retirement & asks how to prep 21:55 Social Security timing advice—benefits rise monthly 22:50 David's details: city pension, deferred comp, house, no debt 24:07 Getting professional fiduciary advice before retiring 25:23 David's crypto confession and $3K Ripple gamble 27:27 Jail-bound investor asks where to park money 30:18 Don & Tom debate investing from behind bars (humor intact) 33:19 Columbus Day scheduling confusion & closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with banter about the weather, baseball playoffs, and studio quirks before diving into what it means to be a “millionaire” today versus in 1890. They explore how much of modern net worth is illiquid, why home equity and retirement funds can trap wealth, and how planning for liquidity and income is crucial. The conversation transitions into a discussion of market volatility, rare earth trade tensions with China, and Brett Arends' critique of index investing. They counter with historical perspective, humor (and potato chips), and advice about risk, rebalancing, and human behavior. Later, listener calls cover portfolio structure, Empower vs. Vanguard advisor options, and evaluating advisor fees and fund costs. The show closes with their classic blend of education, sarcasm, and fiduciary realism. 0:04 Opening banter, phone number, Florida “cold front,” and baseball chatter 2:33 Topic intro: What a million dollars means now vs. 1890 3:58 Comparing historic vs. modern millionaires and net worth equivalency 4:43 The illusion of wealth—why 70% of assets are often inaccessible 5:30 Planning for liquidity: why paying off a mortgage too early can backfire 6:37 Don's retirement planning promo 7:39 Historical comparison: 1890s Gilded Age vs. today's millionaire stats 8:19 Market globalization and modern wealth concentration 9:43 Rare earths and the U.S.–China tariff skirmish 10:22 Market check: stocks, bonds, and gold all dip; volatility talk 12:04 Don's “unnamed thing” (Bitcoin) drops 10.5%; discussion on risk and rebalancing 13:48 Don shifts to 60/40 allocation—explains rationale near retirement 14:34 Brett Arends' “Dumbest Stock Market in History” critique discussed 16:00 Debate: Are index investors stabilizing markets through consistency? 17:19 Potato chip tangent and investor psychology 18:32 Arends' bearishness vs. evidence-based investing 20:00 Protecting your psyche, not every dollar, from market declines 20:20 Podcasting history—when Talking Real Money began 21:32 Caller Samir (Virginia): $4M net worth, suffering from “hodgepodge-itis” 24:15 Don and Tom's prescription: stop investing until you have a plan 25:42 Margin loan temptation and why 10.5% interest kills the idea 27:00 Tom reinforces the need for a fiduciary planner 27:32 Caller Chris (Texas): moving from Empower to Vanguard PAS 29:21 Vanguard vs. Empower: conflicts, fund choices, and planning gaps 31:46 “Half-pregnant” advice models and Bogle's legacy examined 34:20 Broader critique: single-provider risk and investor behavior 35:54 Caller Dave (Olympia): evaluating returns, fees, and portfolio costs 37:50 What's a reasonable expense ratio and advisor fee range 39:24 Final takeaway: judge portfolios by structure, not short-term returns Learn more about your ad choices. Visit megaphone.fm/adchoices

In this playful and insightful episode, Don and Tom explore how the beloved Friends characters might fare financially if they were retiring today. Using their signature mix of humor and practical investing wisdom, they analyze each character's fictional career, personality, and spending habits to project their retirement readiness. The second half of the show returns to real-world money matters, answering listener questions about blending withdrawal strategies and fund choices in employer retirement plans. 0:04 Why this episode starts with a Friends reference—and yes, it's copyright-friendly 0:31 Monica and Chandler Bing as retirement savers: organized, driven, but maybe too perfectionist 3:25 Monica's obsessive planning vs. Chandler's possible risk aversion 4:22 Overthinking portfolios and the emotional toll of too much tweaking 5:01 Savers who struggle to spend: how Monica might hoard instead of enjoy 5:56 Chandler's likely financial behavior and their combined million-plus portfolio 7:03 Ross: neurotic, divorced, and probably pension-supported 7:54 Why pensions are psychologically powerful for retirees 8:35 Ross would need an advisor to keep him calm and invested 9:14 Rachel: spender, low earner, fashion industry job—not retirement ready 10:30 Joey: the actor's feast-or-famine finances and SAG-AFTRA pension potential 12:22 Real SAG-AFTRA pension expectations: modest but helpful 13:09 Joey's likely retirement: modest income, limited comfort outside major cities 13:54 Phoebe: quirky, lovable… financially reckless? 14:28 Phoebe's imaginary downfall: alimony, bad investing, busking in Times Square 15:20 Big picture takeaways: personality, income, and circumstance aren't destiny—but they shape outcomes 16:48 The Bings win the retirement game… Phoebe's husband probably doesn't stay married 17:30 Listener Q1: Combining fixed and flexible withdrawal strategies 18:52 30-year portfolio simulation using 60/40 and AI tools 20:24 Hybrid strategy results: high survival rate, smoother ride, and growing payouts 21:21 Comparison of 4% vs. 5% withdrawal income over time 22:36 Listener Q2: Replacing expensive international funds in a union 401k plan 24:00 Replace EuroPacific and Developed with Fidelity's low-cost international index fund 25:17 Expense ratio showdown: PigWX vs. FSPSX 26:32 Closing chaos: how to contact Tom and the long-lost newsletter phone number 27:49 Origins of 800-FUND-004 and how someone just walked into the Bellevue office 29:42 End credits and final laughs—yes, even Tom held back the dad jokes (mostly) Learn more about your ad choices. Visit megaphone.fm/adchoices

In this extended Friday Q&A episode, Don answers six listener-submitted questions covering a wide range of personal finance and investing topics. He kicks off with a fiery takedown of cryptocurrency as a viable asset class, arguing it's based on hype and the greater fool theory. Other questions explore whether pensions should count as fixed income in asset allocation, the performance of Dimensional and Avantis funds versus traditional index funds, the pros and cons of Collective Investment Trusts in 401(k)s, and the strategic timing of Social Security. He ends by clarifying a common misconception about RMDs and Secure Act 2.0. Expect smart insights, a little snark, and the kind of blunt honesty that's rare in financial media. 0:04 Listener Q&A returns with an extra dose—six questions this time 1:07 Confusing podcast scheduling clarified (sort of) 2:11 Crypto as an asset class? Don calls it “entirely invented” and dismantles the use case hype 4:32 If civilization collapses, your Bitcoin won't save you 6:06 Crypto = greater fool theory; Don braces for hate mail 7:30 Dimensional/Avantis vs. index funds—do the extra fees pay off? 9:13 A 15-year comparison: Dimensional Global Equity vs. VT 11:43 Should a pension count as fixed income? Don says no—it's a volatility game, not income 15:48 CITs (Collective Investment Trusts) in 401(k)s—cheaper, but less transparent 18:58 Index funds should be your benchmark; Don suspects this one's active 20:02 Claiming Social Security early to preserve Roth? Don says the math rarely supports it 23:59 Secure 2.0 and RMD confusion—born in 1959? You still take RMDs at 73, not 75 26:15 Tech keeps improving—Don urges retirees to stay sharp, stay curious Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into a new Morningstar report showing that tactical allocation funds—those run by “smart” managers who actively shift investments—significantly underperformed simple buy-and-hold index portfolios. They unpack why doing nothing often wins, discuss investor behavior gaps, and revisit the power of staying the course. Listener questions follow on mortgage payoffs, TIAA advisory fees, and adjusting stock/bond splits in retirement. The episode wraps with Don revealing his personal creative project—his short story A Chance of Death on his LitReading podcast—and a teaser for his next story, Murder of Crows. 0:23 Morningstar headline: tactical allocation funds lose to “do-nothing” portfolios 1:45 What tactical allocation funds really are (a.k.a. expensive market timing) 2:52 Morningstar urges investors to “stay the course” 3:04 Revisiting “Mind the Gap” and why investors underperform their own funds 4:28 Data comparison: $10k in tactical vs. passive portfolio over 10 years 5:31 Why professionals can't beat buy-and-hold investors 6:51 Human behavior, arrogance, and the illusion of market-timing skill 8:37 The need for a written plan and risk-based portfolio 9:58 If you have a plan, market noise stops mattering 10:22 Tangent: WWII documentaries vs. Taylor Swift's Miss Americana 11:21 Listener question #1 – Paying off a low-rate mortgage vs. investing 13:35 Math and emotion collide: cheap money, liquidity, and peace of mind 15:35 Listener question #2 – TIAA Wealth Management fees and fiduciary standards 18:31 Reading TIAA's ADV: possible fees up to 2% on small accounts 20:08 Comparing local RIAs vs. large institutions 21:08 Clarifying blended fees and fund costs 21:47 Listener question #3 – Vanguard advisor suggesting 60/40 allocation 22:53 Risk tolerance vs. risk need – the real balance 24:05 Investment Policy Statements and Vanguard's advisory limitations 25:46 Call for more listener questions and upcoming Q&A shows 26:15 Don plugs Lit Reading and his new original story “A Chance of Death” 28:24 How AI collaboration shaped the story's creation 30:59 Discussion of his next story, “Murder of Crows” 32:17 Invitation for audience feedback on Lit Reading stories Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom kick off this episode with a satirical bang—mocking the apocalyptic tone of a MarketWatch article about the “Fourth Turning,” a cyclical doom prophecy claiming America faces a cataclysmic reset every 80–100 years. Citing wars, depressions, and now AI, wealth taxes, and the fall of the dollar, the hosts break down the fatalistic tone, expose the fear-marketing behind it, and reassure listeners that, historically, markets have recovered—and rewarded long-term investors. 0:04 Faux alien warning: the Fourth Turning economic apocalypse is coming 1:16 Dissecting the MarketWatch article and the “Fourth Turning” theory 2:26 Peak catastrophe by 2030? AI job loss, collapsing dollar, wealth taxes 3:38 Don asks: what is this guy selling? Spoiler: $100M wealth club 6:01 $180k to join R360—clearly not for the average listener 6:33 Don's “financial flinch reflex” PSA spoof (ad) 7:41 Tom: “We love being scared”—AI panic and deepfake video fears 9:07 Caller Sue (68): Ready to retire with $820k and SS? Don says yes 13:05 Sue's next step: get a fiduciary checkup, maybe run Monte Carlo 14:10 Tom runs one: 50th percentile = she hits zero at 98 15:32 Flexible withdrawal rates might work better than rigid 4% 16:34 Listener voicemail: Should we switch from Roth to Traditional now? 18:16 DT's Roth vs. traditional strategy: save taxes while you can 20:14 WSJ article on taxes and stock gains—do ETFs instead 21:25 Tax basics for investors: capital gains rates and efficiency 23:26 Mad Men nostalgia and mid-century tax rates 25:15 TV detour: Bewitched vs. I Dream of Jeannie vs. Outlander 27:10 Back to calls: Theodore asks about 403(b) options in Burlington 29:10 Don explodes: garbage annuity vendors dominate the plan 31:01 Aspire is the only halfway-decent vendor… if you avoid their advisors 33:54 Don tells how an Albuquerque teacher got Vanguard into their plan 35:44 Aspire hack: use FundSource for no-load mutual funds 36:14 Caller Steve: hold 20 stocks or sell and rebalance? 37:53 Tom: hybrid approach. Don: depends on need. Watch tax bracket Learn more about your ad choices. Visit megaphone.fm/adchoices

The show kicks off with a sardonic take on turf wars between delivery drivers—yes, really—before diving into third-quarter market returns, investor behavior, and asset class performance. Don and Tom remind listeners (again) that sticking with a diversified portfolio beats timing markets or following headline noise. Listeners call in about Social Security strategies, inheritance accounts for minors, and what to do with large sums of cash in retirement. The show wraps with a smart look at ETF-to-mutual fund conversions and why the old-school fund industry is getting left in the dust. 0:11 Delivery turf wars joke and quarter-end reflections 1:40 Fears vs. reality: inflation, jobs, and trade wars 2:16 Q3 returns: U.S. stocks +8%, EM +9.6%, silver tops, cocoa flops 3:09 What you had to do to earn those returns: be invested, diversified, and ignore noise 5:13 Don scolds investors still avoiding value and international stocks 6:11 Chocolate aside, it's been a strong year for stocks and bonds 7:42 Promo: Why guessing isn't a retirement plan 7:51 Don recovers from a cough; Tom lists worst Q3 performers (lean hogs!) 9:13 Listener Chad argues for claiming Social Security early if you can earn 3% 11:08 Don crunches the math: break-even at age 81–82 if invested at 3% 12:57 Survivor benefits and why waiting helps your spouse 13:57 Don jokes about his wife stealing his life force and living to 112 14:54 Vaccine banter and intro to next caller 15:56 Caller Michael from Burien sells a condo, asks where to put $300k 19:07 Don and Tom suggest municipal bonds like VTEB for tax-free yield 20:20 Michael quotes a great retirement planning aphorism 20:29 Shift to ETF inflows and the downfall of mutual funds 29:13 Vanguard's tax-free conversion model and Dimensional's exemptive relief 30:49 What this shift means for investors with taxable accounts 31:17 Mutual funds may soon be the next buggy whips 32:22 Listener Connie asks: do you really get back Social Security withheld when working before FRA? 33:14 Tom and Don clarify: benefit adjusted later, but no “refund” 34:37 Caller Susan from Connecticut: what to do with $250k in cash 36:52 Don: You don't need more products—you need a real financial plan 39:17 Flat-fee plans and how to find a true fiduciary Learn more about your ad choices. Visit megaphone.fm/adchoices

A lively, unscripted listener Q&A episode with no set topic — just a flood of great questions. Don and Tom tackle everything from inheriting farmland to the hidden cost of medical inflation, tax-efficient short-term investments, Ameriprise conflicts of interest, fund turnover ratios, and a heartfelt tribute to the late Jonathan Clements, a true pioneer of rational investing journalism. Plenty of wit, warmth, and straight talk about money — plus a personal moment of honesty from Tom about life, loss, and gratitude. 0:04 Cold open: “A show with no topics” banter and weather humor 2:07 Angie from St. Paul: Inheriting farmland — hold or sell? 6:04 Anton from Spokane: Medflation's impact on Social Security COLA and Medicare premiums 10:45 Jason from Tigard: SPAXX vs. SGOV — which is better for short-term cash? 13:35 Ameriprise client: Should I use an SMA or fire my advisor? 18:41 Luke from Evans, GA: ETF turnover and what it really means 23:25 Tribute to Jonathan Clements — his life, legacy, and impact on index investing 27:10 Personal reflections, audience appreciation, and gratitude from Tom Learn more about your ad choices. Visit megaphone.fm/adchoices

In the longest Q&A episode yet, Don answers seven listener questions covering everything from concentrated stock windfalls and early retirement asset allocation to Roth vs. taxable contributions, the real 59½ withdrawal date, the dangers of buffered ETFs, and the reality of home affordability. He stresses the importance of security over speculation, the need for actual retirement planning, and the pitfalls of gimmicky Wall Street products, all while weaving in his trademark skepticism and humor. 0:04 Friday Q&A intro and listener surge in questions 2:18 Jackpot in two small-cap stocks at age 70—should he sell? 6:28 42-year-old with uncertain job security and $850k retirement + $518k taxable—structuring allocations for early retirement 11:28 Roth vs. taxable brokerage contributions for flexibility before 59½ 15:13 Clarifying 59½ rule—date vs. year of eligibility 17:11 Buffered ETFs explained and why they're just Wall Street gimmicks 21:53 Rule of thumb for first-time homebuyers: mortgage % of income, 15 vs. 30-year terms, and why homes aren't great investments Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle Americans' retirement fears, highlighting a survey where one in five say it would take “a miracle” to retire securely. They stress the importance of planning over wishful thinking, cover the risks of recency bias, taxes, and underestimating longevity, and explain why flexibility—delaying Social Security, working part-time, downsizing, or even using a reverse mortgage—may be essential. Listener questions include a 30%+ ETF return (AVDV), the new rules allowing 529 rollovers to Roth IRAs, and a deep dive into Facet Wealth versus Northwestern Mutual, with a reminder about low-cost index investing and the value of fiduciary advice. 0:04 How confident Americans are about retirement security 1:37 “It would take a miracle” vs. “You need a plan” 2:37 The value of professional reviews and planning tools 3:52 No perfect time to retire, recency bias, and government as your “partner” 5:08 Retirement timing compared to parenthood decisions 6:06 The limits of Social Security and lifestyle realities 7:18 Adapting by working longer, delaying Social Security, or reducing expenses 8:25 Cutting wants, working part-time, or considering home equity solutions 9:23 Reverse mortgages and staged retirement strategies 10:03 Purpose, social life, and health in retirement 11:25 Listener question: international ETF with a 30%+ return (AVDV up 38% YTD) 13:02 Why diversification matters for capturing those “30 percenters” 13:22 Listener question: 529 rollovers to Roth IRAs and beneficiary changes 16:21 Listener case study: RN nearing retirement, Facet vs. Northwestern Mutual 18:07 Facet's flat annual fee structure compared to traditional AUM fees 20:54 The pitfalls of Northwestern Mutual's high fees and insurance roots 23:34 When to hire a fiduciary and why $1.5M+ means it's time 25:30 Advisor costs vs. DIY investing, plus an extended “haircut analogy” 27:13 Shout-out to AI-generated Talking Real Money show art Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle the creeping role of AI in financial advice—highlighting Vanguard's new “nudges” on its platform—before pivoting into lively listener calls. The show explores the balance between saving and living (including an $800K earner debating a bigger house), the risks of high-yield gimmick ETFs like QQQI, the simplicity of age-based 529 plans, and the murky rules around paying kids into Roth IRAs. Humor, skepticism, and practical guidance keep the conversation grounded, with a side of leaf blowers, Italian villas, and Tom's inevitable puns. 0:10 Don's dramatic AI apocalypse intro and Vanguard “nudges” 1:20 Squarespace rant: how customer service died 4:13 Vanguard limiting fund lists—bias toward active funds? 6:22 AI is coming for investing advice 6:35 Listener call: $800K household, cheap mortgage, “living life” vs upgrading home 10:22 House affordability rules: 25–30% PITI, low-rate lock-in dilemma 12:19 Call from Jim in Bellevue: QQQI high-yield ETF 13:44 Why covered call income funds are risky, volatile, and gimmicky 17:41 Tech focus, March 2000 parallels, why diversification beats chasing yield 19:29 Covered call strategies—why they lose upside and add complexity 22:50 Listener email from Shauna: which Utah 529 portfolio to pick 24:36 Best choice = age-based glide path, simplicity and cost advantages 26:13 Follow-up caller: Roth IRAs for kids, risk of inflated wages and IRS scrutiny 29:24 Who checks wages? IRS shutdown jokes, K-1 confusions, AI tax analysis fail Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom open with a tribute to financial writer Jonathan Clements, reflecting on his career and unique investing wisdom. They unpack five of his “pearls,” including saving early, avoiding big mistakes, and living an active, purposeful life. From there, they pivot into critiques of misleading annuity sales cloaked in fiduciary language, highlight changes coming to retirement account catch-up contributions, and tackle listener questions on bond ETFs, ETF vs. mutual fund conversions, CD strategies, and investing with a reluctant spouse. The show mixes respect for sensible investing voices with sharp criticism of gimmicks, all wrapped in listener calls and banter. 1:04 Remembering Jonathan Clements and his influence 2:59 Pearl #1: Make and save money early, passion can wait 3:54 Pearl #2: Winning isn't everything—avoiding losers matters most 5:05 Pearl #3: The tax code rewards patience and savers 5:50 Pearl #4: Don't just stand there, do something (in life, not trading) 7:37 Reflection on his loss and the scarcity of sensible money voices 9:34 Critiquing Kiplinger article and annuity sales cloaked as fiduciary advice 11:44 Pearl #5: Humans are built to strive, not sit idle—retirement requires purpose 12:40 Preview of rising early-retirement questions in upcoming Q&A show 13:22 Vacation banter, Disney's Aulani resort, and “surfing together” joke 14:13 Back to annuity sales, fiduciary mask problem, and misleading disclosures 17:39 Listener email anticipating annuity criticism—prediction fulfilled 18:12 Listener call: pushback on jargon, “basis points vs. bips” debate 20:13 Listener call: bond ETF BINC—why it's loaded with junk and risky 25:22 Explaining Roth-only 401(k) catch-ups starting 2026 for $145k+ earners 27:22 Listener call: ETF vs. mutual fund conversions, Vanguard's patent, Fidelity status 31:29 Listener call: couple with $1.6M in cash, wife afraid of investing 35:36 Don and Tom's advice: show need via a financial plan, start with small stock exposure 35:59 Listener call from Italy: CDs, interest rates, and laddering vs. penalties Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle the “big three” global equity ETFs—Vanguard VT, Dimensional DFAW, and Avantis AVGE—breaking down their diversification, costs, risk/return assumptions, style tilts (small/value vs large/growth), and geographic/sector weights. They highlight how DFA and Avantis add microcaps and factor tilts that Vanguard's index omits, why fees are “pennies” but differences in construction matter, and why “rules-based” is more accurate than “active.” Listener questions cover lottery winnings (lump sum vs annuity), the collapse of Publishers Clearinghouse payouts, and Ameriprise's pricey SMA accounts. The theme: investing lives in the middle ground—balancing risk, cost, and logic. 0:04 Middle-dweller banter and show open 0:54 Why ETFs replaced mutual funds as the easy route 1:23 The “big three” global ETFs: VT, AVGE, DFAW 2:34 Which is “better”? Spoiler: none—or all 2:56 Diversification: DFAW 13,700 stocks vs VT's 10,000 4:00 Expense ratios: Vanguard's cost advantage 4:32 Risk/return projections and why they're guesses 6:22 Microcaps explain much of the differences 7:55 Why small/value stocks historically outperform 8:55 Style box breakdown: small vs large allocations 9:45 U.S. vs international exposure: “pandering portfolios” 10:57 Tech vs financials: sector allocations diverge 12:09 Recent performance snapshots, short vs long term 13:34 Index (VT), Factor (DFAW), Rules-based tilt (AVGE) 15:25 Long-term results: Avantis beats Vanguard despite higher fee 16:15 Risk/return symmetry: you could make a lot, lose a lot 16:45 Listener Q&A: $2B Powerball jackpot—lump sum or annuity? 18:01 Publishers Clearinghouse collapse leaves winners unpaid 21:07 Listener Q&A: Ameriprise SMA fees and pitfalls 23:48 Why Ameriprise's “nice” advisors are still costly Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A edition of Talking Real Money, Don tackles listener questions ranging from the dangers of options trading and critiques of Dave Ramsey, to building a simple 60/40 portfolio, comparing flat-fee versus AUM advisors, and whether international bonds deserve a spot in a portfolio. Along the way, he mixes in humor, candid pushback, and practical advice while emphasizing clarity, simplicity, and the importance of asking good questions. 0:04 Intro, gratitude for enough listener questions to fill a show 1:20 Why Don won't recommend any book on options trading 3:29 Caller defends Dave Ramsey and critiques Don & Tom's take 5:55 Don responds, clarifies criticisms, and acknowledges Ramsey's positive impact 8:00 Portfolio question from Andy: building a 60/40 with a value tilt 11:14 Flat fee vs. AUM advisors—when each makes sense 13:41 Bond question: Fidelity vs. Vanguard total bond funds, and role of international bonds 17:27 Don on thick skin as a talk show host and why critique is welcome Learn more about your ad choices. Visit megaphone.fm/adchoices

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

A candid hour on consumer self-defense. We open with iOS 26's unknown-caller screening and a New York Times crime reporter nearly duped by a “Chase Bank” spoof—lesson: don't trust caller ID, don't transact with inbound callers, verify via the number on your card or the bank app, and remember spoofed numbers make simple blocking imperfect. Listeners jump in: a Rule of 55 correction (not 72(t)/72(q)), plus a sharp TSP/Roth asset-location play—keep core market cap in TSP, use Roth for small-value tilt (e.g., AVUV). Then the consumer beat: Florida HVAC sticker shock and why three bids matter. Scam watch flags Smart Lab International's “AI” sports-betting/trading scheme and crypto funding as Ponzi-ish red-flags. We close on the fiduciary fog—why “certified fiduciary” labels can hide annuity sales—and reject structured notes/buffer ETFs in favor of a simple, low-cost balanced portfolio that matches risk to need. 1:07 New iPhone feature screens unknown callers 1:58 Scam calls and “scam du jour” routine 3:05 NYT crime reporter nearly falls for Chase/Zelle spoofing scam 6:23 Why scams work when people let their guard down 7:00 Don't trust caller ID, best practices for bank contacts 8:24 Zelle vs. Venmo debate and practical use cases 9:34 Caller correction on Rule 55 vs. 72Q/72T 10:58 Listener Brian on TSP allocation and AVUV tilt 13:07 Tom's buffer/puffer joke flop 13:44 Advice on blocking spoofed numbers and safer verification 15:00 Segue into consumer issues beyond investing 16:06 History of Florida's heat and AC dependency 16:43 Air conditioning repair and wild $11k vs. $4.7k quotes 19:22 Tom's ongoing heat pump saga 21:10 Bob Cratchit fireplace joke 21:14 Listener Q&A from Nibley, Utah about Smart Lab “AI trading” scheme 24:28 What Smart Lab claims to do (AI sports betting + trading) 26:23 Company origins in Malta, Seychelles, now Ho Chi Minh City 27:57 Ponzi-like structure and risks with crypto-based platforms 29:16 Closing advice: don't nibble on Smart Lab 29:27 Caller John on fiduciary standards and insurance sales 32:28 Exposure of “Certified Financial Fiduciary” designations and insurance sales tactics 34:46 Caller Rajiv on structured notes vs. buffer ETFs 36:02 Simplicity of balanced portfolios over complex gimmicks Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of Talking Real Money tackles myths about the Federal Reserve and interest rates, explains why mortgage and Treasury rates don't automatically follow Fed moves, and reminds listeners that markets usually price in expected changes. Don and Tom then pop the cork on wine investing, showing that after costs it performs about as well as plain bonds—and far worse than a 60/40 portfolio. They compare wine and tobacco “sin stocks,” highlight the volatility of individual companies like Constellation Brands and Altria, and use that as a cautionary lesson against stock-picking. Listener calls cover asset location strategies (Roth vs. taxable vs. HSA), the realities of buffer ETFs, and how to evaluate fiduciary firms like Prairie View Partners (now Savant). As always, the conclusion is clear: keep it simple, diversify, and drink the wine instead of investing in it. 0:04 Old-fashioned call-in intro and Fed rate cut discussion 1:33 Myths about Fed decisions and mortgage/consumer loan rates 3:21 Treasury yields, market reactions, and rate expectations through 2026 6:16 Why markets often anticipate rate changes in advance 7:40 Transition into alternatives and “exciting” investments 9:03 Wine as an investment: storage, insurance, dealer costs 10:38 Average returns vs. net after-cost reality (bonds beat wine) 12:46 Stocks and bonds outperform—“invest in markets, drink the wine” 14:08 Constellation Brands stock history as a volatility case study 17:37 Altria (tobacco) stock comparison and “sin stock” volatility lesson 20:16 Small percentage of individual stocks outperform T-bills (Bessembinder research) 21:39 Listener: Asset location strategy (taxable, Roth, HSA) 24:58 ETFs changing the asset location conversation 27:10 Treatment of HSAs as Roth-like for medical use vs. IRA-like otherwise 28:42 Listener: Buffer funds (“boomer candy”) and why they're costly gimmicks 32:54 Reminder that many investors panic out of markets at the worst times 33:42 Listener: Emergency fund and avoiding 1099s (spoiler: you can't) 34:58 Listener: Evaluating fiduciary firm Prairie View Partners (merged with Savant) Learn more about your ad choices. Visit megaphone.fm/adchoices

0:04 Why your home isn't part of your investment portfolio 0:26 The myth of the American Dream and why owning may not make sense 1:33 A buyer's remorse story from Atlanta 2:35 $3,000/month to own vs. $1,200/month to rent 3:34 Hidden expenses: $13,000 sewer connection surprise 4:31 “I can't sell my house” = “I won't lower the price” 5:35 Housing returns: even hot markets underperform stocks 6:19 Divorcees sharing homes to keep a 2% mortgage 7:35 Why paying off a low-rate mortgage often makes no sense 8:45 Don and Tom both bought homes for lifestyle, not wealth 10:13 Florida: where houses go to die (and get re-roofed) 11:33 Owning a home is not a prerequisite for wealth 12:48 How to send voice questions (seriously, do it) 14:18 Listener Q: 401(k) with limited options—how to balance Roth IRA 15:25 Fund strategy: AVUV and AVDV combo 16:44 Listener Q: Why not mention charitable remainder trusts? 17:27 Listener Q: Are flat-fee advisors better than AUM? 19:00 Hourly advisor costs and why they seem high 20:35 Outro: Tell a friend, save them from financial doom Learn more about your ad choices. Visit megaphone.fm/adchoices

Don laments the shortage of voice-submitted questions for the Friday Q&A shows and urges listeners to speak their questions into their phones or computers instead of typing them. He answers four listener questions: whether to take a pension lump sum or annuity, whether to roll a 401(k) into an IRA and how much to keep saving with a union pension, a callout about financial jargon (especially “basis points”), and whether stocks are as speculative as cryptocurrency. Don emphasizes that the annuity option is unusually generous, consolidating accounts can simplify rebalancing, saving as much as possible remains wise, and owning the entire global economy through diversified funds is investing, not speculation. 0:09 Don bemoans typed questions and encourages listeners to use voice submission 2:16 Listener asks about lump-sum pension vs. annuity — Don leans strongly toward annuity 6:05 Listener asks about rolling over a 401(k) to an IRA and whether to keep contributing — Don favors consolidation and continued saving 9:00 Caller criticizes jargon like “basis points” — Don defends term as shorthand but explains its meaning 12:04 Caller compares stocks to crypto — Don explains why diversified global stocks are investing, not speculation Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode explores Americans' financial well-being in 2025, using a Yahoo Finance/Marist survey as the springboard. Don and Tom discuss how their audience differs from the average American listener, how perceptions of financial health can be misleading, and what to actually do if your finances—or your feelings about them—are getting worse. They debate the usefulness of net worth tracking, stress the importance of financial literacy, and suggest automating savings. Listener questions cover indexed annuities, bond substitutes, tax implications, and long-term care sales pitches. They also read a letter defending Rick Edelman and challenging their dismissal of crypto, which leads to a lively discussion about evidence-based investing, Eugene Fama's critique of Bitcoin, and the dangers of sensationalized advice. They end with a reflection on public criticism and the value of having one's views challenged. 0:29 Comparing TRM listeners to Ramsey and Kiyosaki audiences 1:37 Median savings for over-65 Americans and why $200k still isn't enough 2:42 Yahoo/Marist survey results: affordability, debt, emergency savings 3:50 One in three say finances worsened; generational breakdown 4:51 Explaining net worth, what to include and exclude 7:01 Tracking net worth annually as a financial benchmark 8:00 Divorce, net worth, and the joke about “kill them off” 9:50 Income gap, gender differences, and perception vs. reality 10:34 How uncertainty and fear shape financial outlooks 11:41 Producer note joke about being “sexist but not leftist” 11:50 Dissatisfaction with savings and personal spending habits 13:06 Fixing bad finances: literacy, automation, benchmarking 17:20 Don argues perception matters more than reality for many 18:20 Listener question: fixed index annuity as bond substitute 19:46 Caps, participation rates, and underperformance vs. markets 21:10 Tax treatment of annuities vs. ETFs 22:55 Importance of advice near retirement (decumulation phase) 23:44 Listener shares bad LTC/annuity sales pitch experience 24:54 Fixed annuity guarantees vs. CDs and government bonds 25:39 Listener defends Rick Edelman, suggests an open dialogue 26:52 Don's critique of Edelman's shift toward sensationalism 29:29 Eugene Fama's comments on Bitcoin, clash with Edelman's stance 31:23 Public criticism is fair game—reading recent Apple Podcast reviews 32:48 Bitcoin adoption debate and institutional incentives Learn more about your ad choices. Visit megaphone.fm/adchoices

Don goes solo this week and covers the wild state of “investing” in 2025 — including single-stock ETFs, leveraged funds, and zero-day options that look more like gambling than investing. He answers listener questions about Roth strategies for kids, aggressive long-term allocations, finding fiduciary advisors, dealing with inherited stock portfolios, and the ethics and fees of big Wall Street firms. Plus, he fields questions about new tax-focused ETFs and whether complicated multi-fund factor strategies are really worth the trouble. 0:04 Don jokes about ChatGPT replacing him, welcomes listeners 1:53 Today's topic: 30% of new ETFs are tied to single stocks — “this is gambling” 4:27 Zero-day options and high-frequency trading likened to sports betting 5:23 Congressman Ro Khanna's 2,800 trades this year — four per market day 6:12 Don's call to stop pretending this is investing 8:16 Caller Mike: 3 kids with $100k+ Roths each — aggressive allocation recommendations (AVUV, AVGE, DFAW, 100% equity) 12:24 International weighting debate — Don likes 60/40 global tilt 15:34 Caller Dan from Israel: How to confirm if an advisor is a fiduciary; why inheriting stocks isn't a reason to keep them 18:08 Transitioning from stocks to ETFs while minimizing capital gains 22:23 Caller Laura: Ethical concerns with J.P. Morgan, fees near 1%, annuities in portfolio — Don urges finding a true fiduciary and offers local resources 27:07 Caller Jim: New ETF (TOT) promising tax efficiency — Don warns against chasing “magic tricks” for small benefits 31:44 Question about swapping gains between mother/son's VTI shares — IRS won't allow 33:47 Kath reads listener question: Three-bucket retirement system, comparing iShares GLOF vs AVGE — Don says it's fine, but may be overcomplicating 35:34 Rebalancing frequency discussion — annual is enough for most Learn more about your ad choices. Visit megaphone.fm/adchoices

This week Don hosts solo and brings in “Cath GPT” (ChatGPT) as a "live" guest to explore the rise of AI in personal finance. They cover what types of questions AI is best at answering, its limits for real-time data and stock trading, and the importance of privacy and skepticism. Don emphasizes planning before investing, critiques dollar-cost averaging with lump sums, and fields listener calls on shifting from commercial real estate to the market, Roth conversions, AVGE vs. AVUV, resetting cost basis in a low-income year, and avoiding dubious “legacy funds.” The show closes with reminders about planning, asking spoken questions, and steering clear of high-commission products. 1:02 NYT & Yahoo reports on AI financial advice 1:53 Cath GPT joins live, discusses safe AI uses 3:58 Privacy concerns and data recency limits 6:22 Why AI is bad for stock trading advice 6:50 Don confirms Cath recommends index investing 8:14 Warning about sycophancy — always ask for sources 8:38 Caller Josh: pivoting from commercial property to stock market 10:32 Don: planning first, lump sum > DCA 13:23 Caller Greg: inherited assets, Roth conversions, AVGE timeframe, bond/CD ladders 17:20 Don urges no market timing on conversions 22:50 Caller Brian: small-cap value, AVUV vs. Russell 2000, Merriman strategy 28:07 Don: simplify, AVUV fine but optional 29:43 Caller Jason: harvesting gains in low-income year, Don urges diversification 33:03 Caller: backdoor Roth timing — lump sum beats DCA 34:35 Don jokes about October crashes 37:59 Caller Tim: best annuity is SPIA, avoids “legacy funds” Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom take listeners on a “mountaintop” look at today's frothy markets, exploring elevated valuations, retail trading spikes, and record margin debt. They unpack what these numbers really mean, warn against trying to time the market, and reiterate the need for diversification and a long-term plan. Listener questions include a young investor's Fidelity-heavy portfolio, a 30-something's aggressive allocation and risk score mismatch, and a listener inquiry about “investwithroots.com,” which Don dissects as a private real-estate fund with fees and risks that outweigh its glossy promises. 0:04 Opening from the market “peak” and climbing metaphor 1:38 Market valuation discussion: P/E ratios, concentration in top 10 stocks 3:21 Surge in retail trading, meme stocks, margin debt, Robinhood sentiment 5:13 Economic uncertainty and why market timing doesn't work 6:11 Staying with your plan and portfolio diversification 7:15 Risks of U.S. large-cap concentration in typical portfolios 8:03 The need to include small-cap, value, and international stocks 9:14 Eugene Fama's “trading is like soap” warning and why trading destroys wealth 10:46 Practical advice: stop trying to outsmart the market, build a plan 13:22 Listener Q1: 18-year-old's portfolio—too much large-cap, not enough international or small value 16:15 Listener Q2: 30-year-old with $100K—good diversification but needs bonds for risk profile 19:25 Listener Q3: Investwithroots.com analysis—fees, geographic risk, private REIT red flags 24:16 Why public REITs like Vanguard's VNQ offer better diversification/liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices

Don answers listener questions on funding a taxable brokerage account, clarifies what “more buyers than sellers” really means, explains why fixed income is about psychology rather than income, gives advice on setting up joint accounts for aging parents, lays out a lifetime HSA allocation strategy, and clears up confusion about Appella Wealth's connection to Talking Real Money. 0:04 Friday Q&A intro and thanks for listener questions 1:19 When to open a taxable brokerage account (AVGE + SGOV mix) 3:28 “More buyers than sellers” — why it's really about demand vs. supply 6:23 Whether pension + Social Security counts as “fixed income” in a 60/40 plan 10:40 Setting up money market accounts and estate planning for aging parents 14:07 Lifetime HSA strategy — contributions, withdrawals, and allocation glidepath 17:32 Is Appella Advice for Life connected to Talking Real Money? Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dig into international investing — why diversification across borders is essential, why timing international markets is a mistake, and how currency fluctuations affect returns. They revisit Japan's lost decades, talk emerging markets, discuss John Bogle's arguments against international investing, and explain why owning all markets all the time makes the most sense. Listener questions cover tax perceptions about California, long-term return comparisons, 401(k) rollover and Rule of 55 withdrawals, and the realities of retiring abroad — including the sticker shock of Guatemala's healthcare spending. 0:04 Should you invest internationally now that foreign markets are rising? 1:29 Morningstar data shows non-U.S. markets doubling U.S. returns in 2025. 2:38 The dollar's weakness as a key factor in performance. 3:20 Mexico, Brazil, Japan, and China's strong year — but should you chase it? 4:02 Market leadership cycles: U.S. vs. international across decades. 4:50 The “1990 Japan” cautionary tale: why timing single markets can disappoint. 6:17 Concentration risk, emerging markets, and why you need global diversification. 7:33 Exposure to global companies you can't get by owning U.S.-only funds. 8:42 Dimensional's chart shows no country wins every year — own them all. 9:40 Addressing the John Bogle “you already own international through U.S. firms” argument. 10:21 Nestlé example: why local economy exposure matters. 12:45 Listener Greg challenges Don's California tax comment — clarification given. 13:45 State tax comparisons, why there's no perfect tax haven. 14:41 New York vs. California tax burdens — where it's worst. 15:30 Listener Tim asks about long-term return periods — Don points to IFA data. 17:40 1,700+ episodes milestone and show longevity banter. 18:30 Listener Jeff's complex retirement accounts and Rule of 55 rollover question. 19:09 Discussion of retiring abroad and health care concerns in Guatemala. 22:20 U.S. health care spending vs. Guatemala — a sobering gap. 23:39 Gallows humor about quick death and end-of-life planning. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Don and Tom dig into the podcast rankings to explain why Talking Real Money isn't at the top—and why Dave Ramsey still is, despite offering more shame than substance. They explore the concept of financial shaming vs. education, reflect on listener Judy's brilliant retirement planning, and take aim at stock-trading politicians, especially California Rep. Ro Khanna with his 4,700+ trades in one year. Listener questions cover inheritance allocation, condos as investments, and 401(k) vs. Roth vs. brokerage savings. Bonus: Tom yells at his grandkids, Don hates condos, and Congress gets roasted. 0:04 Who's #1 in investing podcasts? Spoiler: It's not Don and Tom—it's still Ramsey 1:18 Financial shaming, bullying, and the “toxic” tone of the Ramsey Show 2:22 The lost LinkedIn post that called out Ramsey culture 3:49 Should shame ever be part of financial advice? (They say no) 5:05 How Talking Real Money tries to educate—not humiliate 7:04 What should great financial advice sound like? A compassionate take 8:47 Caller Judy (age 72) seeks advice on a $200k inheritance—Tom and Don love her plan 11:51 Municipal bond ETFs (like VTEB) vs. international bonds vs. risk tolerance 13:53 Judy's journey learning finance solo—Don gets emotional 14:38 Why are podcast rankings volatile? Don suspects cheating again 16:03 Listener question: Should you max both 401(k) and IRA? (Yes, and here's why) 17:59 Roth > Traditional > Brokerage: A savings priority guide 18:45 Target-date funds vs. S&P 500 returns—why it's not apples to apples 20:05 Caller Nathan: Getting married, no kids, and thinking of buying a condo 22:56 Warning: Condos are almost always terrible investments 25:44 Real estate reality check—condos lag, freestanding homes rebound better 27:52 Don's definitive answer: “I would never own a condo” 28:33 Congress and stock trading: 86% of Americans say it should be banned 30:20 Ro Khanna made 3,000+ trades in 2023… and wants to ban stock trading? 31:52 Why Congress shouldn't trade stocks—and how index funds are the solution 34:24 Ro Khanna's $103 million in trades and 149 conflicts of interest 36:46 Wrapping up: Condos, curmudgeons, and Central Florida emptiness Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig's analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP's F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high. 0:04 Welcome, fatuousness defined, and realistic investing begins 0:52 Why you shouldn't expect 15% returns forever—even if you got them 1:52 What Jason Zweig's long-term data reveals about stock returns 2:51 Bogle warned us not to expect high returns—now what? 4:16 Spending and saving: more important than investing performance 5:08 Don's “prepaid gains” analogy for future expectations 7:00 Real market returns since 1793—spoiler: they're not 15% 8:58 Stocks might only beat inflation by 3%—and that's still a win 9:45 Start saving early: waiting until 50 is a losing game 10:18 How to plan with lower expected returns (realistic scenarios) 11:56 Use expected return to guide your savings rate (3% = save 20%) 13:45 “You weren't smart. You were lucky.” Now diversify. 15:31 Tom's wife dreads football season—Don celebrates Chiefs loss 18:42 Listener RMD question: Which ETFs get tapped at Vanguard? 19:29 Bonds are back: fixed income up ~6% this year 20:24 Rebalancing vs. just selling: how to handle RMDs smartly 21:04 Raiders rank #4 in NFL valuations… but why? 24:36 Top NFL team values: Cowboys rule, Cardinals drool 27:27 Arizona sports: low attendance, low valuations 28:59 TSP question: F fund vs. G fund—what to use, when 30:25 Don favors the G fund for simplicity and ballast 31:45 Tom and Don disagree—F fund might return more, but… 32:26 Don's vegetable-spiked coffee and Justin's final TSP allocation 34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes” 35:47 Why you probably talked to a salesperson, not a fiduciary 37:04 The free Appella consultation is steak-free and no-pressure Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into the emotional, financial, and practical realities of supporting adult children. From layoffs to loans, down payments to dog surprises, this episode tackles the growing trend of parents funding their 20- and 30-something offspring—and how to do it without wrecking your retirement. Plus, listener questions about gifting stock, promissory note scams, and why shady annuity sellers keep showing up on the airwaves. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A edition, Don fields listener questions on rolling over a large 401(k) after a layoff, whether IRA money should ever be used to buy real estate, Vanguard's new active ETF offerings, choosing between Vanguard and Schwab 2035 target-date funds, and whether to treat a foreign apartment purchase as part of an investment portfolio. Along the way, he highlights diversification benefits, cautions against high-cost self-directed IRAs, and emphasizes that homes are assets but not investments. 0:04 Friday intro, royal “we,” and reminder on how to submit questions 1:42 Scott from Louisiana: rolling over a $1M retirement account after layoff 4:07 Scott's follow-up: using IRA funds to buy real estate 5:42 Caller asks about Vanguard's new active ETFs and why indexes still win 8:02 Sylvia from Connecticut: comparing Vanguard vs Schwab 2035 target-date funds 11:12 Caller from Colombia: whether to factor a paid-off foreign apartment into portfolio allocation Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dismantle the “passive bubble” trope, walk through Morningstar's active/passive scorecard (great one-year anecdotes vs brutal long-run stats), and recap the steady shift of investor dollars toward indexing. A caller tries to drag the show into politics via data independence (BLS/Fed), prompting a level-headed reminder that markets price reality over rhetoric. The TSP's revamped I Fund gets kudos for finally adding emerging markets (with a nudge to pair it with value tilts outside TSP). Two meaty segments cover long-term care: costs, weak benefits on traditional policies, when hybrids can make sense, and why many households effectively self-insure or rely on Medicaid as the backstop. Another caller asks about Die With Zero; verdict: great mindset—if your plan already covers worst-case needs. 0:05 Holiday opener, calls invite, “passive is a bubble?” setup 2:06 Is price discovery “broken” if money flows to index funds? 2:40 Active still >50% of U.S. fund assets; global passive ≈20% AUM 4:22 Morningstar barometer: 42% of active beat in 1-yr… so 58% didn't 6:36 Long-run stats: 3-yr 17.7%, 5-yr 8.2%, 10-yr 2.5%, 15–20-yr ≈~1% of active beat 8:32 Flows: from 1 in 20 dollars passive ('97) to 1 in 2 today; costs matter 10:58 Caller (Sammamish): data independence, politics, rates, inflation risk; market effects vs reality 16:19 Inbox: TSP update—I Fund now includes EM; still thin on value/small tilts 18:32 Why add small/value (incl. intl); performance pops don't change the case 22:26 Caller (LTC): traditional vs hybrid; math on premiums, caps, Medicaid backstop 26:37 Basic quote math: ~$1,900/yr at 60 for ~$150k cap; lump-sum hybrids trade-offs 29:10 Caller (Maya, Los Altos): Die With Zero—great if plan covers tail risks; most retirees can't 34:38 Caller (Americus, GA): Mutual of Omaha pitch; self-insure debate; taxes/deductions misconceptions 38:55 Wrap: how to send questions; where to get advice Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom mark Labor Day weekend with a lively discussion of the so-called September Effect—Wall Street's superstition about historically negative returns in September. They remind listeners that short-term market timing is a losing strategy and that knowing (not guessing) your risk tolerance and asset allocation matters most. The conversation ranges from Florida's endless summer and biblical rains to ETF overload, collective investment trusts, tax quirks, and the futility of dodging volatility. Along the way, there's humor about Costco, fertilizer, wrong numbers, and shameless plugs for Don's LitReading podcast. 0:04 Labor Day banter, Florida heat, biblical rains, Asheville trip 2:12 September Effect explained—history and hype 4:41 Why you should know, not do, with your portfolio 6:15 Average September returns since 1928 and investor psychology 8:28 Market timing pitfalls and missing best days 10:28 Costco's Jim Sinegal quote and life's sugar vs. manure metaphor 12:29 Bogle wisdom: don't peek at your portfolio 14:05 Listener correction: senior deduction phase-out details 19:14 Don plugs LitReading's return with an O. Henry story 20:34 ETF explosion—4,300 funds in U.S., 12,000 worldwide 26:15 How to eliminate bad ETFs (fees, leverage, active management) 29:11 Don tests a new GPS analogy ad for Appella Wealth 31:12 Listener question on state tax burdens (California vs. Washington) 34:05 Call-in about 401(k) funds converting to CITs 37:19 CIT regulations, reporting, and transparency explained 39:39 Apple vs. Spotify podcast listener demographics Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom kicks off with a check-in on bond market returns, reminding listeners that bonds are about stability, not yield-chasing. He's joined by advisor Roxy Butner, who helps answer listener questions about fixed-allocation vs. target-date funds, how much international exposure is enough, Ameriprise “CL” fund share classes with high fees, and whether hybrid long-term care annuity products are worth considering. Together they emphasize cost awareness, simplicity, and aligning investments with real-life needs instead of sales-driven products. 0:04 Intro and bond returns update (BND, DFIGX, SWSBX) 2:30 Why bonds belong in portfolios despite modest returns 2:47 Mailbag intro with Roxy Butner 3:13 Shelly asks about fixed-allocation vs target-date funds 5:34 Balanced vs LifeStrategy funds and international exposure 7:01 Frank asks about U.S. vs international allocation split 8:23 AVGE, DFAW, and “overthinking” the international percentage 10:39 Decades of U.S. vs international performance 11:15 Angie asks about Ameriprise “CL” fund share classes 13:32 Expense ratios and fiduciary concerns 14:54 Comparing low-cost index alternatives 15:18 Ford asks about hybrid LTC annuity products 17:30 Income planning first vs peeling off money for LTC 18:34 Real-life client experiences with LTC riders 20:33 Policy complexity, surrender decisions, and care costs Learn more about your ad choices. Visit megaphone.fm/adchoices

Don fields listener questions from Asheville in this Friday Q&A edition. Topics include calculating investment returns with XIRR versus simple time-weighted methods, rebalancing U.S. vs. international allocations in a Vanguard portfolio, whether children can have multiple custodial accounts (and why 529s may be better), AVGE versus VT and why factor tilts matter long-term, and a skeptical look at Frank Vasquez's Risk Parity Radio strategy that leans on commodities and “golden ratio” portfolio construction. 1:03 How to calculate investment returns (XIRR vs. time-weighted) 4:19 Portfolio allocation: VTI + VT + BND vs. simpler mix 7:10 Custodial UTMA accounts vs. 529s 9:24 AVGE vs. VT: expense ratios, factor tilts, long-term logic 15:06 Frank Vasquez and Risk Parity Radio critique Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of Talking Real Money digs into recency bias—our human tendency to expect the future to look like the recent past—and how it's quietly reshaping retirement portfolios. Don and Tom examine rising stock allocations in 401(k)s and target-date funds, even among older investors, and why this performance-chasing is dangerous. They highlight the risks of target-date fund managers pandering to investors, the importance of rebalancing, and the need to stick to long-term allocation plans based on risk tolerance, not market trends. Listener questions cover immediate annuities, 529-to-Roth transfer rules, and whether paying an advisor's 1% fee is worth it compared with DIY investing. 0:04 Recency bias explained and why it drives poor investment decisions 1:05 Stock allocations hitting record levels in 401(k)s across all age groups 2:48 Risk of higher stock exposure for investors in their 60s 3:33 Target-date funds increasing equity exposure and chasing performance 5:00 Example of an investor going from 60/40 to 90% stocks 7:00 Post-2008 shifts: investors moved into bonds when they should've been buying stocks 7:26 Importance of rebalancing twice a year to avoid creeping U.S./large-cap overweight 9:00 Why boring diversification still works long-term 11:26 How to check your target-date fund allocation on Morningstar 12:41 Active vs. index target-date funds: Vanguard vs. T. Rowe/Nuveen 14:03 Listener Q: Fixed immediate annuity trade-offs (“wizards of odds”) 17:49 Why insurers win: payout math vs. life expectancy 18:59 Why Don & Tom dislike most annuities but tolerate immediate annuities in some cases 20:52 DIY alternative: 5% bond/CD ladder vs. annuity payout 21:25 What if you get 6%? Extending sustainable income to 23 years 21:37 Listener Q: Rules for rolling 529 funds into a Roth IRA 23:00 Key 529 limits: 15-year account age, 5-year holding period, $35k lifetime cap 23:14 Listener Q: DIY investing vs. hiring an advisor at 1% AUM 24:22 Why a good advisor's value is about more than returns—taxes, withdrawals, estate planning 25:42 Vanguard's Advisor Alpha and why behavior coaching adds value Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom Cock takes the reins while Don visits family, leading a live call-in show that covers liquidity risks in private investments and university endowments, skepticism over deferred income annuities, housing sale costs, Vanguard ETF gaps, the importance of diversification beyond the S&P 500, and why long-term investing discipline beats reacting to short-term volatility. Callers ask about annuities, real estate commissions, balanced ETFs, 100% stock allocations, and Wellington vs. total market strategies, with Tom stressing global diversification, risk awareness, and building portfolios for real life rather than chasing products or peer pressure. 0:04 Tom hosts solo, Don away visiting his mom 0:51 Liquidity lessons from elite college endowments and alternatives 2:56 Why liquidity matters for retirement and emergencies 6:21 Caller Rich: $2M assets, pension, Social Security, annuity concerns, Tom warns against deferred income annuities 11:46 Caller Will: real estate commissions after lawsuits, Tom says budget ~10% of sale price 15:09 Tom warns about too-good-to-be-true “8% guarantees” 16:26 Caller Catherine: asks why Vanguard lacks a balanced ETF; Tom suggests DIY mix or wait for rollout 21:40 Tom stresses ignoring TikTok “advice” and staying the course; examples of small-cap rebounds 25:31 Global small/value stocks outperform S&P this year—own them all 26:49 Caller Joe: 100% S&P 500 allocation in retirement accounts; Tom warns about concentration, suggests global diversification 32:56 Caller Alan: Wellington Fund vs. more equities; Tom favors index funds and broader global exposure 37:28 Risk quiz, portfolio planning, and building for your own needs vs. peer influence Learn more about your ad choices. Visit megaphone.fm/adchoices