Talking Real Money - Investing Talk

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

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

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

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

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

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

In this episode, Don and Tom tackle the investor's most persistent foe—fear—especially during volatile markets. They draw on insights from Vanguard and others to reinforce the value of long-term investing, explain why missing a few key days in the market can devastate returns, and stress the importance of rebalancing over reacting. The duo also takes on political distractions, market timing myths, asset location dilemmas, and the emotional turbulence that causes people (including Don’s wife!) to question their portfolios. It all wraps with a cheeky new market jingle courtesy of ChatGPT and a shirt that reached Everest. Yeah, literally. 0:04 Welcome, podcast humor, and the pain of being downloaded1:10 The recurring fear-driven urge to “do something” with your portfolio1:33 Set it and forget it? Vanguard and others weigh in2:44 Remember AOL? The danger of investing with confidence in the wrong thing3:35 Volatility is the cost of real returns—don’t try to dodge it4:50 Presidential influence and personal political biases in investing5:50 Real portfolios with too few stocks and too much risk6:55 Missing just 10 good days in the market could cut your returns in half7:59 Buy and hold ≠ do nothing: how disciplined rebalancing works9:17 Should you be buying international now? Maybe… but only if rebalancing10:21 Feelings ≠ facts: don’t let emotions dictate portfolio moves11:31 “Tune Out the Noise”—free advice and a free YouTube documentary13:06 A musical market mantra written by ChatGPT14:47 When even your spouse doubts your strategy: the advisor's personal dilemma16:57 T-shirt spotted at Everest Base Camp—financial fame ascends18:14 Can you contribute to a Roth IRA using last year’s wages?19:54 Why young investors should love down markets20:11 Asset location dilemma: comparing AVUV vs FISVX in 401(k) plans23:54 Bedford, TX and a lesson in regional geography24:31 Don’t chase performance—get help and rebalance smart25:05 One more round of “Clueless is Smart”—market timing parody jingle Learn more about your ad choices. Visit megaphone.fm/adchoices

In this extra-packed Friday Q&A episode, Don powers through a barrage of listener questions while recovering from an attempted heart ablation (yep, he's okay—but not fixed). He dives into everything from sketchy SIMPLE IRA fees and Roth rollover rules, to when it actually makes sense to take Social Security. You’ll also hear a checklist of questions to grill a potential financial advisor with, a primer on small-cap value stocks, and a lightning-round suggestion for international bond exposure. And yes, he dishes on why many advisors don’t actually want you to read those pesky prospectuses. 0:04 Don's in his VO booth—surgery didn’t go as planned1:38 SIMPLE IRA fees: 5% commissions and better alternatives3:53 Roth IRA strategy: match in SIMPLE, max out Roth with AVGE8:35 Why that Raymond James advisor doesn’t want change9:43 Social Security breakeven isn’t one-size-fits-all11:35 Roth IRA transfer to Robinhood: does 5-year clock reset?13:04 What to ask when hiring a financial advisor16:06 Small-cap value vs. other stocks explained18:59 Comment: Prospectuses scare advisors (and why)21:42 Best international bond index fund? Try BNDX Learn more about your ad choices. Visit megaphone.fm/adchoices

On this Talking Real Money episode, Don and Tom tag-team one of the biggest financial myths around: your house as a retirement plan. With over $35 trillion locked in U.S. home equity, they challenge the idea that owning a home equals wealth. From the emotional pull of mortgage payoffs to the liquidity traps of reverse mortgages and HELOCs, the duo breaks down the risks, rewards, and real returns of homeownership. Then it’s on to listener questions about IRAs, 401(k)s, rollovers, and... fiber (yes, the breakfast and internet kind). And they end with a little brag—because 154,000 monthly listeners can’t be wrong. 0:04 $35 trillion tied up in homes—does that make us rich or just house-poor?1:20 Post-COVID home equity boom: 80% growth, but at what cost?2:53 Renting vs. buying: the case for liquidity over bricks3:44 Property tax pain for retirees and why Florida isn't so tax-free after all4:21 Mortgage payoff: emotional win, financial mistake?5:48 Why home equity shouldn’t be your retirement income plan6:37 Housing’s historic returns: barely 3% pre-inflation7:54 Forced savings illusion and the real cost of home improvements8:45 If you’d invested instead of buying… you’d have more9:35 Reverse mortgages, HELOCs, and why it’s harder to get cash out10:19 Home equity lines now ~8%—not cheap or easy to get12:30 Big picture: don’t include home equity in your retirement spending plan14:05 Florida vs. California: which really costs more to live in?16:38 Insurance, taxes, and Florida's fraud problem18:50 Listener Q: Can you do both an IRA and a 401(k) in the same year? (Yes.)20:40 IRA vs. 401(k): pros, cons, and personal strategy22:53 Listener Q: Should we roll an old 403(b) to a Roth IRA?23:44 Talking Real Money’s audience numbers: brag-worthy and booming25:19 Retirement prep tip: match income to lifestyle before you retire Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom and Roxy Butner to co-host a packed episode of Talking Real Money, tackling the ever-elusive "magic number" for retirement with a healthy dose of realism, humor, and data. They dig into a Northwestern Mutual study that shows Americans lowering their retirement savings goals—even as confidence continues to slip. Roxy breaks down why retirement planning is all about cash flow, not some mythical lump sum. They field questions on company stock in 401(k)s, bonus check strategies, RMD tax strategies, and how to get young people started right. From Monte Carlo analysis to Roth IRA advantages, the duo bust myths and offer practical steps listeners of all ages can act on today. 0:04 Tom introduces Roxy and the episode’s core question: “Do I have enough to retire?”1:01 Why the idea of a single “magic number” is misleading and varies by lifestyle2:41 Roxy: $600k may be enough—or $3M might not be; it’s all about cash flow4:32 Despite lowering their goals, only 51% believe their retirement plan will work6:15 Roxy explains Monte Carlo analysis and why asset type (Roth vs. pre-tax) matters7:31 Why tracking actual spending matters more than estimates before retirement8:32 Caller: Should we sell the company stock in my wife’s 401(k)?9:18 Tom warns of overconfidence and stock concentration risk, citing WaMu collapse10:45 Roxy and Tom agree: diversify ASAP—don’t let company loyalty cloud judgment12:14 Historical cautionary tales on once-great companies that fell apart13:26 Regional bias: How geography skews investor confidence in local companies14:46 Caller: What to do with a $20k bonus after maxing out the 401(k)?16:11 Roth IRA contribution options for him and his wife, and the 5-year rule18:10 Bonus: Enhanced catch-up contributions for ages 60–63 explained20:31 Caller asks about RMDs, tax planning, and long-term care deductions21:53 Only qualified charitable distributions (QCDs) avoid tax on RMDs23:24 Roth contributions early in life can lead to massive long-term advantages24:47 Caller asks about a bond fund change in her HRA and 60/40 portfolio safety29:45 Why “safe” is the wrong word—know your plan, goals, and risk tolerance31:13 Caller wants her daughter to connect with Roxy for help managing her paycheck32:54 Yes—Roxy helps young clients with budgeting and financial foundations34:31 Why early saving and simple investing in your 20s is so powerful36:09 Tom announces upcoming trip to Portland and free portfolio reviews37:08 Final notes: building trust, long-term planning, and why they love the work Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom Cock takes the mic solo (with Don recovering from a “procedure”) and brings in advisor Roxy Butner for a special live episode. They reflect on Warren Buffett’s decision to retire in 2025, discussing lessons from his value investing strategy and massive cash holdings. Listener questions roll in on topics like compound interest assumptions, the risks of holding company stock, ETF mechanics, and how best to diversify for retirement. They also recommend the YouTube documentary Tune Out the Noise, tackle behavioral finance biases, and offer free portfolio reviews—including Tom’s upcoming in-person trip to Oregon. 0:05 Tom hosts solo, Don out recovering, show call-in number shared0:53 Warren Buffett announces 2025 retirement; lessons from his investing style2:49 Value investing, risk tolerance, and why most portfolios ignore value stocks5:05 Buffett’s ultimate advice: low-cost index funds, tune out the noise7:09 Guest Roxy Butner joins the live show for the first time7:28 Listener Q: YouTube doc Tune Out the Noise and Dimensional Fund Advisors8:44 Listener Q: Using 7% return assumptions—how conservative is that?10:53 Monte Carlo simulations vs. flat-rate assumptions in planning12:32 Saving percentages, lifestyle choices, and setting early-retirement goals14:04 You can't count on future returns—only saving and diversification15:22 Company stock danger: bias, volatility, and concentrated risk17:51 Behavioral finance: home bias and overconfidence in familiar firms20:32 Listener Q from Orlando: DFIV vs. VEU, building a smart ETF mix23:30 Discussing stock/bond ratios, fund tilts, and tax efficiency25:34 Roxy’s advice: multiple funds offer tax flexibility in taxable accounts27:16 Listener Q from Ottawa: Do ETF trades affect prices of underlying stocks?29:59 ETF structure explained, flash crash risk, and long-term thinking34:17 Listener wants a Talking Real Money nickname—challenge accepted34:44 ETF vs. mutual funds in taxable vs. retirement accounts36:19 Free portfolio reviews and Tom's May 21 visit to Lake Oswego38:29 Roxy's biggest mistake she sees: U.S. large-cap overconcentration Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom get real about the most important lessons every young person should learn about money—before life (and bad decisions) get in the way. From money values to compound interest, tax realities to the unpredictability of markets, they each offer a list of financial truths no teen should graduate without. Along the way, they drop stories from their own lives, take questions from listeners, and somehow end up discussing soccer (and why Don still doesn’t get it). 0:04 Back to basics: What young people really need to know about money1:35 Why financial literacy is shockingly low and how Don is tackling it2:47 Tom’s top five lessons: values, saving habits, compound interest, taxes, and risk10:48 Don’s five(ish) truths: uncertainty, diversification, history, luck, and time18:33 Bonus lesson: Save and invest for what money can do, not just to have more19:04 Q&A: Should a 36-year-old shift from a target fund to DFAW and AVGE?22:02 Listener wants to up international exposure without “buying winners”24:47 Rebalancing tips: why it’s okay to shift your allocation now in retirement accounts25:24 Reflections on past podcasts, Lit Reading, and leaving a legacy26:30 Soccer vs. baseball: Don’s confused but still trying Learn more about your ad choices. Visit megaphone.fm/adchoices

Don records this Q&A episode a bit early—right before heart surgery—to make sure listeners don’t miss their Friday dose. He kicks off with a listener confused by a boilerplate $50 foreign stock fee warning on a Fidelity Zero fund (spoiler: it doesn’t apply). Another caller is teetering on the edge of retirement viability with $500K, pensions, and Social Security—Don offers honest thoughts on withdrawal flexibility and why waiting on SSI might be wise. Then comes a takedown of Wealthfront’s direct indexing for small investors (aka “gimmickry”), a nuanced answer about annuitizing a pension vs. taking the lump sum, and finally, a nearly microscopic comparison of IXUS vs. VEU for international exposure. Birds chirp, bells ring, and Don reminds everyone that free help is just a click away 0:05 Early episode recording—Don preps for heart surgery2:07 Fidelity Zero fund confusion over $50 foreign stock disclosure5:40 Can I retire with $500K, two pensions, and a 60/40 Roth portfolio?9:07 Is Wealthfront’s direct indexing portfolio worth it at $20K?12:46 Should I annuitize my pension or take the lump sum?15:30 IXUS vs. VEU for international diversification—does it matter? Learn more about your ad choices. Visit megaphone.fm/adchoices

On this myth-busting episode of Talking Real Money, Don and Tom tackle persistent financial fables that sound logical but often lead investors astray. With help from a Kiplinger list and their own experience, they dissect myths around mortgage payoff returns, Roth conversions, Social Security fears, withdrawal rules, and tax refunds—plus three bonus myths that still haunt conversations today. Along the way, Don shares his own recent experience filing for Social Security online (spoiler: it was surprisingly smooth), and they answer listener questions about muni bond funds and a bizarre Social Security payback tax mix-up. As always, it’s myth-busting with a side of snark and a dash of real advice. 0:04 Myth-busting opener and Greek mythology jokes1:03 Myth #1: Paying off a 5% mortgage equals a 5% return5:14 Myth #2: Roth conversions always reduce taxes7:57 Myth #3: Social Security is going bankrupt13:20 Myth #4: The 4% rule guarantees retirement success17:16 Myth #5: It's better to get a tax refund than owe taxes18:54 Bonus myths: “I can save later,” “Investing is zero-sum,” and “High-cost funds perform better”21:21 Listener question: Social Security payback tax confusion26:42 Listener question: Best muni bond ETF for a high-tax-bracket senior Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariffs, fear, and stockpiling—oh my! Don and Tom break down how consumer sentiment, not just consumer spending, is shifting dramatically under the weight of tariff uncertainty. They connect behavioral shifts—like Googling “recession” and panic-buying tires—to bigger economic signals and what it all means for investors. From the role of emergency savings to the misleading pitch of indexed annuities, they dismantle hype and stress the importance of sticking to a real plan. They also field smart questions on Roth conversions, muni bonds, and whether now is the time to invest that idle cash. Oh, and don’t worry: most of our toilet paper is made right here in the good ol’ USA! 0:11 Consumers drive the economy—and investment returns0:47 Sentiment is slipping fast, and it could trigger a slowdown2:05 “Recession” and “depression” searches spike amid uncertainty3:11 Tariffs shift what we buy: food in, luxury out4:24 What investors should do now: boost emergency savings7:22 Auto stockpiling and tariff-fueled panic buying8:50 Prices rising, brand loyalty falling, and psychology shifting10:27 Volatility confuses perception—despite flat portfolio returns12:16 Emergency funds are real insurance without the gimmicks14:14 Spry 102-year-olds and the power of Bulgarian yogurt17:47 Best muni bond fund choice for high tax brackets: VTEB20:31 Can’t milk a Buckeye, but they might ward off arthritis22:52 Roth conversions: should you pay the tax now or wait?28:57 Indexed annuities: steak dinners, sales tricks, and the ugly truth34:16 Why the commissions are so high—and the returns so low37:55 Got cash on the sidelines? Here's what to do before investing39:27 Final advice: plan first, invest later, ignore the noise Learn more about your ad choices. Visit megaphone.fm/adchoices

Our memories—and sometimes our parents'—shape how we invest, often more than logic or data. Don and Tom break down how generational financial trauma, recent market trends, and asset class myths (like gold and U.S.-only investing) skew our thinking. They call out flawed stock picking contests, revisit the real long-term returns on gold versus stocks, and explain why short-term memory leads to bad long-term decisions. Listener questions hit everything from where to park house savings to bond fund risks, rebalancing strategies, and simplifying retirement saving using the TSP. Oh, and yes, the laundry room podcast myth lives on, and the Fyre Festival somehow still smolders in the background. 0:04 Don and Tom settle into the show—studio quirks, mic levels, and inviting questions 0:52 How memory bias—from the Great Depression to dot-com boom—influences investment behavior 2:07 Family stories from the Depression era and why stock picking games teach the wrong lesson 2:54 Why investors wrongly believe growth stocks always beat value—thanks to recent performance 5:20 Myths about market trends: U.S. dominance, buy-the-dip thinking, and time horizon confusion 7:46 Gold mania: Recent price surge vs. long-term returns—spoiler, stocks win 9:58 Long-term perspective: $10k in 1980—Gold vs. Treasuries vs. Global portfolio 10:28 Listener: Where to park house construction funds short-term—ETFs vs. money markets 13:30 Why those new ultra-short ETFs may be a trap 15:17 Listener: Should I buy callable bonds with 6% yields? And what’s with PIMCO’s “14%”? 17:36 Risks of leveraged bond funds like PDI—why they don’t belong in a stable portfolio 19:46 Listener: How often should I rebalance in a 401(k)? 23:12 Listener in Albuquerque: Should I go all-in on the C Fund for simplicity? 25:39 Roth vs. TSP—what matters more: today’s tax rate or the future’s unknowns? 27:33 Future goals: quarterly travel in retirement and pizza roof update 28:22 Investing in “brands” like Fyre Festival—don’t 32:30 $63 offer for the Fyre trademark, and a plug for free fiduciary advice Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into the seductive but dangerous world of leverage, starting with real estate and quickly moving into the even riskier territory of leveraged ETFs. They explain how leverage magnifies both gains and devastating losses, using real-world examples like the Direction 3X Treasury Bull and Bear funds, which either crushed or annihilated investor money. They caution listeners that these “extra touchy” funds are pure speculation, not investing, and explain why most people should stay far away. The episode wraps with smart listener questions on direct indexing, Roth rollovers, and the hidden risks in trying to beat the market on your own. 0:04 How leverage props up real estate and investing myths 1:32 The dark side: Leveraged funds and massive losses 2:49 Triple leverage dangers: 90% losses vs. 266% gains 5:38 Long-term performance: both leveraged bulls and bears lose 7:52 Even treasuries show wild volatility with leverage 9:57 Why leveraged funds are pure speculation, not investing 11:44 Risk explained through standard deviation comparisons 14:16 Listener question: Direct indexing vs. S&P 500 returns 17:44 Listener question: Roth 401k rollover to Roth IRA tips Learn more about your ad choices. Visit megaphone.fm/adchoices

In this listener Q&A episode, Don dives into some powerful topics—from calling out the sales-driven heart of the financial services industry to explaining how bond index funds are built and breaking down the tax realities of non-retirement brokerage accounts. A caller wrestles with guilt over a bad annuity recommendation for a dying relative, prompting a raw conversation about the system’s moral middle ground. Don shares his own early days as a product peddler, highlights red flags to look for in firm ADVs, and walks through the Medicare vs. FEHB decision matrix. If you’re seeking peace, clarity, or just a solid tax lesson, this one delivers. 0:04 Opening reflection on aging, money, and why this show matters 1:17 Reminder to send questions via TalkingRealMoney.com or call live on Saturdays 2:38 Listener shares regret over a bad annuity recommendation from a familiar advisor 4:02 Don’s early days as a top-tier salesman turned financial “advisor” 5:21 Why most advisors aren’t fiduciaries—and why it matters 6:29 MarketWatch study reveals only ~1% of advisors are true fiduciaries 7:58 Never trust financial advice based on friendship or affinity 8:49 Next caller: How are bond index funds weighted? 9:15 Explanation: Bond indexes are also market value weighted 10:37 Why bond ETFs are mostly U.S. Treasury securities 11:34 Should a retired federal employee with FEHB skip Medicare Part B? 13:12 Don’s personal Medicare math and “if it ain’t broke…” approach 13:41 New CFP asks: What should I look for in a firm’s ADV as a job seeker? 15:02 Red flags: Conflicts of interest, broker registrations, insurance licenses 17:18 Align your investment beliefs with the firm’s philosophy 17:31 Last question: How is a taxable brokerage account taxed? 18:42 Explanation of interest, dividends, and potential capital gains 20:31 Don reiterates that real help—not a sales pitch—is always the goal Learn more about your ad choices. Visit megaphone.fm/adchoices

Gold is back in the headlines, but should it be in your portfolio? Don and Tom take a fresh (and frequently hilarious) look at the shiny metal that never seems to deliver. From Fort Knox to Costco’s gold bar rush, they trace gold’s lackluster long-term returns and its overhyped reputation as a hedge. They break down why physical gold fails as an investment, why GLD is better (but still meh), and why long-term investors might already have enough exposure through diversified funds. Plus: a Medicare premium surprise fix, the case of the copper penny, and a brief but loud murder of crows. 0:04 Gilded White House jokes lead into a serious look at gold 1:00 Don and Tom reunite—same page, same side, same skepticism on gold 1:57 Yahoo Finance: gold’s biggest quarter since 1986 2:34 Gold’s ancient history and the Second Boer War detour 3:48 What’s a hedge, really? Gold vs. inflation 4:21 15-year performance: gold vs. S&P 500 5:40 1980 to 2024: gold’s long climb back to break even 7:10 110 years of gold prices—brief spikes, long plateaus 8:54 The emotional allure of physical gold (and why it’s irrational) 9:44 Physical gold: storage, insurance, and Armageddon prep 11:10 GLD: a better, but still limited, gold investment 12:49 Gold’s chart pattern: flat, spike, crash, repeat 13:26 Why gold isn’t a real investment—it doesn’t grow 14:16 Gold mining stocks as an indirect investment 15:02 Surprise! Taiwan Semi uses gold in chip production 15:34 Crypto vs. gold: at least gold is pretty 16:07 Atomic number nerdiness and family science failures 16:39 Q&A: Will one-year income spike raise Part B premiums? 18:06 IRMAA form and exceptions for life-changing events 20:02 Medicare Part B premium ranges and adjustments 21:10 Listener Perry wonders: if pennies go away, can we melt them? 22:34 Today's pennies: mostly zinc, not a copper mine in your jar 23:56 Will the penny ever die? Bureaucratic inertia says no 24:14 DIY penny production? Just don’t. 25:16 Podcast etymology: Apple vs. The Guardian debate 26:51 Outro chaos: crows, jokes, and how to ask your questions Learn more about your ad choices. Visit megaphone.fm/adchoices

When markets get bumpy, emotions take the wheel—and that’s exactly why Don spends this solo episode reminding listeners that logic, evidence, and simplicity still win in the long run. He digs into why private investments aren't the magic they claim to be (even when Vanguard jumps in), why diversification still beats sexy strategies, and how the best “alternative” to bad investing is simply building a solid plan and sticking to it. Listener calls explore structured products, the Sharpe ratio, reverse mortgages, and how to spot a real fiduciary in the wild. 0:04 Money mistakes, solo hosting, and listener calls 1:17 Market volatility and emotional reactions 2:07 Logic and evidence beat financial “magic” 3:11 Vanguard’s alt fund and private asset hype 4:28 Private equity: opaque pricing, no liquidity 6:16 High-cost alternatives underdeliver 7:41 Vanguard alt fund: high fees, weak returns 9:13 Caller: staying long-term with S&P 500 10:20 Don: diversify beyond S&P with VT 11:30 Sharpe ratio explained; structured product skepticism 13:08 Structured notes: high fees, poor transparency 15:00 Fama quote: Few new ideas ever work 16:03 Caller: What does Berkshire Hathaway actually do? 17:23 Buffett builds value—why you can’t replicate it 20:08 You already own Berkshire in index funds 21:37 Caller: does currency manipulation matter? 23:32 Short answer: not really 25:45 Ignore most financial news—it’s just noise 27:22 Don flying solo this week 27:57 Caller: how to find a real fiduciary 31:16 Why Don doesn’t do meetings, and where to get help 36:12 Caller: reverse mortgages and property financing 39:55 Trusts and protecting assets—call a lawyer Learn more about your ad choices. Visit megaphone.fm/adchoices