Talking Real Money - Investing Talk

Don and Tom dive into the wild world of “speculative” ETFs inspired by Jason Zweig’s WSJ piece, mocking the absurdity of funds like the Icelandic stock market ETF (35 stocks, really?) and those tracking things like crude oil shipping futures. They debunk the myth that “ETF” means safe and highlight the rise of investing as entertainment. Later, they discuss disclaiming inherited assets, why tax planning and estate titling matter, and why deferred compensation plans should be part of a bigger strategy—not just a reaction. Listener calls from Maryland, Sammamish, Yelm, and Illinois round out the episode with smart, practical retirement planning questions. 0:17 ETFs as sport? Jason Zweig’s takedown of gimmicky, risky ETFs 1:29 Iceland ETF, HVAC stocks, and crude oil transport—this isn’t investing 3:35 GLCR: The Iceland ETF with a 1% fee and a chilly 35-stock portfolio 5:09 Diversification vs. “D-versification” and the illusion of ETF safety 5:40 Why investing shouldn’t feel exciting—and what that says about us 6:50 Zweig’s gambling metaphor and why “just 5%” is still real money 8:56 Listener Eugene on inheriting IRAs and disclaiming taxable accounts 12:25 Legal disclaimers: IRS Rule 2518, timing, and why PODs are cleaner 15:23 Estate attorney reminders and state law disclaiming quirks 17:24 Sammamish listener Jason on VXUS vs. VEA for international exposure 18:56 Tesla talk: Waiting for $400, fears, and the balance sheet debate 22:03 Listener Chris from Yelm: Deferred comp vs. dividend stocks 26:34 Chris needs a real plan, not just portfolio improvisation 29:40 Strategy: Spend from taxable, defer the deferred 33:03 Listener Joni from Illinois: Maxing contributions and Roth eligibility 35:58 Congress’ oddly specific 60–63 catch-up rules and K Street lobbying Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom take on the ever-persistent phrase “This time it’s different,” as Bloomberg and NYT articles suggest AI, financial fragmentation, and inflation have permanently changed the investing game. The duo questions whether these changes actually warrant different investing behavior—or if they’re just the latest in a long line of panics dressed up as paradigm shifts. Along the way, they debate market melt-ups, the logic of diversification, and why equities pay more (hint: it’s not because they’re safe). Listeners call in with questions about ETFs in IRAs, Roth conversions later in life, and tax-savvy asset allocation across accounts. 0:04 Perspective from aging: we’ve heard “this time is different” before 1:58 AI panic, financial fragmentation, and inflation—Bloomberg’s argument 3:31 Don and Tom challenge claims of “new” market conditions 5:08 AI voice cameo: Cath makes her show debut 6:05 What should investors do if things are different? 9:00 NYT’s Jeff Sommer warns of a potential market “melt-up” 10:08 Irrational exuberance: unprofitable stocks soaring 12:57 Why risk still pays: stocks go up and down 15:02 Smooth ≠ profitable: bonds are boring, stocks reward fear 18:23 Listener asks: Why own international if U.S. wins? 20:34 Diversification vs. chasing past performance 23:42 Call: ETFs vs. mutual funds inside retirement accounts 29:36 Call: Should a 79-year-old convert to a Roth? 36:53 Call: Asset location strategy and inherited IRA cash flow 41:36 Don’s final advice: no tax tricks—just make a plan Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom returns from his surprise Canadian adventure and the duo dive into the age-old retirement question: How do I get my money out? They break down the three most common withdrawal strategies—dividends, total return, and hybrid—and make the case for why a well-managed total return strategy usually comes out on top. Listener questions cover Roth IRA gifts to a niece, inherited IRA distribution rules, Paul Merriman’s small-cap stance, and whether long-term care insurance is a smart bet or an emotional security blanket. 0:04 Tom’s Canadian re-entry, Uber tally, and chocolate croissant confessions 1:27 Intro to retirement income strategies: the great withdrawal confusion 2:52 Strategy #1: Living off dividends—why it’s flawed and risky 5:19 Strategy #2: Total return—rebalancing for sustainable income 8:07 Strategy #3: Hybrid approach—Don’s skeptical take 10:51 Listener Q&A: Best way to gift a Roth IRA to a 30-year-old niece 12:01 IRA inheritance rule: what happens if the inheritor dies 13:33 Paul Merriman’s international small-cap comment clarified 16:44 Federal retiree asks about withdrawal order; daughter’s international allocation 24:28 Long-term care insurance: practical planning or expensive gamble? 27:35 How to get a free, pressure-free portfolio review from the team Learn more about your ad choices. Visit megaphone.fm/adchoices

Don tackles six listener questions in a rare full-stack Q&A Friday. He breaks down a shady universal life insurance pitch, dismantles the myth of “smart” market timing with limit orders, and offers clarity on Roth conversions, rebalancing strategies, and inherited IRA hacks. A master class in how to stop making dumb money moves. 0:04 Intro – Friday Q&A episode with a goal: 6 questions in one show 1:18 How to ask your questions (and why spoken questions get on air) 2:55 Rachel (NC): Friend sold a $7,000+/yr universal life policy — is it a scam? (Yes) 4:09 Breakdown of how much goes to commissions, costs, and investments in year one 6:44 Better choice: Buy term and invest the difference 8:47 Backdoor Roth IRA Timing: Can I convert a 2025 non-deductible IRA in 2026 and still have it count for 2025? (Sort of, but not really) 11:08 Andrew: Used a limit order during market dip to rebalance — did it work or just get lucky? 14:22 Why timing systems (even “disciplined” ones) fail over time 15:23 S&P 500 Addition Bump: Can you profit from companies added to the index? (Unlikely) 17:37 Tesla example and the dangers of trying to front-run institutional traders 18:22 Casey in Albuquerque: What does rebalancing really mean? (All of it—stocks/bonds, small/large, U.S./intl.) 21:21 Eric: Can you offset inherited IRA RMDs by making IRA/401(k) contributions with that income? (Yes, if within limits) Learn more about your ad choices. Visit megaphone.fm/adchoices

Don is joined by Mike DeJoseph from Vanguard to unpack the meaning and real-world impact of Advisor’s Alpha—Vanguard’s research showing how good financial advisors can add up to 3% annually in net value to client portfolios. They break down the origins of the concept (internally coined back in 2001), clarify what alpha actually means, and dig into where that added value comes from: behavioral coaching, tax-efficient strategies, lower costs, smarter withdrawal planning, and disciplined asset allocation. Mike emphasizes that unlike investment alpha, which is a zero-sum game, advisor alpha is a positive-sum benefit rooted in planning and emotional guidance. They challenge misleading marketing from high-fee brokers, expose the damage of poor advisor behavior, and highlight what separates a “good” advisor from a truly great one—namely, those who align clients’ values with their money. The conversation ends with a forward look at AI’s role in advice: not replacing advisors, but augmenting their ability to listen, guide, and support clients like financial therapists. 0:04 Don introduces rare guest: Mike DeJoseph of Vanguard 0:35 The origin of Vanguard’s Advisor’s Alpha paper 1:27 What is alpha? And what makes it positive for advisors 2:49 Advisor value beyond investment products 3:36 Explaining alpha in terms of benchmarks and behavior 5:05 Why investment alpha is rare, but advisor alpha isn’t 6:25 Positive-sum vs. zero-sum advice outcomes 7:37 Misunderstanding the 3% alpha number 9:48 Behavior, taxes, and cost drag reduce investor returns 11:06 How advisors improve tax allocation and drawdown 11:55 3% does not include asset allocation or manager selection 12:06 Why active manager outperformance remains elusive 13:17 Vanguard’s history with active management and costs 14:45 Active equity vs. active bond management 16:14 What makes an advisor “great,” not just good 17:39 Helping clients align money with values 18:27 Behavioral coaching during market downturns 21:07 Holistic financial advice vs. performance promises 21:47 Why 100% fiduciary advisors are rare—and how to spot one 22:45 Advisor compensation models: from commission to fees 24:06 Shocking stat: commissions down from 80% to 10% since 2010 25:16 How smart investors forced the industry to change 26:44 What a 3% fee does to advisor alpha 28:34 Overcharging kills word-of-mouth trust 29:43 What bad advisor behavior looks like 31:45 Vanguard’s approach to advisor education and ethics 33:41 Where the industry goes next: better advice, better business 34:19 AI’s role in improving advice, not replacing it 36:36 Tech that enhances human connection and insight 37:22 The future: more therapist, less product-seller 37:55 Final advice: if they talk about returns, walk away 38:44 Mike reflects on working with great advisors—and Vanguard’s mission Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom kick off this episode by responding to a one-star Apple Podcast reviewer who promised to upgrade to five stars—if they correct their allegedly false Bitcoin claims. Challenge accepted. Don clarifies his earlier “nobody uses Bitcoin” remark by digging into the actual numbers: only 15,000 businesses worldwide accept it, out of over 359 million—roughly 0.0004%, making it statistically more rare than a lightning strike. They also break down the real costs of converting Bitcoin to dollars: while some exchanges charge under 1%, Bitcoin ATMs routinely charge 5–25% in fees, with total costs sometimes exceeding 30%. Then, a listener calls in with a ChatGPT-generated portfolio featuring VUG, VEA, SMH, and AXON. Don tears it apart for being tech-heavy, overly concentrated, and missing broad market exposure—ironically, even ChatGPT agrees with him. Listeners also get advice on why ETFs are gradually replacing mutual funds, when (if ever) annuities make sense, and why indexed annuities are the financial industry’s version of timeshares: opaque, overpriced, and always sold, never bought. Despite the facts and the humor, Don doubts his five-star redemption is coming—but if Greg’s Mowing and Septic accepts Bitcoin, there’s still hope. 0:26 Don confronts repeat negative podcast reviewers 1:35 NavRep’s public offer: “Correct your Bitcoin lies and I’ll give 5 stars” 2:31 Bitcoin rebuttal: 15,000 businesses accept it—out of 359 million 5:13 Teaser: Bitcoin conversion fees part 2 coming up after the break 6:26 Don admits his imprecise “nobody accepts Bitcoin” claim 8:19 Clearing up the 8% Bitcoin conversion fee claim—context was ATMs 9:49 Bitcoin ATM fees average 17.5%, sometimes hit 30% 11:04 Exchange conversion under 1% is possible—but not for quick cash 13:10 Volatility and impracticality still make Bitcoin a poor currency 16:00 ChatGPT jokes: “Beer at a Baptist wedding” & “Greg the mower” 16:49 Caller Jason asks ChatGPT for a portfolio; Don and Tom cringe 17:46 ChatGPT suggested a tech-heavy, overly concentrated portfolio 20:40 Better suggestions: VT, AVGE, DFAW—not VUG/SMH/AXON 21:50 Don’s GPT criticizes Jason’s GPT: “No bonds, no value, no real estate” 23:43 Caller Scott nails TRM’s philosophy and nearly retires Don 26:12 The rare “pros” of annuities—and their bigger downsides 28:24 Indexed annuities: regular income taxed as ordinary income 30:02 Betting against the house: how annuity math favors insurers 31:44 Caller Jane asks if ETFs are better than mutual funds 32:05 ETF settlement is faster, but that’s not a reason to choose 33:30 Vanguard accounts support ETFs beyond their own funds 34:51 Updated: mutual funds now settle T+1, ETFs also T+1 36:26 Jane warned about National Life Group’s indexed annuity pitch 37:07 Why Don hates indexed annuities: high fees, low returns, opaque structure 39:27 Still selling like hotcakes: $27B in indexed annuities sold Q1 2025 40:35 Wrap-up: annuities remain unethical despite legality and popularity Learn more about your ad choices. Visit megaphone.fm/adchoices

In this hard-hitting episode, Don and Tom expose “Retirement Planning University”—a slick, misleading marketing operation posing as a legitimate educational program. Despite hosting seminars at respected universities, the organization isn’t accredited and exists primarily to funnel attendees into high-commission indexed annuities sold by Strategic Wealth Investment Group. The duo break down the tangled relationships, the legal gray zones (including a likely violation of Florida law), and the wildly under-disclosed conflicts buried deep in Form ADV filings. Plus: a call from a skeptical listener about global diversification, a backdoor Roth update in response to H.R.1, a heartwarming tribute to Tom’s mother-in-law, and a brutal real-world annuity pitch targeting grieving beneficiaries. This one hits hard. 0:04 Thunder and fireworks, then a storm of a different kind: fake financial education 1:20 “Retirement Planning University” is not accredited—possibly illegal in Florida 2:38 Florida law: using “university” in a name can be a crime 4:21 Strategic Wealth Investment Group funnels money into their “nonprofit” 6:27 Don breaks down Form 990 and discovers $6.3M in funding with 1.8% used for education 8:50 A never-before-seen conflict disclosure: over a page of indexed annuity conflicts 11:02 Universities that rent space to these events—should they be ashamed? 13:56 Don confesses: used ChatGPT to surface filings, laws, and charity reports faster 15:40 Final verdict: it’s not education—it’s a sophisticated lead funnel 17:18 Caller Jack: Is VT too concentrated in tech megacaps like Apple and Nvidia? 19:22 Don: It’s still globally diversified, but yes, value/small tilts help 21:57 A heartfelt tribute to Tom’s mother-in-law and her one smart money move: LTC insurance 23:01 Caller Mark: Does the new tax bill kill backdoor Roths? 27:18 Don runs the full 900-page bill through GPT—no mention of Roth changes 28:56 Sidebar: elderly elephant tourists and Romanian bear selfies 30:36 Caller Mary: Advisor pitching a 1035 annuity swap to dodge IRMA 34:42 Don and Tom: Just pay the IRMA bump—don’t buy another bad annuity 36:44 The IRMA fear is way overblown; it’s just one year 39:18 Why aren’t these practices banned? Because regulators are stretched thin 40:12 Don taught real adult education classes—but the next “educator” was a broker Learn more about your ad choices. Visit megaphone.fm/adchoices

Is your portfolio built by a broker or a model? Don and Tom break down the surprisingly persistent patterns of old-school broker portfolios—loaded with local stocks, overpriced “index” funds, and actively managed everything—versus the growing adoption of model portfolios based on actual research (not just a hunch and a handshake). Along the way, they torch high-fee index fund imposters, answer smart listener questions on global diversification, CD ladders, tax traps in variable annuities, and even debate whether a Japanese WWII bomber should really be called “Jill.” Oh, and Tom reads a brutal Apple Podcast review… and takes it like a champ. 0:04 Dumb money habits and the rise of model portfolios 1:23 Bellevue vs Florida weather showdown 2:34 Classic broker-built portfolio ingredients 3:55 Sprinkling in overpriced “index” funds 5:50 What a model portfolio is (and isn’t) 6:53 Structure vs speculation: why models matter 8:31 Global diversification as a simple model 9:18 The difference between advice and product-pushing 10:24 When “index” doesn’t mean cheap: top offender list 11:55 The 2.33% RIDEX fund shame parade 13:02 The Jill bomber sidetrack takes flight 13:54 Listener Laura’s AVDE allocation dilemma 15:40 Two-fund model: Avantis U.S. + international 17:00 Logistical pronunciation issues and Bolden software 18:42 Rate assumptions for planning software 19:35 Tom’s humor gets roasted in a 5-star review 20:52 Listener Carol’s CD ladder tax question 22:38 Timing vs safety: the truth about “dry powder” 24:36 Mitchell’s $550K variable annuity dilemma 26:10 Why annuity gains aren’t capital gains 27:01 Low-cost annuity, but still no step-up 28:11 The opaque, intentionally confusing nature of insurance 29:41 Scheduling complaints and Don’s one-day-off fantasy 32:12 Programming note: no podcast on market holidays 34:04 Calls, questions, and Jill Bomber sign-off chaos Learn more about your ad choices. Visit megaphone.fm/adchoices

In this fast-moving, fraud-fighting episode of Talking Real Money, Tom Cock is joined by longtime consumer advocate Herb Weisbaum (aka The ConsumerMan) to expose two of the fastest-growing scams in the U.S.: predatory solar sales and the “pig butchering” crypto scam. Herb details the dangerous combination of shady sales reps and shadowy financing pushing overpriced, underperforming solar systems door-to-door. Then, the duo dives into long-con crypto scams, deepfake romance cons, and the weaponization of AI for fraud. Herb doesn’t hold back—calling crypto “sheer stupidity” and buy-now-pay-later schemes a gateway to regret. It’s a wild, enlightening ride full of practical advice and a few laughs at the crooks’ expense. 0:44 The ConsumerMan joins the show—cape at the dry cleaner, fraud cape that is 1:30 Solar sales scams: door-to-door hustlers + shady financiers 2:37 Solar “deals” that aren’t: pressure sales, fake savings, buried contract terms 5:35 Solar installations gone wrong—and sometimes never installed at all 6:55 Why good contractors don’t knock on doors 8:20 Know the difference between credits and cash—solar isn’t “free” 9:26 Pig butchering crypto scams explained 10:40 Fake trading platforms that “show” fake returns 11:50 AI-powered fraud: deepfake voices, faces, and video chats 13:26 Romance scams that clean people out—millions lost 14:15 Don’t respond to unsolicited texts or calls—ever 15:11 Former SEC officials: crypto exists for crime and tax evasion 16:44 Crypto isn’t investment—it’s gambling with digital vapor 17:25 Insurance crisis: companies fleeing, premiums surging 18:41 Regulators letting insurers raise rates without scrutiny 19:29 Consumer quiz: what to do first if you’re scammed 21:18 Why you should never pay with Zelle or a debit card 22:30 Getting teens a credit card the right way 23:43 Coming soon: Buy Now, Pay Later scams (Costco’s in now too) 24:48 Where to find Herb’s work—Checkbook, Consumerpedia, and ConsumerMan Learn more about your ad choices. Visit megaphone.fm/adchoices

Gen Z may just be schooling the rest of us in retirement savings—sort of. Don breaks down why the kids are all right… and also why they’re misled. Auto-enrollment rules, social media misinformation, and shaky FinTok advice are all under the microscope. He then tackles smart ETF choices for young investors, questions about windfall investing and burial plots, the overhyped Shell-BP merger rumor, the madness of MicroStrategy’s crypto-fueled valuation, and how to responsibly (and legally) cash out decades-old gold holdings. Plus, Don dishes out practical planning wisdom and allergic sniffles from sunny Florida. 0:04 Gen Z’s surprising retirement savings rate—and why it’s not the whole story 1:06 Auto-enrollment in 401(k)s and how it changed everything 2:34 Gen Z’s financial education: more access, but less understanding? 3:49 The rise (and danger) of FinTok as a financial advice source 5:00 Over 70% of FinTok advice is misleading or incomplete 6:15 Back in studio—Don on allergies, Alpha kids, and social media scams 8:29 Chase “glitch” scam and other Gen Z-targeted bad advice 10:11 Credit Karma: Gen Z scams and IRS audits are shockingly high 11:17 Call: Should a granddaughter’s IRA stay in VOO or add tech/growth? 12:48 Why Don avoids sector funds like Infotech, even for young investors 13:45 The trouble with chasing recent winners like VOOG 14:29 Historical returns: value > growth, despite recent performance 15:47 Call: $20k–25k Nordstrom stock sale—spend, save, or invest? 17:59 Burial plots vs. emergency fund: Don’s (very real) take 20:42 CDs for older investors: short-term, safe, sensible 21:48 Call: Shell buying BP? Not likely—and Don calls the hype 23:35 BP’s politics and price already reflect takeover speculation 25:02 Inheriting BP stock: should you take the exit opportunity? 26:13 UK resistance to selling BP to a Dutch firm like Shell 26:56 Individual stocks = concentrated risk, even for giants like BP 28:09 Reminder: Every financial move should be part of a real plan 29:05 Roth conversions, tax brackets, and portfolio rebalancing 31:08 MicroStrategy’s insane Bitcoin play—and why it’s all risk 32:23 Company worth 40% more than its Bitcoin holdings—why? 33:28 Don warns: short selling and options are for gamblers only 34:00 Call: 59-year-old IT director wants to invest $5K/month wisely 35:21 Max the 401(k), use Roth IRA next, and build long-term wealth 36:47 Portfolio diversification with risk-based allocation 37:27 Call: Selling gold bought in the ’80s—how to handle taxes 39:47 How to recreate gold purchase records if you’ve lost receipts 40:55 Debunking the “three coins per month tax-free” myth Learn more about your ad choices. Visit megaphone.fm/adchoices

The market hit another “all-time high”—shocking no one. Don dismantles the myth that record highs are reasons to panic or pull back, reminding listeners that long-term investing and diversification remain undefeated. He breaks down the actual recent S&P 500 data, explains why global diversification matters (even when it lags), and skewers both single-stock overconfidence and scammy ETFs promising outrageous yields. Listener calls dig into retirement withdrawal strategy, Roth conversion tactics, and why brokerage accounts might not always be necessary. 0:04 Market hits all-time high again… surprise! 0:39 Should you invest when the market is at an all-time high? 1:43 Don takes live calls—money questions welcome 2:11 S&P 500 update: fastest bounce in history 3:55 Surprise stock leaders: not the Magnificent Seven 5:13 Why diversification matters—again 9:30 All-time highs are normal—and necessary 11:21 Global stocks vs. U.S.: less volatile, less exciting 13:20 Palantir millionaire: savvy or lucky? (Spoiler: probably lucky) 16:55 Overconcentration risk—even with the S&P 500 18:07 Fixed income + discipline = real-life smoother ride 18:53 Caller Don in Covington: timing Roth withdrawals and big expenses 21:43 Withdrawal order: Taxable → Traditional IRA → Roth 23:50 Investing = confusing or clear. Your pick. 24:39 Caller Dave in Gig Harbor: 529-to-Roth confusion cleared up 27:31 529s just got even better for long-term wealth building 29:52 Back to solo Don: Tom’s in Normandy 30:27 Jason Zweig warns about shady 200% yield ETFs 33:08 How Tesla YieldMax ETF lost 80% while claiming a “62% yield” 34:44 If it sounds too good to be true… skip it 36:00 Listener question: Should cash be counted in your 70/30 allocation? 38:12 The role of cash in reducing volatility and funding withdrawals 39:01 Caller Mark in Connecticut: Do I even need a brokerage account? 41:59 Roth as dual-purpose tool: liquidity + long-term compounding Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tear into the lunacy of financial predictions—starting with famed doomsayer Nouriel Roubini suddenly turning optimistic (is that a good sign or a terrifying one?). Then it’s onto Ron Baron and his wildly volatile, high-fee Barron Partners Fund, which beat the QQQ—barely—by taking massive concentrated bets on Tesla and SpaceX. Finally, they answer listener questions about portfolio diversification, international exposure, and outrageously overpriced 401(k) fund options (Nationwide, we’re looking at you). It’s a full-on roast of Wall Street’s ego-driven nonsense with a side of smart, actionable advice. 0:04 Predicting markets is impossible—so why do people still listen to those who try? 1:50 Dr. Doom (Nouriel Roubini) turns into Mr. Boone—predicting good times ahead 3:35 Roubini blames AI and nuclear fusion for his new optimism 4:57 Don’s rule: All predictions are a prehistoric brain trap 5:20 Ron Baron and his Partners Fund—poster child for active management hype 6:41 Nearly half the fund is in two holdings: Tesla and SpaceX 8:44 From $10K to $6.5K in 6 months: the cost of extreme concentration 9:47 Expense ratio: 2.25%—with $7.5B in assets? Outrageous 10:54 Why high-flyer funds are built to crash hard, too 11:39 Investing in Barron = trying to beat the market (and probably failing) 13:14 Lost 43% in 2022—twice the S&P’s loss 13:48 But in 2020? Up 150%. Thanks, Tesla 14:51 Listener Q: Army major wants to clean up his Roth portfolio 16:10 Don and Tom: Scrap the mid-cap clutter—go global with VT 17:59 Listener Q: New job, horrible 401(k) fund choices—can he still contribute? 19:03 Nationwide’s 93-basis-point index fund sparks full-on Don rant 20:14 High fees vs. tax breaks: what wins? 21:31 Why the financial industry is addicted to greed 22:11 Appella’s no-pressure offer to review your portfolio 23:04 Don’s publisher’s clearinghouse FaceTime scam story Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom welcomes Roxy Butner back to field listener questions on retirement income, Roth vs. traditional 401(k) choices, car financing math, leftover 529 rollovers, and bond price confusion. Listeners hear sharp, practical advice on optimizing savings and withdrawals—without slipping into tax traps. Plus, a shoutout to the record 401(k) savings rate and a surprising mini-lesson on estate planning trends. 0:05 401(k) savings rates hit a new high—why 20% total savings should be your goal 2:40 Roth vs. Traditional 401(k) for younger investors—Roxy makes the case 3:57 Listener Q: Early retirees managing withdrawals across brokerage, Roth, and IRA accounts 6:36 Tax bracket management vs. withdrawal strategy—how to stay in the 24% 8:38 Roth conversions and RMD prep—why to think now about later taxes 9:41 Why DIY retirees still need a second set of eyes on their plan 10:25 Listener Q: What to do with $16K left in a 529 plan 11:24 529-to-Roth rollover rules and strategy 12:31 Listener Q: Pay cash for a car or finance at 1.9%? 13:58 Emotional vs. mathematical car finance decision-making 15:11 Listener Q: Got 6/7 on FINRA quiz—why do bond prices fall when rates rise? 17:36 Bond basics: duration, rate risk, and quality 17:53 Roxy’s real-world client trend: surge in estate planning questions 18:54 Free portfolio analysis plug and Roxy’s parting thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Don and Tom dive into a revealing YouGov survey that shows Americans might not be as overconfident as we thought—except when it comes to trustworthiness, loyalty, and… mechanical skills? The guys unpack what this means for investors, especially the surprising gaps between men and women in self-perception. Then they outline the traits that actually do make for above-average money managers—like patience, discipline, and optimism—before answering a pair of strong listener questions about asset allocation in retirement and Social Security survivor benefits. 0:04 Kicking off with confessions: Americans may not be as overconfident as we thought 0:35 Only 26% think they’re sexually above average? Really? 1:34 The weird areas where Americans do think they excel: loyalty, ethics, critical thinking 2:40 Self-deception vs. actual financial behavior 3:04 The gender confidence gap and investing implications 4:40 How much of success is really just luck? 5:47 Personal luck stories and the randomness of life 7:13 Men think they’re funnier and more intelligent—survey says… 7:54 Back to money: Only 42% think they’re above-average money managers 8:47 Traits that actually matter in investing: patience, risk management, discipline 10:59 Goal setting, diligence, and why optimism pays 12:23 Confidence is lower than expected—and women may be better investors 13:44 Who really dances at weddings? 14:04 Q&A: Cindy’s $250k hobby account and what to do with it 17:57 Rebuilding a diversified portfolio around AVGE and BND 20:21 Q&A: Survivor benefits and claiming strategies for couples 22:41 What a surviving spouse actually receives from Social Security 24:50 Live from the lake? Maybe. Tech permitting. 25:46 Free advice and fart coin fallout Learn more about your ad choices. Visit megaphone.fm/adchoices

Don tackles the dangerous myth of “safe” high-yield investments, calling out misleading financial advice around covered call funds and non-traded real estate deals. He takes calls on 529 plans vs. UTMA, long-term care insurance pitfalls, robo-advisors for special needs planning, and a shady pitch for a fixed-indexed annuity disguised as a fiduciary recommendation. He ends with a birthday shoutout and a reminder of why good advice matters. 0:04 Greed and the myth of “safe” investments 1:27 Human desire for more with less risk—prime for exploitation 3:02 The illusion of safety: high-yield savings vs. riskier “alternatives” 3:50 Covered call funds are not safe—Don’s own experience 4:42 Non-traded real estate and price illusion 5:22 Financial Flinch Reflex PSA 6:23 How to call the show and why listener questions matter 7:36 529 vs. UTMA for a newborn + Fidelity Zero Fund vs. FSKAX 10:44 529s can convert to Roth IRAs—huge benefit 11:15 Long-term care insurance: costs, limitations, and reality checks 13:57 Hybrid LTC policies: gimmicky, commission-driven 16:34 Premium examples: $5K to $10K/year for minimal coverage 17:53 Funding a disabled daughter’s future using Schwab Intelligent Portfolio 19:50 Dollar-cost averaging lump sums? Don says no—invest now 21:12 Don on vacation guilt and cheap travel habits 22:24 529s owned by a trust—yes, and Utah’s My529 gets Don’s stamp 24:25 More trust pros and Utah’s fee/vehicle advantages 25:42 Listener wary of FIA pitch for TSP rollover—Don smells fraud 27:48 The match, the cap, the “no annuity” claim—Don calls B.S. 29:24 How to verify if someone’s actually a fiduciary 32:43 Why fixed-indexed annuities dodged SEC regulation 34:05 The real reason they’re pushing 70% of your money into an FIA 36:00 Listener calls just to wish Don happy birthday 37:32 Don thanks his audience and reflects on why he keeps doing this Learn more about your ad choices. Visit megaphone.fm/adchoices

Don flies solo from Florida while Tom continues his Euro-tour, tackling the deep flaws in Morningstar’s mutual fund and target-date fund ratings. He skewers their cozy relationship with high-fee fund companies and explains how commission-based funds keep getting top honors while cheaper, investor-friendly alternatives like Vanguard are buried down the list. Don also fields live calls about asset allocation, inherited IRA distribution rules, Roth IRA contribution strategies, and the all-too-real pain of annuity surrender charges—some as high as 12.5% in year one. 0:04 Don opens solo—Tom’s in Germany—and reflects on aging and the Maytag repairman 1:05 A brief history of Don’s 40+ year career in financial media and advice 3:05 Praise for Morningstar’s data, but heavy criticism of its ratings system 5:04 Morningstar’s bias: high-fee target-date funds getting gold medals 9:12 American Funds ranked above Vanguard despite massive commissions 11:01 Don breaks down absurd rankings: T. Rowe, PIMCO, J.P. Morgan all above Vanguard 13:37 Morningstar’s “medal” approach ignores cost—key to long-term returns 14:34 When paying more makes sense (hint: not fund fees) 16:41 Why commissions offer zero investor value 18:24 Share class shell games: A-shares vs. C-shares deception 20:40 Call: AVUV vs VT allocation—Don recommends 10% in AVUV 23:43 Weather sarcasm, caller hesitation, and the “Seattle call effect” 25:16 Tease: Surrender charges on annuities—what you don’t know can cost you 27:09 Annuities: “safe”… but how safe is 12.5% surrender in year one? 29:35 Call: 43-year-old saving $2,400/year in a Roth and wants to do better 32:39 Don’s advice: open an outside Roth, invest in VT, and take the risk quiz 34:39 Call: Inherited IRA RMD rules—Don corrects a past mistake 37:07 Why inherited IRA rules are a legal labyrinth—CPA strongly advised Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom expose the seductive illusion of “wealth without risk” by dissecting the explosion of equity-hedged ETFs and mutual funds. They tear into the high fees, low returns, and false promises sold by funds claiming to protect investors from market drops while capturing the upside. With support from recent Wall Street Journal coverage and AQR data, they explain how these “hedging” strategies—especially options-based ones—often underperform simple stock/bond portfolios. Listener questions tackle Roth conversions, AVGE vs. GLOV, and the myth of magical investing pills. 0:04 Investing dreams and chocolate dreams: both come with a price 1:31 Wall Street sells “protection” from volatility—Americans are buying 2:37 Hedged funds as “stock insurance”? More like expensive illusions 3:57 Comparing VOO to PHDG: 13% vs. 4.3% returns 4:54 Downside protection claims fall apart under scrutiny 6:18 Lower volatility, far lower returns—does it help you sleep or retire? 7:34 How these funds work: options-based “protection” explained 8:48 Options decay and premium costs crush performance 9:56 Simpler is better: most “safety” funds fail to beat basic stock/bond mix 11:03 5-year S&P 500 returns: mostly up, and up a lot 11:50 Hedged funds underperform in up years—and still lose in down ones 12:22 Hidden costs in options-based funds aren’t in the expense ratio 13:30 Bottom line: no panacea, no magic. Just smart allocation 14:05 Investor responsibility: no one will protect your money but you 14:12 Listener Q&A intro and apology for delay 15:05 Backdoor Roth vs. regular Roth when income is uncertain 16:59 AVGE vs. GLOV: performance vs. philosophy 17:55 GLOV’s returns look good—but it’s far less diversified 19:21 Passive label vs. reality: GLOV is focused, possibly active 20:38 Short track record makes comparisons tricky 22:04 Don and Tom favor massive diversification over short-term wins 23:42 Set expectations low and you’ll be pleasantly surprised 24:49 Ask us anything—and yes, crypto guy left another bad review 26:02 Crypto is “generational”? Maybe, but Don still won’t use money he can’t spend Learn more about your ad choices. Visit megaphone.fm/adchoices

Don tackles a stack of listener questions in this rapid-fire Friday Q&A, covering what a financial plan should cost, how tipping might work in a cashless future, and how to fine-tune a retirement portfolio with Avantis funds. He also addresses important estate planning steps after a death, how to use QCDs with inherited IRAs, and whether AUM fees are worth it compared to hourly planners. Along the way, he reflects on why he still manages his own money—and maybe shouldn’t. 0:04 Intro to Friday Q&A and how listener questions are selected 2:12 What should a detailed retirement plan cost? Median price range explained 4:33 How will we tip in a cashless society? From bellboys to Bitcoin to Apple Pay 7:39 Listener portfolio check: 85% AVGE, 10% AVUV, 5% AVDV—too tilted? 11:36 Credit after death: Should an executor notify the credit bureaus? Yes—and how 13:45 Inherited IRA RMD workaround: Can QCDs help avoid taxes before age 70½? 17:02 AUM fees vs. flat-fee advisors: Is paying more for more assets fair? 25:51 Why Don still manages his own money (for now)—inertia, taxes, and habits Learn more about your ad choices. Visit megaphone.fm/adchoices

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

Don and Tom tackle the behavioral trap of “home bias” in investing—why U.S. investors tend to overinvest domestically and why it’s dangerous. They compare global fund allocations across countries, poke fun at nationalist investing instincts, and explain why international diversification is essential. Listener calls cover early Social Security regret, 72(t) withdrawals, covered calls on Palantir, and what happens to target date funds after they “expire.” 1:52 Home bias explained: Americans (and Australians) overweight U.S. stocks 2:58 U.S. vs global stock market value debate 3:42 Fund companies pander to investor bias 4:14 Vanguard Australia fund: 42% Aussie stocks?! 5:25 Why home bias hurts—Australia’s 25% bank exposure 6:26 Dimensional and Avantis global tilt: 70% U.S. 7:52 Long-term global diversification reduces volatility 8:17 The 2000s: Global funds outperformed U.S. funds 9:21 Call: Donna in AZ – Regret over early Social Security filing 11:29 Don confesses he took his at 69: “I’m weak” 12:02 Donna’s still in great shape—no panic needed 13:04 Timing Social Security: Only critical if it’s most of your income 14:45 Emotional investing vs logic—why home bias persists 15:51 Japan: Home bias disaster, zero returns since 1990 16:07 Call: Kyle in TX – 72(t) withdrawals and bond reluctance 18:21 Tom explains why bonds matter when pulling from a shrinking stock portfolio 19:51 Call: Jason the Tesla Bull – Covered calls on Palantir 21:15 Covered call mechanics explained 23:14 Don’s 1980s crash story: When covered calls fail 24:14 Covered calls appeal to greed, often backfire 25:20 Palantir’s PE ratio? Try 1,058—yikes 26:30 Meme stocks vs megacaps: Palantir’s government dependency 27:05 Call: John in OH – Fidelity fee confusion update 28:16 John’s advisor can’t see the same statements—sus? 30:32 Make sure to bring statements and get written answers 31:29 Don’s birthday, Father’s Day gripes, and Twain wisdom 32:22 Call: Elizabeth in SC – What happens to a 2010 target date fund? 33:37 Vanguard 2010 funds merge into 70/30 “retirement income” fund 35:14 Performance? ~5% annualized—above inflation Learn more about your ad choices. Visit megaphone.fm/adchoices