Talking Real Money - Investing Talk

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

In this episode of Talking Real Money, Don and Tom take aim at one of the most persistent investing mistakes: owning individual stocks. With humor and sharp skepticism, they explore why investors—even those who say they follow the show’s advice—still concentrate wealth in a few companies like Apple, NVIDIA, or their employer’s stock. Referencing Jason Zweig’s Wall Street Journal column and legendary research from Bessembinder, they show how dangerous, emotional, and often delusional this strategy really is. From Washington Mutual to VF Corp, the history of single-stock implosions is long and painful. Plus, they field smart listener questions on business loans, Roth conversions, and hummingbird beak evolution. Yes, really. 0:04 Why owning individual stocks is more like gambling than investing 0:58 Zweig’s column and stories of extreme stock concentration 1:42 Real investors with 30%+ in just a few stocks 3:00 “I only own Apple”—the emotional traps of stock picking 5:02 Washington Mutual: faith in the familiar turns to loss 6:44 The VF Corp disaster and foundations behaving badly 8:43 No one rings a bell before your stock collapses 9:49 Stock picking risks: underperformance and default 10:22 Don’s infamous four-stock “diversified” portfolio (spoiler: zeroed out) 11:48 Emotional attachment to companies vs. logic 12:27 Top justifications for owning individual stocks—and why they’re bogus 13:40 “It’s money I can afford to lose” (No, it’s not.) 14:51 Owning your own business ≠ owning a stock 15:20 Risk in entrepreneurship is different—but still real 16:18 Listener question: Pay cash or borrow to buy a high-return business asset? 18:02 Don and Tom strongly favor using business cash over loans 19:11 Why even 40% returns are no guarantee 20:39 Hummingbirds evolve to match human feeders (seriously!) 21:34 Listener Q: Convert old 401(k) from Mutual of America to Roth IRA? 23:20 Why you should probably roll that 401(k) out—fast 23:33 Joke time: The silent P in pterodactyl 24:32 Don’s mental age… remains in the single digits Learn more about your ad choices. Visit megaphone.fm/adchoices

Tom and Roxy dive into listener questions with sharp advice and sharper metaphors—like why a 1,000-point drop in the Dow is more like a slight temperature dip than a financial catastrophe. They cover smart asset location (where to put what), consolidation tips for retirement accounts, the often-overlooked costs of rental real estate, and the emotional tug-of-war between risk tolerance and capacity as retirement nears. Plus: a gentle roast of Robert Kiyosaki, a Parisian travel tip, and a few digs at over-diversified portfolios. 0:05 Tom’s intro rant: fear headlines and market timing 1:39 Denominator blindness: why scary drops sound worse than they are 2:52 2.4% drop = sweater weather, not financial panic 3:55 Listener Q1 (Jeff): Where to hold stocks vs. bonds—taxable vs. IRA 4:17 Asset location strategy: not just S&P and short-term bonds 5:35 Duration, muni bonds, and why not all income is equal 6:24 One custodian, fewer accounts: simplify to win 7:41 Start with overall allocation, not tax location 9:16 Managing drawdowns, RMDs, and legacy with tax planning 10:54 Listener Q2 (Jason): Should I just let my equities grow? 11:40 Risk capacity vs. risk tolerance: don’t drive 90 if 65 gets you there 13:08 Why 90/10 in retirement rarely makes sense 14:27 Distributions and downturns: another case for bonds 15:28 Listener Q3 (Justin): Real estate vs. market income 16:22 Landlord reality check: equity ≠ cash flow 17:47 The tax myths of rental income vs. investments 19:40 How investors really generate income (total return strategy) 21:01 Time to develop a real estate exit plan? 21:38 Final thoughts, free reviews, and Roxy’s Parisian wisdom Learn more about your ad choices. Visit megaphone.fm/adchoices

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

Don and Tom dig into America’s $1.7 trillion in forgotten retirement accounts—29 million of them! They walk listeners through how to search for their own missing funds and share their own finds (or lack thereof). They answer questions about where to park $100K in short-term savings, when (or if) to convert to a Roth in your 70s, the pros and cons of ETFs versus mutual funds in taxable accounts, and the murky territory of backdoor Roth timing and the pro-rata rule. A listener also calls in with praise—and a gentle challenge—to donate or support the show, leading to reflections on how to really help Talking Real Money thrive. 0:05 Welcome back—same truth, new week: invest simply, diversify, and stop overthinking 1:24 Financial complexity is mostly unnecessary—simple portfolios work best 2:37 Listeners have lost $1.7 trillion in forgotten 401(k)s—here’s how to find yours 4:34 Don checks the retirement lost & found—comes up empty 6:33 Tom finds $29 from Starbucks—through a different database 7:36 Sites to check: National Registry, Lost & Found DB, MissingMoney.com 9:15 Caller Alan: What should I do with $100K in liquid, short-term funds? 11:30 Don’s “Three Easy Pieces” ladder strategy: savings + 1-year + 2-year CDs 14:13 Alan’s happy—Bread Savings gets a shout-out 15:43 Talking Real Money Friday Q&A is the listener favorite 17:00 Caller Joel: Should I switch my Vanguard mutual funds to ETFs? 19:14 Yes—especially in taxable accounts, for better tax efficiency 20:44 Caller Sue: At 77, is it too late to convert $100K from IRA to Roth? 27:05 Probably not worth it—tax impact likely the same or worse 29:51 Rethinking retirement tax math—it’s not “your” money until it’s taxed 33:19 Don checks reviews—guess who’s back with a grudge? 33:49 Caller Ray: Can I move IRA to 457 to avoid pro-rata on backdoor Roth? 36:40 Caller Jim: Mom’s advisor switched to LPL—should I worry? 38:59 Jim’s suggestion: listeners donate to a favorite charity in TRM’s name 40:04 Victory Capital funds: Don’s not a fan of their approach 42:41 Why broad diversification beats thematic ETFs with 100 holdings 44:12 Wrap-up: Where to listen, how to submit questions, and why reviews matter Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom salute high-schoolers who tackled the National Personal Finance Challenge, then test listeners (and each other) with the same nine-question quiz—covering basics like principal vs. balance, Roth RMD rules, CDs, vesting, inflation risk, callable bonds, and limit orders. Call-in segments dig into real-world money puzzles: whether to sink home-sale proceeds into a new mortgage at today’s 7 % rates, how (and whether) to value a military pension, rolling a TSP, and a head-scratcher about wildly swinging “management” fees inside a Fidelity IRA. A quick detour touches on Don’s upcoming birthday before they wrap with practical takeaways: know your income gap first, keep fees transparent, and remember—it’s “losing money safely” if cash just languishes. 0:04 Why everyone needs a working knowledge of money 1:22 National Personal Finance Challenge shout-out & why only 0.1 % of high-schoolers compete 2:04 Quiz Q1 — defining principal 4:01 Quiz Q2 — Roth vs. traditional IRA RMD rules 5:10 Invitation for listeners to tackle the quiz live on air 7:38 Quiz Q4 — why CDs pay more (funds locked for a term) 8:57 Quiz Q5 — what “vesting” really means 9:59 Quiz Q7 — parking cash in a sock = inflation risk 12:33 Quiz Q8 — callable bonds explained 13:51 Caller Hillary — use equity to pay down a 7 % mortgage or invest instead? 16:33 Liquidity vs. rate trade-off and psychological comfort of a lower payment 18:43 Model-airplane museum banter & show phone line reminder 20:46 Caller Justin — valuing a pension and TSP rollover strategy 23:45 Start with income needs, then size savings; why keeping TSP is fine if it’s your only IRA 28:13 Caller John — Fidelity “management fee” swings; how to pin your advisor down 33:25 Caller Will — cosmic birthday musings & the age of the universe 36:51 Quiz Q9 — limit orders, and Tom flunks Series 7 trivia 40:35 How few teens get real money education & resources to close the gap Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom explore the evolution, promise, and pitfalls of Exchange-Traded Funds (ETFs). While ETFs have become the dominant investment vehicle, boasting $8 trillion in assets and more than 4,000 choices, the duo cautions against the “novelty trap” that lures investors into trendy, high-cost, low-diversification funds. They advocate sticking with time-tested providers like Vanguard, Schwab, and Avantis, and urge listeners to focus on strategy over hype. The episode also covers listener questions on Facet Wealth’s alternative investments and Roth IRA income limits, ending with a light jab at Portland’s real estate collapse and Don’s growing jet lag. 0:04 Opening banter and the rise of ETFs as mutual fund successors 1:28 ETF history from SPY to the $8 trillion juggernaut 2:21 Why ETFs caught on: low cost, tax efficiency, index focus 3:45 When Wall Street noticed: strategic beta and rule-based funds emerge 4:59 The novelty problem: gimmicky single-stock and crypto ETFs 6:57 How to filter the 4,000 ETFs to a trustworthy handful 7:34 Which fund families to consider—and which to avoid 8:58 Active vs. passive: the murky middle and the “passively active” dilemma 10:01 Conflicts of interest in ETF endorsements and advertising bias 11:19 ETF investing principles: keep it simple, diversified, and strategic 12:09 Why the industry lumps Dimensional and Avantis with active managers 14:09 Brief detour into Austin, Silicon Valley, and Portland real estate 15:22 Final ETF takeaway: old, boring, and proven beats shiny and new 17:01 Listener Q1: Is Facet Wealth’s alternative income strategy a red flag? 22:01 Listener Q2: Roth IRA income limits, backdoor Roths, and best next moves Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode, Don answers a wide range of listener questions, covering everything from market timing behavior and condo pitfalls to portfolio simplification and strategic debt repayment. He offers heartfelt financial guidance with his usual mix of candor and compassion—including a personal confession about his own Social Security decision. Plus, he pleads (just a little) for positive Apple Podcast reviews to combat the crypto bros and insurance hawks. 0:04 Friday Q&A intro and how to submit voice questions 1:40 What do market-timing traders actually do with their cash during volatility? 4:25 Are condos and co-ops really “the devil”? Why Don’s skeptical 9:46 Listener shares Don sparked his investing journey in the ‘90s 11:15 Should a friend drop her advisor for a robo-platform—or go DIY with VT/BND? 17:32 Why Don prefers AVGE over VTI for broader, smarter diversification 18:15 Tiny differences in fees can mean big long-term results 18:58 Active-duty military caller: Should I pay off debt using savings and ditch whole life? 24:08 Listener nearing 70: Should I freeze my Social Security or just enjoy it now? 26:46 Don’s honest confession about his own SS filing decision 27:52 Why good reviews matter (and how to fight the crypto/insurance trolls) 29:43 Call live on Saturdays while Tom vacations… again Learn more about your ad choices. Visit megaphone.fm/adchoices

A chaotic day leads Don into a deep (and entertaining) dive into the futility of market timing, spurred by a recent Morningstar article on Pacer’s Trendpilot ETF. Don and Tom break down the mechanics of the fund’s strategy, its underperformance compared to a simple 60/40 portfolio, and the long-term cost of trying to avoid downturns. Listener questions bring up diversification, Roth IRAs, and the eternal struggle with ticker symbols. Plus, a special heads-up for federal employees about an upcoming webinar. And yes, kilt ventilation is discussed. 0:04 “It never rains but it pours” rant, helicopters, kilts, and chaos 2:02 Welcome and the evolution from market timing believers to skeptics 3:13 Trendpilot ETF’s moving average strategy explained (kind of) 5:45 Morningstar says: strategy failed, underperformed S&P by 5% annually 6:58 97-year 60/40 portfolio beats Trendpilot in return and volatility 8:32 2020 example: Trendpilot missed the 38% rebound—ouch 9:59 Why market timing fails most investors over time 11:05 Loss aversion vs. long-term strategy with fixed income 13:08 Trendpilot’s $3.3B in AUM—but it still doesn’t justify market timing 14:23 Listener mail: VTEB vs VTBE, Series 65 textbook gems, diversification 18:26 How much in a single stock? Almost none 19:10 Roth IRA allocation question—AVUS, DFIV, AVUV, and maybe just AVGE 22:24 One-fund to rule them all: AVGE breaks it down across 15 funds 24:11 Federal employee webinar pitch – June 7 at appellowealth.com 25:39 Wrapping up with call-in info, dreams about forgetting the phone number, and kilts (again) Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom unpack Morningstar’s latest “5 of the Best” investing methods, praising the simplicity of balanced and target-date funds but warning against high-fee versions. They emphasize that no portfolio fits everyone and push for low-cost index solutions. Listeners call in with 401k rollover questions and political discomfort around financial firms—sparking a candid, occasionally funny chat about ethics, emotions, and retirement realities. The episode wraps with a challenge to fix Social Security and a request for more five-star Apple Podcast reviews before Don dies on the mic. 1:07 Morningstar’s ‘5 of the Best’ investing methods reviewed 1:48 Balanced funds and target-date funds: pros and cautions 2:48 Three-fund and custom-fit portfolios discussed 4:08 Critique of Morningstar’s recommended balanced funds 6:19 Expense ratios of target-date funds and better alternatives 7:17 Morningstar’s risky allocation advice near retirement 9:17 Why one-size-fits-all portfolios don’t work 10:14 Caller Sally: Should we move from T. Rowe Price 401k? 12:56 T. Rowe Price vs. Vanguard fee comparison 14:03 How to roll over a 401k into an IRA 17:39 Custom portfolios vs. simplicity and human behavior 21:42 Caller Lynn: Political discomfort with Schwab as custodian 26:26 Keeping an advisor despite ideological concerns 28:38 Raising the retirement age: Denmark vs. U.S. 32:48 Fixing Social Security: remove the wage cap 35:29 Listener reviews, crypto hate, and ETF conspiracy theories Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom reluctantly return to the topic of Bitcoin, using its recent price spike to explore deeper questions about market efficiency, irrational investor behavior, and the legitimacy of crypto as an investment. With nods to Eugene Fama, Cliff Asness, and some well-aimed skepticism, the duo debates whether price reflects value or just hype. Alongside listener calls from California, Canada, and North Carolina, they address portfolio allocation, pension rollover strategies, and even debunk gold’s glitter as a bond replacement—punctuated by a truly explosive segment on “FartCoin.” Yes, really. 0:56 Tom and Don reluctantly dive into Bitcoin and crypto’s price spike 1:37 Are crypto markets truly efficient? Academia vs. reality 2:44 Price goes up because price went up? Questioning efficient market theory 4:17 Cliff Asness on how social media distorts collective investment judgment 6:23 Don restates the three ways to make money: work, luck, dishonesty 6:50 Harvard-style debate: Can markets be truly efficient? 8:24 Rational ignorance and emotional investing behavior 9:36 Fama says Bitcoin will go to zero within a decade 10:30 Dogecoin and meme coins: speculative absurdity vs. real purpose 12:06 Investment principles: Diversify, plan, ignore hype 13:51 Tom and Don are ‘contrary indicators’—Bitcoin jokes ensue 14:14 Call: Clinton in CA asks where to put pension payments he doesn’t need yet 16:13 Investment advice for 5-year+ horizon: high yield/cash/bond/stock mix 17:48 Tom’s wife builds a wheelbarrow, financial education “nonprofit” mailer 19:11 Crypto joke segment: FartCoin rises to $3.50… and the bad puns begin 22:02 Call: Jeff from Canada on gold returns vs. bond stability 24:24 Should gold be part of a diversified portfolio? Historical returns debunked 28:39 Gold bar nostalgia vs. investment logic 29:58 TRM T-shirt giveaway and gold vs. bonds as ‘cool’ vs. smart 31:30 Call: Zach in NC—Should he roll old 401(k) into state pension plan? 33:10 Breakdown of NC pension plan fund options and a 90/10 allocation strategy 36:03 Don signs up for a “non-sales” financial education class by an unlicensed guy 37:50 Red flags: financial advisor not registered anywhere, mystery deepens Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into a new study showing the average investor spends just six minutes researching a stock—most of it just watching the price move. From gut feelings to hometown bias, they unpack why individual stock picking is often driven by emotion, not logic. Along the way, they skewer myths about control, tax efficiency, and the Warren Buffett fantasy. Listener questions cover Roth 401k rollovers, Roth conversion timing, and Fidelity’s commingled active target-date funds—and why none of them beat a good portfolio of low-cost ETFs. 0:04 Stock picking takes 6 minutes, says NYU study 1:09 Why people pick stocks without research 1:56 Risk analysis ignored by most investors 2:57 The illusion of gut instinct investing 4:22 Beating the market is harder than it looks 5:44 The fantasy of picking only “good” stocks 7:10 The control myth and cost of stock picking 8:29 Buffett’s process vs. your fantasy 9:53 The illusion of control and tax myths 10:58 What real diversification means 12:11 You’re wasting time, not just money 13:11 Emotion makes individual stock picking harder 13:59 Familiarity bias in hometown investing 15:21 Listener Q1: Roth 401k rollover planning 16:27 How many ETFs should a multimillion Roth have? 17:59 Get fiduciary help or risk being sold garbage 18:21 Listener Q2: Roth conversion tax trap 20:17 RMDs aren’t the enemy—bad Roth math is 20:29 Listener Q3: Fidelity commingled target-date fund 21:35 Why active target funds fail investors 22:07 Better option: Three low-cost ETFs instead Learn more about your ad choices. Visit megaphone.fm/adchoices

Don fields a fresh batch of listener questions in this all-audio edition. A longtime fan asks whether a municipal bond ETF (VTEB) is a smarter place than a money market fund for short-term cash—Don explains why liquidity and risk matter more than yield. Another listener wants help navigating how much cash retirees should keep and when to use it—Don breaks it into two simple buckets: one for living, one for emergencies. A third caller gets a red flag for being pitched Cliffwater’s CCLFX fund by a so-called fiduciary. Don pulls no punches on high-fee, opaque, risky private lending funds—and questions the advisor’s motivations. Later, a listener asks about Vanguard’s old-school actively managed funds like Wellington and PrimeCap, and whether they still have a place in a modern index-based portfolio. And finally, a TIPS investor wonders if he’s overcommitted to inflation protection. Spoiler: maybe. Don wraps by reflecting on 40 years in talk radio and thanking the show’s loyal, growing audience. 0:10 Don introduces the many ways listeners can submit questions 2:21 Q1: SPAXX vs. VTEB for short-term savings—liquidity vs. yield 5:34 Why money market wins for money needed within 2–3 years 6:27 Q2: How much cash should retirees keep—and when to use it? 7:25 Retirement cash strategy: living cash vs. true emergencies 9:31 Q3: Advisor recommends Cliffwater CCLFX—should I worry? 11:01 CCLFX breakdown: 10% yield sounds sexy, but what’s the cost? 13:27 A thousand times the cost of Vanguard bonds—yes, really 15:41 Don: this “fiduciary” isn’t acting in your best interest 17:01 Q4: Do Vanguard’s active funds still belong in a portfolio? 18:18 PrimeCap vs. VTI—higher cost, same return, less diversification 19:56 Active funds are legacy products—and not built for the long game 20:25 Q5: TIPS bonds—smart inflation hedge or overweight risk? 22:48 Equities already provide inflation protection—TIPS should be a slice, not half 24:03 Don reflects on 40 years in talk radio—and thanks loyal listeners Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom roll through Memorial Day weekend with a little heat from the audience, a breakdown of where Americans get their financial advice (hint: it’s not great), and some solid, real-world investing guidance. They take a couple of strong listener calls—one on geopolitical market fear and another from a small business owner unsure how to save for retirement. Plus, Don flaunts a ridiculous cash stash and his new Rodecaster Pro II. Yes, it’s that kind of show. 0:04 Memorial Day weekend caller drought and listener outrage over not using cash 1:10 Don reflects on talk radio, aging, and Colonel Sanders 2:05 Gallup survey reveals where Americans get financial advice—spoiler: it’s not ideal 3:47 Breakdown of advice sources: friends, family, advisors, websites, banks, podcasts 5:23 Tom reads the actual top 10 list from Gallup—cue confusion and math jokes 7:54 Why banks may be the worst place to get financial advice 10:18 Fiduciary fail: Only 1% of advisors always act in your best interest 12:36 Sound effects galore and nobody on the phone—hello, crickets 15:53 Brad finally calls back with fears over Israel-Iran conflict and market moves 21:38 Why gold isn’t a smart hedge, even in global turmoil 23:52 The myth of timing the market, even with breaking geopolitical news 27:02 Mike calls from Lacey to argue that ditching cash detaches us from reality 31:23 Don flexes with $473 in his wallet (and a wife who gives him money) 32:23 Jason the mobile mechanic asks how to save for retirement 34:08 Jason’s stuck with an advisor—but doesn’t know what he’s invested in 36:19 The guys lay out a DIY Roth strategy and recommend ditching the advisor Learn more about your ad choices. Visit megaphone.fm/adchoices