Talking Real Money - Investing Talk

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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