Talking Real Money - Investing Talk

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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