In this listener Q&A episode, Don dives into some powerful topics—from calling out the sales-driven heart of the financial services industry to explaining how bond index funds are built and breaking down the tax realities of non-retirement brokerage accounts. A caller wrestles with guilt over a bad annuity recommendation for a dying relative, prompting a raw conversation about the system’s moral middle ground. Don shares his own early days as a product peddler, highlights red flags to look for in firm ADVs, and walks through the Medicare vs. FEHB decision matrix. If you’re seeking peace, clarity, or just a solid tax lesson, this one delivers.

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  0:04  Opening reflection on aging, money, and why this show matters


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  1:17  Reminder to send questions via TalkingRealMoney.com or call live on Saturdays


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  2:38  Listener shares regret over a bad annuity recommendation from a familiar advisor


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  4:02  Don’s early days as a top-tier salesman turned financial “advisor”


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  5:21  Why most advisors aren’t fiduciaries—and why it matters


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  6:29  MarketWatch study reveals only ~1% of advisors are true fiduciaries


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  7:58  Never trust financial advice based on friendship or affinity


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  8:49  Next caller: How are bond index funds weighted?


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  9:15  Explanation: Bond indexes are also market value weighted


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  10:37  Why bond ETFs are mostly U.S. Treasury securities


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  11:34  Should a retired federal employee with FEHB skip Medicare Part B?


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  13:12  Don’s personal Medicare math and “if it ain’t broke…” approach


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  13:41  New CFP asks: What should I look for in a firm’s ADV as a job seeker?


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  15:02  Red flags: Conflicts of interest, broker registrations, insurance licenses


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  17:18  Align your investment beliefs with the firm’s philosophy


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  17:31  Last question: How is a taxable brokerage account taxed?


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  18:42  Explanation of interest, dividends, and potential capital gains


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  20:31  Don reiterates that real help—not a sales pitch—is always the goal

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