Talking Real Money - Investing Talk

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

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

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

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

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

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

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

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

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

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

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

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

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