Talking Real Money - Investing Talk

Don records this Q&A episode a bit early—right before heart surgery—to make sure listeners don’t miss their Friday dose. He kicks off with a listener confused by a boilerplate $50 foreign stock fee warning on a Fidelity Zero fund (spoiler: it doesn’t apply). Another caller is teetering on the edge of retirement viability with $500K, pensions, and Social Security—Don offers honest thoughts on withdrawal flexibility and why waiting on SSI might be wise. Then comes a takedown of Wealthfront’s direct indexing for small investors (aka “gimmickry”), a nuanced answer about annuitizing a pension vs. taking the lump sum, and finally, a nearly microscopic comparison of IXUS vs. VEU for international exposure. Birds chirp, bells ring, and Don reminds everyone that free help is just a click away 0:05 Early episode recording—Don preps for heart surgery2:07 Fidelity Zero fund confusion over $50 foreign stock disclosure5:40 Can I retire with $500K, two pensions, and a 60/40 Roth portfolio?9:07 Is Wealthfront’s direct indexing portfolio worth it at $20K?12:46 Should I annuitize my pension or take the lump sum?15:30 IXUS vs. VEU for international diversification—does it matter? Learn more about your ad choices. Visit megaphone.fm/adchoices

On this myth-busting episode of Talking Real Money, Don and Tom tackle persistent financial fables that sound logical but often lead investors astray. With help from a Kiplinger list and their own experience, they dissect myths around mortgage payoff returns, Roth conversions, Social Security fears, withdrawal rules, and tax refunds—plus three bonus myths that still haunt conversations today. Along the way, Don shares his own recent experience filing for Social Security online (spoiler: it was surprisingly smooth), and they answer listener questions about muni bond funds and a bizarre Social Security payback tax mix-up. As always, it’s myth-busting with a side of snark and a dash of real advice. 0:04 Myth-busting opener and Greek mythology jokes1:03 Myth #1: Paying off a 5% mortgage equals a 5% return5:14 Myth #2: Roth conversions always reduce taxes7:57 Myth #3: Social Security is going bankrupt13:20 Myth #4: The 4% rule guarantees retirement success17:16 Myth #5: It's better to get a tax refund than owe taxes18:54 Bonus myths: “I can save later,” “Investing is zero-sum,” and “High-cost funds perform better”21:21 Listener question: Social Security payback tax confusion26:42 Listener question: Best muni bond ETF for a high-tax-bracket senior Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariffs, fear, and stockpiling—oh my! Don and Tom break down how consumer sentiment, not just consumer spending, is shifting dramatically under the weight of tariff uncertainty. They connect behavioral shifts—like Googling “recession” and panic-buying tires—to bigger economic signals and what it all means for investors. From the role of emergency savings to the misleading pitch of indexed annuities, they dismantle hype and stress the importance of sticking to a real plan. They also field smart questions on Roth conversions, muni bonds, and whether now is the time to invest that idle cash. Oh, and don’t worry: most of our toilet paper is made right here in the good ol’ USA! 0:11 Consumers drive the economy—and investment returns0:47 Sentiment is slipping fast, and it could trigger a slowdown2:05 “Recession” and “depression” searches spike amid uncertainty3:11 Tariffs shift what we buy: food in, luxury out4:24 What investors should do now: boost emergency savings7:22 Auto stockpiling and tariff-fueled panic buying8:50 Prices rising, brand loyalty falling, and psychology shifting10:27 Volatility confuses perception—despite flat portfolio returns12:16 Emergency funds are real insurance without the gimmicks14:14 Spry 102-year-olds and the power of Bulgarian yogurt17:47 Best muni bond fund choice for high tax brackets: VTEB20:31 Can’t milk a Buckeye, but they might ward off arthritis22:52 Roth conversions: should you pay the tax now or wait?28:57 Indexed annuities: steak dinners, sales tricks, and the ugly truth34:16 Why the commissions are so high—and the returns so low37:55 Got cash on the sidelines? Here's what to do before investing39:27 Final advice: plan first, invest later, ignore the noise Learn more about your ad choices. Visit megaphone.fm/adchoices

Our memories—and sometimes our parents'—shape how we invest, often more than logic or data. Don and Tom break down how generational financial trauma, recent market trends, and asset class myths (like gold and U.S.-only investing) skew our thinking. They call out flawed stock picking contests, revisit the real long-term returns on gold versus stocks, and explain why short-term memory leads to bad long-term decisions. Listener questions hit everything from where to park house savings to bond fund risks, rebalancing strategies, and simplifying retirement saving using the TSP. Oh, and yes, the laundry room podcast myth lives on, and the Fyre Festival somehow still smolders in the background. 0:04 Don and Tom settle into the show—studio quirks, mic levels, and inviting questions 0:52 How memory bias—from the Great Depression to dot-com boom—influences investment behavior 2:07 Family stories from the Depression era and why stock picking games teach the wrong lesson 2:54 Why investors wrongly believe growth stocks always beat value—thanks to recent performance 5:20 Myths about market trends: U.S. dominance, buy-the-dip thinking, and time horizon confusion 7:46 Gold mania: Recent price surge vs. long-term returns—spoiler, stocks win 9:58 Long-term perspective: $10k in 1980—Gold vs. Treasuries vs. Global portfolio 10:28 Listener: Where to park house construction funds short-term—ETFs vs. money markets 13:30 Why those new ultra-short ETFs may be a trap 15:17 Listener: Should I buy callable bonds with 6% yields? And what’s with PIMCO’s “14%”? 17:36 Risks of leveraged bond funds like PDI—why they don’t belong in a stable portfolio 19:46 Listener: How often should I rebalance in a 401(k)? 23:12 Listener in Albuquerque: Should I go all-in on the C Fund for simplicity? 25:39 Roth vs. TSP—what matters more: today’s tax rate or the future’s unknowns? 27:33 Future goals: quarterly travel in retirement and pizza roof update 28:22 Investing in “brands” like Fyre Festival—don’t 32:30 $63 offer for the Fyre trademark, and a plug for free fiduciary advice Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into the seductive but dangerous world of leverage, starting with real estate and quickly moving into the even riskier territory of leveraged ETFs. They explain how leverage magnifies both gains and devastating losses, using real-world examples like the Direction 3X Treasury Bull and Bear funds, which either crushed or annihilated investor money. They caution listeners that these “extra touchy” funds are pure speculation, not investing, and explain why most people should stay far away. The episode wraps with smart listener questions on direct indexing, Roth rollovers, and the hidden risks in trying to beat the market on your own. 0:04 How leverage props up real estate and investing myths 1:32 The dark side: Leveraged funds and massive losses 2:49 Triple leverage dangers: 90% losses vs. 266% gains 5:38 Long-term performance: both leveraged bulls and bears lose 7:52 Even treasuries show wild volatility with leverage 9:57 Why leveraged funds are pure speculation, not investing 11:44 Risk explained through standard deviation comparisons 14:16 Listener question: Direct indexing vs. S&P 500 returns 17:44 Listener question: Roth 401k rollover to Roth IRA tips Learn more about your ad choices. Visit megaphone.fm/adchoices

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. 0:04 Opening reflection on aging, money, and why this show matters 1:17 Reminder to send questions via TalkingRealMoney.com or call live on Saturdays 2:38 Listener shares regret over a bad annuity recommendation from a familiar advisor 4:02 Don’s early days as a top-tier salesman turned financial “advisor” 5:21 Why most advisors aren’t fiduciaries—and why it matters 6:29 MarketWatch study reveals only ~1% of advisors are true fiduciaries 7:58 Never trust financial advice based on friendship or affinity 8:49 Next caller: How are bond index funds weighted? 9:15 Explanation: Bond indexes are also market value weighted 10:37 Why bond ETFs are mostly U.S. Treasury securities 11:34 Should a retired federal employee with FEHB skip Medicare Part B? 13:12 Don’s personal Medicare math and “if it ain’t broke…” approach 13:41 New CFP asks: What should I look for in a firm’s ADV as a job seeker? 15:02 Red flags: Conflicts of interest, broker registrations, insurance licenses 17:18 Align your investment beliefs with the firm’s philosophy 17:31 Last question: How is a taxable brokerage account taxed? 18:42 Explanation of interest, dividends, and potential capital gains 20:31 Don reiterates that real help—not a sales pitch—is always the goal Learn more about your ad choices. Visit megaphone.fm/adchoices

Gold is back in the headlines, but should it be in your portfolio? Don and Tom take a fresh (and frequently hilarious) look at the shiny metal that never seems to deliver. From Fort Knox to Costco’s gold bar rush, they trace gold’s lackluster long-term returns and its overhyped reputation as a hedge. They break down why physical gold fails as an investment, why GLD is better (but still meh), and why long-term investors might already have enough exposure through diversified funds. Plus: a Medicare premium surprise fix, the case of the copper penny, and a brief but loud murder of crows. 0:04 Gilded White House jokes lead into a serious look at gold 1:00 Don and Tom reunite—same page, same side, same skepticism on gold 1:57 Yahoo Finance: gold’s biggest quarter since 1986 2:34 Gold’s ancient history and the Second Boer War detour 3:48 What’s a hedge, really? Gold vs. inflation 4:21 15-year performance: gold vs. S&P 500 5:40 1980 to 2024: gold’s long climb back to break even 7:10 110 years of gold prices—brief spikes, long plateaus 8:54 The emotional allure of physical gold (and why it’s irrational) 9:44 Physical gold: storage, insurance, and Armageddon prep 11:10 GLD: a better, but still limited, gold investment 12:49 Gold’s chart pattern: flat, spike, crash, repeat 13:26 Why gold isn’t a real investment—it doesn’t grow 14:16 Gold mining stocks as an indirect investment 15:02 Surprise! Taiwan Semi uses gold in chip production 15:34 Crypto vs. gold: at least gold is pretty 16:07 Atomic number nerdiness and family science failures 16:39 Q&A: Will one-year income spike raise Part B premiums? 18:06 IRMAA form and exceptions for life-changing events 20:02 Medicare Part B premium ranges and adjustments 21:10 Listener Perry wonders: if pennies go away, can we melt them? 22:34 Today's pennies: mostly zinc, not a copper mine in your jar 23:56 Will the penny ever die? Bureaucratic inertia says no 24:14 DIY penny production? Just don’t. 25:16 Podcast etymology: Apple vs. The Guardian debate 26:51 Outro chaos: crows, jokes, and how to ask your questions Learn more about your ad choices. Visit megaphone.fm/adchoices

When markets get bumpy, emotions take the wheel—and that’s exactly why Don spends this solo episode reminding listeners that logic, evidence, and simplicity still win in the long run. He digs into why private investments aren't the magic they claim to be (even when Vanguard jumps in), why diversification still beats sexy strategies, and how the best “alternative” to bad investing is simply building a solid plan and sticking to it. Listener calls explore structured products, the Sharpe ratio, reverse mortgages, and how to spot a real fiduciary in the wild. 0:04 Money mistakes, solo hosting, and listener calls 1:17 Market volatility and emotional reactions 2:07 Logic and evidence beat financial “magic” 3:11 Vanguard’s alt fund and private asset hype 4:28 Private equity: opaque pricing, no liquidity 6:16 High-cost alternatives underdeliver 7:41 Vanguard alt fund: high fees, weak returns 9:13 Caller: staying long-term with S&P 500 10:20 Don: diversify beyond S&P with VT 11:30 Sharpe ratio explained; structured product skepticism 13:08 Structured notes: high fees, poor transparency 15:00 Fama quote: Few new ideas ever work 16:03 Caller: What does Berkshire Hathaway actually do? 17:23 Buffett builds value—why you can’t replicate it 20:08 You already own Berkshire in index funds 21:37 Caller: does currency manipulation matter? 23:32 Short answer: not really 25:45 Ignore most financial news—it’s just noise 27:22 Don flying solo this week 27:57 Caller: how to find a real fiduciary 31:16 Why Don doesn’t do meetings, and where to get help 36:12 Caller: reverse mortgages and property financing 39:55 Trusts and protecting assets—call a lawyer Learn more about your ad choices. Visit megaphone.fm/adchoices

Don flies solo on this episode of Talking Real Money, fielding calls and calling out the nonsense in fancy investment gimmicks. From market-neutral funds to buffered ETFs, he lays out the case for simplicity, diversification, and discipline over complexity and high fees. Along the way, he compares real-world returns of flashy funds to the humble Vanguard Balanced Index, explains the math behind risk and reward, and gently teases listeners dabbling in covered calls and premium farming. With real estate worries, Schwab steak dinners, and Tesla bulls turned cautious, this episode is classic Don: blunt, funny, and laser-focused on keeping it real… money. 0:04 Friendly welcome and a call for co-hosting help as Don flies solo 1:16 Call-in number shared, and Don apologizes for occasionally sounding political 3:01 Markets are volatile—skip the politics, let’s talk practical moves 3:59 Media fear-mongering and the pitch for “alternatives” 5:13 Barron's & WSJ pitch fancy stuff—Don calls it gimmickry 7:15 Long-term market history shows why patience wins 8:54 The Campbell Systematic Macro Fund vs Vanguard Balanced Index 11:20 Comparing performance, risk, and costs—spoiler: Vanguard wins 12:45 Complexity benefits salespeople, not investors 13:33 Jim from Tacoma asks about “buffered ETFs” 14:02 Don explains buffered ETFs, costs, and gimmick risk 16:23 The danger of complex products with little upside 17:41 Expense ratios and risk in buffered funds vs Vanguard again 19:34 Greg from Florida gets pitched “Schwab Personalized Indexing” over grouper 22:15 Direct indexing: useful, but only for big portfolios 23:20 Planning is more powerful than piecemeal strategies 25:58 High costs, tax strategies, and why a real plan matters 28:00 Laura in Olympia asks about selling her home to retire 29:24 Market timing fears and the power of diversification 30:59 Passive income myth and the burden of managing property 31:56 Adjusting risk with age and leaning on fiduciary advice 33:14 Real estate market is strong—Don gives Laura confidence 34:34 Jason from Sammamish—the “Tesla Bull”—asks about premium farming 36:01 Writing covered calls to buy into VONG—Don offers cautious perspective 37:51 Don’s stockbroker days and every strategy eventually failing 39:09 Covered calls as fun, not a serious strategy—Don doesn’t want copycats 39:52 Don signs off with a reminder: invest simply, plan wisely, and stop guessing Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don McDonald and Tom Cock discuss practical strategies for navigating recessions without panic or unnecessary market timing. They critique the constant, fear-driven speculation around economic downturns and emphasize maintaining a disciplined, long-term approach. Highlighting actual investor behavior from Dalbar studies, they explain why market timing almost always results in poorer returns. Tom humorously criticizes aggressive pickup truck drivers and touches on avoiding common recession-investing mistakes, advocating instead for careful asset allocation, understanding emotional risk tolerance, and maintaining a sensible emergency fund. Listener questions prompt discussions on treasury ladders versus bond funds, the impact of expense ratios, and effective short-term cash management. 0:10 Surviving and thriving during recessions 0:26 Probability of recession discussions 1:04 Don criticizes recession scare tactics 1:46 Humorous digression about pickup trucks 2:49 Audience wants solutions, not problems 3:48 Avoiding common recession investing mistakes 4:39 Wall Street Journal example of market timing errors 5:29 Importance of emergency cash for retirees 6:04 Risk versus loss in investing 6:28 Understanding emotional risk tolerance 8:01 Critique of Wall Street's short-term focus 8:36 Long-term investing approach regardless of recession 9:01 Dalbar study reveals poor market-timing results 10:51 Long-term Dalbar investor returns vs. market returns 13:09 Humorous tangent on global population 13:44 Listener questions segment begins 14:33 Discussing asset allocation and bond fund concerns 16:18 Bond ladder vs. bond fund debate 17:20 Examining long-term bond fund returns 18:09 Benefits and drawbacks of bond funds 19:28 Comparing money market fund options (DTAXX) 21:06 Expense ratios significantly impact returns Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom explore the role of risk, resilience, and rational investing as they tackle stock market uncertainty, Roth conversion confusion, and Robinhood’s attempt to lure new users. They mix in practical advice with plenty of caller questions—plus a detour into air-dried laundry, social media skepticism, and an appreciation for the film Tune Out the Noise. It's Talking Real Money in its purest form: smart, skeptical, and occasionally funny. 0:04 Intro: Making money more understandable 1:09 Tom’s tech issues and growing role of the stock market 2:11 When you should sell stocks in retirement 3:31 Risk capacity vs risk tolerance explained 5:14 Funny promo: Financial Flinch Reflex (FFR) 6:32 Stock market participation then vs now 7:04 Caller: Gratitude for 'Tune Out the Noise' documentary 8:16 The real goal of the show: Tuning out the noise 10:45 Caller Paul on clothesline nostalgia and laundry talk 13:05 Documentary's backstory, David Booth’s art & Dimensional’s origins 14:30 Why market timing makes you crazy and poor 15:57 Caller Tom sees a Facebook Roth ad—what gives? 17:46 Breaking down legitimate Roth conversion strategies 19:31 Don’s rant on Facebook, Tom’s retreat to LinkedIn 20:39 Caller Roger: Can you convert RMDs into Roth? (Spoiler: no) 21:37 Clarifying RMDs vs Roth conversions—rules & misunderstandings 24:14 Direct 401(k) to Roth IRA conversion—confirmed 25:59 Q: Why add bonds if you're 20 years from retirement? 28:03 How real people react to 50% portfolio drops 29:16 The truth about emotional investing and loss tolerance 31:08 Why Robinhood’s "free money" comes at a cost 32:56 Custodians vs Gamifiers: Schwab, Fidelity, and the Robinhood trap Learn more about your ad choices. Visit megaphone.fm/adchoices

Wild market swings, political chaos, and investor confusion set the stage for this episode. Don and Tom break down the emotional impact of volatility, the myths of market timing, and the wisdom in sticking to long-term plans. With insights from Jason Zweig and some smart listener Q&A, they remind us that discipline—not prediction—is what builds wealth, even in uncertain times. 0:01 Intro with the 'interesting times' curse and the current market confusion 0:48 S&P 500 drops 10.5% in two days, bounces back 9.5%—market whiplash 1:33 How volatility overloads the brain and leads to bad decisions 2:28 Few people understand tariffs—uncertainty drives market instability 3:24 The idea of the market as a fourth branch of government 3:38 Why owning stocks long-term still makes sense 5:03 Investor panic: emotional decisions vs. rational plans 6:27 Jason Zweig's four questions for investors—clarity through chaos 8:13 Why you own stocks: not trade stability, but long-term growth 9:08 What's changed? Trust, tariffs, and long-term resilience 10:27 You earn the premium by enduring market fear 10:31 The emotional trap of anchoring and chasing returns 11:44 The fantasy of upside-only investing—and the danger of chasing it 13:04 Caller Jeff: Should I dollar-cost into ETFs or sell and buy all at once? 14:27 Advice: In a retirement account, just make the shift—it’s lateral 16:04 Caller Bill: Accidental portfolio drift and how to rebalance to 50/50 19:05 Simple ETF plan vs. target-date funds for retiring investors 20:37 Caller Joe: Real estate success and why stocks aren’t for everyone 27:09 The overlooked danger of foreign countries selling U.S. debt 30:24 Bond prices, interest rates, and currency impacts explained 32:04 U.S. credit rating vs. the world—and why diversification still matters 33:28 Tariff risks, political uncertainty, and long-term investing perspective 35:25 If you’ve invested right, you don’t need to react 39:04 Tom’s "work trip" vacation and Don flying solo next week Learn more about your ad choices. Visit megaphone.fm/adchoices

In this classic swirl of candor, humor, and financial sense, Don and Tom tackle the human habit of financial foolishness—from betting big on speculative ETFs to ignoring global diversification. They call out the irony of investment products like ELON, roast the current state of the Motley Fool, and offer real-world perspective on international investing, market timing myths, and retirement portfolio design. They even sprinkle in a few thesaurus gems for good measure. 0:04 Welcome and warning: this episode is full of tangents, tomfoolery, and truth 0:48 Netflix documentary detour: why are people (and investors) so dumb? 2:01 International investing: why people ignore it and why that’s… dumb 3:49 U.S. vs international returns in early 2025—surprise! It’s not all about the S&P 5:16 Market irony and the value of global diversification 6:09 A disappointing turn from The Motley Fool (and a very public grudge) 6:59 Enter the ELON ETF—double Tesla, short Ford, and down 64% 9:41 What happens when leverage meets marketing in the worst way 11:10 A $750K fund that made… $675 in fees. Yep. 11:57 Foolish investor behaviors: feelings ≠ foresight 13:37 The (simple) path to real investing: low-cost, tax-efficient, diversified portfolios 14:28 Punchline investing: don’t be a dunce—be global, be patient 15:52 Listener Q: Is my mix of S&P 500, TDFs, and Roth diversification enough? 17:26 Portfolio allocation advice: stock/bond mix first, account strategy second 19:28 Suggestion: get a professional plan before retirement 20:00 Buffered ETFs: what they are, why they’re pricey, and why they disappoint 23:22 Returns reality check: buffered funds vs plain S&P 500 24:47 The big lie of hedged products—"all the upside, none of the risk" 25:19 Wrapping up with more Q&A, grandkids, and international call jokes 29:33 Tom’s latest investment: soccer team ownership (yes, really) Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s a full-on Q&A Friday as Don tackles listener questions on account consolidation, fund choices, proper bond allocation, and portfolio construction. From dissecting the merits of AVGE vs. DFAW vs. VT+AVUV, to helping federal employees estimate how much to save, and even clearing up confusion about average returns—this episode is a masterclass in real-world investing for every phase of life. Whether you’re building your portfolio, nearing retirement, or just trying to clean up a financial mishmash, there’s clarity here. Oh, and snark-free math explanations, too. 1:36 First caller: Accumulation phase advice—Fidelity vs. AVGE vs. Vanguard 3:15 Follow-up: Retirement accounts, target date funds, and cleaning up a messy portfolio 5:06 Safe Harbor 401k rules explained 5:53 Deep dive into 401k fund options—why some funds may not be ideal 7:43 Old TSP account—combine or leave it? 9:34 Caller: How to start adding bonds after years of 100% stocks 10:43 Two strategies for shifting into bonds slowly and smartly 11:42 Listener from Texas asks: How is average return actually calculated? 12:44 Why averages are simple math, not magic 14:13 Caller: TSP investor wants to grow $114k to $500k in 10 years—what it’ll take 15:55 Fidelity Roth IRA options: AVGE vs. DFAW vs. VT + AVUV tilt 17:40 Pros and cons of each fund setup—risk, fees, and portfolio simplicity Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into how to properly build a diversified portfolio, using a listener question about Paul Merriman’s “Four Fund Portfolio” as a launch point. They explore the essentials of asset allocation, including U.S. vs. international exposure, large vs. small cap, and value vs. growth, while comparing Merriman’s approach to models from DFA and Avantis. Along the way, they bust myths around Social Security, early retirement, and the tax implications of tweaking existing portfolios. As always, a few detours into Mayberry and Chick-fil-A make the ride more entertaining. 0:04 Listener questions fuel today's deep dive into proper portfolio design 0:50 The basic building blocks: stocks and bonds, plus deeper diversification 1:57 Financial literacy fail: is a stock or a mutual fund safer? 2:43 Listener question: what about Paul Merriman’s “Four Fund Portfolio”? 4:01 U.S. large vs. small, value vs. blend—and why emerging markets matter 6:50 Paul's long-term results: 12.1% annualized since 1970 with higher volatility 8:07 Comparing allocations: DFAW, AVGE, and how Apella does it 9:13 Which funds to use for large cap value, small cap value, and more 11:38 Rebalancing: the hard part most investors ignore 13:10 Summary: yes, Merriman’s model works—and it’s easier than you think 14:13 Retired at 34 with $30M—why early retirees still face emotional challenges 16:15 Social Security and early retirement: COLAs vs. your top 35 earning years 18:10 Listener with $500K in STAR fund: worth selling and buying AVGE? 19:36 Actively managed STAR fund isn’t horrible, but there are better options 21:04 Can I use my Roth IRA for future family needs? (Short answer: probably not) 23:26 Mayberry trivia, candy, and the correct answer to Angela’s Roth question 24:21 Final thoughts, calls for spoken questions, and the exhaustion post-RetireMeet Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode dives deep into the market’s latest mood swing and the potential impact of new tariffs on consumer costs—like the real price of your next iPhone. Don and Tom explain what tariffs are, how they work, and why they’re likely to fuel inflation. Plus, they tackle a range of listener questions, from the risks of fixed-income annuities and rebalancing portfolios, to why bonds (yes, still) deserve a place in your portfolio. And of course, they throw shade at both annuity commissions and self-proclaimed “legendary” market forecasters. Emotional investing? That’s the real danger. 0:04 Opening banter and why this has been “a heck of a money week” 1:01 What exactly is a tariff? And why you’re paying more than you think 4:29 The real cost breakdown of an iPhone—and what tariffs could do to it 6:58 How rising costs could slow down upgrades and hit the tech economy 8:11 Why economists (even at WSJ) are mostly anti-tariff 9:27 Listener question: Did Andrew make a mistake buying a fixed-income annuity? 14:47 The ethics of $45,000 commissions and what you give up with annuities 21:12 What if Andrew had just invested the money instead? 25:48 Listener challenge: Are bonds really worth it if returns lag inflation? 30:23 The real reason to own bonds—and it’s not about return 32:57 SQQQ gamble pays off—should Devin take the money and run? 34:35 Wrapping the week with a reminder: it’s not about guessing, it’s about planning Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Don and Tom address the market’s recent correction—without ever saying the “D-word.” They explain how global diversification cushions the blow, why balanced portfolios aren’t as battered as headlines suggest, and how reacting emotionally is the real danger. They also dive into classic investing mistakes, like stock concentration and chasing headlines, and share guidance on rebalancing thresholds. Listener questions include when to rebalance, how to strategically tap accounts in retirement, and whether it’s time to break up with Edward Jones (spoiler: it is). 0:04 “D-word” banter and market correction intro 1:24 The $5 trillion “missing” from markets—why it’s not doomsday 2:10 Tariffs, uncertainty, and what markets hate most 3:29 Year-to-date performance: S&P 500, total U.S., and global portfolios 4:56 Diversification works—global value stocks still positive 5:14 Media panic vs. reality—why not watching CNBC is a good move 6:11 Real portfolio check-in: diversified and down just 5% 7:36 What to do when the market drops—don’t panic 8:00 “It’s different this time”—but not really 9:35 Risk check: how much are you really taking? 10:43 Concentration risk: why individual stocks and tech are volatile 11:50 Tesla and Apple tank—example of why you diversify 13:45 Expert noise: Bill Gross vs. Ed Yardeni—ignore both 15:54 Market predictions: why you should tune out “legendary” investors 16:31 Jason Zweig’s pyramid of regret—make small, smart moves 18:28 Tariffs aren’t good, but they’re also not the end 20:19 Listener Patty asks: When should I rebalance? (5–10% rule explained) 25:31 Listener Karen asks: Which account should I draw from in retirement? 33:07 Listener Dan asks: Should I still sell stocks and buy ETFs? (Yes.) 35:21 Listener Frank asks: Is it time to stop trading with Edward Jones? (Absolutely.) Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom sound the alarm on a troubling trend: more people are dipping into their 401(k)s for emergencies. While hardship withdrawals are allowed under IRS rules, they come with serious penalties, taxes, and long-term setbacks. The hosts stress the importance of building an emergency fund before maxing out retirement contributions to avoid turning your future into a piggy bank. They also respond to questions about how to find fiduciary advisors and critique a high-yield income portfolio packed with risky, expensive ETFs—offering a reality check on chasing returns without understanding the risks. 0:04 Retirement talk kicks off with 401(k) praise—and a warning 2:08 Hardship withdrawals hit record levels; 5% of participants tapped accounts 3:50 Emergency fund should come before heavy 401(k) contributions 5:25 Auto-enrollment rises, but so does temptation to pull money 6:06 Weigh a 401(k) loan before a withdrawal—less damage long-term 7:47 IRS penalty exceptions outlined—some hardship cases qualify 9:35 Adulting tip: build that emergency fund, even if it’s hard 10:57 Better to borrow elsewhere (even a credit card!) than touch your 401(k) 12:59 SEP IRAs great for self-employed—but require discipline to fund 14:17 Listener asks why they don’t mention NAPFA more—they do! 17:25 Listener portfolio review: lots of income ETFs, lots of risk 20:33 Many holdings have high expense ratios, junk bonds, or complex strategies 22:33 Bottom line: get a professional review—and simplify the portfolio Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s Q&A Day on Talking Real Money, and Don tackles listener questions on everything from crypto and REITs to emergency funds and IRA contributions. He reiterates his firm stance against crypto as an investment, warns about the risks of individual REITs, and supports diversified REIT funds for long-term portfolios. Don also confirms that yes, you can contribute to a Roth for 2024 and a traditional IRA for 2025 in the same calendar year, as long as you stay within annual limits. Emergency cash? A Treasury money market fund like VUSXX is a solid place. And yes—Don really loves Chattanooga. 0:24 It's Q&A Day—Don wants more spoken questions 2:37 No love for crypto—even with a “strategic reserve” 4:43 Crypto isn’t investing, it’s gambling 5:30 REITs okay in a fund, but never buy individual REITs 8:10 VUSXX is a great place for emergency savings 10:15 Yes, you can do a 2024 Roth and 2025 IRA in same year 11:54 Watch out for pro-rata tax rules when backdooring Roths Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Talking Real Money, Don and Tom dive deep into the question of whether long-term investing in stocks truly guarantees returns. Challenging the conventional wisdom, they examine research by Professor Edward McQuarrie that reveals 10- and even 30-year periods in U.S. and international markets where investors lost money—especially when adjusting for inflation. Despite these sobering findings, the hosts reaffirm their belief in equity markets, emphasizing diversification and the historical outperformance of stocks over bonds. They also critique opaque, sales-driven investment products like private credit funds and annuities, urging listeners to remain skeptical, informed, and grounded in long-term strategy rather than promises of guaranteed returns. 0:24 David Booth says stocks average 10% long-term 1:20 McQuarrie: no guarantee of gains, even over 20 years 2:27 Long-term losses happened—inflation-adjusted 3:16 Diversification helps but doesn’t solve everything 4:08 Most individual stocks lose money—own them all 6:04 Stocks reward, but not guaranteed 11:43 Investing = optimism about the future 13:02 Market timing fails—psychics underperform 15:25 Private credit fund OCIC = high risk, low transparency 18:06 OCIC fees are sky-high—10%+ annually 19:42 Annuities explained—loss of control, high costs 21:53 Annuities ≠ bank CDs—know the difference 24:52 OCIC loaded with fees, risky loans Learn more about your ad choices. Visit megaphone.fm/adchoices