Talking Real Money - Investing Talk

Broadcast live from RetireMeet in Bellevue, Don announces that after nearly four decades of Saturday radio shows, Talking Real Money will end its live radio run on March 28 and continue exclusively as a podcast. The episode features conversations with Joe Saul-Sehy of Stacking Benjamins and Morningstar’s Christine Benz about how people should approach retirement. The central theme is flipping the traditional process: design the life first and the money second. Guests emphasize “play-testing” retirement activities before leaving work, gradually transitioning into retirement rather than stopping abruptly, maintaining strong social connections, and keeping purposeful work or learning in later life. The discussion closes with Benz’s practical financial steps for retirement planning, including tracking spending, accounting for Social Security and pensions, and using flexible withdrawal strategies supported by fiduciary advice. 0:04 Live broadcast from RetireMeet in Bellevue and show introduction 2:58 Don announces the end of the Saturday live radio show after nearly 40 years 3:59 Transition to a podcast-only format beginning in April 4:43 How listeners can switch to listening via podcast apps or the website 6:41 Introduction of Stacking Benjamins host Joe Saul-Sehy 8:09 Discussion of Stacking Benjamins community meetup groups 9:25 Trivia detour about the $500 bill featuring William McKinley 9:36 Joe’s retirement philosophy: design the life first, then the financial plan 10:56 “Begin with the end in mind” when planning retirement 11:23 The concept of “play-testing” retirement activities before retiring 13:51 Warning about AI impersonation podcasts and fake financial shows 15:20 Joe Saul-Sehy’s career change after selling his advisory firm 16:37 Discovering a passion for teaching about money through media 17:33 Continuing meaningful work rather than fully retiring 18:07 Humor about a future podcast called “Two Old White Guys Waiting to Die” 18:48 Core message: experiment with retirement interests now 19:38 Christine Benz of Morningstar joins the conversation 21:04 Retirement as more than leisure—importance of purpose 21:59 Gradually transitioning into retirement during your 50s 22:58 Shaping work to emphasize what you enjoy most 24:21 Christine’s approach to scaling back work travel 26:22 Lifelong learning through podcasting and interviews 27:49 Whether it’s okay not to retire if you enjoy your work 28:27 Relationships and social connection as the key to retirement happiness 29:40 Introverts and maintaining meaningful friendships 30:05 Research on aging, happiness, and social environments 31:28 Discussion about the future of retirement communities 33:56 Christine’s three key financial steps before retirement 34:42 Calculating retirement spending and non-portfolio income 35:22 Safe withdrawal rates: 3.9% fixed vs flexible strategies near ~5.7% 36:09 The value of fiduciary financial advisors in retirement planning Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode begins with a look at the changing career landscape as AI and automation reshape white-collar work. Don and Tom discuss a Wall Street Journal piece suggesting that some workers—and especially young people deciding on careers—may want to reconsider the trades and other blue-collar paths where demand and wages are rising. They explore shortages in skilled labor, the value of transferable business skills, and the importance of knowing yourself when choosing a career. Listener questions then cover whether Robinhood’s transfer bonuses make the platform worth considering, the realities of starting a second career as a financial advisor later in life, and whether switching from the Avantis Global Equity ETF (AVGE) to the more value-tilted AVGV makes sense inside an IRA. 0:04 Why today’s topic isn’t investing but earning money—rethinking career paths in the age of AI 1:15 White-collar layoffs and stagnant wages: why some workers may reconsider the trades 2:32 Labor shortages in skilled jobs and the surprising opportunities in service and technical roles 3:31 Don’s brief career as a car dealership service advisor—and learning to drive a stick shift the hard way 6:46 Apprenticeships, pay potential, and career ladders in skilled trades 9:05 Blue-collar employment rising among younger workers 9:47 Massive labor shortages: factory workers, construction workers, and auto technicians 11:35 Pensions today—why unions still offer them while many corporations no longer do 13:04 Career wandering in your twenties and discovering the right path 14:23 Listener Mike: Is Robinhood okay if you ignore the gambling features and just invest? 17:23 Listener Dominic: Starting a second career as a financial planner at age 55 19:14 Why great advisors succeed because of people skills—not investment knowledge 21:03 Will AI reduce the number of financial advisors needed? 23:18 Listener Angela: Switching from AVGE to AVGV inside an IRA 24:47 Risk differences between global equity and global value portfolios Learn more about your ad choices. Visit megaphone.fm/adchoices

This Friday Q&A episode tackles several thoughtful listener questions covering 401(k) investment choices, Roth conversion strategies, bond market fears, inherited IRA planning, and investment club mechanics. Don explains why opaque collective investment trusts and “cycle” funds often hide market-timing strategies, cautions against making large Roth conversions based on predictions about future tax rates, and reassures investors worried about inflation and national debt that markets already incorporate widely known risks. The episode closes with a practical endorsement of a listener’s strategy to gradually withdraw from an inherited IRA to fund Roth contributions, emphasizing simplicity, discipline, and avoiding emotionally driven portfolio decisions. 0:04 Don realizes the intro still says “radio” even though the show is now mostly a podcast. 0:26 Friday Q&A format explained and reminder to submit questions at TalkingRealMoney.com. 1:00 Question 1: 33-year-old with $330k in a 401(k) invested in opaque “intermediate cycle” and wealth-preservation funds. 2:26 Don explains collective investment trusts (CITs) and why their lack of transparency is problematic. 5:25 Market-timing strategies disguised as “cycle” funds and why simple equity funds may be better. 6:47 Question 2: Listener corrects earlier discussion about transferring securities from investment clubs. 8:37 How in-kind transfers can avoid capital gains when leaving an investment club—depending on club rules and brokerage policies. 10:31 Question 3: Complex Roth conversion strategy involving IRMAA tiers and future tax assumptions. 14:31 Don warns against making large conversions based on predictions about future tax rates. 16:07 Why gradual conversions preserve flexibility compared with large upfront tax bets. 17:28 Question 4: Concern about national debt and whether to replace BND with VTIP (TIPS). 18:56 Don argues markets already price known risks like debt and inflation expectations. 20:11 How TIPS work and when they actually help investors. 21:46 Reminder that emotional reactions to economic fears often lead to bad portfolio decisions. 22:10 Question 5: Using withdrawals from an inherited IRA to fund Roth IRA contributions. 22:52 Strategy: withdraw gradually to fund Roth contributions while staying within tax brackets. 24:15 Don endorses the plan as simple, tax-efficient, and compliant with the 10-year inherited IRA rule. 25:09 Closing comments and reminder to submit questions. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI hype is colliding with financial reality. Don and Tom examine Elon Musk’s suggestion that artificial intelligence could create such abundance that retirement savings might become unnecessary. They unpack the economics behind universal basic income, including the staggering cost—even a modest payment would require trillions in new revenue—and explain why most Americans aren’t betting their futures on Silicon Valley promises. The episode also answers listener questions about confusing target-date fund holdings, what to do with an overfunded 529 plan, and how to reduce taxable investment distributions by placing assets in the right accounts. Along the way they revisit lessons from past technological revolutions, discuss the importance of work beyond income, and continue their campaign against the scourge of gas-powered leaf blowers. 0:04 AI panic and Elon Musk’s claim that AI could make retirement savings unnecessary. 1:52 Musk’s vision of AI-driven abundance and universal income replacing traditional retirement planning. 3:36 The practical question: who actually pays for universal income checks? 5:30 Historical tax rates in the 1960s vs. today’s marginal tax structure. 6:21 Survey shows 94% of readers still plan to save despite AI predictions. 7:17 Boston College researchers warn Musk’s comments send a dangerous retirement message. 8:23 Why universal basic income would require major government policy and taxes. 8:45 Past technology revolutions didn’t distribute wealth evenly. 9:27 Why humans need work for purpose, not just income. 10:33 The math problem: even $1,000/month UBI would require about $3.1 trillion annually. 11:54 Historical comparison to the Luddite era and displaced workers. 13:18 Listener question: What “short-term debt and net other assets” mean in a Fidelity target-date fund. 17:38 Listener question: Overfunding a 529 plan and potential Roth rollover strategies. 20:45 Listener question: Using Vanguard Tax-Managed Balanced Fund to reduce taxable distributions. 23:28 Asset location strategy: placing bonds in IRAs and stocks in taxable accounts. 24:49 Where to easily find mutual fund returns using Morningstar. 25:46 Tom’s Scottsdale advisory meetings announcement. 26:45 The crusade against gas-powered leaf blowers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Financial education is expanding nationwide—but much of it is still teaching speculation instead of investing. Don and Tom critique stock-picking contests, flawed risk frameworks, and misleading “active vs. passive” framing, while arguing for evidence-based investing and early Roth contributions as the true foundations of financial literacy. They break down the compounding power of a 529-to-Roth strategy, address custodial transaction fees when selling mutual funds, caution against performance chasing in emerging markets after a major rally, and help a caller navigate moving an elderly parent’s CD out of a low-yield bank account. The through-line: education is powerful—but only if it’s grounded in reality. 0:04 Financial education expanding nationwide—but stock-picking contests still dominate curricula. 2:14 Why stock games teach trading, not investing. Own the market instead. 3:32 Federal Reserve curriculum critique—risk scales and “active vs passive” framing. 6:10 Teach teenagers Roth IRAs early. Time is the superpower. 7:36 Questionable risk ratings—growth stocks equated with collectibles. 9:17 Efficient Market Hypothesis in plain English—luck vs insider info. 10:45 529 plans and Roth rollovers—$35K opportunity. 11:37 Compounding example—$35K to nearly $2M tax-free over 40+ years. 15:43 Withdrawing from a Vanguard target-date fund—costs and custodian fees. 20:07 Performance chasing—emerging markets surge after tariff ruling. 23:13 South Korea’s role and Avantis outperformance. 28:40 Helping an elderly parent move a $200K CD—avoid automatic rollovers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom revisit the eternal temptation to beat the market, dismantling the appeal of equal-weight indexes and active management claims by highlighting implementation costs, tax drag, and decades of underperformance data. They explain why diversification isn’t about bragging rights but smoother returns and disciplined risk management. Callers tackle portfolio rebalancing for a multimillion-dollar account (with a strong case made for elegant simplicity), sibling stock-picking rivalries, and small-business 401(k) options 0:04 Beating the market. Four decades of “sure things” that weren’t. 2:44 Equal-weight vs. cap-weight. Smart idea… until costs show up. 4:58 Why diversify beyond the S&P 500. Smooth ride over bragging rights. 6:03 Theory vs. reality. Execution costs ruin beautiful strategies. 7:30 Active managers as “teammates.” The SPIVA reality check. 15:43 Small-business 401(k)s. More options, Vanguard pricing breakdown. 20:59 Caller Dan: Rebalancing a $3M portfolio. Simplicity wins. 28:33 Caller Glenn: “My brother beats the market.” Luck vs. skill. 33:56 Caller Dale: Virtual access and post-event recordings. Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode dives into the surprisingly emotional world of fixed income investing, exploring whether traditional bond funds like BND still make sense or if newer laddered bond ETFs offer a psychological edge by returning principal at a set maturity date. Don and Tom unpack how these ETFs compare to CD ladders, why capital gains should never be expected from bonds, and how investor psychology often drives the preference for “certainty.” They also congratulate Dimensional Fund Advisors on reaching $1 trillion in assets, discuss whether laddering target-date funds makes planning easier or just more complicated, and answer listener questions about transferring accounts from Morgan Stanley to Vanguard and managing tax consequences along the way. 0:04 Bonds vs. crypto — why fixed income feels boring but matters 1:02 Why bonds exist in portfolios (stability, income, not growth) 2:18 Introduction to laddered bond ETFs (Invesco, iShares, Vanguard) 3:51 Bond returns in 2025 and the “don’t expect capital gains” rule 5:03 The psychological problem with bond funds (they never mature) 6:54 How target-maturity bond ETFs differ from traditional bond funds 11:28 Yield comparisons across laddered maturities vs. BND 13:14 When laddered ETFs might make sense (income timing, certainty) 15:09 Dimensional Fund Advisors reaches $1 trillion in assets 19:57 Listener: Laddering target-date funds instead of bonds 23:19 Listener: Transferring IRA and taxable accounts to Vanguard Learn more about your ad choices. Visit megaphone.fm/adchoices

On this Friday Q&A episode, Don answers listener questions on international stock overweighting inside a Seattle city retirement plan, whether a Vanguard target-date fund might be a smarter emotional guardrail than self-managing allocations, how much term life insurance a family really needs (hint: it’s about replacing income, not funding Ivy League dreams), whether an aggressively small-value–tilted Avantis portfolio is too risky for a disabled early retiree, and how to evaluate a $36,000 pension annuity versus a $500,000 lump sum using withdrawal math instead of Monte Carlo optimism. The recurring theme: feelings aren’t an edge, discipline beats prediction, and structure matters more than conviction. 0:09 Fewer recorded questions lately and how to submit them 1:41 Seattle city employee overweighted in international stocks 3:36 Why “historic pivots” and gut feelings aren’t an investing edge 4:50 Target-date fund vs. self-built allocation 7:27 Using small-cap/value funds alongside a target-date fund 9:15 Risk tolerance vs. emotional market timing 10:53 How much term life insurance is enough? 12:35 Replacing income vs. funding lifestyle extras 12:44 Aggressive Avantis (AVGV/AVGE/AVNV/DFAW) portfolio review 15:50 What happens if your portfolio drops 50%? 17:10 Pension choice: $36k annuity vs. $500k lump sum 21:29 The 41-year math on the lump-sum difference 22:52 Why lump sum often makes you the “insurance company” Learn more about your ad choices. Visit megaphone.fm/adchoices

Vanguard slashes fees again, pushing its average expense ratio down to six basis points. Don and Tom contrast that with outrageously expensive ETFs charging 2% to 14% annually, walk through why evidence-based factor funds cost a bit more than pure index funds, answer listener questions about international tilts and fund-of-funds rebalancing, and clarify why diversification across assets still matters more than fee-chasing alone. 0:04 Vanguard cuts fees again — average expense ratio now 0.06% 3:43 What expense ratios really are (and how many investors unknowingly overpay) 5:00 The shockers: ETFs charging 2% to 14% annually 11:13 Comparing Vanguard index costs vs. Avantis and Dimensional factor funds 14:41 Why anything above ~0.35% for passive/rules-based investing is likely too much 16:03 The “Militia” ETF: 14% fee, poker background, no real track record 19:46 Listener: Increasing international exposure inside IRA/Roth 21:35 Clarifying fund-of-funds vs. multiple funds for rebalancing 23:18 Why Avantis and Dimensional include mid-cap, REITs, and bonds 27:25 Evidence-based investing isn’t just about returns — it’s about correlation and volatility control Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode focuses on smart portfolio construction across multiple accounts, using AVGV to complement limited 401(k) options, and why allocation should be viewed holistically. A caller debates stretching into a later target-date fund, prompting a discussion about risk versus actual retirement need. Crypto is challenged as speculation rather than investment. Dividend strategies and bond placement inside Roth IRAs are examined. A muni bond question reinforces the value of patience. The show closes with a humorous but pointed critique of the UFO ETF and broader thematic fund hype. 0:04 AVGE vs. AVGV — why adding global value can offset a 401(k)’s large-cap bias 5:02 Think one portfolio — asset allocation should span every account 8:18 2045 vs. 2060 target-date funds — only take the risk you actually need 11:20 Crypto challenge — utility, politics, and “I’m up” aren’t investment theses 14:48 SCHD in a Roth — dividend chasing and why bonds usually don’t belong there 18:54 Roth contribution ideas — avoid overlap, consider value exposure 20:11 Selling an individual muni — bid/ask spreads and the case for just holding 26:50 The UFO ETF — defense stocks wrapped in alien hype 31:01 $800B in thematic ETFs — headlines aren’t a strategy Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode moves from the origin of “rule of thumb” to why most investing rules of thumb don’t work for real people. Tom and Don explore a Yale professor’s personalized allocation model, walk through tax-smart strategies for funding a child’s car while managing Roth conversions and capital gains, warn about liquidity risks in private credit after restrictions at Blue Owl Capital, explain how to structure IRA withdrawals through disciplined rebalancing, and close by addressing market-timing anxiety for retirees sitting heavily in cash. The through-line: simple rules are comforting, but thoughtful planning beats shortcuts every time. 0:04 What “rule of thumb” really means and why investing is full of them 2:17 60/40, 100-minus-age, and why simple formulas fall short 3:16 Yale professor James Choi’s personalized allocation formula 4:35 Why a 25-year-old probably should be nearly 100% in stocks 6:25 Spreadsheets vs. real-world investors 9:39 Portugal caller: funding a daughter’s car purchase tax-efficiently 13:28 Roth conversions, 12% bracket strategy, and zero capital gains planning 16:46 Rebalancing opportunity: selling VTI vs. Schwab Intelligent Portfolio 19:16 Private credit warning: liquidity restrictions at Blue Owl Capital 23:45 The illusion of “safe” high returns in private lending 26:53 IRA withdrawal strategy: sell winners when rebalancing 29:35 Annual vs. monthly withdrawal discipline 31:34 60/40 vs. 70/30 — how much difference really matters 33:32 Retirement income simplification: fewer funds, easier rebalancing 34:48 Seattle caller: $1.45M in money market and market-timing temptation 36:18 Why market timing fails and when an advisor earns their keep Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom examine Kiplinger’s list of top retirement side gigs and separate practical ideas from pipe dreams, questioning whether executive coaching, IT consulting, online reselling, and landlord life truly offer “passive” or realistic income. They highlight more viable options like tutoring, handyman work, and tour guiding while emphasizing purpose over paycheck. Listener questions cover the risks of private credit and alternative investments, plus smart strategies for consolidating multiple 401(k) accounts without triggering unintended tax consequences. 0:04 Old guys still podcasting intro 1:38 Kiplinger’s retiree side-gig list 3:26 Executive coaching reality check 4:40 AI and tech consulting skepticism 6:32 Consulting and client ego problems 7:53 AI vs. content writers 9:06 Bookkeeping for small businesses 9:29 Online selling isn’t easy money 11:19 Tutoring as a steady option 12:17 Handyman work pays well 13:44 Tour guide opportunities 14:17 Landlord myth of “passive” income 16:00 Where to find side gigs 16:47 Bridge jobs for healthcare 17:08 Purpose-driven retirement 19:14 Private credit and alternative risks 23:46 Consolidating multiple 401(k)s Learn more about your ad choices. Visit megaphone.fm/adchoices

After a bump in crypto-fueled listener calls, Don tackles a mix of practical and philosophical money questions: why Fidelity’s new “stablecoin” isn’t an investment at all, whether a heavily conditioned city 401k match is worth the risk versus a flexible Roth 457, how to safely reposition an 85-year-old’s idle savings without sacrificing liquidity, and why actively managed mutual funds can generate painful surprise tax bills. The episode closes with the return of Bitcoin Bob, sparking a spirited debate over whether Bitcoin is a currency, a commodity, or a “store of wealth” — and whether something that swings 50% qualifies for that title. 0:04 Crypto episode follow-up, listener call surge, and AI voice processing update 1:52 Fidelity’s new stablecoin FIDD — why it’s pointless for investors 3:41 City retirement plan dilemma: conditional 401k match vs. Roth 457 flexibility 8:24 When complicated employer matches aren’t worth the hoops 9:31 Helping an 85-year-old move idle savings — high-yield savings vs. brokerage 11:40 Janus mid-cap fund capital gains surprise and ETF tax efficiency 13:11 Why mid-cap alone isn’t diversification — broader ETF alternatives 15:19 Bitcoin Bob returns: currency vs. commodity vs. “store of wealth” 19:53 Volatility reality check — why Bitcoin fails the store-of-wealth test Learn more about your ad choices. Visit megaphone.fm/adchoices

Vanguard lowers fees yet again, pushing its average expense ratio down to just six basis points — a move that underscores how dramatically fund costs have fallen over time. Don and Tom contrast this with shockingly expensive ETFs charging double-digit annual fees and explain why those costs are nearly impossible to overcome. They unpack the difference between pure index funds and factor-based funds like Avantis and Dimensional, clarify common confusion around rebalancing and fund-of-funds strategies, answer listener questions about increasing international exposure, and explain why evidence-based investing includes diversification across bonds and real estate — not just stocks. The episode reinforces a core message: fees matter far more than most investors realize, especially the ones they never see. 0:04 Vanguard cuts fees again — average expense ratio now just 0.06% 1:23 Brief detour into model aircraft before returning to money talk 3:43 Fund expense ratios explained — what investors are really paying 5:00 The shock factor: ETFs charging 12%–14% annually 10:08 Why ultra-high expense ratios are nearly impossible to justify 11:13 Vanguard vs. factor funds — why Avantis and Dimensional cost more 14:41 The invisible cost problem — how expense ratios quietly drain returns 16:03 Militia Long Short ETF (ORR) — high fees, no track record 21:02 Listener question: Increasing international exposure inside IRAs 23:03 One fund vs. multiple funds in taxable accounts — rebalancing clarification 24:09 Why Dimensional and Avantis offer mid-cap, REIT, and bond funds 25:51 Evidence-based diversification beyond equities Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom tackle S&P 500 concentration risk and the dominance of the Magnificent Seven, explaining why diversification still matters despite compelling active management narratives. They clarify the difference between currency and investment in a pointed Bitcoin vs. U.S. dollar discussion, then pivot to fixed income strategy—highlighting why low-cost, large-scale bond funds like BND often outperform higher-fee “active” alternatives that quietly take more credit risk. Listener calls cover 401(k) catch-up contributions, bond ETF selection for retirement income planning, and whether using excess RMD funds for Roth conversions really adds value after taxes and IRMAA considerations. As always, the theme is disciplined investing over storytelling. 0:04 Technical chaos intro and why better investing still matters 1:32 S&P 500 concentration risk and the “Magnificent Seven” problem 2:40 The dangerous “but” in diversification pitches 3:43 Small, value, and momentum factors explained briefly 5:33 Active management as narrative creation 9:57 Bitcoin vs. U.S. dollar as currency vs. investment 13:29 What actually makes something an investment 15:08 Bond ETFs for retirement years 5–8: BND vs. Avantis 17:42 Why bond fund size and expenses matter 21:36 Active bond ETFs, credit risk, and hidden tradeoffs 25:38 401(k) catch-up contributions clarified 30:21 Roth conversions, RMD strategy, and tax math realities 34:09 IRMAA considerations and Medicare premium surprises Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dissect a Morningstar article naming the “best core stock funds” for 2026, noting the sharp decline in recommended actively managed funds and the dominance of low-cost index funds. While they applaud the shift away from expensive stock pickers, they argue Morningstar’s “core” approach still leads to unnecessary complexity and heavy large-cap (especially S&P 500) concentration, with little exposure to small-cap, value, and emerging markets. They advocate instead for simple, globally diversified, factor-tilted funds like DFAW, AVGE, or AVGV. Listener questions cover switching from AVGE to AVGV inside an IRA (risk tolerance matters), improving a 32-year-old’s 401(k) allocation (use a Roth IRA to add small/value exposure), and a sharp analogy comparing passive investing to driving with traffic rather than weaving aggressively for no gain. 0:04 Investing in a “wonderful world” by ignoring noise 1:14 AI audio tools that may replace editors (and shorten meetings) 5:06 Morningstar’s 2026 “Best Core Funds” list shifts toward indexing 6:39 Why “core” still means large-cap heavy and incomplete diversification 9:50 The problem with piling into multiple S&P 500 funds 12:14 Why Dimensional and Avantis are missing from the list 13:26 One-fund global solutions: DFAW, AVGE, AVGV 17:44 Listener analogy: aggressive driving vs. active investing 19:08 IRA question: Switching from AVGE to AVGV and risk tolerance 20:34 32-year-old’s 401(k) allocation and using a Roth IRA to add small/value 28:40 Retirement workshop plug and who should attend 30:21 Free fiduciary advice vs. actually hiring an advisor Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Friday Q&A episode, Don introduces a new AI audio enhancement tool that dramatically improves the sound quality of listener questions, then dives into a series of practical retirement issues. He tackles whether converting a $2 million term life policy to whole life after a disability makes sense (and what must be guaranteed in writing), explains how to properly freeze a deceased parent’s credit and handle inherited POD accounts and IRAs under the 10-year rule, pushes back on the increasingly discussed “bond trough” retirement strategy by emphasizing emotional risk over theoretical logic, and closes with reassurance for listeners considering retiring part-time in Mexico, explaining how U.S. retirement accounts, tax treaties, and global banking make the process far simpler than many assume. 0:04 Friday intro and new AI tool that dramatically improves caller audio quality 2:01 Whole life conversion offer after disability — “free” premiums and what to demand in writing 5:57 How to submit spoken questions and call-in info 6:22 After a parent’s death: credit freezes, deceased alerts, and final credit reports 7:41 Inheriting POD accounts and an IRA — step-up in basis and the 10-year IRA rule 9:57 AVGE vs. AVGV fake-out and real question: bond “trough” strategy in retirement 11:24 Logical vs. emotional risk tolerance — why most retirees can’t handle 50% drawdowns 13:40 Retiring internationally (Mexico example) — IRAs abroad, tax treaties, and practical Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets may feel calm despite geopolitical noise, but uncertainty is the permanent condition of investing—and the price of admission for higher returns. Don and Tom unpack Jason Zweig’s reminder that investors hate uncertainty (tough), discuss the surge in speculation from leveraged ETFs to prediction markets, and explain why “play money” accounts should stay small. They field listener questions on building an investment policy statement, rebalancing without sabotaging returns, simplifying overly complex ETF portfolios, choosing international small-cap exposure, and setting up custodial accounts (with a nod to Roth IRAs for working teens). The core message: take only the risk you need, not the risk your inner con man wants. 0:00 The podcast that never ends; investors hate uncertainty 1:19 Jason Zweig revisits 2008 and the permanence of market uncertainty 3:16 Calm markets, speculative behavior, and the rise of prediction markets 6:00 “Play money” accounts and the danger of confusing gambling with investing 8:18 Take the risk you need—not the risk you want 9:05 Writing down how you feel during downturns 11:51 Listener question: Rebalancing and creating an Investment Policy Statement 17:09 25-year-old portfolio review: Too much complexity, wrong tilts 20:27 International small-cap choice: AVDV vs. AVDS 23:26 Custodial accounts for teens and the Roth IRA opportunity 26:10 RetireMeet 2026 promotion and event details Learn more about your ad choices. Visit megaphone.fm/adchoices

Talking Real Money opens with a stark illustration of why Bitcoin fails as a usable currency, showing how volatility can destroy real-life budgets overnight. Don and Tom compare crypto to historic speculative bubbles, argue that stability—not hype—is the core function of money, and dismantle the “store of value” narrative. The show then shifts to practical listener calls covering CD ladders, Treasury yields, retirement readiness, estate planning, and early-retirement balance. Throughout, they emphasize boring, diversified, evidence-based investing over speculation, reminding listeners that long-term financial security comes from discipline, planning, and emotional restraint—not chasing the next hot trend. 0:04 Bitcoin paycheck scenario and real-world income collapse 1:04 Currency volatility vs. household budgeting reality 2:22 Bitcoin’s 45% drop and “currency vs. speculation” argument 3:24 Hyperinflation examples and why stability matters 4:03 “Greater fool” theory and vanishing crypto hype 4:47 Why Bitcoin fails as a functional currency 5:59 Tulip mania and historical bubbles comparison 6:59 Tangible assets vs. pure speculation 7:39 “At least you can live in a house” argument 8:26 Michael Saylor, HODL culture, and empty promises 9:30 NFT collapse and Beeple example 10:11 Crypto returns vs. real assets 11:14 Listener question: CDs vs. Treasuries 12:22 Current CD rates and Bankrate reference 13:56 Risks of long-term bonds and rate changes 15:32 Don’s real CD ladder example 16:37 Fixed income diversification strategy 18:35 Hot money leaving crypto for prediction markets 19:45 Generational blind spots and bubble psychology 21:08 Retirement planning call: housing proceeds and savings 23:57 Social Security timing and cash-flow planning 25:41 Importance of fee-only fiduciary planning 27:32 Vernita Toll Bridge digression (classic TRM) 30:33 Estate planning: wills vs. trusts 33:49 RetireMeet promotion and resources 35:43 FIRE listener call: saving vs. living balance 38:58 Permission to spend responsibly Learn more about your ad choices. Visit megaphone.fm/adchoices

0:04 Dow hits 50,000 while most stocks lag—why it’s a meaningless headline 0:59 Robinhood and Palantir slide—speculators start getting nervous 1:39 Jason Zweig on low-volatility funds—and why timing them is a trap 1:55 Why the Dow is a terrible “index” built on 1890s math 3:22 Diversified portfolios quietly up nearly 6% YTD in early 2026 3:32 Small-cap value up 13%—the payoff of long-term discipline 4:05 “We didn’t predict this”—why diversification beats market bragging 4:54 Portfolios should already be built for downturns 5:10 The danger of reacting after markets “stumble” 7:09 Average vs. median net worth—why averages mislead 8:26 How billionaires distort financial statistics 9:09 “Lies, damned lies, and statistics” origins 10:06 AI-enhanced listener call audio and Friday Q&A podcast 10:37 DFFVX vs. AVUV—Dimensional vs. Avantis small-cap value 13:33 Why track records don’t matter for similar funds 13:53 Super Bowl sirloin cooking advice 15:17 Whole life insurance review—why to cash out in retirement 17:08 When cash-value insurance makes sense (rarely) 19:22 Surprise downloads of Christmas stories in February 20:57 Caller asks about “set-it-and-forget-it” investing 24:26 Risk tolerance when retiring soon 26:08 Using AVGE for global diversification 27:48 Why near-retirees should get professional reviews 30:28 Emergency funds—never use a Roth 31:37 High-yield savings accounts around 4%+ 34:11 Portfolio balance and realistic expectations Learn more about your ad choices. Visit megaphone.fm/adchoices