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  • AI Advice

    AI Advice
    2025/09/16
    This week Don hosts solo and brings in “Cath GPT” (ChatGPT) as a "live" guest to explore the rise of AI in personal finance. They cover what types of questions AI is best at answering, its limits for real-time data and stock trading, and the importance of privacy and skepticism. Don emphasizes planning before investing, critiques dollar-cost averaging with lump sums, and fields listener calls on shifting from commercial real estate to the market, Roth conversions, AVGE vs. AVUV, resetting cost basis in a low-income year, and avoiding dubious “legacy funds.” The show closes with reminders about planning, asking spoken questions, and steering clear of high-commission products. 1:02 NYT & Yahoo reports on AI financial advice 1:53 Cath GPT joins live, discusses safe AI uses 3:58 Privacy concerns and data recency limits 6:22 Why AI is bad for stock trading advice 6:50 Don confirms Cath recommends index investing 8:14 Warning about sycophancy — always ask for sources 8:38 Caller Josh: pivoting from commercial property to stock market 10:32 Don: planning first, lump sum > DCA 13:23 Caller Greg: inherited assets, Roth conversions, AVGE timeframe, bond/CD ladders 17:20 Don urges no market timing on conversions 22:50 Caller Brian: small-cap value, AVUV vs. Russell 2000, Merriman strategy 28:07 Don: simplify, AVUV fine but optional 29:43 Caller Jason: harvesting gains in low-income year, Don urges diversification 33:03 Caller: backdoor Roth timing — lump sum beats DCA 34:35 Don jokes about October crashes 37:59 Caller Tim: best annuity is SPIA, avoids “legacy funds” Learn more about your ad choices. Visit megaphone.fm/adchoices
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    43 分
  • Dizzying Heights?

    Dizzying Heights?
    2025/09/15
    Don and Tom take listeners on a “mountaintop” look at today’s frothy markets, exploring elevated valuations, retail trading spikes, and record margin debt. They unpack what these numbers really mean, warn against trying to time the market, and reiterate the need for diversification and a long-term plan. Listener questions include a young investor’s Fidelity-heavy portfolio, a 30-something’s aggressive allocation and risk score mismatch, and a listener inquiry about “investwithroots.com,” which Don dissects as a private real-estate fund with fees and risks that outweigh its glossy promises. 0:04 Opening from the market “peak” and climbing metaphor 1:38 Market valuation discussion: P/E ratios, concentration in top 10 stocks 3:21 Surge in retail trading, meme stocks, margin debt, Robinhood sentiment 5:13 Economic uncertainty and why market timing doesn’t work 6:11 Staying with your plan and portfolio diversification 7:15 Risks of U.S. large-cap concentration in typical portfolios 8:03 The need to include small-cap, value, and international stocks 9:14 Eugene Fama’s “trading is like soap” warning and why trading destroys wealth 10:46 Practical advice: stop trying to outsmart the market, build a plan 13:22 Listener Q1: 18-year-old’s portfolio—too much large-cap, not enough international or small value 16:15 Listener Q2: 30-year-old with $100K—good diversification but needs bonds for risk profile 19:25 Listener Q3: Investwithroots.com analysis—fees, geographic risk, private REIT red flags 24:16 Why public REITs like Vanguard’s VNQ offer better diversification/liquidity Learn more about your ad choices. Visit megaphone.fm/adchoices
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    33 分
  • A Few Good Qs

    A Few Good Qs
    2025/09/12
    Don answers listener questions on funding a taxable brokerage account, clarifies what “more buyers than sellers” really means, explains why fixed income is about psychology rather than income, gives advice on setting up joint accounts for aging parents, lays out a lifetime HSA allocation strategy, and clears up confusion about Appella Wealth’s connection to Talking Real Money. 0:04 Friday Q&A intro and thanks for listener questions 1:19 When to open a taxable brokerage account (AVGE + SGOV mix) 3:28 “More buyers than sellers” — why it’s really about demand vs. supply 6:23 Whether pension + Social Security counts as “fixed income” in a 60/40 plan 10:40 Setting up money market accounts and estate planning for aging parents 14:07 Lifetime HSA strategy — contributions, withdrawals, and allocation glidepath 17:32 Is Appella Advice for Life connected to Talking Real Money? Learn more about your ad choices. Visit megaphone.fm/adchoices
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    23 分
  • Opportunities Overseas

    Opportunities Overseas
    2025/09/11
    Don and Tom dig into international investing — why diversification across borders is essential, why timing international markets is a mistake, and how currency fluctuations affect returns. They revisit Japan’s lost decades, talk emerging markets, discuss John Bogle’s arguments against international investing, and explain why owning all markets all the time makes the most sense. Listener questions cover tax perceptions about California, long-term return comparisons, 401(k) rollover and Rule of 55 withdrawals, and the realities of retiring abroad — including the sticker shock of Guatemala’s healthcare spending. 0:04 Should you invest internationally now that foreign markets are rising? 1:29 Morningstar data shows non-U.S. markets doubling U.S. returns in 2025. 2:38 The dollar’s weakness as a key factor in performance. 3:20 Mexico, Brazil, Japan, and China’s strong year — but should you chase it? 4:02 Market leadership cycles: U.S. vs. international across decades. 4:50 The “1990 Japan” cautionary tale: why timing single markets can disappoint. 6:17 Concentration risk, emerging markets, and why you need global diversification. 7:33 Exposure to global companies you can’t get by owning U.S.-only funds. 8:42 Dimensional’s chart shows no country wins every year — own them all. 9:40 Addressing the John Bogle “you already own international through U.S. firms” argument. 10:21 Nestlé example: why local economy exposure matters. 12:45 Listener Greg challenges Don’s California tax comment — clarification given. 13:45 State tax comparisons, why there’s no perfect tax haven. 14:41 New York vs. California tax burdens — where it’s worst. 15:30 Listener Tim asks about long-term return periods — Don points to IFA data. 17:40 1,700+ episodes milestone and show longevity banter. 18:30 Listener Jeff’s complex retirement accounts and Rule of 55 rollover question. 19:09 Discussion of retiring abroad and health care concerns in Guatemala. 22:20 U.S. health care spending vs. Guatemala — a sobering gap. 23:39 Gallows humor about quick death and end-of-life planning. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    27 分
  • Why So Mean?

    Why So Mean?
    2025/09/10
    In this episode, Don and Tom dig into the podcast rankings to explain why Talking Real Money isn’t at the top—and why Dave Ramsey still is, despite offering more shame than substance. They explore the concept of financial shaming vs. education, reflect on listener Judy’s brilliant retirement planning, and take aim at stock-trading politicians, especially California Rep. Ro Khanna with his 4,700+ trades in one year. Listener questions cover inheritance allocation, condos as investments, and 401(k) vs. Roth vs. brokerage savings. Bonus: Tom yells at his grandkids, Don hates condos, and Congress gets roasted. 0:04 Who’s #1 in investing podcasts? Spoiler: It’s not Don and Tom—it’s still Ramsey 1:18 Financial shaming, bullying, and the “toxic” tone of the Ramsey Show 2:22 The lost LinkedIn post that called out Ramsey culture 3:49 Should shame ever be part of financial advice? (They say no) 5:05 How Talking Real Money tries to educate—not humiliate 7:04 What should great financial advice sound like? A compassionate take 8:47 Caller Judy (age 72) seeks advice on a $200k inheritance—Tom and Don love her plan 11:51 Municipal bond ETFs (like VTEB) vs. international bonds vs. risk tolerance 13:53 Judy’s journey learning finance solo—Don gets emotional 14:38 Why are podcast rankings volatile? Don suspects cheating again 16:03 Listener question: Should you max both 401(k) and IRA? (Yes, and here’s why) 17:59 Roth > Traditional > Brokerage: A savings priority guide 18:45 Target-date funds vs. S&P 500 returns—why it’s not apples to apples 20:05 Caller Nathan: Getting married, no kids, and thinking of buying a condo 22:56 Warning: Condos are almost always terrible investments 25:44 Real estate reality check—condos lag, freestanding homes rebound better 27:52 Don’s definitive answer: “I would never own a condo” 28:33 Congress and stock trading: 86% of Americans say it should be banned 30:20 Ro Khanna made 3,000+ trades in 2023… and wants to ban stock trading? 31:52 Why Congress shouldn’t trade stocks—and how index funds are the solution 34:24 Ro Khanna’s $103 million in trades and 149 conflicts of interest 36:46 Wrapping up: Condos, curmudgeons, and Central Florida emptiness Learn more about your ad choices. Visit megaphone.fm/adchoices
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    46 分
  • Too Great Expectations

    Too Great Expectations
    2025/09/09
    Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig’s analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP’s F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high. 0:04 Welcome, fatuousness defined, and realistic investing begins 0:52 Why you shouldn’t expect 15% returns forever—even if you got them 1:52 What Jason Zweig’s long-term data reveals about stock returns 2:51 Bogle warned us not to expect high returns—now what? 4:16 Spending and saving: more important than investing performance 5:08 Don’s “prepaid gains” analogy for future expectations 7:00 Real market returns since 1793—spoiler: they’re not 15% 8:58 Stocks might only beat inflation by 3%—and that’s still a win 9:45 Start saving early: waiting until 50 is a losing game 10:18 How to plan with lower expected returns (realistic scenarios) 11:56 Use expected return to guide your savings rate (3% = save 20%) 13:45 “You weren’t smart. You were lucky.” Now diversify. 15:31 Tom’s wife dreads football season—Don celebrates Chiefs loss 18:42 Listener RMD question: Which ETFs get tapped at Vanguard? 19:29 Bonds are back: fixed income up ~6% this year 20:24 Rebalancing vs. just selling: how to handle RMDs smartly 21:04 Raiders rank #4 in NFL valuations… but why? 24:36 Top NFL team values: Cowboys rule, Cardinals drool 27:27 Arizona sports: low attendance, low valuations 28:59 TSP question: F fund vs. G fund—what to use, when 30:25 Don favors the G fund for simplicity and ballast 31:45 Tom and Don disagree—F fund might return more, but… 32:26 Don’s vegetable-spiked coffee and Justin’s final TSP allocation 34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes” 35:47 Why you probably talked to a salesperson, not a fiduciary 37:04 The free Appella consultation is steak-free and no-pressure Learn more about your ad choices. Visit megaphone.fm/adchoices
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    44 分
  • Extended Child Care

    Extended Child Care
    2025/09/08
    Don and Tom dive into the emotional, financial, and practical realities of supporting adult children. From layoffs to loans, down payments to dog surprises, this episode tackles the growing trend of parents funding their 20- and 30-something offspring—and how to do it without wrecking your retirement. Plus, listener questions about gifting stock, promissory note scams, and why shady annuity sellers keep showing up on the airwaves. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    27 分
  • Ready for a Few As

    Ready for a Few As
    2025/09/05
    In this Friday Q&A edition, Don fields listener questions on rolling over a large 401(k) after a layoff, whether IRA money should ever be used to buy real estate, Vanguard’s new active ETF offerings, choosing between Vanguard and Schwab 2035 target-date funds, and whether to treat a foreign apartment purchase as part of an investment portfolio. Along the way, he highlights diversification benefits, cautions against high-cost self-directed IRAs, and emphasizes that homes are assets but not investments. 0:04 Friday intro, royal “we,” and reminder on how to submit questions 1:42 Scott from Louisiana: rolling over a $1M retirement account after layoff 4:07 Scott’s follow-up: using IRA funds to buy real estate 5:42 Caller asks about Vanguard’s new active ETFs and why indexes still win 8:02 Sylvia from Connecticut: comparing Vanguard vs Schwab 2035 target-date funds 11:12 Caller from Colombia: whether to factor a paid-off foreign apartment into portfolio allocation Learn more about your ad choices. Visit megaphone.fm/adchoices
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    17 分