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  • Take More Risk?

    Take More Risk?
    2025/11/04
    Don and Tom tackle the timeless question: why do you invest? They challenge the “TINA” mindset (“There Is No Alternative”) and dissect new research claiming retirement savers should own no bonds at all. They argue that while stocks outperform over long stretches, bonds remain essential for emotional stability and survival during market crashes. Listeners join in with sharp questions about CD ladder withdrawal strategies, crypto-based dividend schemes, securities lending, and international ETF allocation. The show wraps with a skeptical look at Vanguard’s growing tilt toward active management and new global funds from Avantis. 0:04 Why do you invest? Defining purpose versus chasing returns 1:29 The rise of “TINA investing” — there is no alternative to stocks? 2:30 Bonds as shock absorbers when markets collapse 3:57 Questioning global overweights in new stock research 5:01 The emotional toll of chasing maximum returns 6:12 Bonds’ true role: keeping investors calm and consistent 7:50 Zweig’s conclusion — even he still owns bonds 9:06 Retirement timing risk and the case for diversification 10:29 Caller Jay from Georgia — testing a five-year CD ladder withdrawal plan 12:34 Turning the CD ladder into part of a bond portfolio 13:46 What to do with the ladder during a market downturn 14:47 Caller Jason from Washington — Elon Musk, Bitcoin, and the “Strike/Strive” gimmick 15:49 The math behind high-yield crypto preferreds doesn’t add up 17:18 When hype meets hazard: Ponzi parallels in risky yields 18:57 Why “everyone’s doing it” isn’t a defense for bad strategy 20:04 Why MicroStrategy’s dividend promises defy logic 21:15 Listener question — securities lending in IRAs 23:09 How stock lending actually works (and why it barely pays) 24:18 Why most small investors shouldn’t bother 27:15 Vanguard’s new identity crisis: the push into active management 27:47 The profitability problem of index funds 28:53 Can Vanguard’s active funds really beat their benchmarks? 31:48 Why past performance still fails as a predictor 33:14 Vanguard’s crypto flirtation and industry pandering 35:43 Caller Craig from Seattle — expanding global exposure with AVNV 36:32 The case for adding Avantis International Value ETF 37:46 Early results and long-term expectations Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 分
  • Experts Need Experts

    Experts Need Experts
    2025/11/03
    Don and Tom unpack why even smart, financially literate people sometimes need a financial advisor — prompted by Morningstar’s Christine Benz explaining why she hires one. They explore the value of second opinions, professional organization, tax guidance, spending permission, and succession planning. The conversation also draws lines around who doesn’t need an advisor (DIY investors under 50 with good discipline) versus who does (retirees, disorganized investors, and anyone over 65 facing complexity). Later, they tackle listener questions about small-cap value ETFs — comparing AVUV, DFSV, and SLYV — and close with a retirement scenario review for a disciplined 77-year-old federal retiree. A lighthearted finish touches on long-term care insurance, empty nesting, and the Raiders’ black hole stadium. 0:04 Reintroducing the need for financial help (but not that kind of help) 1:17 Christine Benz’s surprising admission: she has a financial planner 2:27 The value of a “responsible second opinion” 3:25 Why Benz says peace of mind has real value 3:50 Reasons to hire an advisor: second opinions, tax guidance, rebalancing, perspective 4:54 When hourly financial advice makes sense 6:38 Organization and accountability as hidden benefits 8:08 The disinterested spouse problem 8:40 Why succession planning matters more than you think 9:32 “Permission to spend” — an underrated role of advisors 10:19 Who doesn’t need an advisor: young savers and disciplined investors 11:27 When to get a second opinion even if you’re DIY 12:18 Spotting bad advice and hidden annuities 13:03 Who does need an advisor: hodgepodge portfolios and over-50 investors 14:09 Complexity and the need for help beyond 65 14:47 The problem of small investors being preyed upon by salespeople 15:52 Listener question: adding small-cap value exposure 16:47 Comparing AVUV, DFSV, and SLYV performance and structure 19:00 Expense ratios and diversification differences 20:18 Don and Tom’s ETF verdict 21:10 Retirement checkup: 77-year-old with pension and LTC coverage 22:06 Evaluating liquidity, income, and survivorship 23:48 The vanishing quality of long-term care policies 24:56 Tom’s empty-nest plans and aching knee 25:43 Raiders jokes and the black-painted stadium Learn more about your ad choices. Visit megaphone.fm/adchoices
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    30 分
  • Halloween Qs

    Halloween Qs
    2025/10/31
    Don answers a range of listener questions covering topics from Fidelity’s fully paid lending program to the Roth 401(k) decision and mortgage payoff strategies. He explains why stock lending rarely adds much value for ETF investors, why paying off a 2.6 percent mortgage makes little financial sense, and why even Berkshire Hathaway isn’t a substitute for true diversification. Listeners also learn about HSA payroll tax savings and how to build Roth flexibility without triggering the pro-rata rule. 0:04 Friday Q&A intro and listener invitation 1:25 Fidelity’s fully paid lending program explained—small returns, limited upside 3:47 When stock lending might make sense for rare or hard-to-borrow shares 4:33 Mortgage payoff debate—2.6% rate vs. 7% investing return 5:30 Don confirms: investing wins, emotion aside 7:09 Caller argues for Berkshire Hathaway B as the “perfect” one-stock portfolio 9:14 Don dismantles the myth—Buffett’s own warnings, risk concentration 11:23 401(k) vs. Roth 401(k)—how to decide and why a plan matters 14:04 Backdoor Roth options for self-employed spouses 15:32 Importance of long-term planning once portfolios near $1 million 15:56 HSA payroll advantage—no Social Security tax on contributions 17:11 Using a Roth to store “extra mortgage” money until retirement 18:08 Why paying off a low-rate mortgage later may not make sense 19:37 Free fiduciary portfolio checkup offer from Apella Wealth Learn more about your ad choices. Visit megaphone.fm/adchoices
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    24 分
  • Financial Deja Vu?

    Financial Deja Vu?
    2025/10/30
    Don and Tom open with an honest reflection on market déjà vu—how today’s investing climate echoes the speculative excesses of 1929 and 2008. Citing Andrew Ross Sorkin’s new book 1929: Inside the Greatest Crash in Wall Street History, they discuss the modern “financialization” wave: private equity, venture capital, crypto, and private credit being repackaged for retail investors and even 401(k)s, often under looser regulation. They warn listeners about “mark to make-believe” valuations and Wall Street’s relentless drive to sell complexity to the masses. The conversation moves from cautionary history (leveraged trusts of 1929, margin loans, and subprime mortgages) to present-day parallels like Bitcoin ETFs and private-market tokens. The takeaway: avoid opaque, speculative products; stick with transparent, low-cost diversification. In the Q&A, they answer listener questions about simplifying global portfolios with VT vs. VTI/VXUS, and about selling or donating concentrated stock positions from employee plans. 0:04 Opening disclaimers and acknowledgment that the episode isn’t meant to scare investors 1:18 Historical parallels—1929, 1987, 2008—and the feeling of “market déjà vu” 2:10 Introducing Andrew Ross Sorkin’s new book 1929 and his NYT column on modern speculation 3:20 Financialization and the loosening of investor protections in the 2020s 4:33 Wall Street’s constant invention of confusing products that favor sellers 4:58 Robinhood’s Vlad Tenev and the illusion of democratizing risk 6:12 Lowering the barriers to private markets and what that means for investors 7:26 Echoes of 1929: leveraged ETFs, margin-like structures, and “Russian-doll” debt 8:29 The perils of leverage and speed of modern market declines 9:02 Private-market tokens and the “mark-to-make-believe” problem 10:25 Overvaluation, lack of liquidity, and Wall Street’s interest in 401(k) assets 11:41 Historical leverage shifts—from banks to private credit 12:58 Why trusting financial “authorities” can be dangerous 13:32 Emotional honesty: people lie, and investors must self-protect 14:42 Jealousy, lottery-thinking, and envy as behavioral pitfalls 15:36 Investing as elimination—avoid what’s complex, costly, or confusing 16:48 Listener Q&A: two-fund simplicity (VT + BND) vs. multi-ETF tinkering 18:38 The temptation to overweight U.S. equities 20:00 Contrarian case for international exposure (VXUS) 21:15 ESPP stock cleanup: when to sell concentrated holdings 22:44 Charitable giving of appreciated stock for tax efficiency Learn more about your ad choices. Visit megaphone.fm/adchoices
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    28 分
  • Financial Cockroaches

    Financial Cockroaches
    2025/10/29
    Don and Tom go after one of their favorite targets: bad actors in the financial industry—especially those who flee regulation by becoming insurance salesmen. They break down a shocking new study showing that 98% of brokers kicked out by FINRA stay in the business by selling annuities and other insurance products, often with little oversight. The duo compares this behavior to “cockroaches,” slamming state insurance commissions for weak enforcement and minimal fines. Later, they tackle Washington State’s ballot measure SR 8201 on investing long-term care funds, answer listener questions about 529 plans versus UTMAs, discuss 457 plan costs and fund choices, and close with a fun chat about Halloween chaos and coffee and cocoa prices. 0:04 Opening rant on misbehavior in the financial industry and the perils of “bad advisors.” 1:03 How fired brokers reappear as insurance salesmen—98% stay in the industry. 3:10 Why state insurance oversight is toothless and how low the penalties really are. 5:14 Insurance firms masquerading as planners—why fiduciary-only advisors matter. 6:03 The study’s “cockroach” comparison and why the problem persists. 7:37 How to vet your advisor using FINRA’s BrokerCheck and state insurance lookups. 9:16 State vs. federal regulation—why the insurance lobby spent $200 million to avoid SEC oversight. 11:08 Caller Beth from Washington asks about SR 8201—investing long-term care funds in stocks. 13:27 The fiduciary perspective: diversification and realistic expectations. 15:23 Caller Gene from Puyallup on 529 plans vs. UTMAs for grandkids. 17:55 Tax control, gift rules, and the best state 529 options. 19:20 Holiday gifting and a little banter about who’s on Tom’s “nice list.” 20:22 Halloween costumes, tourists, and Celebration, Florida trick-or-treat madness. 23:28 Behind the scenes: Don reveals the entire “Talking Real Money” production staff (himself). 24:32 Podcast email list plug—how to subscribe at TalkingRealMoney.com. 25:35 Explaining podcasts for the AM radio crowd—how to find Talking Real Money on your phone. 27:30 Listener question from Matthew in Illinois about 457 plan costs and hidden fees. 30:38 The truth about 457s, penalties, and why Schwab’s low-cost ETFs may be smarter. 32:34 Caller Rob from Bellevue discusses attending RetireMeet and noticing the Apella building. 33:18 Wrapping with cocoa and coffee futures—good news for chocolate, bad for espresso lovers. 37:49 Don plugs Litreading’s Scary Story Season before switching to Christmas stories. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 分
  • Hard to Diversify

    Hard to Diversify
    2025/10/28
    Don and Tom tackle the timeless topic of diversification — why it’s back in style, why it’s so hard to maintain, and why most investors (and pros) still get it wrong. They walk through how market “leadership” shifts over decades, the global vs. U.S. split, and why comparing your portfolio to the S&P 500 is often a trap. Listener questions cover ETF access at T. Rowe Price and Vanguard, whether to invest or pay down debt, and how the 5% flexible withdrawal rule works in early retirement. Plus, the guys riff on Halloween candy inflation, Social Security COLA bumps, and Don’s LitReading “Scary Story Season.” 0:04 Show open — Saturday radio edition and why repetition matters in financial education 1:03 The fashion of diversification — and why it’s “back in style” 2:27 International and small-cap value resurgence 3:15 Why investors chase past returns instead of diversifying 4:02 Gold, inflation, and recency bias — lessons from the 1980s 5:21 U.S. vs. international allocation debate: market cap vs. 50/50 6:20 The long wait for Japan’s market recovery 7:41 Practical diversification tools — AVGE, DFAW, VT 8:19 Stop comparing everything to the S&P 500 9:08 Historical proof: global portfolio vs. S&P since 1931 10:02 Caller Charlie — buying Avantis or DFA ETFs through T. Rowe Price or Vanguard 12:39 How fund custodians differ from managers 13:27 Checking portfolio exposure with Morningstar 14:42 Caller Gabe — invest or pay off debt? 16:45 When to pay off a car loan vs. mortgage 19:35 How to handle multiple mortgages and long-term plans 20:22 Social Security’s 2026 COLA bump and the “good news/bad news” of $102 more a month 22:21 Inflation realities — coffee, beef, and Halloween candy 25:02 Candy talk — shrinkflation and Don’s trick-or-treat haul 25:54 LitReading plug: “Scary Story Season” and Philip K. Dick’s The Hanging Man 27:34 Search “Don McDonald” in Apple Podcasts — chiropractor cameo included 29:05 Listener Victor (a.k.a. George) — can $4 million last 60 years with 5% withdrawals? 31:38 How the flexible withdrawal method works in practice 33:49 Retirement purpose, Monte Carlo results, and FIRE skepticism 37:41 Kindleberger quote on bubbles and envy: “There’s nothing so disturbing as to see a friend get rich.” 38:55 Kindleberger’s background and Manias, Panics, and Crashes Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 分
  • T&R Q&A

    T&R Q&A
    2025/10/27
    Tom Cock and Apella Wealth advisor Roxy Butner team up for a lively listener Q&A episode covering everything from the new wave of penny-stock IPOs to retirement readiness and tax traps. Tom opens with a warning about the surge in risky penny-stock offerings, then the two dive into listener questions about annuity sales pressure at Fidelity, portfolio diversification mistakes, CD taxation myths, Roth conversions, and one standout 21-year-old listener getting her financial life off to a stellar start. 0:05 Tom opens with a warning about the explosion in penny-stock IPOs 1:26 Why “lottery-ticket” stocks nearly always burn investors 2:21 Diversify, stay tax-efficient, and skip the hype 2:30 Roxy joins for listener Q&A 3:38 Fidelity’s annuity pitch — a listener wonders if it’s time to leave 5:05 Who’s truly fiduciary: Fidelity vs. Vanguard vs. Apella 6:14 Vanguard dipping a toe into crypto 6:51 Quabina from Ohio: $2.2M at 47 — diversified enough to retire at 55? 8:14 Missing global diversification and bonds in an all-U.S. portfolio 9:57 Early-retirement planning challenges and healthcare costs 10:20 How to design the right stock-bond-international mix 11:36 Daniel from California: Are long CDs taxed as capital gains? 13:04 Why CD interest is always ordinary income — and muni bond alternatives 13:29 Year-end planning: RMDs, Roth conversions, and tax optimization 14:45 Common tax mistakes and mis-placed assets 15:19 Emily from Ohio: “Young and Dumb” — a 21-year-old investing the smart way 18:51 Building a first Roth IRA and why bonds don’t belong yet 20:00 One-fund simplicity: AVGE vs. VOO 21:41 Long-term mindset: global diversification and patience pay off Learn more about your ad choices. Visit megaphone.fm/adchoices
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    25 分
  • Questions Abound

    Questions Abound
    2025/10/24
    Don and Tom tackle another full “Q Day,” answering listener questions on Roth fund selection, bond fund gimmicks, real estate returns, California’s odd HSA tax treatment, switching from Vanguard to Avantis, copying politician trades, and whether Vanguard’s Cash Plus account beats its money market fund. The episode mixes practical investing logic with humor, skepticism, and a bit of Don’s plug for his new storytelling podcast, New Tales Told. 0:04 Q Day begins — Don riffs on “Q” words and high-quality listener audio 1:42 Betsy from Minnesota asks: best funds for a Roth IRA (AVUV, VOO, AVGE) 2:39 Don suggests simplifying to AVGE, but warns of risk and emotional resilience 4:12 Jesse from Seattle on CPAG “tax-efficient” bond ETF — Don calls it a gimmick 5:55 Don’s math: CPAG only helps slightly at 35% tax bracket, not worth complexity 9:06 Listener compares 403(b) vs. home value growth — Don confirms results typical 12:45 Real estate’s weak real return over time and lifestyle vs. investment value 12:45 California HSA confusion — Don explains CA taxes HSAs like normal accounts 15:22 Nathan from Georgia: Vanguard vs. Avantis funds, and “copy politician trades” 17:20 Don: Avantis adds small/value tilt, AVGE can simplify portfolio management 19:14 Don: “copy-trade” apps are expensive, delayed, and silly gimmicks 20:58 James from Virginia: Vanguard Cash Plus vs. money market funds 22:34 Don explains FDIC difference and risk-reward tradeoff, prefers money market 24:11 Closing reflections, legacy talk, and plug for New Tales Told Learn more about your ad choices. Visit megaphone.fm/adchoices
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    29 分