Talking Real Money - Investing Talk

Latest Episodes:

Ep. 1866: Retiree Ripoffs Apr 06, 2026

Show notes

This episode shifts from investing to the growing threat of scams—especially targeting older adults—breaking down how common fraud tactics work, from fake virus alerts and spoofed calls to AI-driven voice cloning and recovery scams. Don and Tom emphasize a simple but powerful rule: if you didn’t initiate the contact, assume it’s a scam, and never act under pressure. The conversation then pivots to listener questions, covering how to construct a globally diversified portfolio with proper U.S./international balance, how to structure fixed income for retirement income needs, and why investors should resist the urge to “take winnings” after gains—focusing instead on long-term discipline and occasional rebalancing.

0:05 Scams targeting older adults and why susceptibility increases

1:21 AARP article and life in The Villages as a scam hotspot backdrop

3:05 Fake virus alerts and tech support scams (iPad example, $25K loss)

6:10 Scale of scam losses (older Americans, underreporting, $5B+ impact)

6:48 Common scam types: fake purchases, investment fraud, and urgency tactics

7:23 Caller ID spoofing and law enforcement impersonation scams

8:25 AI voice cloning and evolving scam sophistication

8:39 Call screening tools and reducing scam exposure

9:53 Bank impersonation scams using stolen personal data

11:14 IRS scams—what the IRS actually does (mail only)

11:57 Key defense rule: urgency = scam

12:47 “Recovery scams” targeting prior victims

13:27 Core principle: assume unsolicited contact is fraudulent

14:44 Transition to listener Q&A intro and contact methods

16:07 Portfolio construction: balancing U.S. vs international exposure using ETFs

18:00 Fixed income strategy: BND vs CDs, money markets, income buckets

19:26 Listener question: should you “take profits” after gains?

20:03 Why long-term investing ≠ gambling (stay invested vs timing)

21:39 Exception: rebalancing vs profit-taking

22:38 Historical perspective on long-term economic growth

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Ep. 1865: Questions Aplenty Apr 03, 2026

Show notes

This Q&A episode tackles a mix of practical retirement and investing questions, starting with why spousal Social Security benefits rarely change the core advice to delay claiming. Don explains the limits of basic retirement calculators versus more robust planning tools, then reassures a late-starting saver that simple, low-cost investing (like target-date funds) often beats complexity. A listener’s story about $242 stock commissions leads into a blunt reality check on day trading (spoiler: still a losing game), while another question explores how and when to share wealth details with adult children. The episode wraps with a clear affirmation of total-market investing—and a striking demo of AI audio cleanup that turns an unusable question into something crystal clear.

0:11 Intro to Q&A format and how listeners submit questions

1:32 Social Security spousal benefits and why they rarely change the “delay” strategy

4:13 What to look for in retirement calculators (and best free options)

6:43 Late-start saver with pension: Roth strategy and keeping investing simple

10:58 $242 commissions and the fall of high-cost brokerage trading

12:00 Day trading reality: why most lose (and why firms loved it)

14:57 Sharing wealth details with adult children and choosing a financial “leader”

18:00 AI audio enhancement demo—bad recording vs. cleaned version

19:06 Total market investing: owning everything vs. chasing winners

22:22 Wrap-up and advisor offer

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Ep. 1864: Yield Trap Apr 02, 2026

Show notes

This episode opens with a blistering takedown of sensationalized financial media, using a Kiplinger income piece as the latest example of how risky, high-fee junk bond products get dressed up as safe income solutions for yield-hungry investors. Don and Tom explain why bonds are supposed to provide stability, not speculative upside, and why chasing eye-popping payouts usually means swallowing hidden risk, ugly expenses, and stock-like volatility. They then pivot to listener questions on building a teen’s Roth IRA, whether Avantis or Dimensional funds make more sense than Vanguard for a small/value tilt, and why their website still shows mutual funds more prominently than ETFs, before wrapping with some loose studio banter and a reminder to send questions through TalkingRealMoney.com.
0:04 Rant on terrible financial advice and declining media trust
0:24 Criticism of Kiplinger and “investment porn” content
1:08 Concerns about newsletter-driven incentives
2:35 Warning against using short-term returns
4:13 Breakdown of Nuveen Multi-Asset Income Fund and unrealistic yield claims
5:08 Junk bond exposure and credit risk explained
6:18 Expense shock: 0.03% vs 3.38%
7:18 High yields = high risk reality
8:01 “Safe income” claim debunked
8:57 Collapse risk in downturns
9:37 Core principle: risk and return are linked
10:38 Fed/yield curve speculation criticism
10:56 Purpose of bonds: stability vs yield
11:27 Bonds as capital preservation, not return drivers
12:05 Example of high-cost junk bond ETF
12:12 Fewer trustworthy financial sources
13:16 Stop consuming financial media noise
13:38 Do something better with your time
14:32 Listener: teen Roth IRA strategy
16:33 Recommendation: AVGV single-fund approach
17:40 Fund-of-funds diversification explained
18:38 Listener: Vanguard vs Dimensional Fund Advisors / Avantis
19:45 Case for small/value tilt
21:59 Listener: ETF vs mutual fund inconsistency
24:12 Simple portfolio: DFAW / AVGE + BND
25:11 Studio banter and mic technique
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Ep. 1863: Final Broadcast - Two Apr 01, 2026

Show notes

In the final hour of the radio show, Don and Tom blend nostalgia with a blunt reality check—highlighting the looming Social Security shortfall that could force 20–25% benefit cuts within a decade. They explore politically painful solutions (tax increases, benefit reductions, later retirement ages), while reinforcing their core investing philosophy: ignore fear-driven moves like chasing gold, stay diversified, and avoid market timing. Listener calls drive discussions on fiduciary advice, ethical investing dilemmas, and planning for less financially engaged spouses. The show closes with gratitude, humor, and a transition to a podcast-only future—same mission, fewer commercials, and more freedom.
0:05 Aging perspective and how quickly decades pass
2:28 Social Security crisis and projected 20–25% benefit cuts
4:46 Proposed fixes: higher taxes, later retirement, reduced COLA
7:11 Caller considers switching from index funds to gold
8:17 Why gold is a poor long-term investment
11:10 Market timing is impossible to do consistently
15:07 Fiduciary vs. non-fiduciary advisors (Fidelity discussion)
17:16 “Best interest” standard vs. true fiduciary duty
21:26 Listener reminder: stay the course during market fear
24:03 Ethical investing and whether profits justify harm
27:32 ESG limitations and the difficulty of “pure” investing
28:52 “Pay yourself first” as foundational financial advice
31:23 Listener gratitude and behavioral investing success
32:55 Planning for a less-engaged spouse and advisor relationships
34:48 Longtime listener appreciation and show legacy
37:23 Transition from radio to podcast and what changes
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Ep. 1862: Final Broadcast - One Mar 31, 2026

Show notes

The final live radio episode of Talking Real Money blends nostalgia, listener appreciation, and core investing philosophy. Don and Tom reflect on nearly four decades of broadcasting while reinforcing their timeless message: consistent investing beats prediction. Using a simple S&P 500 example, they illustrate how discipline—not brilliance—builds wealth. They address current market declines with calm realism, urging listeners to ignore noise and stick to a plan. Calls cover everything from podcast transition logistics and annuity sales traps to credit freezes, tax surprises from brokerage accounts, and when to fire an advisor—ending the radio era exactly as it ran: practical, skeptical, and relentlessly investor-first.
0:04 Emotional opening and end of the radio era
0:46 Show history back to 1988 and investing perspective
1:55 $500/month S&P 500 example → ~$3.1M outcome
2:43 Market fears vs long-term investing reality
5:16 Podcast growth to #43 in U.S. investing category
6:40 Market drop discussion and “what should you do?”
7:29 Core advice: plan, ignore predictions, stay disciplined
8:57 Podcast call-in format going forward (Car Talk style)
11:01 How to challenge annuity salespeople effectively
13:22 Call from Paul Merriman reflecting on legacy
16:55 Listener success story: Roth IRA to $500K
20:32 Credit score drop and how to check/freezes
26:35 Why freezing credit is a smart default move
27:47 Tax shock from brokerage gains and hidden trading issues
32:11 Warning signs of poor advisor behavior (Wells Fargo case)
34:08 When to fire an advisor (fees, complexity, value gap)
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Ep. 1861: College Pays Mar 30, 2026

Show notes

This episode mixes studio banter with a surprisingly substantive look at education and investing trade-offs. Don and Tom walk through data on the lowest-paying college majors, highlighting that many bachelor’s degrees—especially in education and the arts—start and stay low in income unless paired with advanced study. They push back on the idea that college isn’t worth it, citing Federal Reserve data showing higher lifetime earnings, better job stability, and longer life expectancy for graduates, while emphasizing the real danger: taking on large debt for low-paying fields. Listener questions cover Roth conversions (worth considering carefully within tax brackets), why 529 plans still beat so-called “Trump accounts,” and the flaws in covered-call income ETFs like JEPI—ultimately reinforcing their core philosophy: ignore gimmicks, focus on total return, and keep investing simple.
0:04 Almost-live intro from “studio” (aka broom closet) and end of radio era
2:10 Lowest-paying college majors and why outcomes vary
3:23 Pharmacy (without grad school) and theology incomes
4:22 Social services, performing arts, and education pay realities
5:42 Liberal arts debate—value vs. earning potential
7:42 Biology, hospitality, psychology, and other $45K careers
9:22 Should you skip college? ROI vs. cost and debt
10:44 Federal Reserve data on college ROI and lifetime earnings
11:48 Job stability, longevity, and socioeconomic effects of degrees
12:42 Mid-career earnings—education still lags badly
14:32 The real issue: debt vs. income mismatch
16:45 Roth conversion question—when it might (and might not) make sense
19:21 529 plans vs. “Trump accounts” for kids’ savings
20:59 Covered call ETFs (JEPI, etc.) and income strategy pitfalls
22:06 Why income-focused funds don’t reduce risk
23:07 Expense drag and hidden costs in “income” ETFs
24:14 Gimmick investing vs. simple total return strategy
25:43 Bellevue weather, Lyft misadventure, and wrap-up
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Ep. 1860: Asking Away Mar 27, 2026

Show notes

A lively Friday Q&A kicks off with some unintended voice effects courtesy of Don’s grandkids before diving into listener questions on money market funds versus high-yield savings accounts, Roth vs. traditional 401(k) decisions in high tax brackets, expense ratios in fund-of-funds like Avantis ETFs, the limited value of international bonds, the reality behind indexed annuity caps, and whether investors should ever move beyond simple one-fund portfolios. The throughline: keep it simple, understand risk vs. safety, and don’t overestimate your ability to outsmart well-constructed investment strategies.
0:04 Grandkids + Rodecaster voice effects open
1:55 HYSA vs. Schwab money market funds (SWVXX, Treasury MMFs)
3:54 Risk spectrum: prime vs. government money markets
5:35 Why some online banks are ditching ACH transfers
6:54 Roth vs. traditional 401(k) in a high tax bracket
8:11 Blended strategy and tax flexibility over time
10:21 AVGV expense ratio—are fees stacked?
10:47 Fund-of-funds pricing explained (no double dipping)
11:41 International bonds: worth it or unnecessary complexity?
13:22 Indexed annuity caps—can they go up? (the reality)
15:33 Why indexed annuities remain opaque and costly
16:08 One-fund portfolios vs. DIY allocation thresholds
17:42 Why simplicity often beats customization
18:47 Don’s own one-fund 401(k) approach
19:32 Plug: Short Storyverses podcasts
20:06 Plug: Financial Fysics Kindle release
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Ep. 1859: Your Retirement Number Mar 26, 2026

Show notes

The idea of a universal “retirement number” gets dismantled as misleading and overly simplistic, with Don and Tom arguing that retirement planning is deeply personal and depends on spending, income sources, and lifestyle. They walk through a practical way to calculate your own number—starting with real spending, subtracting Social Security and any pension, and determining what your portfolio must generate—while warning against blind reliance on rules like the $1 million target or aggressive withdrawal rates. The episode also tackles listener questions on ETF expense differences, early retirement withdrawal rules, and a real-world case involving retirement income and long-term care planning, emphasizing conservative strategies and the importance of housing equity in later-life care decisions.
0:04 The myth of “your retirement number”
0:28 Why $1 million became the default—and why it’s wrong
2:17 Inflation and the erosion of the “millionaire” benchmark
2:39 The only correct answer: “it depends”
3:17 The 4% rule origin and its limitations
4:04 How to actually calculate your retirement number
4:55 Northwestern Mutual’s $1.26M average—and cost skepticism
6:11 Reality check: most retirees don’t have pensions
6:46 The real starting point—what you actually spend
8:11 Reverse engineering your withdrawal needs
8:31 Why 6%+ withdrawal rates are dangerous
9:10 The truth about “safe” withdrawal rates
10:12 The importance of saving 15–20% early
10:41 New website podcast player and listener access
12:49 ETF expense differences: VBR vs VSIAX discussion
16:03 Rule of 55 vs. substantially equal payments
17:24 Listener case: $72K IRA and long-term care planning
18:35 Why $72K won’t cover care—housing becomes the asset
19:34 Conservative investing for near-term care needs
20:45 Reverse mortgage as a care funding strategy
22:23 Upcoming change: live listener calls on Fridays
23:52 Free portfolio review offer (fiduciary advisors)
24:51 Joke math on annuity commissions
25:47 Closing thoughts and transition to podcast-only futur
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Ep. 1858: Retirement Myths Mar 25, 2026

Show notes

As Talking Real Money moves into its final week on terrestrial radio, Don and Tom mix transition talk with a practical rundown of common retirement myths. They push back on the idea that expenses automatically fall in retirement, warn that Social Security was never meant to cover everything, and explain why relying on the market alone can be dangerous when withdrawals begin. Callers bring in questions about the sketchy-sounding Quantum X trading platform, required minimum distributions, whether a high-income worker can retire at 62, ETF bid/ask spreads, and where to hold bonds when a 401(k) offers outrageously expensive fund options. The episode also doubles as a preview of how listeners can keep calling and interacting once the show becomes podcast-only.
0:04 Final countdown to the end of the radio show and shift to podcast-only
1:55 Retirement myths theme introduced
2:37 Myth #1: You’ll need less money in retirement
4:02 Myth #2: Social Security will cover most of your needs
5:41 Myth #3: The market will do all the heavy lifting
7:21 Caller asks about Quantum X; Don and Tom warn it looks like nonsense or worse
9:27 Simple alternative offered: broad diversification with VT
10:52 Caller asks about RMD confusion across multiple accounts
12:01 Advice to simplify scattered retirement accounts
13:58 More digging into Quantum X raises additional scam concerns
16:13 Caller asks if he can retire at 62 with substantial savings and pension income
17:21 Don presses on actual spending, not income, as the key retirement measure
21:23 Myth #4: You’ll be able to work as long as you want
23:34 Myth #5: Taxes will be much lower in retirement
26:13 Podcast listening gets easier through the website and apps
29:22 Caller asks about ETF bid/ask spreads, especially DFAW versus VT
32:55 Caller asks where to hold bonds when 401(k) bond fund costs are absurdly high
35:12 After-hours pricing explains bizarre ETF spread quotes
36:37 Example of a shockingly expensive Transamerica bond fund
38:04 How listeners can keep calling and participating after radio ends
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Ep. 1857: You Can't Know Mar 24, 2026

Show notes

With geopolitical tension rattling markets and investors stampeding into cash, gold, and energy, Don and Tom step back to deliver a familiar message: nobody knows what’s next—and anyone claiming otherwise is selling something. They walk through the behavioral traps of market timing, explain why diversification (especially beyond U.S. large caps) is quietly doing its job, and highlight the role of small cap and micro-cap stocks as part of a broader portfolio—not a silver bullet. Along the way, they mix in listener calls, practical tips (including liquidity strategies and avoiding irreversible investments), and a running acknowledgment that while their radio era is ending, the core mission—keeping investors from doing something dumb—isn’t going anywhere.
0:04 CBS Radio shutdown vs. TRM leaving radio—industry shift toward podcasts
1:32 War-driven market anxiety: money flows to cash, gold, and energy
2:54 Interest rate expectations flip—uncertainty dominates
3:16 Jason Zweig warning: beware “I know what’s next” pitches
4:24 Market timing trap—getting back in is the real failure point
5:37 Diversification reality—why global exposure smooths outcomes
7:08 Financial Fysics Kindle release and podcast transition reminders
9:53 “Retirement Plan” film event plug and discussion preview
13:37 Listener question: small cap value vs. large cap performance
15:44 Correlation explained—why asset classes don’t move in lockstep
16:29 Small cap value premium—historical outperformance rationale
21:49 Micro-cap ETF discussion (DFMC)—extreme diversification option
24:47 Caution: aggressive funds are optional, not necessary
27:52 Listener success story—laddering cash with CDs for caregiving
33:40 Core advice: avoid irreversible financial decisions
34:49 Liquidity matters—dangers of annuities and illiquid investments
35:55 Wall Street “new ideas” skepticism—most benefit the seller
36:21 Final push: transition to podcast-only format
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