Talking Real Money - Investing Talk

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Ep. 1816: ETF + Q&A Jan 23, 2026

Show notes

In this listener-driven episode, Don, Tom, and advisor Roxy Butner tackle a wide range of investing questions, starting with the explosive growth of ETFs and why many new funds—especially active, leveraged, and thematic products—may be risky for long-term investors. They discuss whether and how to exit expensive inherited mutual funds, how to use low-income years for tax planning, and why capital gains can still trigger taxes even in sabbatical years. The team reviews a complex multi-fund portfolio, explains the pros and cons of adding growth tilts, and dives into behavioral finance—offering practical ways to resist over-tinkering. They close with guidance for investing inherited money later in life, emphasizing purpose, risk tolerance, and family planning, and preview the upcoming RetireMeet event.
0:04 Intro, listener questions, and why “ETF” is not “EFT”
0:27 ETF growth in 2025 and the rise of active and leveraged funds
1:31 Why most new ETFs worry Tom (active, leverage, speculation)
2:04 Choosing the right ETF: costs, indexing, and long-term focus
3:16 Roxy joins and the listener Q&A begins
3:54 Inherited AIVSX: taxes, donating shares, and switching to ETFs
7:04 Why traditional mutual funds are tax-inefficient
8:14 Sabbatical year strategy and capital gains misconceptions
10:39 When to involve a tax professional
11:31 Portfolio mix: VOO, Avantis, international, and value tilts
12:17 Why adding VUG may increase risk
14:57 Asset location challenges and rebalancing problems
15:22 Behavioral finance: resisting the urge to tinker
19:21 How often to check your portfolio
20:10 Discipline, rules, and systematic investing
21:11 Inherited $300K at age 79: purpose and next-generation planning
23:40 Building a taxable portfolio for heirs
24:40 RetireMeet preview and featured speakers
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Ep. 1815: Auto Save Jan 22, 2026

Show notes

Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches.
0:04 Show intro, Broncos talk, Mad Men, and settling in
2:02 Retirement as the biggest lifetime expense
2:47 State-run retirement plans and auto-enrollment
3:47 Who really pays for “free” state plans
4:09 Why Roth-style saving makes sense
6:25 OregonSaves fees and State Street target-date funds
8:07 Limited investment choices in most retirement plans
9:24 Florida has no state savings plan
9:33 WSJ article on purpose and meaning in retirement
11:12 “Mattering” and being needed after retirement
12:19 Longevity after age 65
14:30 Retirement without a plan vs. needing structure
15:36 Depression and suicide risks in older retirees
16:52 Caller: “Fiduciary” selling indexed annuity
17:40 Why annuity pitches violate fiduciary duty
20:20 Knowing yourself before retiring
21:18 Caller: Helping widowed mother invest safely
22:33 When CDs and Treasuries make sense
23:47 Using brokerage CD ladders
26:34 Sports updates and listener mail
27:36 Old 401(k)s and consolidation
30:43 Listener saved $100K/year in advisory fees
31:47 AUM vs hourly vs flat-fee advisors
34:47 Subscription advisors and limited portfolios
35:51 Why advice matters more in retirement
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Ep. 1814: Money Game? Jan 21, 2026

Show notes

A chaotic but revealing game-show-style opening leads into a sharp lesson on why market trivia doesn’t matter nearly as much as discipline. Tom and Don walk through eye-opening 2025 market stats, including the real impact of the Magnificent Seven, international stocks’ outperformance, and a surprising Bitcoin result, before pivoting to listener calls on risk aversion in retirement, tax drag in fixed income, ETF vs. mutual fund structure, pensions as “bond substitutes,” and the fear of poorly timed rollovers. The episode reinforces a consistent theme: markets anticipate, investors overthink, and long-term success comes from diversification, cost control, and building portfolios around real human behavior—not headlines.
0:04 Cold open and chaotic “What Do You Know?” game show setup
1:58 S&P 500 return vs. performance without the Magnificent Seven
5:16 Magnificent Seven’s staggering 10-year return
5:48 International stocks outperform U.S. stocks in 2025
7:35 Retired caller weighs SGOV vs. VTEB and tax efficiency
10:01 Risk aversion, inflation fears, and when bonds actually belong
13:11 CD ladders as a stability alternative to bond funds
14:27 Clean energy ETFs rise despite negative policy headlines
16:41 Colombia emerges as best-performing global stock market
18:02 Bitcoin’s surprising full-year decline in 2025
19:02 Why none of this market trivia actually matters
20:28 ETFs vs. mutual funds explained simply and clearly
24:44 Why fund companies resist ETF conversions
27:13 Pension income vs. bonds in portfolio construction
31:20 AI voice experiment and margin rate reality check
32:02 Fear of rolling over 401(k)s and “hodgepodge-itis”
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Ep. 1813: Now Spend It Jan 20, 2026

Show notes

Most retirees aren’t spending anywhere near what they safely could — often barely 2% of their savings — and that hesitation may be costing them the very retirement they worked for. Don and Tom make the case for permission to spend, walking through why flexible withdrawal strategies beat rigid rules, how the “go-go / slow-go / no-go” years actually play out, and why fear of future healthcare costs often leads to unnecessary deprivation today. Listener questions cover tilted portfolios inspired by Paul Merriman, early-retirement home financing decisions, inheritance timing versus helping kids now, and whether ACATS fraud fears are overblown. The through-line: have a real plan, update it annually, and then — finally — live it.
0:04 You did everything right — now spend some of the darn money
1:06 Retirees spending only ~2% of savings (why this happens)
2:03 Permission to spend is harder than permission to save
3:16 Go-go, slow-go, no-go years (and why front-loading joy matters)
4:34 Healthcare fear vs. actual retirement guardrails
6:19 Helping kids before inheritance (when it matters most)
6:35 Why “winging it” works for some — and fails for most
7:58 Flexible percentage withdrawals vs. fixed rules
8:59 Vacations, Hawaii, and spending after strong market years
10:55 Great Wolf Lodge economics (and parental survival strategies)
13:00 Listener Q: Portfolio tilts (US, SCV, international, EM)
15:49 Listener Q: Downsizing early, mortgages vs. IRA withdrawals
18:34 Liquidity matters more than interest rates pre-59½
21:15 Retirement planning as a map, not a spreadsheet
21:46 Listener Q: ACATS fraud fears and account security
24:40 Why total safety often makes life worse, not better
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Ep. 1812: Taking Your Qs Jan 16, 2026

Show notes

This Friday Q&A covers real-world money decisions with real consequences, including how to invest life-insurance proceeds after a spouse’s death, why dividend-and-leverage strategies promoted online are fundamentally dangerous, and how inherited IRA rules actually work under the IRS’s 10-year framework. Don also tackles long-term HSA investing, explains why the 4% rule isn’t a one-size-fits-all solution (especially when advisor fees are involved), and even demonstrates an AI-generated version of himself to explore whether good advice can outlive the human delivering it. Equal parts practical guidance, hard math, and skeptical humor.
0:04 Friday Q&A returns, holiday illness, and how to submit questions
1:04 Investing life-insurance proceeds after a spouse’s death
1:45 Why portfolio allocation depends on income need, taxes, and risk tolerance
3:05 Why a fee-only fiduciary is essential for survivor planning
3:49 Living off dividends using leverage and margin
5:03 Why “paycheck into brokerage + leverage” strategies are dangerous
7:43 Dividend cuts, margin risk, and downturn math reality
9:29 Inherited IRA rules when the original owner had begun RMDs
11:32 The 10-year rule, annual RMDs, and IRS life-expectancy tables
12:48 Listener appreciation and the value of taking money seriously
14:01 How to invest an HSA that won’t be used for years
15:09 Adjusting the 4% rule when paying an advisor
15:54 AI voice demo, advisor value, and Vanguard’s Advisor Alpha
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Ep. 1811: House Rich? Jan 15, 2026

Show notes

Retirement income doesn’t have to mean hoarding assets or obsessing over leaving an inheritance. In this episode of Talking Real Money, Don and Tom dig into a topic that still makes many investors flinch: reverse mortgages. Using recent research and real-world planning logic, they walk through why modern reverse mortgages aren’t the shady last-ditch option they once were, how they can reduce cash-flow stress, and when they may (or may not) make sense as part of a broader retirement plan. Along the way, they tackle myths about heirs losing the house, unpack the true costs, and explain why being “house rich and cash poor” is a real planning problem. The show also answers listener questions on bond ladders using iShares iBonds ETFs, critiques Vanguard’s newer fixed-income ETF BNDF, and closes with a reminder that yield chasing — even from respected firms — still carries risk.
0:04 Retirement isn’t about dying rich — it’s about spending your money on you
0:25 Why inheritance shouldn’t be the primary goal (with one important exception)
1:21 Shirt colors, corporate culture, and the last people still wearing white dress shirts
2:48 Smoking everywhere: airplanes, hospitals, grocery stores — and why it mattered financially
4:12 Disney jokes, expensive vacations, and setting the tone
5:08 Introducing the real topic: reverse mortgages
5:15 Why reverse mortgages still scare people — and why that reputation exists
6:44 How FHA regulation changed the reverse-mortgage landscape
7:21 Are reverse mortgages really a “last resort”?
8:14 Using home equity to improve lifestyle, not just survive retirement
8:52 Are reverse mortgages expensive? Breaking down the real costs
10:53 Lending limits, age factors, and how much equity you can actually access
12:39 When the upfront costs make sense — and when they don’t
14:35 Myth busted: heirs can still inherit the home
15:08 You still own your house — it’s just a mortgage with no monthly payment
16:18 Reverse mortgages as liquidity, not a wealth-building tool
16:33 The importance of planning before touching home equity
16:45 $35 trillion locked in U.S. home equity — and why paying off mortgages isn’t always smart
17:57 Downsizing versus staying put: another option entirely
19:59 Listener question: simplifying a complex bond ladder
21:17 Using iShares iBonds ETFs to build a disciplined bond ladder
22:32 The risk of breaking the ladder when rates change
23:41 Listener question: Vanguard’s BNDF ETF
24:44 Why chasing yield in bond funds can backfire
26:06 Gimmicks, relevance, and Vanguard’s shift away from leadership
26:33 RetireMeet 2026 preview and registration details
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Ep. 1810: Bespoke Future Jan 14, 2026

Show notes

This episode dismantles the myth of “one-size-fits-all retirement,” arguing that retirement isn’t a date, an age, or a lifestyle—it’s a personal transition that demands both an income plan and a purpose plan. Don and Tom explore the growing trend of “un-retiring,” why fear and economic anxiety are lousy motivators for going back to work, and how a lack of planning fuels unnecessary worry later in life. Listener questions cover smart uses of 529-to-Roth conversions, parking large sums of cash, Roth strategies for young investors, rebuilding emergency funds without sabotaging retirement, and why converting Vanguard mutual funds to ETFs in taxable accounts is often a no-brainer. The through-line is clear: stop predicting the future, stop reacting emotionally, and build flexible plans that let your money support the life you actually want.
0:04 Retirement isn’t a script, a date, or a finish line
0:56 The myth of “retire at 65 and stop living”
1:20 The rise of “un-retiring” and why Disney hires retirees
3:22 Fear-based reasons people go back to work
4:28 Why retirees often worry more, not less
5:10 Studies showing how many retirees expect to work again
6:38 Income plans vs. purpose plans in retirement
7:16 The Dalai Lama, retirement, and dark humor
8:16 Using leftover 529 money for a future Roth IRA
10:31 Anton Chekhov’s The Bet and money as a moral test
12:08 Parking $3.5M: T-bills vs. high-yield savings
14:30 Why holding massive cash piles is usually a mistake
16:21 Interest-rate predictions and the illusion of certainty
19:17 How (and where) people actually listen to podcasts
21:02 Mortgage rates under 6% and why context matters
23:15 Roth IRAs for young investors and compounding reality
25:12 VT vs. AVGE vs. AVGV for long-term simplicity
27:51 Disney’s $60B expansion and what it says about costs
31:07 Rebuilding emergency funds without derailing retirement
33:32 Converting Vanguard mutual funds to ETFs in taxable accounts
35:20 Why small tax efficiencies matter over decades
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Ep. 1809: Easier Usually Better Jan 13, 2026

Show notes

Tom Cock and Don McDonald kick off 2026 with a sharp, skeptical look at portfolio simplicity—what it really means, what it doesn’t, and why promises like “no sacrifice in returns” should always raise an eyebrow. Using a Morningstar article as a springboard, they dig into active vs. index funds, one-fund and target-date strategies, and the behavioral traps that complexity creates. Listener calls drive deeper discussions around Avantis funds (AVGE vs. AVGV), value tilts, international exposure, Fidelity’s zero-fee funds, and when simplicity actually beats sophistication. Along the way: holiday viruses, Jeopardy ETF fails, Tesla-as-a-value-stock arguments (sort of), and a reminder that knowing yourself as an investor matters more than chasing the “perfect” allocation.
0:04 Holiday hangover, fake presence, and welcoming 2026
1:27 Simplicity in investing and why complexity isn’t intelligence
1:44 Morningstar’s “simplify your portfolio” claim—skepticism engaged
3:01 Active funds vs. index funds (and Morningstar’s awkward contradiction)
3:56 One-fund vs. multi-fund portfolios and why rebalancing is hard
5:24 Target-date funds as delegation for real humans
7:32 Hodgepodge-itis vs. fewer funds, fewer mistakes
8:52 Listener call: Roth IRA for an 8-year-old and AVGE vs. AVGV
12:20 Value tilt, international exposure, and long time horizons
13:44 AVGE vs. AVGV performance—why short-term results don’t settle debates
16:57 VT compared to Avantis—diversification without tilts
17:32 Fidelity Zero funds—what’s free and what’s the catch
20:00 Jason from Sammamish: value, growth, Tesla, and confidence
23:36 SPY vs. SPYM and when cheap is just cheap
25:46 Listener call: escaping a Fidelity managed large-cap portfolio
29:58 What to say when an advisor tries to keep your money
31:24 Jeopardy contestants miss “ETF” (yes, really)
33:46 AVGE vs. VT—tilts, belief systems, and picking your poison
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Ep. 1808: Nobody Knows Jan 12, 2026

Show notes

Predictions feel comforting—but they’re usually nonsense. In this episode, Don and Tom dismantle the illusion of foresight by revisiting last year’s loudest economic forecasts around tariffs, inflation, jobs, recessions, and markets. Drawing from a Wall Street Journal retrospective, they show how both political promises and expert predictions missed the mark, with reality landing squarely in the messy middle. The takeaway is classic Talking Real Money: nobody—not economists, not presidents, not pundits, and especially not you—has actionable insight into the future. That’s why successful investing isn’t about forecasts or hot takes, but about building a diversified portfolio, rebalancing when needed, and tuning out the noise. The episode wraps with listener questions on teen investing accounts and Roth conversion rules, plus a reminder that humility beats hubris every time markets get unpredictable.
0:04 The future is unpredictable—even when we pretend it isn’t
0:26 Why we crave predictions and mistake luck for skill
0:53 Being “right” once doesn’t mean anything
1:58 Tariffs, Trump, and the great forecasting divide
2:27 Inflation predictions that never showed up
3:53 Jobs, unemployment, and why both sides were wrong
5:49 Who actually paid for tariffs (hint: not who you think)
7:08 Recession fears vs. reality—and the AI wildcard
8:55 Why short-term predictions fail and macro trends survive
10:41 The truth usually lives between the extremes
11:31 Lao Tzu, Yogi Berra, and why nobody knows the future
13:20 The most dangerous “expert” investors trust: themselves
14:43 Listener question: investing for a 16-year-old
17:29 Roth IRA vs. UTMA/UGMA and simple fund choices
18:06 Listener question: Roth conversions and the five-year rule
20:54 Humor, offense, and why everyone needs to lighten up
21:14 RetireMeet 2026 details and special guest preview
23:14 Apella Wealth philosophy and free help reminder
24:39 The number one word of the year (still shocking)
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Ep. 1807: Try Before You Buy? Jan 09, 2026

Show notes

Investing isn’t a game, and treating it like one can quietly sabotage your future. This episode dismantles the idea of “trying out” investments or advisors the way Wall Street has trained people to do for decades. Don and Tom argue that real financial advice starts with planning, not products, and that a true fiduciary focuses on taxes, portfolio design, and long-term goals — not beating markets or selling what’s hot. Listener questions tackle portfolio overlap inside a 401(k), when simplicity beats customization, the reality behind so-called “Trump accounts” for children, and how to evaluate companies like Corbridge Financial in teacher retirement plans. The show wraps with a reality check on World Cup ticket pricing that somehow makes active management look affordable by comparison.
0:04 Why “trying out” investments makes no more sense than test-driving surgery
1:26 The danger of treating investing like a game
2:29 How Wall Street gamified investing for nearly a century
3:45 What good advisors don’t promise
4:10 Fiduciary planning versus transactional sales
5:14 Marketing narratives vs. real financial planning
6:55 Why big advisory firms spend fortunes on persuasion
7:48 Hot returns, sexy funds, and why chasing them fails
8:35 Investing to win vs. investing to reach a goal
9:56 Accepting market reality instead of competing with billionaires
11:27 Product versus planning — the core distinction
12:09 Listener question: fixing portfolio overlap inside a 401(k)
14:34 Why simpler portfolios usually work better
15:09 Using target-date funds to eliminate overlap and rebalancing headaches
16:19 What “Trump accounts” actually are — and what they aren’t
18:39 Comparing Trump accounts to 529 plans
21:38 Corbridge Financial: when it’s fine and when it’s a trap
23:01 Appreciating listeners everywhere (yes, even Portland)
24:40 World Cup ticket prices that defy financial gravity
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