Talking Real Money - Investing Talk

Latest Episodes:

Ep. 1736: Gold vs. Reality Sep 25, 2025

Show notes

This episode tackles gold mania in its latest surge, debunking its “safe haven” myth with historical returns and practical comparisons to stocks. Don and Tom expose how Wall Street and fund providers exploit the hype, critique Ameriprise and high-yield muni funds, and answer listener questions on target-date funds vs DIY portfolios, HSA withdrawals, and advisor conflicts. The conversation balances humor, skepticism, and blunt warnings about chasing assets after dramatic run-ups.
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Ep. 1735: Caller Danger Sep 24, 2025

Show notes

A candid hour on consumer self-defense. We open with iOS 26’s unknown-caller screening and a New York Times crime reporter nearly duped by a “Chase Bank” spoof—lesson: don’t trust caller ID, don’t transact with inbound callers, verify via the number on your card or the bank app, and remember spoofed numbers make simple blocking imperfect. Listeners jump in: a Rule of 55 correction (not 72(t)/72(q)), plus a sharp TSP/Roth asset-location play—keep core market cap in TSP, use Roth for small-value tilt (e.g., AVUV). Then the consumer beat: Florida HVAC sticker shock and why three bids matter. Scam watch flags Smart Lab International’s “AI” sports-betting/trading scheme and crypto funding as Ponzi-ish red-flags. We close on the fiduciary fog—why “certified fiduciary” labels can hide annuity sales—and reject structured notes/buffer ETFs in favor of a simple, low-cost balanced portfolio that matches risk to need.
1:07 New iPhone feature screens unknown callers
1:58 Scam calls and “scam du jour” routine
3:05 NYT crime reporter nearly falls for Chase/Zelle spoofing scam
6:23 Why scams work when people let their guard down
7:00 Don’t trust caller ID, best practices for bank contacts
8:24 Zelle vs. Venmo debate and practical use cases
9:34 Caller correction on Rule 55 vs. 72Q/72T
10:58 Listener Brian on TSP allocation and AVUV tilt
13:07 Tom’s buffer/puffer joke flop
13:44 Advice on blocking spoofed numbers and safer verification
15:00 Segue into consumer issues beyond investing
16:06 History of Florida’s heat and AC dependency
16:43 Air conditioning repair and wild $11k vs. $4.7k quotes
19:22 Tom’s ongoing heat pump saga
21:10 Bob Cratchit fireplace joke
21:14 Listener Q&A from Nibley, Utah about Smart Lab “AI trading” scheme
24:28 What Smart Lab claims to do (AI sports betting + trading)
26:23 Company origins in Malta, Seychelles, now Ho Chi Minh City
27:57 Ponzi-like structure and risks with crypto-based platforms
29:16 Closing advice: don’t nibble on Smart Lab
29:27 Caller John on fiduciary standards and insurance sales
32:28 Exposure of “Certified Financial Fiduciary” designations and insurance sales tactics
34:46 Caller Rajiv on structured notes vs. buffer ETFs
36:02 Simplicity of balanced portfolios over complex gimmicks
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Ep. 1734: Invest or Drink? Sep 23, 2025

Show notes

This episode of Talking Real Money tackles myths about the Federal Reserve and interest rates, explains why mortgage and Treasury rates don’t automatically follow Fed moves, and reminds listeners that markets usually price in expected changes. Don and Tom then pop the cork on wine investing, showing that after costs it performs about as well as plain bonds—and far worse than a 60/40 portfolio. They compare wine and tobacco “sin stocks,” highlight the volatility of individual companies like Constellation Brands and Altria, and use that as a cautionary lesson against stock-picking. Listener calls cover asset location strategies (Roth vs. taxable vs. HSA), the realities of buffer ETFs, and how to evaluate fiduciary firms like Prairie View Partners (now Savant). As always, the conclusion is clear: keep it simple, diversify, and drink the wine instead of investing in it.
0:04 Old-fashioned call-in intro and Fed rate cut discussion
1:33 Myths about Fed decisions and mortgage/consumer loan rates
3:21 Treasury yields, market reactions, and rate expectations through 2026
6:16 Why markets often anticipate rate changes in advance
7:40 Transition into alternatives and “exciting” investments
9:03 Wine as an investment: storage, insurance, dealer costs
10:38 Average returns vs. net after-cost reality (bonds beat wine)
12:46 Stocks and bonds outperform—“invest in markets, drink the wine”
14:08 Constellation Brands stock history as a volatility case study
17:37 Altria (tobacco) stock comparison and “sin stock” volatility lesson
20:16 Small percentage of individual stocks outperform T-bills (Bessembinder research)
21:39 Listener: Asset location strategy (taxable, Roth, HSA)
24:58 ETFs changing the asset location conversation
27:10 Treatment of HSAs as Roth-like for medical use vs. IRA-like otherwise
28:42 Listener: Buffer funds (“boomer candy”) and why they’re costly gimmicks
32:54 Reminder that many investors panic out of markets at the worst times
33:42 Listener: Emergency fund and avoiding 1099s (spoiler: you can’t)
34:58 Listener: Evaluating fiduciary firm Prairie View Partners (merged with Savant)
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Ep. 1733: House=Home Sep 22, 2025

Show notes

0:04 Why your home isn’t part of your investment portfolio
0:26 The myth of the American Dream and why owning may not make sense
1:33 A buyer’s remorse story from Atlanta
2:35 $3,000/month to own vs. $1,200/month to rent
3:34 Hidden expenses: $13,000 sewer connection surprise
4:31 “I can’t sell my house” = “I won’t lower the price”
5:35 Housing returns: even hot markets underperform stocks
6:19 Divorcees sharing homes to keep a 2% mortgage
7:35 Why paying off a low-rate mortgage often makes no sense
8:45 Don and Tom both bought homes for lifestyle, not wealth
10:13 Florida: where houses go to die (and get re-roofed)
11:33 Owning a home is not a prerequisite for wealth
12:48 How to send voice questions (seriously, do it)
14:18 Listener Q: 401(k) with limited options—how to balance Roth IRA
15:25 Fund strategy: AVUV and AVDV combo
16:44 Listener Q: Why not mention charitable remainder trusts?
17:27 Listener Q: Are flat-fee advisors better than AUM?
19:00 Hourly advisor costs and why they seem high
20:35 Outro: Tell a friend, save them from financial doom
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Ep. 1732: More Qs Needed Sep 19, 2025

Show notes

Don laments the shortage of voice-submitted questions for the Friday Q&A shows and urges listeners to speak their questions into their phones or computers instead of typing them. He answers four listener questions: whether to take a pension lump sum or annuity, whether to roll a 401(k) into an IRA and how much to keep saving with a union pension, a callout about financial jargon (especially “basis points”), and whether stocks are as speculative as cryptocurrency. Don emphasizes that the annuity option is unusually generous, consolidating accounts can simplify rebalancing, saving as much as possible remains wise, and owning the entire global economy through diversified funds is investing, not speculation.
0:09 Don bemoans typed questions and encourages listeners to use voice submission
2:16 Listener asks about lump-sum pension vs. annuity — Don leans strongly toward annuity
6:05 Listener asks about rolling over a 401(k) to an IRA and whether to keep contributing — Don favors consolidation and continued saving
9:00 Caller criticizes jargon like “basis points” — Don defends term as shorthand but explains its meaning
12:04 Caller compares stocks to crypto — Don explains why diversified global stocks are investing, not speculation
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Ep. 1731: Are You Really Broke? Sep 18, 2025

Show notes

This episode explores Americans’ financial well-being in 2025, using a Yahoo Finance/Marist survey as the springboard. Don and Tom discuss how their audience differs from the average American listener, how perceptions of financial health can be misleading, and what to actually do if your finances—or your feelings about them—are getting worse. They debate the usefulness of net worth tracking, stress the importance of financial literacy, and suggest automating savings. Listener questions cover indexed annuities, bond substitutes, tax implications, and long-term care sales pitches. They also read a letter defending Rick Edelman and challenging their dismissal of crypto, which leads to a lively discussion about evidence-based investing, Eugene Fama’s critique of Bitcoin, and the dangers of sensationalized advice. They end with a reflection on public criticism and the value of having one’s views challenged.
0:29 Comparing TRM listeners to Ramsey and Kiyosaki audiences
1:37 Median savings for over-65 Americans and why $200k still isn’t enough
2:42 Yahoo/Marist survey results: affordability, debt, emergency savings
3:50 One in three say finances worsened; generational breakdown
4:51 Explaining net worth, what to include and exclude
7:01 Tracking net worth annually as a financial benchmark
8:00 Divorce, net worth, and the joke about “kill them off”
9:50 Income gap, gender differences, and perception vs. reality
10:34 How uncertainty and fear shape financial outlooks
11:41 Producer note joke about being “sexist but not leftist”
11:50 Dissatisfaction with savings and personal spending habits
13:06 Fixing bad finances: literacy, automation, benchmarking
17:20 Don argues perception matters more than reality for many
18:20 Listener question: fixed index annuity as bond substitute
19:46 Caps, participation rates, and underperformance vs. markets
21:10 Tax treatment of annuities vs. ETFs
22:55 Importance of advice near retirement (decumulation phase)
23:44 Listener shares bad LTC/annuity sales pitch experience
24:54 Fixed annuity guarantees vs. CDs and government bonds
25:39 Listener defends Rick Edelman, suggests an open dialogue
26:52 Don’s critique of Edelman’s shift toward sensationalism
29:29 Eugene Fama’s comments on Bitcoin, clash with Edelman’s stance
31:23 Public criticism is fair game—reading recent Apple Podcast reviews
32:48 Bitcoin adoption debate and institutional incentives
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Ep. 1730: It IS Gambling Sep 17, 2025

Show notes

Don goes solo this week and covers the wild state of “investing” in 2025 — including single-stock ETFs, leveraged funds, and zero-day options that look more like gambling than investing. He answers listener questions about Roth strategies for kids, aggressive long-term allocations, finding fiduciary advisors, dealing with inherited stock portfolios, and the ethics and fees of big Wall Street firms. Plus, he fields questions about new tax-focused ETFs and whether complicated multi-fund factor strategies are really worth the trouble.
0:04 Don jokes about ChatGPT replacing him, welcomes listeners
1:53 Today’s topic: 30% of new ETFs are tied to single stocks — “this is gambling”
4:27 Zero-day options and high-frequency trading likened to sports betting
5:23 Congressman Ro Khanna’s 2,800 trades this year — four per market day
6:12 Don’s call to stop pretending this is investing
8:16 Caller Mike: 3 kids with $100k+ Roths each — aggressive allocation recommendations (AVUV, AVGE, DFAW, 100% equity)
12:24 International weighting debate — Don likes 60/40 global tilt
15:34 Caller Dan from Israel: How to confirm if an advisor is a fiduciary; why inheriting stocks isn’t a reason to keep them
18:08 Transitioning from stocks to ETFs while minimizing capital gains
22:23 Caller Laura: Ethical concerns with J.P. Morgan, fees near 1%, annuities in portfolio — Don urges finding a true fiduciary and offers local resources
27:07 Caller Jim: New ETF (TOT) promising tax efficiency — Don warns against chasing “magic tricks” for small benefits
31:44 Question about swapping gains between mother/son’s VTI shares — IRS won’t allow
33:47 Kath reads listener question: Three-bucket retirement system, comparing iShares GLOF vs AVGE — Don says it’s fine, but may be overcomplicating
35:34 Rebalancing frequency discussion — annual is enough for most
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Ep. 1729: AI Advice Sep 16, 2025

Show notes

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”
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Ep. 1728: Dizzying Heights? Sep 15, 2025

Show notes

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
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Ep. 1727: A Few Good Qs Sep 12, 2025

Show notes

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?
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