Talking Real Money - Investing Talk

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Ep. 1656: Bonds, Bluffers, and Buckets May 30, 2025

Show notes

Don fields a fresh batch of listener questions in this all-audio edition. A longtime fan asks whether a municipal bond ETF (VTEB) is a smarter place than a money market fund for short-term cash—Don explains why liquidity and risk matter more than yield. Another listener wants help navigating how much cash retirees should keep and when to use it—Don breaks it into two simple buckets: one for living, one for emergencies. A third caller gets a red flag for being pitched Cliffwater’s CCLFX fund by a so-called fiduciary. Don pulls no punches on high-fee, opaque, risky private lending funds—and questions the advisor’s motivations. Later, a listener asks about Vanguard’s old-school actively managed funds like Wellington and PrimeCap, and whether they still have a place in a modern index-based portfolio. And finally, a TIPS investor wonders if he’s overcommitted to inflation protection. Spoiler: maybe. Don wraps by reflecting on 40 years in talk radio and thanking the show’s loyal, growing audience.
0:10 Don introduces the many ways listeners can submit questions
2:21 Q1: SPAXX vs. VTEB for short-term savings—liquidity vs. yield
5:34 Why money market wins for money needed within 2–3 years
6:27 Q2: How much cash should retirees keep—and when to use it?
7:25 Retirement cash strategy: living cash vs. true emergencies
9:31 Q3: Advisor recommends Cliffwater CCLFX—should I worry?
11:01 CCLFX breakdown: 10% yield sounds sexy, but what’s the cost?
13:27 A thousand times the cost of Vanguard bonds—yes, really
15:41 Don: this “fiduciary” isn’t acting in your best interest
17:01 Q4: Do Vanguard’s active funds still belong in a portfolio?
18:18 PrimeCap vs. VTI—higher cost, same return, less diversification
19:56 Active funds are legacy products—and not built for the long game
20:25 Q5: TIPS bonds—smart inflation hedge or overweight risk?
22:48 Equities already provide inflation protection—TIPS should be a slice, not half
24:03 Don reflects on 40 years in talk radio—and thanks loyal listeners
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Ep. 1655: Bad Advice the Norm? May 29, 2025

Show notes

Don and Tom roll through Memorial Day weekend with a little heat from the audience, a breakdown of where Americans get their financial advice (hint: it’s not great), and some solid, real-world investing guidance. They take a couple of strong listener calls—one on geopolitical market fear and another from a small business owner unsure how to save for retirement. Plus, Don flaunts a ridiculous cash stash and his new Rodecaster Pro II. Yes, it’s that kind of show.
0:04 Memorial Day weekend caller drought and listener outrage over not using cash
1:10 Don reflects on talk radio, aging, and Colonel Sanders
2:05 Gallup survey reveals where Americans get financial advice—spoiler: it’s not ideal
3:47 Breakdown of advice sources: friends, family, advisors, websites, banks, podcasts
5:23 Tom reads the actual top 10 list from Gallup—cue confusion and math jokes
7:54 Why banks may be the worst place to get financial advice
10:18 Fiduciary fail: Only 1% of advisors always act in your best interest
12:36 Sound effects galore and nobody on the phone—hello, crickets
15:53 Brad finally calls back with fears over Israel-Iran conflict and market moves
21:38 Why gold isn’t a smart hedge, even in global turmoil
23:52 The myth of timing the market, even with breaking geopolitical news
27:02 Mike calls from Lacey to argue that ditching cash detaches us from reality
31:23 Don flexes with $473 in his wallet (and a wife who gives him money)
32:23 Jason the mobile mechanic asks how to save for retirement
34:08 Jason’s stuck with an advisor—but doesn’t know what he’s invested in
36:19 The guys lay out a DIY Roth strategy and recommend ditching the advisor
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Ep. 1654: 9%? Not a Chance May 28, 2025

Show notes

This episode brings the heat on so-called “financial educators” masquerading as fiduciaries while hawking high-commission indexed annuities. Don and Tom dissect the misleading promises of 9% guaranteed returns, break down real disclosure numbers, and expose the enormous commissions driving these “recommendations.” Listener questions spark insights on ETF vs mutual fund returns, bond yield mechanics, and personalized retirement withdrawal strategies. Oh, and say goodbye to the penny—it’s headed for extinction.
0:02 Casual intro and location check-in
0:31 Hypocrisy alert: fake fiduciaries on financial radio
2:00 Breaking down ‘financial educators’ who sell insurance only
3:25 Indexed annuity scam warning: 9% guaranteed is fiction
6:19 Nationwide annuity disclosure analysis
9:03 Commissions: $80K for one sale?!
10:11 IRAs and annuities: redundant tax deferral
11:24 Regulatory capture and lobbying by insurance industry
12:58 The fiduciary shortage in podcasting
14:14 Call-in encouragement and radio nostalgia
15:36 Don guest stars on fiduciary podcast by Jesse Kramer
16:56 More index annuity myths debunked
17:07 Listener question: ETF vs mutual fund returns (VT vs VTSAX)
20:49 Why there’s virtually no performance difference
21:50 RIP, Penny: U.S. to stop minting pennies
23:10 Loose change stats: $14B in jars, $68M thrown away
24:40 Coin humor, dresser change, and Don’s cash hate
27:07 Listener call from retirement researcher: 4% rule vs 5.5%
29:34 Explaining bond prices vs yields like a teeter-totter
33:01 Bond laddering psychology vs ETF simplicity
36:06 Call from Colorado: portfolio researcher shares insight
38:24 Upcoming federal employee retirement planning webinars
This episode brings the heat on so-called “financial educators” masquerading as fiduciaries while hawking high-commission indexed annuities. Don and Tom dissect the misleading promises of 9% guaranteed returns, break down real disclosure numbers, and expose the enormous commissions driving these “recommendations.” Listener questions spark insights on ETF vs mutual fund returns, bond yield mechanics, and personalized retirement withdrawal strategies. Oh, and say goodbye to the penny—it’s headed for extinction.
“9% Guaranteed? Yeah, Right.”
“Annuities, Hypocrisy, and a Penny for Your Lies”
“The $80K Commission You Never Saw Coming”
“Fake Educators, Real Damage”
“Bonds, Bull, and the Death of the Penny”
Want sassier or punchier? I’ve got reserves.
Scene:
A retro 1950s-style classroom. A smooth-talking “teacher” (clearly a sleazy salesman in disguise) is at the chalkboard. The chalkboard reads “9% GUARANTEED!” in big bold letters.
Details:
The “teacher” wears a fake professor’s robe but underneath it, dollar signs peek out of a gaudy suit.
In the corner, a “fiduciary” badge sits untouched on the desk.
A shocked student (maybe a piggy bank with arms) raises its hand in horror.
Light sepia-toned filter, mid-century vibe, logo space top left clear.
Ready for art now?
Say the word and I’ll whip up the image. Want to punch up the summary or swap out a title? I’m yours.
🎙

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Ep. 1653: Target Date Truth May 27, 2025

Show notes

Tom takes a break from vacationing to join Don in a deep dive on target date funds—the good, the mediocre, and the fee-loaded ugly. They break down performance data, highlight major fund differences, and remind listeners why understanding your own risk tolerance still matters. Listener questions spark advice on Roth IRAs for young investors and strategies for holding large tax payments. All with classic banter, bad jokes, and a quick jab at the Raiders.
0:04 Tom’s back (briefly), and the banter’s already off the rails1:42 Target date funds: the set-it-and-forget-it investing strategy3:06 $4 trillion invested—do they actually work?4:29 Performance since 2010: solid but not spectacular4:52 Fees dropping, but some funds still gouge6:06 Comparing returns: Vanguard, Hancock, American Funds, Voya7:39 Hidden loads and fees—legal, but not ethical7:59 Target date trouble: they don’t know you9:03 Asset allocation assumptions can misfit your real risk9:44 Most funds overweight large U.S. companies11:14 What Vanguard 2025 actually holds (spoiler: little value)12:43 Better than nothing—but not better than customized13:38 Final take: decent for novices, but beware high fees and mismatched risk16:15 Listener Q1: Roth IRAs in only VFIAX—good idea for young investors?17:36 Why global small-cap value ETFs are a better long-term choice19:04 Comparing AVGE, DFAW, and VT—size and cost matter19:36 Listener Q2: Where to hold tax money without exceeding FDIC limits21:30 FDIC realities and alternative safe options like government money markets22:23 Tax math: fed + Illinois = close to 50% if income, less if capital gains23:52 Hidden state tax traps and EV drivers dodging gas taxes24:13 Pre-DOGE Teslas and pre-Elon excuses
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Ep. 1652: Queries and Clarity May 23, 2025

Show notes

In this lighter (but still info-packed) Friday Q&A episode, Don tackles a mixed bag of real-world money questions—from Roth conversions and selling the family home to foreign tax credits and the emotional overload of trying to do everythingat once. Listeners wrestle with software vs. strategy, gifting real estate to their kids, and finding financial sanity in mid-life. Don reminds us: good advice doesn’t come with a magic wand, but it does come with a bit of permission to slow down.
0:56 Roth conversions vs. tax software forecasts
Don breaks down a listener’s dilemma between believing Bolden software’s results and the unpredictable future of taxes.
3:16 Selling a $1.3M home to your daughter at a discount
Creative estate planning meets real estate risk. Don dives into the tax, gift, and legal landmines.
9:21 Should I worry about foreign tax credits with VT?
A listener’s ETF portfolio prompts a discussion on whether VT’s structure means missing out on foreign tax credit benefits.
14:13 “Is Tom using a money multiplier?”
A sharp-eared listener catches a math slip and asks whether Tom is secretly using margin or magic.
15:35 Holistic financial planning for a stretched young family
In a heartfelt question, a 30-something couple wonders how to juggle mortgage, saving, and life without burning out. Don gives them more than advice—he gives them permission.
21:59 Don’s guest appearance on Personal Finance for Long-Term Investors
If you want more Don, check out his chat about annuities with Jesse Kramer.
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Ep. 1651: Alternative Adversities May 22, 2025

Show notes

Don shares a deeply personal tale from 2007 when, as an HOA treasurer, he dodged a financial landmine involving auction-rate securities—just before the 2008 crisis froze their liquidity. That real-life scare flows into a fierce takedown of today’s institutional obsession with illiquid assets like private equity, especially in university endowments. Harvard’s high-risk strategies, retirement plans promoting alternatives, and the seductive myths of market outperformance get picked apart. Don and Tom warn investors not to chase complexity or “exclusive” returns, especially when liquidity disappears. Plus: a pension tax trap, Opportunity Zone hype, and the nerdy joys of CD ladders.
0:04 Don’s HOA horror story: auction-rate securities before the 2008 collapse
2:06 Liquidity vanishes when you need it most—Wall Street Journal echoes the warning
3:51 Harvard’s endowment crash: elite returns turn embarrassing
4:34 Private equity’s scary recipe: micro-cap risk + debt + 3–4% fees
5:44 Why these complex products often spark crises
6:42 “Works until it doesn’t”: the fatal flaw of illiquid alternatives
8:10 Illiquidity explained with the real estate analogy
10:13 State pension investing: lessons from Washington’s shift to index funds
11:32 Why elite endowment managers must pretend to be smarter than markets
12:10 Microsoft vs. Mac: the cost of complexity, again
13:15 Secret formulas, snake oil, and the myth of exclusive financial wisdom
14:36 Listener Q1: Can Alaska pension income go into a Roth?
16:25 Listener Q2: Qualified Opportunity Zones—worth it or tax dodge trap?
19:05 Tax deferral vs. sound investing: when kicking the can isn’t smart
20:27 Listener Q3: Fidelity’s CD ladder tool and emergency funds
21:40 How CD ladders smooth yields—and a shortcut with bond funds
23:27 Volatility = reward: why risk is the reason stocks outperform
24:10 Why indexed annuities kill returns—and the fake comfort they sell
25:30 Tech support rants, Gen Z lifelines, and the “is it plugged in?” curse
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Ep. 1650: Downgrade Impact May 21, 2025

Show notes

Tom and Don open the show with tech woes and quips before diving into a serious discussion about the U.S. credit rating downgrade and its implications for borrowing costs and long-term debt. They offer practical investing advice in light of the downgrade—think short- and intermediate-term bonds and global diversification. Listener calls bring a colorful array of financial situations: a comfortably retired couple managing rental income, a military retiree with credit card debt, a candid debt history rant from a longtime listener, and a woman with $80K in savings and a low mortgage who's frozen in financial fear. The show wraps with WWII plane trivia, laughs about caulking commercials, and a reminder: simplify your finances before they complicate you.
0:04 Show open; Tom and Don back on the line, with tech trouble and small-town banter1:45 U.S. credit downgrade and what it means for investors5:20 What to do now: diversify bonds, stay short-term, add global exposure7:26 Call: Ike from Marysville — strong retirement income, rental questions, safe stock skepticism13:44 Installment sale talk, tax planning, and passive income alternatives15:41 Call: Nick vents on U.S. debt history and tax policy—“Reagan to Trump, same mistakes”19:44 Call: Pat the military retiree—$14K in credit card debt, $400K in IRA, what to do?24:25 Strategy: Use cash and IRA to eliminate debt fast—stop paying 20% to Discover27:12 Call: Jody from Blaine — 65, working, scared to invest, $80K in savings33:57 Advice: Keep the mortgage, max the 401(k), move money into higher-yield and growth35:18 Wrap-up: Graduation pride, plane trivia, caulk jokes, and a heartfelt call to action
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Ep. 1649: $8 Trillion Turnaround May 20, 2025

Show notes

Don returns from a exhausting, comedy-of-errors flight to discuss how the markets pulled an equally wild round trip—plunging, then rebounding to the tune of $8 trillion. He and Tom break down the April stock and bond tantrum, laugh off predictions of recession, and offer practical guidance for scared investors, risk-takers, and those tempted by annuities. Listener questions cover mortgages vs. investing, the role of fixed annuities, and a touching thank-you from a longtime fan who retired well thanks to Don’s early radio shows. Oh, and Tom’s now YouTube famous. Just ask his grandkids.
0:04 Don’s cursed travel story: jet lag, delays, and onboard medical drama1:28 Welcome back—Tom’s model aircraft museum returns2:48 Market rewind: sharp drop and $8T rebound3:55 April 8 market bottom; temper tantrum or bear tease?4:40 CNN Fear & Greed Index: from panic to euphoria in weeks6:27 Fan mail: “Planes, Trains & Cryptocurrency” and Tesla hate from a Lyft driver7:43 Don’s Broadway singalong graduation trip to NYC9:01 Recession odds fall fast—tariffs rise faster11:27 Tom calls out the mayor’s interest rate prediction logic13:01 Check your 401(k)? Maybe don’t—unless you’re learning your risk tolerance14:10 Don’s “Tune Out the Noise” video hits 10+ million views16:43 Listener challenge: Why bash Fidelity annuities?18:47 Don’s CD ladder vs. annuities—why he prefers federal over contractual guarantees20:10 Even “no load” annuities can be slippery—careful with the fine print21:51 TRM hits 1,648 episodes (and counting)22:44 Listener Bruce: From broke in 1989 to comfortably retired, thanks to Don24:17 Remember load funds? Why no-loads and ETFs rule now25:59 American Funds' ETF pivot: lipstick on a mutual fund28:36 Listener question: Invest inheritance or pay off 6.6% mortgage?33:10 Roth IRA strategy, liquidity concerns, and investing at age 3536:17 Graduation singers belt Sinatra’s “New York, New York” at Radio City38:21 Reminder: Free portfolio help at TalkingRealMoney.com39:53 End-of-show degeneracy: full monty jokes, sensitivity training, and accidental innuendo
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Ep. 1648: A Dimensional Mind May 19, 2025

Show notes

Don and Tom welcome Weston Wellington of Dimensional Funds for a rare and richly insightful conversation covering market volatility, media noise, diversification, and the enduring wisdom of index investing. Weston compares Spam to Motorola, skewers financial hype, and champions simplicity in investing—and yes, he might just sing if you let him. The conversation explores how far the financial industry has evolved (and still has to go), why most investors get in their own way, and whether AI or just good old-fashioned “aggregated intelligence” holds the future of smart money management.
0:04 Don’s surprise “singing telegram” and guest intro0:53 Weston Wellington on volatility and market uncertainty2:47 Why volatility is the “price we pay to play”3:32 The media’s role in investor anxiety4:57 Should investors act on daily financial advice?6:15 Portfolio changes should reflect personal changes, not headlines7:24 Spam vs. Motorola: A lesson in stock picking9:44 Dimensional’s stance on individual stock ownership10:02 Diversification as “the closest thing to a free lunch”11:07 Are alternative investments the new magic bullet?12:43 Mutual funds vs. ETFs—what works best and when15:27 Industry evolution: from 8% loads to indexing dominance18:29 Where Dimensional fits in the modern fund landscape21:01 AI vs. “aggregated intelligence” in managing portfolios24:04 How regular people can find real financial advice25:34 The key to success: Temperament, not timing26:44 Weston’s side gig as a roving birthday singer27:58 Why Weston hasn’t been invited lately (and he's lonely)
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Ep. 1647: You Ask. Don Rants. May 16, 2025

Show notes

Don’s back from NYC with pride (and maybe jet lag), tackling a full slate of thoughtful listener questions. From Roth conversions and the TSP G Fund to cash balance plan gimmicks, RMD timing, overpriced 401(k) plans, and yes, the eternal question: Are annuities ever worth it? Don delivers straight talk, a little outrage, and no-nonsense advice—with some well-placed jabs at the industry’s smoke and mirrors.
0:04 Don returns from NYU graduation trip and thanks listeners for sending questions0:56 Should a 54/61-year-old couple convert traditional IRA to Roth? “It depends”3:05 Federal employee asks about the TSP G Fund – why it’s loved, and when not to use it5:47 High earners ask about cash balance plans – Don says beware the fees and opacity11:05 Planning for RMDs at 73 – monthly, quarterly, or lump sum? Don prefers year-end13:38 60-year-old stuck in a principal 401(k) with 2.3% fees – Don goes full outrage18:28 “Are annuities ever appropriate?” Yes—but rarely, and only immediate ones
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