Talking Real Money - Investing Talk

Latest Episodes:

Ep. 1646: Diversify or Die (Poor)? May 15, 2025

Show notes

Don and Tom launch into a globe-trotting episode—complete with multilingual greetings and a cameo from Cookie Monster—before diving into the serious question of global investing. They challenge the "home country bias" that keeps investors overly concentrated in U.S. stocks, highlight the recent performance gap favoring international small-cap value, and remind listeners that chasing returns and market timing are just two sides of the same bad investing coin. With personal anecdotes, Japan’s long recovery, and fund comparisons (VT, AVGE, DFAW), they make a rock-solid case for global diversification. Plus: a real-life trustee dilemma, a potentially smart annuity strategy, and a few dad jokes you didn’t ask for.
0:04 Multilingual greetings, Cookie Monster, and off-the-rails intro1:38 Listeners ignore the banter—jump straight to annuity questions2:05 “Why would I want foreign stocks?” US home bias gets roasted2:39 International small-cap value up, S&P down—performance flips3:23 Blackberry nostalgia, Don’s voiceover gigs, and cowboy auditions5:30 U.S. vs. international investing—timing or chasing returns?6:48 Market cycles and why global investing reduces regret8:26 Feelings aren’t facts—own the planet, not your predictions10:08 Japan's 34-year climb back—and the real lesson of 199011:49 Dividends matter: Japan’s returns weren’t all dead12:20 Comparing VT, AVGE, and DFAW for global exposure14:33 Why Don prefers global funds over DIY U.S./intl combos15:30 A 1992 Japan vs. global return showdown—$10k becomes $41k or $233k17:50 They buried the lead—global diversification wins again18:14 Listener corrects math on 4% rule—Don admits the slip19:06 Comment on borrowing from 401(k) and the “double-tax” myth20:04 Facebook dad jokes derail Tom’s patience20:53 Trust investing dilemma: annuity vs. portfolio income23:50 Immediate annuity may be the best fit for a “failed-to-launch” son25:23 Where to shop for no-load annuities—Fidelity, Ameritas, Stan the Annuity Man
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Ep. 1645: There's an Easier Way May 14, 2025

Show notes

In this episode, Don and Tom rewind to the not-so-golden era of Wall Street paperwork, bringing a modern perspective to old-school investing habits. They tackle listener questions around dividend investing, the allure of individual stocks, and whether the 'buy and hold forever' mindset still holds up in the era of ETFs. Along the way, they dismantle outdated advice, give historical context to stock certificate culture, and steer listeners back toward diversified, evidence-based strategies. A little nostalgia, a lot of myth-busting.
0:00 — Opening thoughts on old-school investing1:30 — Why dividend stocks still captivate investors (and why they shouldn’t)3:45 — Caller wants to hand-pick dividend stocks for income—Don’s got a better plan6:12 — The problem with nostalgia-driven portfolios7:55 — What a pile of stock certificates used to represent—and what it doesn’t anymore9:40 — Why ETFs offer smarter, cheaper, saner exposure to dividends12:18 — Tom reflects on the emotional appeal of owning "pieces of companies"14:02 — Another caller asks: Should I dump my dividend ETF for higher-yield stocks?15:40 — Compounding, risk, and the illusion of control17:00 — Why chasing yield can lead to capital destruction19:15 — Final thoughts: Don’t mistake familiar for safe, or paper for value
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Ep. 1644: Two-Thirds are Wrong May 13, 2025

Show notes

Don and Tom take aim at America's favorite financial myths—starting with the widespread belief that real estate and gold are the best long-term investments. They present nearly 100 years of historical data to show why stocks have far outpaced both. The conversation also tackles misleading annuity pitches, a classic pension lump sum dilemma, and the age-old question facing 20-somethings: save for a house or retirement? Callers bring smart questions about guaranteed annuities, where to park surplus cash, and the VT vs. VTI+VXUS tax argument. As always, the show delivers investing wisdom with skeptical charm and a few zingers.
0:10 — A third of Americans believe real estate or gold are the best long-term investments1:40 — The real historical winners: stocks beat gold and real estate by miles3:03 — Nearly 100 years of returns: real estate (4.2%), gold (5%), stocks (9.9%)6:00 — Don’s missed heart procedure and Tom’s recycled joke vault7:49 — Don’s NYC hotel sticker shock vs. Tom’s five-star absence excuse9:02 — Caller Jim asks about multi-year guaranteed annuities as bond alternatives10:01 — Why MYGAs aren’t remotely comparable to U.S. Treasuries13:07 — If something looks too good (5.8% guaranteed), it probably isn't14:25 — Another Jim (Florida) asks: lump sum or $250/month pension?17:30 — Financial flexibility vs. longevity risk in pension decisions21:32 — Listener dilemma: save for retirement or a house at 24?23:57 — Why early Roth contributions beat early homeownership for long-term wealth25:41 — Kyle in Indianapolis has an extra $40K—where should it go?27:26 — If it’s 5 years, don’t risk stocks. If it’s 10+, maybe30:47 — Allie from Wyoming asks: VT vs. VTI+VXUS for better foreign tax credits32:25 — Why foreign tax credit isn’t a good enough reason to skip VT34:21 — Global GDP, stock valuations, and the eternal U.S. vs. international allocation debate
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Ep. 1643: Investing in Scary Times May 12, 2025

Show notes

In this episode, Don and Tom tackle the investor's most persistent foe—fear—especially during volatile markets. They draw on insights from Vanguard and others to reinforce the value of long-term investing, explain why missing a few key days in the market can devastate returns, and stress the importance of rebalancing over reacting. The duo also takes on political distractions, market timing myths, asset location dilemmas, and the emotional turbulence that causes people (including Don’s wife!) to question their portfolios. It all wraps with a cheeky new market jingle courtesy of ChatGPT and a shirt that reached Everest. Yeah, literally.
0:04 Welcome, podcast humor, and the pain of being downloaded1:10 The recurring fear-driven urge to “do something” with your portfolio1:33 Set it and forget it? Vanguard and others weigh in2:44 Remember AOL? The danger of investing with confidence in the wrong thing3:35 Volatility is the cost of real returns—don’t try to dodge it4:50 Presidential influence and personal political biases in investing5:50 Real portfolios with too few stocks and too much risk6:55 Missing just 10 good days in the market could cut your returns in half7:59 Buy and hold ≠ do nothing: how disciplined rebalancing works9:17 Should you be buying international now? Maybe… but only if rebalancing10:21 Feelings ≠ facts: don’t let emotions dictate portfolio moves11:31 “Tune Out the Noise”—free advice and a free YouTube documentary13:06 A musical market mantra written by ChatGPT14:47 When even your spouse doubts your strategy: the advisor's personal dilemma16:57 T-shirt spotted at Everest Base Camp—financial fame ascends18:14 Can you contribute to a Roth IRA using last year’s wages?19:54 Why young investors should love down markets20:11 Asset location dilemma: comparing AVUV vs FISVX in 401(k) plans23:54 Bedford, TX and a lesson in regional geography24:31 Don’t chase performance—get help and rebalance smart25:05 One more round of “Clueless is Smart”—market timing parody jingle
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Ep. 1642: Six Subject Show May 09, 2025

Show notes

In this extra-packed Friday Q&A episode, Don powers through a barrage of listener questions while recovering from an attempted heart ablation (yep, he's okay—but not fixed). He dives into everything from sketchy SIMPLE IRA fees and Roth rollover rules, to when it actually makes sense to take Social Security. You’ll also hear a checklist of questions to grill a potential financial advisor with, a primer on small-cap value stocks, and a lightning-round suggestion for international bond exposure. And yes, he dishes on why many advisors don’t actually want you to read those pesky prospectuses.
0:04 Don's in his VO booth—surgery didn’t go as planned1:38 SIMPLE IRA fees: 5% commissions and better alternatives3:53 Roth IRA strategy: match in SIMPLE, max out Roth with AVGE8:35 Why that Raymond James advisor doesn’t want change9:43 Social Security breakeven isn’t one-size-fits-all11:35 Roth IRA transfer to Robinhood: does 5-year clock reset?13:04 What to ask when hiring a financial advisor16:06 Small-cap value vs. other stocks explained18:59 Comment: Prospectuses scare advisors (and why)21:42 Best international bond index fund? Try BNDX
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Ep. 1641: Hidden Wealth May 08, 2025

Show notes

On this Talking Real Money episode, Don and Tom tag-team one of the biggest financial myths around: your house as a retirement plan. With over $35 trillion locked in U.S. home equity, they challenge the idea that owning a home equals wealth. From the emotional pull of mortgage payoffs to the liquidity traps of reverse mortgages and HELOCs, the duo breaks down the risks, rewards, and real returns of homeownership. Then it’s on to listener questions about IRAs, 401(k)s, rollovers, and... fiber (yes, the breakfast and internet kind). And they end with a little brag—because 154,000 monthly listeners can’t be wrong.
0:04 $35 trillion tied up in homes—does that make us rich or just house-poor?1:20 Post-COVID home equity boom: 80% growth, but at what cost?2:53 Renting vs. buying: the case for liquidity over bricks3:44 Property tax pain for retirees and why Florida isn't so tax-free after all4:21 Mortgage payoff: emotional win, financial mistake?5:48 Why home equity shouldn’t be your retirement income plan6:37 Housing’s historic returns: barely 3% pre-inflation7:54 Forced savings illusion and the real cost of home improvements8:45 If you’d invested instead of buying… you’d have more9:35 Reverse mortgages, HELOCs, and why it’s harder to get cash out10:19 Home equity lines now ~8%—not cheap or easy to get12:30 Big picture: don’t include home equity in your retirement spending plan14:05 Florida vs. California: which really costs more to live in?16:38 Insurance, taxes, and Florida's fraud problem18:50 Listener Q: Can you do both an IRA and a 401(k) in the same year? (Yes.)20:40 IRA vs. 401(k): pros, cons, and personal strategy22:53 Listener Q: Should we roll an old 403(b) to a Roth IRA?23:44 Talking Real Money’s audience numbers: brag-worthy and booming25:19 Retirement prep tip: match income to lifestyle before you retire
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Ep. 1640: Will I Have Enough? May 07, 2025

Show notes

Tom and Roxy Butner to co-host a packed episode of Talking Real Money, tackling the ever-elusive "magic number" for retirement with a healthy dose of realism, humor, and data. They dig into a Northwestern Mutual study that shows Americans lowering their retirement savings goals—even as confidence continues to slip. Roxy breaks down why retirement planning is all about cash flow, not some mythical lump sum. They field questions on company stock in 401(k)s, bonus check strategies, RMD tax strategies, and how to get young people started right. From Monte Carlo analysis to Roth IRA advantages, the duo bust myths and offer practical steps listeners of all ages can act on today.
0:04 Tom introduces Roxy and the episode’s core question: “Do I have enough to retire?”1:01 Why the idea of a single “magic number” is misleading and varies by lifestyle2:41 Roxy: $600k may be enough—or $3M might not be; it’s all about cash flow4:32 Despite lowering their goals, only 51% believe their retirement plan will work6:15 Roxy explains Monte Carlo analysis and why asset type (Roth vs. pre-tax) matters7:31 Why tracking actual spending matters more than estimates before retirement8:32 Caller: Should we sell the company stock in my wife’s 401(k)?9:18 Tom warns of overconfidence and stock concentration risk, citing WaMu collapse10:45 Roxy and Tom agree: diversify ASAP—don’t let company loyalty cloud judgment12:14 Historical cautionary tales on once-great companies that fell apart13:26 Regional bias: How geography skews investor confidence in local companies14:46 Caller: What to do with a $20k bonus after maxing out the 401(k)?16:11 Roth IRA contribution options for him and his wife, and the 5-year rule18:10 Bonus: Enhanced catch-up contributions for ages 60–63 explained20:31 Caller asks about RMDs, tax planning, and long-term care deductions21:53 Only qualified charitable distributions (QCDs) avoid tax on RMDs23:24 Roth contributions early in life can lead to massive long-term advantages24:47 Caller asks about a bond fund change in her HRA and 60/40 portfolio safety29:45 Why “safe” is the wrong word—know your plan, goals, and risk tolerance31:13 Caller wants her daughter to connect with Roxy for help managing her paycheck32:54 Yes—Roxy helps young clients with budgeting and financial foundations34:31 Why early saving and simple investing in your 20s is so powerful36:09 Tom announces upcoming trip to Portland and free portfolio reviews37:08 Final notes: building trust, long-term planning, and why they love the work
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Ep. 1639: Lessons from a Legend May 06, 2025

Show notes

Tom Cock takes the mic solo (with Don recovering from a “procedure”) and brings in advisor Roxy Butner for a special live episode. They reflect on Warren Buffett’s decision to retire in 2025, discussing lessons from his value investing strategy and massive cash holdings. Listener questions roll in on topics like compound interest assumptions, the risks of holding company stock, ETF mechanics, and how best to diversify for retirement. They also recommend the YouTube documentary Tune Out the Noise, tackle behavioral finance biases, and offer free portfolio reviews—including Tom’s upcoming in-person trip to Oregon.
0:05 Tom hosts solo, Don out recovering, show call-in number shared0:53 Warren Buffett announces 2025 retirement; lessons from his investing style2:49 Value investing, risk tolerance, and why most portfolios ignore value stocks5:05 Buffett’s ultimate advice: low-cost index funds, tune out the noise7:09 Guest Roxy Butner joins the live show for the first time7:28 Listener Q: YouTube doc Tune Out the Noise and Dimensional Fund Advisors8:44 Listener Q: Using 7% return assumptions—how conservative is that?10:53 Monte Carlo simulations vs. flat-rate assumptions in planning12:32 Saving percentages, lifestyle choices, and setting early-retirement goals14:04 You can't count on future returns—only saving and diversification15:22 Company stock danger: bias, volatility, and concentrated risk17:51 Behavioral finance: home bias and overconfidence in familiar firms20:32 Listener Q from Orlando: DFIV vs. VEU, building a smart ETF mix23:30 Discussing stock/bond ratios, fund tilts, and tax efficiency25:34 Roxy’s advice: multiple funds offer tax flexibility in taxable accounts27:16 Listener Q from Ottawa: Do ETF trades affect prices of underlying stocks?29:59 ETF structure explained, flash crash risk, and long-term thinking34:17 Listener wants a Talking Real Money nickname—challenge accepted34:44 ETF vs. mutual funds in taxable vs. retirement accounts36:19 Free portfolio reviews and Tom's May 21 visit to Lake Oswego38:29 Roxy's biggest mistake she sees: U.S. large-cap overconcentration
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Ep. 1638: Money Lessons That Matter May 05, 2025

Show notes

Don and Tom get real about the most important lessons every young person should learn about money—before life (and bad decisions) get in the way. From money values to compound interest, tax realities to the unpredictability of markets, they each offer a list of financial truths no teen should graduate without. Along the way, they drop stories from their own lives, take questions from listeners, and somehow end up discussing soccer (and why Don still doesn’t get it).
0:04 Back to basics: What young people really need to know about money1:35 Why financial literacy is shockingly low and how Don is tackling it2:47 Tom’s top five lessons: values, saving habits, compound interest, taxes, and risk10:48 Don’s five(ish) truths: uncertainty, diversification, history, luck, and time18:33 Bonus lesson: Save and invest for what money can do, not just to have more19:04 Q&A: Should a 36-year-old shift from a target fund to DFAW and AVGE?22:02 Listener wants to up international exposure without “buying winners”24:47 Rebalancing tips: why it’s okay to shift your allocation now in retirement accounts25:24 Reflections on past podcasts, Lit Reading, and leaving a legacy26:30 Soccer vs. baseball: Don’s confused but still trying
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Ep. 1637: All Questions, No Dumb Ones May 01, 2025

Show notes

Don records this Q&A episode a bit early—right before heart surgery—to make sure listeners don’t miss their Friday dose. He kicks off with a listener confused by a boilerplate $50 foreign stock fee warning on a Fidelity Zero fund (spoiler: it doesn’t apply). Another caller is teetering on the edge of retirement viability with $500K, pensions, and Social Security—Don offers honest thoughts on withdrawal flexibility and why waiting on SSI might be wise. Then comes a takedown of Wealthfront’s direct indexing for small investors (aka “gimmickry”), a nuanced answer about annuitizing a pension vs. taking the lump sum, and finally, a nearly microscopic comparison of IXUS vs. VEU for international exposure. Birds chirp, bells ring, and Don reminds everyone that free help is just a click away
0:05 Early episode recording—Don preps for heart surgery2:07 Fidelity Zero fund confusion over $50 foreign stock disclosure5:40 Can I retire with $500K, two pensions, and a 60/40 Roth portfolio?9:07 Is Wealthfront’s direct indexing portfolio worth it at $20K?12:46 Should I annuitize my pension or take the lump sum?15:30 IXUS vs. VEU for international diversification—does it matter?
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