Talking Real Money - Investing Talk

• All Questions, No Dumb Ones

  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? Learn more about your ad choices. Visit megaphone.fm/adchoices

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  21:40
• Modern Money Myths Meet Their Match

  On this myth-busting episode of Talking Real Money, Don and Tom tackle persistent financial fables that sound logical but often lead investors astray. With help from a Kiplinger list and their own experience, they dissect myths around mortgage payoff returns, Roth conversions, Social Security fears, withdrawal rules, and tax refunds—plus three bonus myths that still haunt conversations today. Along the way, Don shares his own recent experience filing for Social Security online (spoiler: it was surprisingly smooth), and they answer listener questions about muni bond funds and a bizarre Social Security payback tax mix-up. As always, it’s myth-busting with a side of snark and a dash of real advice. 0:04 Myth-busting opener and Greek mythology jokes1:03 Myth #1: Paying off a 5% mortgage equals a 5% return5:14 Myth #2: Roth conversions always reduce taxes7:57 Myth #3: Social Security is going bankrupt13:20 Myth #4: The 4% rule guarantees retirement success17:16 Myth #5: It's better to get a tax refund than owe taxes18:54 Bonus myths: “I can save later,” “Investing is zero-sum,” and “High-cost funds perform better”21:21 Listener question: Social Security payback tax confusion26:42 Listener question: Best muni bond ETF for a high-tax-bracket senior Learn more about your ad choices. Visit megaphone.fm/adchoices

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  31:50
• Scares, Stockpiles and Smart Planning

  Tariffs, fear, and stockpiling—oh my! Don and Tom break down how consumer sentiment, not just consumer spending, is shifting dramatically under the weight of tariff uncertainty. They connect behavioral shifts—like Googling “recession” and panic-buying tires—to bigger economic signals and what it all means for investors. From the role of emergency savings to the misleading pitch of indexed annuities, they dismantle hype and stress the importance of sticking to a real plan. They also field smart questions on Roth conversions, muni bonds, and whether now is the time to invest that idle cash. Oh, and don’t worry: most of our toilet paper is made right here in the good ol’ USA! 0:11 Consumers drive the economy—and investment returns0:47 Sentiment is slipping fast, and it could trigger a slowdown2:05 “Recession” and “depression” searches spike amid uncertainty3:11 Tariffs shift what we buy: food in, luxury out4:24 What investors should do now: boost emergency savings7:22 Auto stockpiling and tariff-fueled panic buying8:50 Prices rising, brand loyalty falling, and psychology shifting10:27 Volatility confuses perception—despite flat portfolio returns12:16 Emergency funds are real insurance without the gimmicks14:14 Spry 102-year-olds and the power of Bulgarian yogurt17:47 Best muni bond fund choice for high tax brackets: VTEB20:31 Can’t milk a Buckeye, but they might ward off arthritis22:52 Roth conversions: should you pay the tax now or wait?28:57 Indexed annuities: steak dinners, sales tricks, and the ugly truth34:16 Why the commissions are so high—and the returns so low37:55 Got cash on the sidelines? Here's what to do before investing39:27 Final advice: plan first, invest later, ignore the noise Learn more about your ad choices. Visit megaphone.fm/adchoices

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  45:38
• Your Brain’s Investing Mistakes

  Our memories—and sometimes our parents'—shape how we invest, often more than logic or data. Don and Tom break down how generational financial trauma, recent market trends, and asset class myths (like gold and U.S.-only investing) skew our thinking. They call out flawed stock picking contests, revisit the real long-term returns on gold versus stocks, and explain why short-term memory leads to bad long-term decisions. Listener questions hit everything from where to park house savings to bond fund risks, rebalancing strategies, and simplifying retirement saving using the TSP. Oh, and yes, the laundry room podcast myth lives on, and the Fyre Festival somehow still smolders in the background. 0:04 Don and Tom settle into the show—studio quirks, mic levels, and inviting questions 0:52 How memory bias—from the Great Depression to dot-com boom—influences investment behavior 2:07 Family stories from the Depression era and why stock picking games teach the wrong lesson 2:54 Why investors wrongly believe growth stocks always beat value—thanks to recent performance 5:20 Myths about market trends: U.S. dominance, buy-the-dip thinking, and time horizon confusion 7:46 Gold mania: Recent price surge vs. long-term returns—spoiler, stocks win 9:58 Long-term perspective: $10k in 1980—Gold vs. Treasuries vs. Global portfolio 10:28 Listener: Where to park house construction funds short-term—ETFs vs. money markets 13:30 Why those new ultra-short ETFs may be a trap 15:17 Listener: Should I buy callable bonds with 6% yields? And what’s with PIMCO’s “14%”? 17:36 Risks of leveraged bond funds like PDI—why they don’t belong in a stable portfolio 19:46 Listener: How often should I rebalance in a 401(k)? 23:12 Listener in Albuquerque: Should I go all-in on the C Fund for simplicity? 25:39 Roth vs. TSP—what matters more: today’s tax rate or the future’s unknowns? 27:33 Future goals: quarterly travel in retirement and pizza roof update 28:22 Investing in “brands” like Fyre Festival—don’t 32:30 $63 offer for the Fyre trademark, and a plug for free fiduciary advice Learn more about your ad choices. Visit megaphone.fm/adchoices

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  38:10
• Leverage: Fast Fortune or Failure

  Don and Tom dive into the seductive but dangerous world of leverage, starting with real estate and quickly moving into the even riskier territory of leveraged ETFs. They explain how leverage magnifies both gains and devastating losses, using real-world examples like the Direction 3X Treasury Bull and Bear funds, which either crushed or annihilated investor money. They caution listeners that these “extra touchy” funds are pure speculation, not investing, and explain why most people should stay far away. The episode wraps with smart listener questions on direct indexing, Roth rollovers, and the hidden risks in trying to beat the market on your own. 0:04 How leverage props up real estate and investing myths 1:32 The dark side: Leveraged funds and massive losses 2:49 Triple leverage dangers: 90% losses vs. 266% gains 5:38 Long-term performance: both leveraged bulls and bears lose 7:52 Even treasuries show wild volatility with leverage 9:57 Why leveraged funds are pure speculation, not investing 11:44 Risk explained through standard deviation comparisons 14:16 Listener question: Direct indexing vs. S&P 500 returns 17:44 Listener question: Roth 401k rollover to Roth IRA tips Learn more about your ad choices. Visit megaphone.fm/adchoices

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  22:03

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