Episodios

  • Can It Be Free?

    Can It Be Free?
    Jan 8 2026
    0:04 Remembering the “good old days” of fat commissions 0:33 From $200 trades to zero commissions—what really changed 1:18 Free trading everywhere… so how do brokers make money now? 2:37 Robinhood’s explosive growth and the rise of trading culture 3:15 Trading volume triples in six years—what that signals 4:42 Payment for order flow, cash sweeps, and hidden costs 6:21 Are investors actually getting a deal from free trading? 7:13 Why frequent trading and poor returns go hand in hand 8:21 Dopamine, gambling mechanics, and Robinhood’s design problem 9:47 Day trading: the comeback nobody needed 10:57 Why most day traders lose—and taxes make it worse 11:36 Prediction markets: gambling with an investing label 13:16 Listener questions begin 15:55 What is a tokenized stock—and why it’s not investing 17:25 Bucket shops, NFTs, and synthetic “stocks” 18:45 Early retirement withdrawals and the Rule of 55 19:33 Default retirement plans stuffed with annuities—good idea? 21:20 Liquidity risk and why annuities aren’t one-size-fits-all 22:26 Vanguard’s new Core Plus Bond ETF (BNDP) 24:13 Chasing yield vs. using bonds for stability 26:20 Why bonds shouldn’t be your return engine 27:36 Hoping for a calmer 2026 (good luck with that) Learn more about your ad choices. Visit megaphone.fm/adchoices
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    32 m
  • Very Different

    Very Different
    Jan 7 2026
    This episode opens with a reality check on streaming delays before diving into the growing divide between investing and gambling, highlighted by Charles Schwab’s refusal to promote crypto, options, and prediction markets while Robinhood leans fully into high-intensity trading. Don and Tom warn that flashy features and frequent trading usually lead to worse outcomes, not better ones. Listener questions cover whether employees can roll a 401(k) during a plan change (usually no), how to cope with bad retirement plans, and how to choose between a high-cost growth fund and a low-cost index option. The show also tackles whether mixing Avantis and Dimensional funds truly adds diversification, argues that over-engineering portfolios is counterproductive, and closes with a candid discussion about the decline of financial radio, the rise of podcasts, and why a strong financial plan matters more than recent market gains. 0:04 Recorded-not-live reality, streaming delays, and why nothing feels real anymore 1:56 Schwab draws a hard line between investing and gambling 2:56 Robinhood’s casino-style features and the problem with pandering 6:12 Why trading more usually means ending up with less 6:52 Listener question: Can you roll a 401(k) during a plan change while still employed? 9:23 Why “in-service” rollovers usually aren’t allowed before 59½ 11:53 What employees can do when stuck in a bad 401(k) plan 14:44 Fund choice question: Fidelity Growth vs. Vanguard 500 Index Trust 18:06 Why expenses, risk, and diversification matter more than past performance 19:21 Why podcasts are replacing traditional financial radio 22:06 How to listen to podcasts using Apple Podcasts and Spotify 27:22 Avantis vs. Dimensional: does doubling up add diversification? 31:52 Over-diversifying and the illusion of control 34:42 New-year reminder: returns don’t equal good planning 35:25 The importance of having an actual financial plan Learn more about your ad choices. Visit megaphone.fm/adchoices
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    44 m
  • Picking a Good One

    Picking a Good One
    Jan 6 2026
    With Tom on vacation and an eerily convincing AI stand-in holding down the mic, Don kicks off 2026 by tackling one of the most persistent listener questions: how to actually find a true fiduciary—and how to eliminate salespeople fast. Using FINRA’s BrokerCheck as a simple filter, the show explains why the “B” matters, why dual-registered advisors are still a risk, and how complexity is often a red flag. From there, the conversation dives into the rise of RILAs (registered index-linked annuities), why their shiny back-tested returns don’t mean much, and how simpler balanced portfolios often do better with far less risk and confusion. Along the way, the hosts cover podcast reviews, investing in bourbon barrels (don’t), Roth IRAs for teenagers (do), and close with Tom’s five timeless investing rules for 2026: go global, simplify, define risk, rebalance, and understand your taxes. 0:04 New year, Tom on vacation, and the rise of AI Tom 0:22 AI voices, joke quality, and job security jokes 2:20 Welcome and the show’s core mission 2:46 How to actually find a real fiduciary 3:30 BrokerCheck explained and why the “B” is a deal-breaker 5:24 Firm searches and fast advisor elimination 6:38 Why dual registration still isn’t fiduciary 7:22 RILAs introduced and why “index-linked” is a warning sign 9:38 Hypothetical returns and misleading back-testing 11:19 Balanced index funds vs annuity complexity 13:00 Why RILAs solve no real investor problem 14:08 How to leave podcast reviews (and where) 15:22 Apple vs Spotify reviews and ratings reality 17:34 Ratings, trolls, and thin-skinned hosts 20:07 Tom’s five investing rules for 2026 20:41 Go global—actually global 21:56 Fewer accounts, less mess 22:49 Know your risk before the market teaches you 23:50 Rebalancing after strong stock years 24:38 Understanding taxes by account type 27:33 Bourbon barrel investing pitch—hard pass 29:13 Custody risk and private-investment danger 31:35 No sales guests, ever 33:54 Roth IRAs for working teens 34:35 RetireMeet 2026 announcement Learn more about your ad choices. Visit megaphone.fm/adchoices
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    44 m
  • Why Complicate It?

    Why Complicate It?
    Jan 5 2026
    Wall Street is pitching “fixed-maturity ETFs” as the perfect solution for retirees who want certainty, income, and peace of mind—but are they actually solving a problem that already has simpler answers? In this episode, Don and Tom break down what bonds and CDs really do, why fixed-maturity funds are being pushed so hard right now, and how fees quietly eat away at the promised benefits. Along the way, they explain the real role of bonds in a portfolio, why chasing yield is a trap, and how diversification and simplicity still beat clever packaging. Listener questions tackle fiduciary responsibility in 401(k) plans, loaded mutual funds, and how much international exposure makes sense in retirement. 0:04 New year opener, time anxiety, and refusing to acknowledge large numbers 1:05 What a bond actually is—and what it guarantees (and doesn’t) 1:54 CDs vs. bonds: fixed maturity products that already work 2:37 Why Wall Street suddenly “needs” fixed-maturity ETFs 3:22 BulletShares, yields, and the quiet problem of fund expenses 4:45 Larry Swedroe’s blunt answer: skip the fund, buy the bonds 5:24 Yield fixation and how investors ignore cost and complexity 6:05 When fixed-maturity ETFs might make sense—and when they don’t 7:14 I-Bonds, TreasuryDirect, and Don’s practical reality check 7:48 A simple solution: total bond fund plus a CD ladder 8:28 Why fixed maturity doesn’t mean fixed safety 10:09 Expense ratios compared: broad bond funds vs. sliced products 10:35 The real purpose of bonds in a portfolio 12:04 Putting 2022’s bond losses in proper historical context 12:58 Eugene Fama on Wall Street “innovation” 13:20 Listener question: fiduciary responsibility in a 401(k) plan 16:30 Listener question: A-shares, B-shares, loads, and advisor honesty 19:14 Why high fund expenses hurt more than exit fees 20:52 Listener question: international exposure in retirement portfolios 22:18 Practical global diversification without precision theater 23:02 Why Don is flexible on allocations—but not on insurance sales 23:22 How to send in questions and closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices
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    27 m
  • Q&A 2026

    Q&A 2026
    Jan 2 2026
    The calendar flipped, but the rules didn’t. In this New Year Friday Q&A, Don tackles listener questions on longevity annuities (QLACs), legacy insurance mistakes, advice-only advisory services, and the growing trend toward complex fixed-income systems and alternative investments. From insurance math that favors the house to eye-watering fees dressed up as innovation, the message stays consistent: simplicity beats sophistication, fees matter, and global diversification works the same whether you live in Seattle or Spain. 0:00 New year, new Q&A — and why January changes nothing 1:30 QLACs explained and why the math still favors insurers 2:49 Longevity odds vs. guaranteed income myths 5:15 Trapped in a bad annuity — ride it out or cash out? 8:53 “Magic money,” bonuses, and negative real returns 10:46 Advice-only firms: Abundo Wealth and paying for simplicity 13:44 Bond ETFs vs. CD and Treasury ladder strategies 17:39 When “systematic” fixed income starts to smell like gimmicks 18:53 Alternatives, private credit, and outrageous expense ratios 22:18 Why Don defaults to simplicity — every time 24:35 Global diversification: same advice, any country 27:38 Happy New Year — and why boring still works Learn more about your ad choices. Visit megaphone.fm/adchoices
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    31 m
  • Hot? Don't Touch.

    Hot? Don't Touch.
    Dec 31 2025
    This episode dismantles the idea that successful investing comes from finding the next hot thing. Instead, Don and Tom argue that good portfolios are built by eliminating what doesn’t belong: actively managed funds, sector ETFs, alternatives, high-yield bonds, gold, and other distractions that add complexity without purpose. Drawing on a Morningstar column by Amy Arnott, they reinforce that most investing mistakes come from chasing performance rather than embracing simplicity and discipline. The show also tackles listener questions on retirement “bucket” strategies, rebalancing timing, Dimensional fund structure, and annuities—emphasizing that bonds exist for stability, cash should be limited and intentional, and any strategy must be personal, rules-based, and boring enough to actually work. 0:04 Opening banter, Apple censoring Tom’s name, and the beige pudding world 1:12 Bitcoin critics, one-star reviews, and a bad 2025 for crypto 2:03 Core idea: good investing is about elimination, not prediction 2:56 Amy Arnott and the case against active management 4:07 Why past winners usually become future losers 5:28 REITs, once useful, now mostly redundant 6:01 Sector funds as performance-chasing traps 8:19 Alternatives, I Bonds, and junk bonds—complexity without payoff 10:04 Bonds explained properly: stability, not income or excitement 11:14 Gold (and Bitcoin) as non-productive speculation 13:21 Simplify first and portfolios become easier—and calmer 15:05 Retirement bucket strategy: where it helps and where it hurts 18:48 Cash as an emergency tool, not a long-term holding 21:04 MYGA annuities, safety trade-offs, and insurer risk 29:04 Insurance failures as cautionary history 31:04 DFAW explained: Core Equity 1 vs Core Equity 2 35:53 Rebalancing discipline: timing beats tinkering 39:11 Final reminder: stop watching your portfolio so much Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 m
  • What's Actually New?

    What's Actually New?
    Dec 30 2025
    As the year crawls to a close, Don and Tom torch the ritual of “New Year, New You” financial advice and take aim at the endless lists of five things you must do next year. They break down why year-end deadlines are mostly psychological theater, why prediction-based investing is a sucker’s game, and how even AI—when pressed—admits the truth: diversification beats cleverness, patience beats prediction, and complexity usually hides higher costs and worse outcomes. Along the way, they tackle 529 plans, proposed “Trump accounts,” Roth strategies for kids and retirees, factor investing myths, and the ongoing media obsession with whatever already went up last year. It’s a holiday episode for skeptics, cynics, and anyone tired of being told that this is finally the year everything changes. 0:04 Holiday cynicism, snow, trees plotting revenge, and Don declares war on Pollyanna finance 1:19 Year-end obsession: why December 31 is an arbitrary psychological trap 2:29 Why “five things to do in the new year” articles exist—and why they’re mostly nonsense 3:55 Asking AI for financial advice and accidentally getting decent answers 4:18 Don’s AI delivers brutal honesty: complexity isn’t sophistication, it’s camouflage 5:54 The most dangerous question of all: “What should I invest in next year?” 6:06 Everyone’s favorite prediction: AI stocks (again), and why that’s backward logic 6:29 The real answer: globally diversified equities, patiently held and largely ignored 8:07 Motley Fool, Morningstar, defense stocks, and the annual prediction circus 9:29 AI’s final verdict: everything after diversification is garnish people argue about on TV 10:33 Listener Brian on New York 529 plans, state tax deductions, and Roth rollover flexibility 11:30 How aggressive is too aggressive for a child’s college savings? 12:45 Why age-based 529 portfolios are often far more conservative than parents realize 14:10 When college money should actually shift to safety—and when it shouldn’t 15:43 The mysterious “Trump accounts”: proposed rules, confusion, and missing details 16:56 Tax treatment uncertainty, Roth myths, and why free money is still free money 18:39 Clear conclusion: this account doesn’t exist yet and nobody knows the real rules 20:05 Don’s full rant: pandering policies, financial clutter, and unnecessary complexity 22:07 Listener Larry on starting a Roth IRA for a 19-year-old with a one-fund solution 22:47 AVGE explained: global, factor-tilted, low-cost, and boring in the best way 24:15 AVGE vs. Vanguard Total World: interest vs. necessity 25:26 AVGE underperformance criticism and why one-year returns are meaningless 28:26 Why Avantis funds aren’t trying to “pick winners” and never claimed to 31:32 Listener Caroline on retirement withdrawals, IRAs, Roths, and tax reality 33:11 The unavoidable truth: you’ll pay taxes—now or later 35:43 How (and where) listeners can actually rate the show 38:01 Politics, labels, John Oliver, and why nuance is apparently illegal now 38:54 Capitalism, fairness, and refusing ideological purity tests Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 m
  • Tricky "Investments"

    Tricky "Investments"
    Dec 29 2025
    In this post-Christmas edition of Talking Real Money, Don McDonald and Tom Cock dismantle one of the most seductive myths in personal finance: the promise of high returns, no risk, and tax-free income. Using the lawsuit filed by Kyle Busch against Pacific Life as a case study, they expose the dark mechanics of indexed universal life insurance—hidden commissions, opaque costs, fabricated indexes, and returns that quietly disappoint. The episode then pivots to listener questions on diversification mistakes, Roth vs. traditional 401(k)s, late-career pivots into financial advice, ETF selection for retirees, and why doing less with your portfolio almost always beats doing more. 0:04 Post-Christmas welcome, Kyle Busch jokes, and why rich people get fleeced too 1:18 Indexed Universal Life explained (and why it’s not an investment) 1:45 The “bank on yourself” fantasy and why it never dies 2:27 $10.5 million in premiums and promises of $800K tax-free income 3:20 Why IULs avoid SEC and FINRA scrutiny entirely 4:21 The sixth premium notice that blew up the deal 4:41 How IULs implode if you stop paying—and why everything can vanish 5:52 “Tax-free income, high returns, no risk” exposed as marketing fiction 6:01 Hidden commissions, alleged 35% payouts, and zero disclosure 7:37 Proprietary indexes designed to benefit insurers, not investors 8:50 Internal Pacific Life doc: “Don’t call yourself a financial planner” 9:57 Why consumers can’t see costs, commissions, or real returns 11:37 Real-world IUL returns: roughly 3–5% annually 12:23 Why even Kyle Busch doesn’t actually need life insurance 13:44 Caveat emptor—and why “Life” in the firm name should trigger alarms 14:03 Listener portfolio question: 60/15/25 isn’t diversified 14:53 The S&P 500 isn’t “the market” (and seven stocks prove it) 15:54 Simple global solutions vs. portfolio over-engineering 17:11 Podcast tech humor and March seminar tease 17:22 Listener praise—and teaching people how to find podcasts 18:11 2026 seminar date confirmed: March 7 19:23 Career pivot at 53: CFP vs. AFC vs. Series 65 22:02 Why fiduciary firms are hiring—and sales shops are traps 23:22 ETF selection for retirees: growth, risk, and tax efficiency 24:27 Why Morningstar confuses more than it helps 25:07 Dimensional, Avantis, and keeping portfolios simple 26:20 Final thoughts, free fiduciary consults, and year-end wrap Learn more about your ad choices. Visit megaphone.fm/adchoices
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    30 m
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