Don and Tom kick off this episode by responding to a one-star Apple Podcast reviewer who promised to upgrade to five stars—if they correct their allegedly false Bitcoin claims. Challenge accepted. Don clarifies his earlier “nobody uses Bitcoin” remark by digging into the actual numbers: only 15,000 businesses worldwide accept it, out of over 359 million—roughly 0.0004%, making it statistically more rare than a lightning strike. They also break down the real costs of converting Bitcoin to dollars: while some exchanges charge under 1%, Bitcoin ATMs routinely charge 5–25% in fees, with total costs sometimes exceeding 30%. Then, a listener calls in with a ChatGPT-generated portfolio featuring VUG, VEA, SMH, and AXON. Don tears it apart for being tech-heavy, overly concentrated, and missing broad market exposure—ironically, even ChatGPT agrees with him. Listeners also get advice on why ETFs are gradually replacing mutual funds, when (if ever) annuities make sense, and why indexed annuities are the financial industry’s version of timeshares: opaque, overpriced, and always sold, never bought. Despite the facts and the humor, Don doubts his five-star redemption is coming—but if Greg’s Mowing and Septic accepts Bitcoin, there’s still hope.

0:26 Don confronts repeat negative podcast reviewers

1:35 NavRep’s public offer: “Correct your Bitcoin lies and I’ll give 5 stars”

2:31 Bitcoin rebuttal: 15,000 businesses accept it—out of 359 million

5:13 Teaser: Bitcoin conversion fees part 2 coming up after the break

6:26 Don admits his imprecise “nobody accepts Bitcoin” claim

8:19 Clearing up the 8% Bitcoin conversion fee claim—context was ATMs

9:49 Bitcoin ATM fees average 17.5%, sometimes hit 30%

11:04 Exchange conversion under 1% is possible—but not for quick cash

13:10 Volatility and impracticality still make Bitcoin a poor currency

16:00 ChatGPT jokes: “Beer at a Baptist wedding” & “Greg the mower”

16:49 Caller Jason asks ChatGPT for a portfolio; Don and Tom cringe

17:46 ChatGPT suggested a tech-heavy, overly concentrated portfolio

20:40 Better suggestions: VT, AVGE, DFAW—not VUG/SMH/AXON

21:50 Don’s GPT criticizes Jason’s GPT: “No bonds, no value, no real estate”

23:43 Caller Scott nails TRM’s philosophy and nearly retires Don

26:12 The rare “pros” of annuities—and their bigger downsides

28:24 Indexed annuities: regular income taxed as ordinary income

30:02 Betting against the house: how annuity math favors insurers

31:44 Caller Jane asks if ETFs are better than mutual funds

32:05 ETF settlement is faster, but that’s not a reason to choose

33:30 Vanguard accounts support ETFs beyond their own funds

34:51 Updated: mutual funds now settle T+1, ETFs also T+1

36:26 Jane warned about National Life Group’s indexed annuity pitch

37:07 Why Don hates indexed annuities: high fees, low returns, opaque structure

39:27 Still selling like hotcakes: $27B in indexed annuities sold Q1 2025

40:35 Wrap-up: annuities remain unethical despite legality and popularity

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