Don and Tom open with banter about the weather, baseball playoffs, and studio quirks before diving into what it means to be a “millionaire” today versus in 1890. They explore how much of modern net worth is illiquid, why home equity and retirement funds can trap wealth, and how planning for liquidity and income is crucial. The conversation transitions into a discussion of market volatility, rare earth trade tensions with China, and Brett Arends’ critique of index investing. They counter with historical perspective, humor (and potato chips), and advice about risk, rebalancing, and human behavior. Later, listener calls cover portfolio structure, Empower vs. Vanguard advisor options, and evaluating advisor fees and fund costs. The show closes with their classic blend of education, sarcasm, and fiduciary realism.

0:04 Opening banter, phone number, Florida “cold front,” and baseball chatter

2:33 Topic intro: What a million dollars means now vs. 1890

3:58 Comparing historic vs. modern millionaires and net worth equivalency

4:43 The illusion of wealth—why 70% of assets are often inaccessible

5:30 Planning for liquidity: why paying off a mortgage too early can backfire

6:37 Don’s retirement planning promo

7:39 Historical comparison: 1890s Gilded Age vs. today’s millionaire stats

8:19 Market globalization and modern wealth concentration

9:43 Rare earths and the U.S.–China tariff skirmish

10:22 Market check: stocks, bonds, and gold all dip; volatility talk

12:04 Don’s “unnamed thing” (Bitcoin) drops 10.5%; discussion on risk and rebalancing

13:48 Don shifts to 60/40 allocation—explains rationale near retirement

14:34 Brett Arends’ “Dumbest Stock Market in History” critique discussed

16:00 Debate: Are index investors stabilizing markets through consistency?

17:19 Potato chip tangent and investor psychology

18:32 Arends’ bearishness vs. evidence-based investing

20:00 Protecting your psyche, not every dollar, from market declines

20:20 Podcasting history—when Talking Real Money began

21:32 Caller Samir (Virginia): $4M net worth, suffering from “hodgepodge-itis”

24:15 Don and Tom’s prescription: stop investing until you have a plan

25:42 Margin loan temptation and why 10.5% interest kills the idea

27:00 Tom reinforces the need for a fiduciary planner

27:32 Caller Chris (Texas): moving from Empower to Vanguard PAS

29:21 Vanguard vs. Empower: conflicts, fund choices, and planning gaps

31:46 “Half-pregnant” advice models and Bogle’s legacy examined

34:20 Broader critique: single-provider risk and investor behavior

35:54 Caller Dave (Olympia): evaluating returns, fees, and portfolio costs

37:50 What’s a reasonable expense ratio and advisor fee range

39:24 Final takeaway: judge portfolios by structure, not short-term returns

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