This Talking Real Money episode dives into America’s millionaire boom—1,000 a day—and what it really takes to join the club. Don and Tom discuss inflation’s impact on wealth, the real sources of millionaire status (spoiler: it’s not crypto), and the critical role of forced savings via homes and 401(k)s. Listeners call in with questions on triple-leveraged ETFs (don’t), deferring capital gains on farmland, and gambling on tech stocks in retirement (also don’t). Plus, how to evaluate a financial advisor and why returns-based promises are a huge red flag.

0:04 The millionaire explosion: 1,000 new U.S. millionaires every day

1:15 Inflation vs. millionaire status: $1M ain’t what it used to be

2:06 Where wealth is coming from—homes and 401(k)s

3:10 Forced savings: why it’s more powerful than market timing

4:02 The third key to wealth: avoiding big financial mistakes

5:39 Financial Flinch Reflex: Don’s mock pharma ad for financial panic

6:55 Listener asks: how exactly do you invest to become a millionaire?

7:37 ETF basics for beginners + starting with a target-date fund

8:47 Caller: What’s a triple-leveraged ETF and is it a cheat code?

10:36 Why you shouldn’t pick ETFs based on past returns

11:05 Building a portfolio starts with a plan, not a product

12:03 TQQQ dangers: up 3x, down 3x…or 80% down in 2022

14:22 How to get help: no-pressure meetings, no sales pitch

16:15 Leveraged ETFs = gambling, not investing

16:52 Caller selling $1.8M Illinois farm: can you defer capital gains?

17:39 Yes—via 1031 exchange or potentially a QOF (but beware fees)

19:24 Dying: not a recommended tax strategy (but technically effective)

21:01 Caller in La Conner, WA: risky to keep all gains in 10 tech stocks?

23:21 $200K gain in 3 months? Congrats—now get out before you regret it

25:18 Why gambling with stocks in retirement is unnecessary risk

26:56 Caller Joe: interviewed 10+ advisory firms—how to choose?

28:03 Don’t trust advisors who promise future returns

30:25 The only advisors to consider: 100% fiduciary, no commissions

32:43 Caller Beverly: state bond fund seems risky—what should I do?

33:45 Use your IRA for safer bond funds like Vanguard BND

36:34 Why there’s no “rule of thumb” for stock/bond allocation

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