This episode tackles gold mania in its latest surge, debunking its “safe haven” myth with historical returns and practical comparisons to stocks. Don and Tom expose how Wall Street and fund providers exploit the hype, critique Ameriprise and high-yield muni funds, and answer listener questions on target-date funds vs DIY portfolios, HSA withdrawals, and advisor conflicts. The conversation balances humor, skepticism, and blunt warnings about chasing assets after dramatic run-ups.

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A candid hour on consumer self-defense. We open with iOS 26’s unknown-caller screening and a New York Times crime reporter nearly duped by a “Chase Bank” spoof—lesson: don’t trust caller ID, don’t transact with inbound callers, verify via the number on your card or the bank app, and remember spoofed numbers make simple blocking imperfect. Listeners jump in: a Rule of 55 correction (not 72(t)/72(q)), plus a sharp TSP/Roth asset-location play—keep core market cap in TSP, use Roth for small-value tilt (e.g., AVUV). Then the consumer beat: Florida HVAC sticker shock and why three bids matter. Scam watch flags Smart Lab International’s “AI” sports-betting/trading scheme and crypto funding as Ponzi-ish red-flags. We close on the fiduciary fog—why “certified fiduciary” labels can hide annuity sales—and reject structured notes/buffer ETFs in favor of a simple, low-cost balanced portfolio that matches risk to need.

1:07 New iPhone feature screens unknown callers

1:58 Scam calls and “scam du jour” routine

3:05 NYT crime reporter nearly falls for Chase/Zelle spoofing scam

6:23 Why scams work when people let their guard down

7:00 Don’t trust caller ID, best practices for bank contacts

8:24 Zelle vs. Venmo debate and practical use cases

9:34 Caller correction on Rule 55 vs. 72Q/72T

10:58 Listener Brian on TSP allocation and AVUV tilt

13:07 Tom’s buffer/puffer joke flop

13:44 Advice on blocking spoofed numbers and safer verification

15:00 Segue into consumer issues beyond investing

16:06 History of Florida’s heat and AC dependency

16:43 Air conditioning repair and wild $11k vs. $4.7k quotes

19:22 Tom’s ongoing heat pump saga

21:10 Bob Cratchit fireplace joke

21:14 Listener Q&A from Nibley, Utah about Smart Lab “AI trading” scheme

24:28 What Smart Lab claims to do (AI sports betting + trading)

26:23 Company origins in Malta, Seychelles, now Ho Chi Minh City

27:57 Ponzi-like structure and risks with crypto-based platforms

29:16 Closing advice: don’t nibble on Smart Lab

29:27 Caller John on fiduciary standards and insurance sales

32:28 Exposure of “Certified Financial Fiduciary” designations and insurance sales tactics

34:46 Caller Rajiv on structured notes vs. buffer ETFs

36:02 Simplicity of balanced portfolios over complex gimmicks

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This episode of Talking Real Money tackles myths about the Federal Reserve and interest rates, explains why mortgage and Treasury rates don’t automatically follow Fed moves, and reminds listeners that markets usually price in expected changes. Don and Tom then pop the cork on wine investing, showing that after costs it performs about as well as plain bonds—and far worse than a 60/40 portfolio. They compare wine and tobacco “sin stocks,” highlight the volatility of individual companies like Constellation Brands and Altria, and use that as a cautionary lesson against stock-picking. Listener calls cover asset location strategies (Roth vs. taxable vs. HSA), the realities of buffer ETFs, and how to evaluate fiduciary firms like Prairie View Partners (now Savant). As always, the conclusion is clear: keep it simple, diversify, and drink the wine instead of investing in it.

0:04 Old-fashioned call-in intro and Fed rate cut discussion

1:33 Myths about Fed decisions and mortgage/consumer loan rates

3:21 Treasury yields, market reactions, and rate expectations through 2026

6:16 Why markets often anticipate rate changes in advance

7:40 Transition into alternatives and “exciting” investments

9:03 Wine as an investment: storage, insurance, dealer costs

10:38 Average returns vs. net after-cost reality (bonds beat wine)

12:46 Stocks and bonds outperform—“invest in markets, drink the wine”

14:08 Constellation Brands stock history as a volatility case study

17:37 Altria (tobacco) stock comparison and “sin stock” volatility lesson

20:16 Small percentage of individual stocks outperform T-bills (Bessembinder research)

21:39 Listener: Asset location strategy (taxable, Roth, HSA)

24:58 ETFs changing the asset location conversation

27:10 Treatment of HSAs as Roth-like for medical use vs. IRA-like otherwise

28:42 Listener: Buffer funds (“boomer candy”) and why they’re costly gimmicks

32:54 Reminder that many investors panic out of markets at the worst times

33:42 Listener: Emergency fund and avoiding 1099s (spoiler: you can’t)

34:58 Listener: Evaluating fiduciary firm Prairie View Partners (merged with Savant)

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0:04 Why your home isn’t part of your investment portfolio

0:26 The myth of the American Dream and why owning may not make sense

1:33 A buyer’s remorse story from Atlanta

2:35 $3,000/month to own vs. $1,200/month to rent

3:34 Hidden expenses: $13,000 sewer connection surprise

4:31 “I can’t sell my house” = “I won’t lower the price”

5:35 Housing returns: even hot markets underperform stocks

6:19 Divorcees sharing homes to keep a 2% mortgage

7:35 Why paying off a low-rate mortgage often makes no sense

8:45 Don and Tom both bought homes for lifestyle, not wealth

10:13 Florida: where houses go to die (and get re-roofed)

11:33 Owning a home is not a prerequisite for wealth

12:48 How to send voice questions (seriously, do it)

14:18 Listener Q: 401(k) with limited options—how to balance Roth IRA

15:25 Fund strategy: AVUV and AVDV combo

16:44 Listener Q: Why not mention charitable remainder trusts?

17:27 Listener Q: Are flat-fee advisors better than AUM?

19:00 Hourly advisor costs and why they seem high

20:35 Outro: Tell a friend, save them from financial doom

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Don laments the shortage of voice-submitted questions for the Friday Q&A shows and urges listeners to speak their questions into their phones or computers instead of typing them. He answers four listener questions: whether to take a pension lump sum or annuity, whether to roll a 401(k) into an IRA and how much to keep saving with a union pension, a callout about financial jargon (especially “basis points”), and whether stocks are as speculative as cryptocurrency. Don emphasizes that the annuity option is unusually generous, consolidating accounts can simplify rebalancing, saving as much as possible remains wise, and owning the entire global economy through diversified funds is investing, not speculation.

0:09 Don bemoans typed questions and encourages listeners to use voice submission

2:16 Listener asks about lump-sum pension vs. annuity — Don leans strongly toward annuity

6:05 Listener asks about rolling over a 401(k) to an IRA and whether to keep contributing — Don favors consolidation and continued saving

9:00 Caller criticizes jargon like “basis points” — Don defends term as shorthand but explains its meaning

12:04 Caller compares stocks to crypto — Don explains why diversified global stocks are investing, not speculation

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This episode explores Americans’ financial well-being in 2025, using a Yahoo Finance/Marist survey as the springboard. Don and Tom discuss how their audience differs from the average American listener, how perceptions of financial health can be misleading, and what to actually do if your finances—or your feelings about them—are getting worse. They debate the usefulness of net worth tracking, stress the importance of financial literacy, and suggest automating savings. Listener questions cover indexed annuities, bond substitutes, tax implications, and long-term care sales pitches. They also read a letter defending Rick Edelman and challenging their dismissal of crypto, which leads to a lively discussion about evidence-based investing, Eugene Fama’s critique of Bitcoin, and the dangers of sensationalized advice. They end with a reflection on public criticism and the value of having one’s views challenged.

0:29 Comparing TRM listeners to Ramsey and Kiyosaki audiences

1:37 Median savings for over-65 Americans and why $200k still isn’t enough

2:42 Yahoo/Marist survey results: affordability, debt, emergency savings

3:50 One in three say finances worsened; generational breakdown

4:51 Explaining net worth, what to include and exclude

7:01 Tracking net worth annually as a financial benchmark

8:00 Divorce, net worth, and the joke about “kill them off”

9:50 Income gap, gender differences, and perception vs. reality

10:34 How uncertainty and fear shape financial outlooks

11:41 Producer note joke about being “sexist but not leftist”

11:50 Dissatisfaction with savings and personal spending habits

13:06 Fixing bad finances: literacy, automation, benchmarking

17:20 Don argues perception matters more than reality for many

18:20 Listener question: fixed index annuity as bond substitute

19:46 Caps, participation rates, and underperformance vs. markets

21:10 Tax treatment of annuities vs. ETFs

22:55 Importance of advice near retirement (decumulation phase)

23:44 Listener shares bad LTC/annuity sales pitch experience

24:54 Fixed annuity guarantees vs. CDs and government bonds

25:39 Listener defends Rick Edelman, suggests an open dialogue

26:52 Don’s critique of Edelman’s shift toward sensationalism

29:29 Eugene Fama’s comments on Bitcoin, clash with Edelman’s stance

31:23 Public criticism is fair game—reading recent Apple Podcast reviews

32:48 Bitcoin adoption debate and institutional incentives

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Don goes solo this week and covers the wild state of “investing” in 2025 — including single-stock ETFs, leveraged funds, and zero-day options that look more like gambling than investing. He answers listener questions about Roth strategies for kids, aggressive long-term allocations, finding fiduciary advisors, dealing with inherited stock portfolios, and the ethics and fees of big Wall Street firms. Plus, he fields questions about new tax-focused ETFs and whether complicated multi-fund factor strategies are really worth the trouble.

0:04 Don jokes about ChatGPT replacing him, welcomes listeners

1:53 Today’s topic: 30% of new ETFs are tied to single stocks — “this is gambling”

4:27 Zero-day options and high-frequency trading likened to sports betting

5:23 Congressman Ro Khanna’s 2,800 trades this year — four per market day

6:12 Don’s call to stop pretending this is investing

8:16 Caller Mike: 3 kids with $100k+ Roths each — aggressive allocation recommendations (AVUV, AVGE, DFAW, 100% equity)

12:24 International weighting debate — Don likes 60/40 global tilt

15:34 Caller Dan from Israel: How to confirm if an advisor is a fiduciary; why inheriting stocks isn’t a reason to keep them

18:08 Transitioning from stocks to ETFs while minimizing capital gains

22:23 Caller Laura: Ethical concerns with J.P. Morgan, fees near 1%, annuities in portfolio — Don urges finding a true fiduciary and offers local resources

27:07 Caller Jim: New ETF (TOT) promising tax efficiency — Don warns against chasing “magic tricks” for small benefits

31:44 Question about swapping gains between mother/son’s VTI shares — IRS won’t allow

33:47 Kath reads listener question: Three-bucket retirement system, comparing iShares GLOF vs AVGE — Don says it’s fine, but may be overcomplicating

35:34 Rebalancing frequency discussion — annual is enough for most

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This week Don hosts solo and brings in “Cath GPT” (ChatGPT) as a "live" guest to explore the rise of AI in personal finance. They cover what types of questions AI is best at answering, its limits for real-time data and stock trading, and the importance of privacy and skepticism. Don emphasizes planning before investing, critiques dollar-cost averaging with lump sums, and fields listener calls on shifting from commercial real estate to the market, Roth conversions, AVGE vs. AVUV, resetting cost basis in a low-income year, and avoiding dubious “legacy funds.” The show closes with reminders about planning, asking spoken questions, and steering clear of high-commission products.

1:02 NYT & Yahoo reports on AI financial advice

1:53 Cath GPT joins live, discusses safe AI uses

3:58 Privacy concerns and data recency limits

6:22 Why AI is bad for stock trading advice

6:50 Don confirms Cath recommends index investing

8:14 Warning about sycophancy — always ask for sources

8:38 Caller Josh: pivoting from commercial property to stock market

10:32 Don: planning first, lump sum > DCA

13:23 Caller Greg: inherited assets, Roth conversions, AVGE timeframe, bond/CD ladders

17:20 Don urges no market timing on conversions

22:50 Caller Brian: small-cap value, AVUV vs. Russell 2000, Merriman strategy

28:07 Don: simplify, AVUV fine but optional

29:43 Caller Jason: harvesting gains in low-income year, Don urges diversification

33:03 Caller: backdoor Roth timing — lump sum beats DCA

34:35 Don jokes about October crashes

37:59 Caller Tim: best annuity is SPIA, avoids “legacy funds”

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Don and Tom take listeners on a “mountaintop” look at today’s frothy markets, exploring elevated valuations, retail trading spikes, and record margin debt. They unpack what these numbers really mean, warn against trying to time the market, and reiterate the need for diversification and a long-term plan. Listener questions include a young investor’s Fidelity-heavy portfolio, a 30-something’s aggressive allocation and risk score mismatch, and a listener inquiry about “investwithroots.com,” which Don dissects as a private real-estate fund with fees and risks that outweigh its glossy promises.

0:04 Opening from the market “peak” and climbing metaphor

1:38 Market valuation discussion: P/E ratios, concentration in top 10 stocks

3:21 Surge in retail trading, meme stocks, margin debt, Robinhood sentiment

5:13 Economic uncertainty and why market timing doesn’t work

6:11 Staying with your plan and portfolio diversification

7:15 Risks of U.S. large-cap concentration in typical portfolios

8:03 The need to include small-cap, value, and international stocks

9:14 Eugene Fama’s “trading is like soap” warning and why trading destroys wealth

10:46 Practical advice: stop trying to outsmart the market, build a plan

13:22 Listener Q1: 18-year-old’s portfolio—too much large-cap, not enough international or small value

16:15 Listener Q2: 30-year-old with $100K—good diversification but needs bonds for risk profile

19:25 Listener Q3: Investwithroots.com analysis—fees, geographic risk, private REIT red flags

24:16 Why public REITs like Vanguard’s VNQ offer better diversification/liquidity

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Don answers listener questions on funding a taxable brokerage account, clarifies what “more buyers than sellers” really means, explains why fixed income is about psychology rather than income, gives advice on setting up joint accounts for aging parents, lays out a lifetime HSA allocation strategy, and clears up confusion about Appella Wealth’s connection to Talking Real Money.

0:04 Friday Q&A intro and thanks for listener questions

1:19 When to open a taxable brokerage account (AVGE + SGOV mix)

3:28 “More buyers than sellers” — why it’s really about demand vs. supply

6:23 Whether pension + Social Security counts as “fixed income” in a 60/40 plan

10:40 Setting up money market accounts and estate planning for aging parents

14:07 Lifetime HSA strategy — contributions, withdrawals, and allocation glidepath

17:32 Is Appella Advice for Life connected to Talking Real Money?

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