Listener Q&A covering early retirement feasibility, VT vs. SPGM ETF comparison, tax-efficient liquidation of a legacy mutual fund, recommended financial planning resources and Monte Carlo tools, and the pros and cons of laddering target-date funds.

1:36 Can $120K a year work with two pensions and a 7% return?

4:57 VT vs. SPGM — same global reach or hidden differences?

8:58 Selling Grandma’s mutual fund without gifting Uncle Sam

11:44 Best deep-dive planning books and free Monte Carlo tools

15:56 Target-date laddering — smart risk tweak or needless fuss?

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Tom Cock interviews Megan Gorman, author of All the President’s Money, exploring how U.S. presidents have handled their personal finances and the lessons investors can take from their successes and failures. Gorman shares stories of leaders from George Washington to Ronald Reagan, Eisenhower, Nixon, and Clinton, illustrating how factors like marriage, frugality, grit, emotional control, and adaptability shaped their financial outcomes. She notes that while the basic principles of money management haven’t changed since Washington’s time, achieving the American dream has become harder. The conversation touches on how some presidents leveraged post-office opportunities, the ethics of political financial activity, and the importance of aligned values in relationships for financial success.

0:05 Tom introduces Megan Gorman and her book All the President’s Money

1:16 Is there a link between being a good president and good with money?

2:16 Warren G. Harding as a bad president but skilled entrepreneur

3:22 Biggest lessons from presidents’ finances—marrying up and aligning values

5:56 Trump marriages and shared transactional values

6:15 How presidents historically made their money—land speculation, inheritance, entrepreneurship

8:40 Nixon’s failed frozen juice business and debt repayment

10:43 Eisenhower’s emotional control, poker skills, and marrying up

12:43 Gerald Ford as the master of the post-presidency pivot into celebrity and corporate roles

15:12 Debate over financial conflicts for presidents and members of Congress

17:13 Clinton financial evolution from poor money management to high net worth

19:38 The role of grit—Herbert Hoover’s rise from orphan to wealthy mining engineer

21:39 Woodrow Wilson’s lack of hustle contrasted with other hard-working presidents

22:30 Biggest takeaway—financial principles haven’t changed, but the American dream is harder to achieve today

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Don and Tom rip apart a sponsored “news” piece from the Puget Sound Business Journal pushing a company called FISYN, which promises to buy investors out of their annuities and deliver a “safe” 12% tax-free return via raw Texas land. They expose the misleading fine print, the founder’s disciplinary history, and the high-risk, illiquid nature of such private equity deals. Calls and questions cover long-term care insurance riders on annuities, portfolio allocation in deferred comp plans, Roth vs. tax-deferred placement for bonds, managing taxable brokerage cash vs. emergency funds, and dividend-vs.-total-return withdrawal strategies. They also clarify that QCDs can only come from IRAs (not 401(k)s or TSPs) unless funds are rolled over first. Throughout, they hammer home skepticism toward anything that sounds too good to be true, distrust of advertorial financial pitches, and the importance of planning before buying complex products.

1:35 Breaking the “golden handcuffs” of annuities—how FISYN’s pitch hooks investors

3:20 The too-good-to-be-true promise: 12% returns, equity kicker, no volatility, tax-free

3:49 Founder’s BrokerCheck record and lawsuits

5:15 Comparison to Woodbridge Ponzi scheme

6:32 The frying pan-to-fire swap: annuity to raw Texas land

7:37 Bonus shares and “free” Texas trip incentives

8:06 Critique of sponsored content posing as journalism

9:24 Reality check on raw land returns and costs

10:04 Broader issue: pay-to-play financial media

11:18 Caller Robert (TX): Fixed annuity with LTC rider—pros, cons, and better planning sequence

16:29 Insurance industry skepticism and “Wizards of Odds” nickname reveal

17:54 Caller John (WA): Deferred comp allocation—global, small-cap, emerging markets mix

19:18 Roth vs. tax-deferred bond placement and rebalancing flexibility

20:55 Revisiting the “Wizards of Odds” label for insurance companies

21:47 FISYN as a private equity example and why PE risk is often underestimated

23:35 High costs, valuation uncertainty, and past PE meltdowns

25:03 Total-loss potential in private equity investments

26:33 Caller Scott (NY): Using taxable brokerage for overflow cash—emergency fund priority and vehicle choice

30:34 Federal money market funds as short-term parking

31:54 Listener Thomas: Dividend withdrawals vs. total return strategy sustainability

34:43 Caller Pat: QCD rules—only from IRAs, rollover options, and who makes the rules

37:30 Paul Merriman “10 Myths, Lies, and Mistakes” episode plug

38:46 Podcast chart ranking and listener thanks

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Today’s show exposes how Barron’s ran an undisclosed advertorial from a high-fee bond fund manager pushing junk-heavy, risky products while trashing traditional bonds with misleading comparisons. Don and Tom explained why safe bonds should stay short-to-intermediate term and simple, called out a Starlink “$127 for life” internet scam, and fielded listener questions on tax-adjusted rebalancing between traditional and Roth IRAs, trimming long-held Microsoft vs. American Funds, Social Security timing myths, and why Bitcoin isn’t an investment. An email question on replacing BND rounded out the episode with a reminder that its structure still works for most investors.

0:04 Opening; Barron’s undisclosed advertorial problem and high-fee, junk-heavy bond funds

5:06 Scam watch — Starlink $127-for-life ad and why nobody will protect you but you

9:41 Caller Rob: Tax-adjusted IRA rebalancing, simple three-fund global strategy with overlap

16:11 Caller Bob: Which to trim first — Microsoft vs. American Funds ICA

21:41 Caller Tony: Social Security timing and why trust fund worries aren’t a reason to claim early

26:27 Caller Bruce: Bitcoin as speculation, not an investment, and the altcoin glut

35:13 Email: Swapping BND for short/intermediate bonds — why BND’s structure still works

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Don opens with a rant about Wall Street’s love of unnecessary complexity, focusing on “structured equity products” and other layered investments that promise protection but deliver lower returns at higher costs. The discussion covers the deceptive pitch, the billions invested in these products, and why a straightforward stock/bond mix is usually better. Larry Swedroe’s principles for prudent investing are highlighted, along with a reminder about diversification beyond the S&P 500—especially into international and emerging markets. Listener questions cover how to measure global exposure, medical IRA withdrawals, ETF dividend taxation, eliminating Empower as a middleman, and whether reinvesting dividends affects tax treatment (it doesn’t). The episode wraps with personal anecdotes from Don’s brokerage days, the evolution of his investing philosophy, and a few tech frustrations.

0:04 Don’s Wall Street rant on complexity and costs

1:12 Structured equity products and why they’re pitched

2:27 How they work and why fees are high

3:53 Study shows 7% annual drag vs. benchmarks

5:06 New AQR hedged/leveraged funds at 2.31% expense

7:02 Swedroe’s investing principles: peer-reviewed, low-cost, no timing

8:56 Importance of global diversification and emerging markets history

12:18 Listener Q: Measuring U.S. vs. non-U.S. exposure

13:44 Listener Q: Moving assets from Empower to Schwab

14:31 Listener Q: IRA withdrawals for medical expenses

17:36 Listener Q: ETF dividends—reinvest or not?

18:45 ETF tax advantage vs. mutual funds explained

19:17 Listener praise for Don’s principles leading to $1.7M portfolio

21:37 Don’s broker days selling high-fee products

23:30 Transition to radio and Business Radio Network

24:56 Call-in question pipeline is full for upcoming shows

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In this Friday Q&A edition, Don tackles five listener questions spanning kids’ UTMAs vs. 529 plans, Roth vs. pre-tax 403(b) contributions, filling portfolio gaps when a workplace plan lacks small-cap value, why indexed annuities are a costly sales pitch wrapped in deceptive promises, and how to help a recently divorced 26-year-old daughter find hope and financial focus. Along the way, he delivers mic technique tips, portfolio simplification advice, and a blistering breakdown of annuity sales incentives—plus a reminder to prioritize life and mental recovery over rushing into big purchases.

0:04 Florida heat, Friday Q&A setup, and microphone placement tips

2:29 UTMA vs. 529 rules, Roth transfer limits, and simplification advice

6:59 Mid-40s couple weighing Roth vs. pre-tax 403(b) contributions

9:29 Workplace plan fund gaps, avoiding PIMCO small-cap, and using other accounts to diversify

12:58 Indexed annuity dinner pitch breakdown—hidden costs, low returns, and high commissions

20:58 Helping a divorced 26-year-old refocus priorities, delay big purchases, and stay patient

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Don and Tom dive headfirst into the wild world of bad financial predictions—specifically, the apocalyptic ramblings of Rich Dad Poor Dad author Robert Kiyosaki. They dissect his decades-long streak of failed forecasts, poke holes in his fear-fueled pitch for gold, silver, and Bitcoin, and remind listeners that gurus don’t predict the future—they profit from pretending they can. Listener questions cover 529 plan choices, 457(b) vs Roth IRA, the small-cap allocation in AVGE, and a plea for Don to never give up managing his own money.

0:04 Tom banned from pushing buttons—again

1:00 Why do we idolize financial “gurus” who are chronically wrong?

2:21 Enter Robert Kiyosaki: The doomsayer who keeps getting richer

3:05 Don confronts Kiyosaki over his bogus “guarantee” ad

3:53 His silver and market crash predictions: A 23-year flop fest

5:16 Latest Kiyosaki fear-pitch: Gold, silver, Bitcoin… again

6:37 His one right prediction (Bitcoin hitting $100K)

7:55 Critical reviews: Conspiracies, platitudes, and risky advice

9:22 Can Buffett, Lynch, or Bogle be called “gurus”?

10:24 Listener Q1: Fidelity 529 target date fund—too expensive?

11:26 UTANX and low-cost age-based 529 alternatives (like Utah’s plan)

14:02 Listener Q2: Roth 457(b) with high fees vs Roth IRA

16:47 Listener Q3: Does AVGE need a separate small-cap fund?

19:10 Listener Q4: Should Don stop managing his own money?

21:08 Why everyone needs a backup advisor—even advisors

22:17 Don’s voice acting love: Mighty Man Season 3 teaser

22:34 Listener Q5: AVUV vs AVGE—when and why to use each

24:20 AVGE asset breakdown—15 funds in one

26:12 Explaining the podcast schedule (Monday–Friday layout)

27:34 International listeners, Spotify vs Apple, and how to tune in

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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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Don and Tom open the show with a lighthearted reminder that money doesn’t sleep—so neither do they. They dive into a New York Times article featuring Goldman Sachs researchers who identify five patterns that influence retirement accounts and market behavior. The duo emphasizes that while market predictions are near-impossible, understanding these patterns can inform better investor behavior—particularly the value of diversification. Listener questions cover whether you still need a financial advisor with a $2 million DIY retirement portfolio, the logic behind using a Roth as an emergency fund, tax-efficient asset liquidation, and Washington State’s retirement target-date fund asset mix. A politically charged final call touches on concerns about data integrity at the Bureau of Labor Statistics and its potential market impact.

0:04 Markets don’t rest—so why should financial advice?

1:07 What really drives your retirement account?

2:20 Five market-moving forces from Goldman Sachs/NYT

3:50 Surprise events, political chaos, and market reactions

5:34 Can you predict the market? Probably not.

6:47 Five patterns investors should know

8:12 Diversification actually works—examples and evidence

9:05 Market shock fatigue: building immunity to bad news

10:39 Quit aiming for home runs; try for batting .750

11:45 Why boring investing is the best kind

13:12 Listener Lisa: High-yield savings vs. Vanguard VMFXX

19:46 Lisa’s DIY retirement strategy—does she need an advisor?

22:32 Money market vs. high-yield savings yield comparison

23:06 Listener James: Is a Roth a good place for emergency funds?

25:13 Roth should be your last resort, not first cash stop

26:18 Don’t guess—plan

27:08 Listener Jimmy: Tax lots, cash needs, and overthinking

30:31 Portfolio drawdown strategy: tax hierarchy matters

32:00 Listener John: Washington State deferred comp concerns

34:26 Why build your own allocation in target-date funds

35:16 Private equity and bacon: Not in your 401(k), please

36:00 Listener Jason: Politicizing BLS jobs data—market risks

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In this episode, Don and Tom tackle investor emotion during market highs and use a Schwab-inspired scenario to show how discipline beats market timing—every time. They walk through four fictional investors (lucky, disciplined, unlucky, and fearful) to reveal the long-term value of staying invested. The hosts also answer a listener’s question about breaking into the fiduciary advice world and finish with a blistering takedown of FIBA, a so-called fiduciary group pushing high-commission annuities to federal workers. This one’s part reality check, part rally cry.

0:04 Emotional investing and the danger of reacting to market highs

1:13 Why timing the market is so tempting—and so wrong

2:35 Four investor scenarios: lucky, disciplined, unlucky, and the guy who sat it out

5:03 20-year returns: how even the worst timing beat sitting in T-bills

6:25 Discipline as a risk-reduction strategy and emotional filter

8:16 Worst-case fear vs real-world data: even the unlucky come out ahead

9:21 Market rebounds: faster than most think, from 2008 to 2025

10:28 The fourth golden rule: Discipline beats market noise

13:03 Listener Zach thanks Tom—phone call advice pays off

13:34 Listener “Long” asks how to become a fiduciary advisor

14:55 Why financial skills alone don’t make great advisors

16:38 Should you start at a sales-driven firm? Probably not

18:04 Better idea: get your Series 65, find a DFA firm, study for CFP

20:08 Sales skills matter—but you don’t have to sell your soul

20:55 Listener asks about FIBA and a “too good to be true” annuity pitch

21:48 FIBA’s fake fiduciary claim and questionable annuity advice

24:30 Unregistered “advisors” pushing 9–11% commission products

26:25 Why these products are sold: $35K+ commissions

28:30 How to spot fake fiduciaries—and what real ones disclose

29:23 Tom and Don still steaming about annuity predators

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