Don returns from a exhausting, comedy-of-errors flight to discuss how the markets pulled an equally wild round trip—plunging, then rebounding to the tune of $8 trillion. He and Tom break down the April stock and bond tantrum, laugh off predictions of recession, and offer practical guidance for scared investors, risk-takers, and those tempted by annuities. Listener questions cover mortgages vs. investing, the role of fixed annuities, and a touching thank-you from a longtime fan who retired well thanks to Don’s early radio shows. Oh, and Tom’s now YouTube famous. Just ask his grandkids.

0:04 Don’s cursed travel story: jet lag, delays, and onboard medical drama
1:28 Welcome back—Tom’s model aircraft museum returns
2:48 Market rewind: sharp drop and $8T rebound
3:55 April 8 market bottom; temper tantrum or bear tease?
4:40 CNN Fear & Greed Index: from panic to euphoria in weeks
6:27 Fan mail: “Planes, Trains & Cryptocurrency” and Tesla hate from a Lyft driver
7:43 Don’s Broadway singalong graduation trip to NYC
9:01 Recession odds fall fast—tariffs rise faster
11:27 Tom calls out the mayor’s interest rate prediction logic
13:01 Check your 401(k)? Maybe don’t—unless you’re learning your risk tolerance
14:10 Don’s “Tune Out the Noise” video hits 10+ million views
16:43 Listener challenge: Why bash Fidelity annuities?
18:47 Don’s CD ladder vs. annuities—why he prefers federal over contractual guarantees
20:10 Even “no load” annuities can be slippery—careful with the fine print
21:51 TRM hits 1,648 episodes (and counting)
22:44 Listener Bruce: From broke in 1989 to comfortably retired, thanks to Don
24:17 Remember load funds? Why no-loads and ETFs rule now
25:59 American Funds' ETF pivot: lipstick on a mutual fund
28:36 Listener question: Invest inheritance or pay off 6.6% mortgage?
33:10 Roth IRA strategy, liquidity concerns, and investing at age 35
36:17 Graduation singers belt Sinatra’s “New York, New York” at Radio City
38:21 Reminder: Free portfolio help at TalkingRealMoney.com
39:53 End-of-show degeneracy: full monty jokes, sensitivity training, and accidental innuendo

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Don and Tom welcome Weston Wellington of Dimensional Funds for a rare and richly insightful conversation covering market volatility, media noise, diversification, and the enduring wisdom of index investing. Weston compares Spam to Motorola, skewers financial hype, and champions simplicity in investing—and yes, he might just sing if you let him. The conversation explores how far the financial industry has evolved (and still has to go), why most investors get in their own way, and whether AI or just good old-fashioned “aggregated intelligence” holds the future of smart money management.

0:04 Don’s surprise “singing telegram” and guest intro
0:53 Weston Wellington on volatility and market uncertainty
2:47 Why volatility is the “price we pay to play”
3:32 The media’s role in investor anxiety
4:57 Should investors act on daily financial advice?
6:15 Portfolio changes should reflect personal changes, not headlines
7:24 Spam vs. Motorola: A lesson in stock picking
9:44 Dimensional’s stance on individual stock ownership
10:02 Diversification as “the closest thing to a free lunch”
11:07 Are alternative investments the new magic bullet?
12:43 Mutual funds vs. ETFs—what works best and when
15:27 Industry evolution: from 8% loads to indexing dominance
18:29 Where Dimensional fits in the modern fund landscape
21:01 AI vs. “aggregated intelligence” in managing portfolios
24:04 How regular people can find real financial advice
25:34 The key to success: Temperament, not timing
26:44 Weston’s side gig as a roving birthday singer
27:58 Why Weston hasn’t been invited lately (and he's lonely)

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Don’s back from NYC with pride (and maybe jet lag), tackling a full slate of thoughtful listener questions. From Roth conversions and the TSP G Fund to cash balance plan gimmicks, RMD timing, overpriced 401(k) plans, and yes, the eternal question: Are annuities ever worth it? Don delivers straight talk, a little outrage, and no-nonsense advice—with some well-placed jabs at the industry’s smoke and mirrors.

0:04 Don returns from NYU graduation trip and thanks listeners for sending questions
0:56 Should a 54/61-year-old couple convert traditional IRA to Roth? “It depends”
3:05 Federal employee asks about the TSP G Fund – why it’s loved, and when not to use it
5:47 High earners ask about cash balance plans – Don says beware the fees and opacity
11:05 Planning for RMDs at 73 – monthly, quarterly, or lump sum? Don prefers year-end
13:38 60-year-old stuck in a principal 401(k) with 2.3% fees – Don goes full outrage
18:28 “Are annuities ever appropriate?” Yes—but rarely, and only immediate ones

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Don and Tom launch into a globe-trotting episode—complete with multilingual greetings and a cameo from Cookie Monster—before diving into the serious question of global investing. They challenge the "home country bias" that keeps investors overly concentrated in U.S. stocks, highlight the recent performance gap favoring international small-cap value, and remind listeners that chasing returns and market timing are just two sides of the same bad investing coin. With personal anecdotes, Japan’s long recovery, and fund comparisons (VT, AVGE, DFAW), they make a rock-solid case for global diversification. Plus: a real-life trustee dilemma, a potentially smart annuity strategy, and a few dad jokes you didn’t ask for.

0:04 Multilingual greetings, Cookie Monster, and off-the-rails intro
1:38 Listeners ignore the banter—jump straight to annuity questions
2:05 “Why would I want foreign stocks?” US home bias gets roasted
2:39 International small-cap value up, S&P down—performance flips
3:23 Blackberry nostalgia, Don’s voiceover gigs, and cowboy auditions
5:30 U.S. vs. international investing—timing or chasing returns?
6:48 Market cycles and why global investing reduces regret
8:26 Feelings aren’t facts—own the planet, not your predictions
10:08 Japan's 34-year climb back—and the real lesson of 1990
11:49 Dividends matter: Japan’s returns weren’t all dead
12:20 Comparing VT, AVGE, and DFAW for global exposure
14:33 Why Don prefers global funds over DIY U.S./intl combos
15:30 A 1992 Japan vs. global return showdown—$10k becomes $41k or $233k
17:50 They buried the lead—global diversification wins again
18:14 Listener corrects math on 4% rule—Don admits the slip
19:06 Comment on borrowing from 401(k) and the “double-tax” myth
20:04 Facebook dad jokes derail Tom’s patience
20:53 Trust investing dilemma: annuity vs. portfolio income
23:50 Immediate annuity may be the best fit for a “failed-to-launch” son
25:23 Where to shop for no-load annuities—Fidelity, Ameritas, Stan the Annuity Man

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In this episode, Don and Tom rewind to the not-so-golden era of Wall Street paperwork, bringing a modern perspective to old-school investing habits. They tackle listener questions around dividend investing, the allure of individual stocks, and whether the 'buy and hold forever' mindset still holds up in the era of ETFs. Along the way, they dismantle outdated advice, give historical context to stock certificate culture, and steer listeners back toward diversified, evidence-based strategies. A little nostalgia, a lot of myth-busting.

0:00 — Opening thoughts on old-school investing
1:30 — Why dividend stocks still captivate investors (and why they shouldn’t)
3:45 — Caller wants to hand-pick dividend stocks for income—Don’s got a better plan
6:12 — The problem with nostalgia-driven portfolios
7:55 — What a pile of stock certificates used to represent—and what it doesn’t anymore
9:40 — Why ETFs offer smarter, cheaper, saner exposure to dividends
12:18 — Tom reflects on the emotional appeal of owning "pieces of companies"
14:02 — Another caller asks: Should I dump my dividend ETF for higher-yield stocks?
15:40 — Compounding, risk, and the illusion of control
17:00 — Why chasing yield can lead to capital destruction
19:15 — Final thoughts: Don’t mistake familiar for safe, or paper for value

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Don and Tom take aim at America's favorite financial myths—starting with the widespread belief that real estate and gold are the best long-term investments. They present nearly 100 years of historical data to show why stocks have far outpaced both. The conversation also tackles misleading annuity pitches, a classic pension lump sum dilemma, and the age-old question facing 20-somethings: save for a house or retirement? Callers bring smart questions about guaranteed annuities, where to park surplus cash, and the VT vs. VTI+VXUS tax argument. As always, the show delivers investing wisdom with skeptical charm and a few zingers.

0:10 — A third of Americans believe real estate or gold are the best long-term investments
1:40 — The real historical winners: stocks beat gold and real estate by miles
3:03 — Nearly 100 years of returns: real estate (4.2%), gold (5%), stocks (9.9%)
6:00 — Don’s missed heart procedure and Tom’s recycled joke vault
7:49 — Don’s NYC hotel sticker shock vs. Tom’s five-star absence excuse
9:02 — Caller Jim asks about multi-year guaranteed annuities as bond alternatives
10:01 — Why MYGAs aren’t remotely comparable to U.S. Treasuries
13:07 — If something looks too good (5.8% guaranteed), it probably isn't
14:25 — Another Jim (Florida) asks: lump sum or $250/month pension?
17:30 — Financial flexibility vs. longevity risk in pension decisions
21:32 — Listener dilemma: save for retirement or a house at 24?
23:57 — Why early Roth contributions beat early homeownership for long-term wealth
25:41 — Kyle in Indianapolis has an extra $40K—where should it go?
27:26 — If it’s 5 years, don’t risk stocks. If it’s 10+, maybe
30:47 — Allie from Wyoming asks: VT vs. VTI+VXUS for better foreign tax credits
32:25 — Why foreign tax credit isn’t a good enough reason to skip VT
34:21 — Global GDP, stock valuations, and the eternal U.S. vs. international allocation debate

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In this episode, Don and Tom tackle the investor's most persistent foe—fear—especially during volatile markets. They draw on insights from Vanguard and others to reinforce the value of long-term investing, explain why missing a few key days in the market can devastate returns, and stress the importance of rebalancing over reacting. The duo also takes on political distractions, market timing myths, asset location dilemmas, and the emotional turbulence that causes people (including Don’s wife!) to question their portfolios. It all wraps with a cheeky new market jingle courtesy of ChatGPT and a shirt that reached Everest. Yeah, literally.

0:04 Welcome, podcast humor, and the pain of being downloaded
1:10 The recurring fear-driven urge to “do something” with your portfolio
1:33 Set it and forget it? Vanguard and others weigh in
2:44 Remember AOL? The danger of investing with confidence in the wrong thing
3:35 Volatility is the cost of real returns—don’t try to dodge it
4:50 Presidential influence and personal political biases in investing
5:50 Real portfolios with too few stocks and too much risk
6:55 Missing just 10 good days in the market could cut your returns in half
7:59 Buy and hold ≠ do nothing: how disciplined rebalancing works
9:17 Should you be buying international now? Maybe… but only if rebalancing
10:21 Feelings ≠ facts: don’t let emotions dictate portfolio moves
11:31 “Tune Out the Noise”—free advice and a free YouTube documentary
13:06 A musical market mantra written by ChatGPT
14:47 When even your spouse doubts your strategy: the advisor's personal dilemma
16:57 T-shirt spotted at Everest Base Camp—financial fame ascends
18:14 Can you contribute to a Roth IRA using last year’s wages?
19:54 Why young investors should love down markets
20:11 Asset location dilemma: comparing AVUV vs FISVX in 401(k) plans
23:54 Bedford, TX and a lesson in regional geography
24:31 Don’t chase performance—get help and rebalance smart
25:05 One more round of “Clueless is Smart”—market timing parody jingle

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In this extra-packed Friday Q&A episode, Don powers through a barrage of listener questions while recovering from an attempted heart ablation (yep, he's okay—but not fixed). He dives into everything from sketchy SIMPLE IRA fees and Roth rollover rules, to when it actually makes sense to take Social Security. You’ll also hear a checklist of questions to grill a potential financial advisor with, a primer on small-cap value stocks, and a lightning-round suggestion for international bond exposure. And yes, he dishes on why many advisors don’t actually want you to read those pesky prospectuses.

0:04 Don's in his VO booth—surgery didn’t go as planned
1:38 SIMPLE IRA fees: 5% commissions and better alternatives
3:53 Roth IRA strategy: match in SIMPLE, max out Roth with AVGE
8:35 Why that Raymond James advisor doesn’t want change
9:43 Social Security breakeven isn’t one-size-fits-all
11:35 Roth IRA transfer to Robinhood: does 5-year clock reset?
13:04 What to ask when hiring a financial advisor
16:06 Small-cap value vs. other stocks explained
18:59 Comment: Prospectuses scare advisors (and why)
21:42 Best international bond index fund? Try BNDX

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On this Talking Real Money episode, Don and Tom tag-team one of the biggest financial myths around: your house as a retirement plan. With over $35 trillion locked in U.S. home equity, they challenge the idea that owning a home equals wealth. From the emotional pull of mortgage payoffs to the liquidity traps of reverse mortgages and HELOCs, the duo breaks down the risks, rewards, and real returns of homeownership. Then it’s on to listener questions about IRAs, 401(k)s, rollovers, and... fiber (yes, the breakfast and internet kind). And they end with a little brag—because 154,000 monthly listeners can’t be wrong.

0:04 $35 trillion tied up in homes—does that make us rich or just house-poor?
1:20 Post-COVID home equity boom: 80% growth, but at what cost?
2:53 Renting vs. buying: the case for liquidity over bricks
3:44 Property tax pain for retirees and why Florida isn't so tax-free after all
4:21 Mortgage payoff: emotional win, financial mistake?
5:48 Why home equity shouldn’t be your retirement income plan
6:37 Housing’s historic returns: barely 3% pre-inflation
7:54 Forced savings illusion and the real cost of home improvements
8:45 If you’d invested instead of buying… you’d have more
9:35 Reverse mortgages, HELOCs, and why it’s harder to get cash out
10:19 Home equity lines now ~8%—not cheap or easy to get
12:30 Big picture: don’t include home equity in your retirement spending plan
14:05 Florida vs. California: which really costs more to live in?
16:38 Insurance, taxes, and Florida's fraud problem
18:50 Listener Q: Can you do both an IRA and a 401(k) in the same year? (Yes.)
20:40 IRA vs. 401(k): pros, cons, and personal strategy
22:53 Listener Q: Should we roll an old 403(b) to a Roth IRA?
23:44 Talking Real Money’s audience numbers: brag-worthy and booming
25:19 Retirement prep tip: match income to lifestyle before you retire

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Tom and Roxy Butner to co-host a packed episode of Talking Real Money, tackling the ever-elusive "magic number" for retirement with a healthy dose of realism, humor, and data. They dig into a Northwestern Mutual study that shows Americans lowering their retirement savings goals—even as confidence continues to slip. Roxy breaks down why retirement planning is all about cash flow, not some mythical lump sum. They field questions on company stock in 401(k)s, bonus check strategies, RMD tax strategies, and how to get young people started right. From Monte Carlo analysis to Roth IRA advantages, the duo bust myths and offer practical steps listeners of all ages can act on today.

0:04 Tom introduces Roxy and the episode’s core question: “Do I have enough to retire?”
1:01 Why the idea of a single “magic number” is misleading and varies by lifestyle
2:41 Roxy: $600k may be enough—or $3M might not be; it’s all about cash flow
4:32 Despite lowering their goals, only 51% believe their retirement plan will work
6:15 Roxy explains Monte Carlo analysis and why asset type (Roth vs. pre-tax) matters
7:31 Why tracking actual spending matters more than estimates before retirement
8:32 Caller: Should we sell the company stock in my wife’s 401(k)?
9:18 Tom warns of overconfidence and stock concentration risk, citing WaMu collapse
10:45 Roxy and Tom agree: diversify ASAP—don’t let company loyalty cloud judgment
12:14 Historical cautionary tales on once-great companies that fell apart
13:26 Regional bias: How geography skews investor confidence in local companies
14:46 Caller: What to do with a $20k bonus after maxing out the 401(k)?
16:11 Roth IRA contribution options for him and his wife, and the 5-year rule
18:10 Bonus: Enhanced catch-up contributions for ages 60–63 explained
20:31 Caller asks about RMDs, tax planning, and long-term care deductions
21:53 Only qualified charitable distributions (QCDs) avoid tax on RMDs
23:24 Roth contributions early in life can lead to massive long-term advantages
24:47 Caller asks about a bond fund change in her HRA and 60/40 portfolio safety
29:45 Why “safe” is the wrong word—know your plan, goals, and risk tolerance
31:13 Caller wants her daughter to connect with Roxy for help managing her paycheck
32:54 Yes—Roxy helps young clients with budgeting and financial foundations
34:31 Why early saving and simple investing in your 20s is so powerful
36:09 Tom announces upcoming trip to Portland and free portfolio reviews
37:08 Final notes: building trust, long-term planning, and why they love the work

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