Tom Cock takes the mic solo (with Don recovering from a “procedure”) and brings in advisor Roxy Butner for a special live episode. They reflect on Warren Buffett’s decision to retire in 2025, discussing lessons from his value investing strategy and massive cash holdings. Listener questions roll in on topics like compound interest assumptions, the risks of holding company stock, ETF mechanics, and how best to diversify for retirement. They also recommend the YouTube documentary Tune Out the Noise, tackle behavioral finance biases, and offer free portfolio reviews—including Tom’s upcoming in-person trip to Oregon.

0:05 Tom hosts solo, Don out recovering, show call-in number shared
0:53 Warren Buffett announces 2025 retirement; lessons from his investing style
2:49 Value investing, risk tolerance, and why most portfolios ignore value stocks
5:05 Buffett’s ultimate advice: low-cost index funds, tune out the noise
7:09 Guest Roxy Butner joins the live show for the first time
7:28 Listener Q: YouTube doc Tune Out the Noise and Dimensional Fund Advisors
8:44 Listener Q: Using 7% return assumptions—how conservative is that?
10:53 Monte Carlo simulations vs. flat-rate assumptions in planning
12:32 Saving percentages, lifestyle choices, and setting early-retirement goals
14:04 You can't count on future returns—only saving and diversification
15:22 Company stock danger: bias, volatility, and concentrated risk
17:51 Behavioral finance: home bias and overconfidence in familiar firms
20:32 Listener Q from Orlando: DFIV vs. VEU, building a smart ETF mix
23:30 Discussing stock/bond ratios, fund tilts, and tax efficiency
25:34 Roxy’s advice: multiple funds offer tax flexibility in taxable accounts
27:16 Listener Q from Ottawa: Do ETF trades affect prices of underlying stocks?
29:59 ETF structure explained, flash crash risk, and long-term thinking
34:17 Listener wants a Talking Real Money nickname—challenge accepted
34:44 ETF vs. mutual funds in taxable vs. retirement accounts
36:19 Free portfolio reviews and Tom's May 21 visit to Lake Oswego
38:29 Roxy's biggest mistake she sees: U.S. large-cap overconcentration

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Don and Tom get real about the most important lessons every young person should learn about money—before life (and bad decisions) get in the way. From money values to compound interest, tax realities to the unpredictability of markets, they each offer a list of financial truths no teen should graduate without. Along the way, they drop stories from their own lives, take questions from listeners, and somehow end up discussing soccer (and why Don still doesn’t get it).

0:04 Back to basics: What young people really need to know about money
1:35 Why financial literacy is shockingly low and how Don is tackling it
2:47 Tom’s top five lessons: values, saving habits, compound interest, taxes, and risk
10:48 Don’s five(ish) truths: uncertainty, diversification, history, luck, and time
18:33 Bonus lesson: Save and invest for what money can do, not just to have more
19:04 Q&A: Should a 36-year-old shift from a target fund to DFAW and AVGE?
22:02 Listener wants to up international exposure without “buying winners”
24:47 Rebalancing tips: why it’s okay to shift your allocation now in retirement accounts
25:24 Reflections on past podcasts, Lit Reading, and leaving a legacy
26:30 Soccer vs. baseball: Don’s confused but still trying

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Don records this Q&A episode a bit early—right before heart surgery—to make sure listeners don’t miss their Friday dose. He kicks off with a listener confused by a boilerplate $50 foreign stock fee warning on a Fidelity Zero fund (spoiler: it doesn’t apply). Another caller is teetering on the edge of retirement viability with $500K, pensions, and Social Security—Don offers honest thoughts on withdrawal flexibility and why waiting on SSI might be wise. Then comes a takedown of Wealthfront’s direct indexing for small investors (aka “gimmickry”), a nuanced answer about annuitizing a pension vs. taking the lump sum, and finally, a nearly microscopic comparison of IXUS vs. VEU for international exposure. Birds chirp, bells ring, and Don reminds everyone that free help is just a click away

0:05 Early episode recording—Don preps for heart surgery
2:07 Fidelity Zero fund confusion over $50 foreign stock disclosure
5:40 Can I retire with $500K, two pensions, and a 60/40 Roth portfolio?
9:07 Is Wealthfront’s direct indexing portfolio worth it at $20K?
12:46 Should I annuitize my pension or take the lump sum?
15:30 IXUS vs. VEU for international diversification—does it matter?

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On this myth-busting episode of Talking Real Money, Don and Tom tackle persistent financial fables that sound logical but often lead investors astray. With help from a Kiplinger list and their own experience, they dissect myths around mortgage payoff returns, Roth conversions, Social Security fears, withdrawal rules, and tax refunds—plus three bonus myths that still haunt conversations today. Along the way, Don shares his own recent experience filing for Social Security online (spoiler: it was surprisingly smooth), and they answer listener questions about muni bond funds and a bizarre Social Security payback tax mix-up. As always, it’s myth-busting with a side of snark and a dash of real advice.

0:04 Myth-busting opener and Greek mythology jokes
1:03 Myth #1: Paying off a 5% mortgage equals a 5% return
5:14 Myth #2: Roth conversions always reduce taxes
7:57 Myth #3: Social Security is going bankrupt
13:20 Myth #4: The 4% rule guarantees retirement success
17:16 Myth #5: It's better to get a tax refund than owe taxes
18:54 Bonus myths: “I can save later,” “Investing is zero-sum,” and “High-cost funds perform better”
21:21 Listener question: Social Security payback tax confusion
26:42 Listener question: Best muni bond ETF for a high-tax-bracket senior

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Tariffs, fear, and stockpiling—oh my! Don and Tom break down how consumer sentiment, not just consumer spending, is shifting dramatically under the weight of tariff uncertainty. They connect behavioral shifts—like Googling “recession” and panic-buying tires—to bigger economic signals and what it all means for investors. From the role of emergency savings to the misleading pitch of indexed annuities, they dismantle hype and stress the importance of sticking to a real plan. They also field smart questions on Roth conversions, muni bonds, and whether now is the time to invest that idle cash. Oh, and don’t worry: most of our toilet paper is made right here in the good ol’ USA!

0:11 Consumers drive the economy—and investment returns
0:47 Sentiment is slipping fast, and it could trigger a slowdown
2:05 “Recession” and “depression” searches spike amid uncertainty
3:11 Tariffs shift what we buy: food in, luxury out
4:24 What investors should do now: boost emergency savings
7:22 Auto stockpiling and tariff-fueled panic buying
8:50 Prices rising, brand loyalty falling, and psychology shifting
10:27 Volatility confuses perception—despite flat portfolio returns
12:16 Emergency funds are real insurance without the gimmicks
14:14 Spry 102-year-olds and the power of Bulgarian yogurt
17:47 Best muni bond fund choice for high tax brackets: VTEB
20:31 Can’t milk a Buckeye, but they might ward off arthritis
22:52 Roth conversions: should you pay the tax now or wait?
28:57 Indexed annuities: steak dinners, sales tricks, and the ugly truth
34:16 Why the commissions are so high—and the returns so low
37:55 Got cash on the sidelines? Here's what to do before investing
39:27 Final advice: plan first, invest later, ignore the noise

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Our memories—and sometimes our parents'—shape how we invest, often more than logic or data. Don and Tom break down how generational financial trauma, recent market trends, and asset class myths (like gold and U.S.-only investing) skew our thinking. They call out flawed stock picking contests, revisit the real long-term returns on gold versus stocks, and explain why short-term memory leads to bad long-term decisions. Listener questions hit everything from where to park house savings to bond fund risks, rebalancing strategies, and simplifying retirement saving using the TSP. Oh, and yes, the laundry room podcast myth lives on, and the Fyre Festival somehow still smolders in the background.

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Don and Tom dive into the seductive but dangerous world of leverage, starting with real estate and quickly moving into the even riskier territory of leveraged ETFs. They explain how leverage magnifies both gains and devastating losses, using real-world examples like the Direction 3X Treasury Bull and Bear funds, which either crushed or annihilated investor money. They caution listeners that these “extra touchy” funds are pure speculation, not investing, and explain why most people should stay far away. The episode wraps with smart listener questions on direct indexing, Roth rollovers, and the hidden risks in trying to beat the market on your own.

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In this listener Q&A episode, Don dives into some powerful topics—from calling out the sales-driven heart of the financial services industry to explaining how bond index funds are built and breaking down the tax realities of non-retirement brokerage accounts. A caller wrestles with guilt over a bad annuity recommendation for a dying relative, prompting a raw conversation about the system’s moral middle ground. Don shares his own early days as a product peddler, highlights red flags to look for in firm ADVs, and walks through the Medicare vs. FEHB decision matrix. If you’re seeking peace, clarity, or just a solid tax lesson, this one delivers.

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Gold is back in the headlines, but should it be in your portfolio? Don and Tom take a fresh (and frequently hilarious) look at the shiny metal that never seems to deliver. From Fort Knox to Costco’s gold bar rush, they trace gold’s lackluster long-term returns and its overhyped reputation as a hedge. They break down why physical gold fails as an investment, why GLD is better (but still meh), and why long-term investors might already have enough exposure through diversified funds. Plus: a Medicare premium surprise fix, the case of the copper penny, and a brief but loud murder of crows.

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When markets get bumpy, emotions take the wheel—and that’s exactly why Don spends this solo episode reminding listeners that logic, evidence, and simplicity still win in the long run. He digs into why private investments aren't the magic they claim to be (even when Vanguard jumps in), why diversification still beats sexy strategies, and how the best “alternative” to bad investing is simply building a solid plan and sticking to it. Listener calls explore structured products, the Sharpe ratio, reverse mortgages, and how to spot a real fiduciary in the wild.

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