Talking Real Money - Investing Talk

By Don McDonald

Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom Cock, join forces to talk about real money issues. In each episode, they solve real money problems, dole out rea... more

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FAQs about Talking Real Money - Investing Talk:

How many episodes does Talking Real Money - Investing Talk have?

The podcast currently has 2,237 episodes available.

Talking Real Money - Investing Talk episodes:

April 22, 2025Less Risk Can Cost More
Don flies solo on this episode of Talking Real Money, fielding calls and calling out the nonsense in fancy investment gimmicks. From market-neutral funds to buffered ETFs, he lays out the case for simplicity, diversification, and discipline over complexity and high fees. Along the way, he compares real-world returns of flashy funds to the humble Vanguard Balanced Index, explains the math behind risk and reward, and gently teases listeners dabbling in covered calls and premium farming. With real estate worries, Schwab steak dinners, and Tesla bulls turned cautious, this episode is classic Don: blunt, funny, and laser-focused on keeping it real… money.
0:04 Friendly welcome and a call for co-hosting help as Don flies solo
1:16 Call-in number shared, and Don apologizes for occasionally sounding political
3:01 Markets are volatile—skip the politics, let’s talk practical moves
3:59 Media fear-mongering and the pitch for “alternatives”
5:13 Barron's & WSJ pitch fancy stuff—Don calls it gimmickry
7:15 Long-term market history shows why patience wins
8:54 The Campbell Systematic Macro Fund vs Vanguard Balanced Index
11:20 Comparing performance, risk, and costs—spoiler: Vanguard wins
12:45 Complexity benefits salespeople, not investors
13:33 Jim from Tacoma asks about “buffered ETFs”
14:02 Don explains buffered ETFs, costs, and gimmick risk
16:23 The danger of complex products with little upside
17:41 Expense ratios and risk in buffered funds vs Vanguard again
19:34 Greg from Florida gets pitched “Schwab Personalized Indexing” over grouper
22:15 Direct indexing: useful, but only for big portfolios
23:20 Planning is more powerful than piecemeal strategies
25:58 High costs, tax strategies, and why a real plan matters
28:00 Laura in Olympia asks about selling her home to retire
29:24 Market timing fears and the power of diversification
30:59 Passive income myth and the burden of managing property
31:56 Adjusting risk with age and leaning on fiduciary advice
33:14 Real estate market is strong—Don gives Laura confidence
34:34 Jason from Sammamish—the “Tesla Bull”—asks about premium farming
36:01 Writing covered calls to buy into VONG—Don offers cautious perspective
37:51 Don’s stockbroker days and every strategy eventually failing
39:09 Covered calls as fun, not a serious strategy—Don doesn’t want copycats
39:52 Don signs off with a reminder: invest simply, plan wisely, and stop guessing

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46min
April 21, 2025Wall Street Wants You Scared
In this episode of Talking Real Money, Don McDonald and Tom Cock discuss practical strategies for navigating recessions without panic or unnecessary market timing. They critique the constant, fear-driven speculation around economic downturns and emphasize maintaining a disciplined, long-term approach. Highlighting actual investor behavior from Dalbar studies, they explain why market timing almost always results in poorer returns. Tom humorously criticizes aggressive pickup truck drivers and touches on avoiding common recession-investing mistakes, advocating instead for careful asset allocation, understanding emotional risk tolerance, and maintaining a sensible emergency fund. Listener questions prompt discussions on treasury ladders versus bond funds, the impact of expense ratios, and effective short-term cash management.
0:10 Surviving and thriving during recessions
0:26 Probability of recession discussions
1:04 Don criticizes recession scare tactics
1:46 Humorous digression about pickup trucks
2:49 Audience wants solutions, not problems
3:48 Avoiding common recession investing mistakes
4:39 Wall Street Journal example of market timing errors
5:29 Importance of emergency cash for retirees
6:04 Risk versus loss in investing
6:28 Understanding emotional risk tolerance
8:01 Critique of Wall Street's short-term focus
8:36 Long-term investing approach regardless of recession
9:01 Dalbar study reveals poor market-timing results
10:51 Long-term Dalbar investor returns vs. market returns
13:09 Humorous tangent on global population
13:44 Listener questions segment begins
14:33 Discussing asset allocation and bond fund concerns
16:18 Bond ladder vs. bond fund debate
17:20 Examining long-term bond fund returns
18:09 Benefits and drawbacks of bond funds
19:28 Comparing money market fund options (DTAXX)
21:06 Expense ratios significantly impact returns

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27min
April 16, 2025Your Proper Risk
Don and Tom explore the role of risk, resilience, and rational investing as they tackle stock market uncertainty, Roth conversion confusion, and Robinhood’s attempt to lure new users. They mix in practical advice with plenty of caller questions—plus a detour into air-dried laundry, social media skepticism, and an appreciation for the film Tune Out the Noise. It's Talking Real Money in its purest form: smart, skeptical, and occasionally funny.
0:04 Intro: Making money more understandable
1:09 Tom’s tech issues and growing role of the stock market
2:11 When you should sell stocks in retirement
3:31 Risk capacity vs risk tolerance explained
5:14 Funny promo: Financial Flinch Reflex (FFR)
6:32 Stock market participation then vs now
7:04 Caller: Gratitude for 'Tune Out the Noise' documentary
8:16 The real goal of the show: Tuning out the noise
10:45 Caller Paul on clothesline nostalgia and laundry talk
13:05 Documentary's backstory, David Booth’s art & Dimensional’s origins
14:30 Why market timing makes you crazy and poor
15:57 Caller Tom sees a Facebook Roth ad—what gives?
17:46 Breaking down legitimate Roth conversion strategies
19:31 Don’s rant on Facebook, Tom’s retreat to LinkedIn
20:39 Caller Roger: Can you convert RMDs into Roth? (Spoiler: no)
21:37 Clarifying RMDs vs Roth conversions—rules & misunderstandings
24:14 Direct 401(k) to Roth IRA conversion—confirmed
25:59 Q: Why add bonds if you're 20 years from retirement?
28:03 How real people react to 50% portfolio drops
29:16 The truth about emotional investing and loss tolerance
31:08 Why Robinhood’s "free money" comes at a cost
32:56 Custodians vs Gamifiers: Schwab, Fidelity, and the Robinhood trap

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46min
April 15, 2025A Wild Ride
Wild market swings, political chaos, and investor confusion set the stage for this episode. Don and Tom break down the emotional impact of volatility, the myths of market timing, and the wisdom in sticking to long-term plans. With insights from Jason Zweig and some smart listener Q&A, they remind us that discipline—not prediction—is what builds wealth, even in uncertain times.
0:01 Intro with the 'interesting times' curse and the current market confusion
0:48 S&P 500 drops 10.5% in two days, bounces back 9.5%—market whiplash
1:33 How volatility overloads the brain and leads to bad decisions
2:28 Few people understand tariffs—uncertainty drives market instability
3:24 The idea of the market as a fourth branch of government
3:38 Why owning stocks long-term still makes sense
5:03 Investor panic: emotional decisions vs. rational plans
6:27 Jason Zweig's four questions for investors—clarity through chaos
8:13 Why you own stocks: not trade stability, but long-term growth
9:08 What's changed? Trust, tariffs, and long-term resilience
10:27 You earn the premium by enduring market fear
10:31 The emotional trap of anchoring and chasing returns
11:44 The fantasy of upside-only investing—and the danger of chasing it
13:04 Caller Jeff: Should I dollar-cost into ETFs or sell and buy all at once?
14:27 Advice: In a retirement account, just make the shift—it’s lateral
16:04 Caller Bill: Accidental portfolio drift and how to rebalance to 50/50
19:05 Simple ETF plan vs. target-date funds for retiring investors
20:37 Caller Joe: Real estate success and why stocks aren’t for everyone
27:09 The overlooked danger of foreign countries selling U.S. debt
30:24 Bond prices, interest rates, and currency impacts explained
32:04 U.S. credit rating vs. the world—and why diversification still matters
33:28 Tariff risks, political uncertainty, and long-term investing perspective
35:25 If you’ve invested right, you don’t need to react
39:04 Tom’s "work trip" vacation and Don flying solo next week

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46min
April 14, 2025A Fool and His Money...
In this classic swirl of candor, humor, and financial sense, Don and Tom tackle the human habit of financial foolishness—from betting big on speculative ETFs to ignoring global diversification. They call out the irony of investment products like ELON, roast the current state of the Motley Fool, and offer real-world perspective on international investing, market timing myths, and retirement portfolio design. They even sprinkle in a few thesaurus gems for good measure.
0:04 Welcome and warning: this episode is full of tangents, tomfoolery, and truth
0:48 Netflix documentary detour: why are people (and investors) so dumb?
2:01 International investing: why people ignore it and why that’s… dumb
3:49 U.S. vs international returns in early 2025—surprise! It’s not all about the S&P
5:16 Market irony and the value of global diversification
6:09 A disappointing turn from The Motley Fool (and a very public grudge)
6:59 Enter the ELON ETF—double Tesla, short Ford, and down 64%
9:41 What happens when leverage meets marketing in the worst way
11:10 A $750K fund that made… $675 in fees. Yep.
11:57 Foolish investor behaviors: feelings ≠ foresight
13:37 The (simple) path to real investing: low-cost, tax-efficient, diversified portfolios
14:28 Punchline investing: don’t be a dunce—be global, be patient
15:52 Listener Q: Is my mix of S&P 500, TDFs, and Roth diversification enough?
17:26 Portfolio allocation advice: stock/bond mix first, account strategy second
19:28 Suggestion: get a professional plan before retirement
20:00 Buffered ETFs: what they are, why they’re pricey, and why they disappoint
23:22 Returns reality check: buffered funds vs plain S&P 500
24:47 The big lie of hedged products—"all the upside, none of the risk"
25:19 Wrapping up with more Q&A, grandkids, and international call jokes
29:33 Tom’s latest investment: soccer team ownership (yes, really)

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33min
April 11, 2025Q'in' and A'in'
It’s a full-on Q&A Friday as Don tackles listener questions on account consolidation, fund choices, proper bond allocation, and portfolio construction. From dissecting the merits of AVGE vs. DFAW vs. VT+AVUV, to helping federal employees estimate how much to save, and even clearing up confusion about average returns—this episode is a masterclass in real-world investing for every phase of life. Whether you’re building your portfolio, nearing retirement, or just trying to clean up a financial mishmash, there’s clarity here. Oh, and snark-free math explanations, too.
1:36 First caller: Accumulation phase advice—Fidelity vs. AVGE vs. Vanguard
3:15 Follow-up: Retirement accounts, target date funds, and cleaning up a messy portfolio
5:06 Safe Harbor 401k rules explained
5:53 Deep dive into 401k fund options—why some funds may not be ideal
7:43 Old TSP account—combine or leave it?
9:34 Caller: How to start adding bonds after years of 100% stocks
10:43 Two strategies for shifting into bonds slowly and smartly
11:42 Listener from Texas asks: How is average return actually calculated?
12:44 Why averages are simple math, not magic
14:13 Caller: TSP investor wants to grow $114k to $500k in 10 years—what it’ll take
15:55 Fidelity Roth IRA options: AVGE vs. DFAW vs. VT + AVUV tilt
17:40 Pros and cons of each fund setup—risk, fees, and portfolio simplicity

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23min
April 10, 2025Talking Real Rules
Don and Tom put popular retirement rules of thumb under the microscope—testing everything from the 4% withdrawal rule to the idea of downsizing your home in retirement. With equal parts logic and skepticism, they explore whether these oft-repeated guidelines still hold up in today's financial landscape. Along the way, they touch on portfolio construction, social security timing (with Don’s real-life dilemma), and why rules are made to be... at least bent. Plus, a few listener questions round out the episode with practical portfolio advice and fund critiques.
0:04 Intro: Humans love rules—including rules of thumb
1:30 Should we ditch retirement rules altogether? Or are they helpful shortcuts?
3:23 Rule #1: The 4% withdrawal rule—what it gets right (and what it doesn’t)
5:08 Rule #2: The 80% income replacement rule—Tom hates it, and here’s why
7:49 Rule #3: Defer taxes with traditional IRAs—good idea or future tax trap?
10:02 Roth vs. traditional contributions—what young workers should do
10:39 Rule #4: The Rule of 110 for stock allocation—Don calls it dumb
12:32 Risk tolerance and personal flexibility matter more than age-based math
14:13 Rule #5: Wait till 70 for Social Security—Don admits he might not
16:38 Don's real-life dilemma: Take Social Security now or wait?
19:23 Rule #6: Downsizing your house in retirement—easier said than done
22:08 Final thoughts: Plans > rules of thumb, especially after age 50
23:07 Q&A: Why don’t you like Fidelity’s zero-fee funds? (Short answer: they’re not fully diversified)
26:50 Are they bad? No. Would we recommend them? Also no.
27:25 Q&A: Retirees with $4M+—how to rebalance IRAs, Roths, and taxable efficiently

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35min
April 09, 2025Tariffs Feed Inflation
This episode dives deep into the market’s latest mood swing and the potential impact of new tariffs on consumer costs—like the real price of your next iPhone. Don and Tom explain what tariffs are, how they work, and why they’re likely to fuel inflation. Plus, they tackle a range of listener questions, from the risks of fixed-income annuities and rebalancing portfolios, to why bonds (yes, still) deserve a place in your portfolio. And of course, they throw shade at both annuity commissions and self-proclaimed “legendary” market forecasters. Emotional investing? That’s the real danger.
0:04 Opening banter and why this has been “a heck of a money week”
1:01 What exactly is a tariff? And why you’re paying more than you think
4:29 The real cost breakdown of an iPhone—and what tariffs could do to it
6:58 How rising costs could slow down upgrades and hit the tech economy
8:11 Why economists (even at WSJ) are mostly anti-tariff
9:27 Listener question: Did Andrew make a mistake buying a fixed-income annuity?
14:47 The ethics of $45,000 commissions and what you give up with annuities
21:12 What if Andrew had just invested the money instead?
25:48 Listener challenge: Are bonds really worth it if returns lag inflation?
30:23 The real reason to own bonds—and it’s not about return
32:57 SQQQ gamble pays off—should Devin take the money and run?
34:35 Wrapping the week with a reminder: it’s not about guessing, it’s about planning

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46min
April 08, 2025Ups and Downs
In this episode, Don and Tom address the market’s recent correction—without ever saying the “D-word.” They explain how global diversification cushions the blow, why balanced portfolios aren’t as battered as headlines suggest, and how reacting emotionally is the real danger. They also dive into classic investing mistakes, like stock concentration and chasing headlines, and share guidance on rebalancing thresholds. Listener questions include when to rebalance, how to strategically tap accounts in retirement, and whether it’s time to break up with Edward Jones (spoiler: it is).
0:04 “D-word” banter and market correction intro
1:24 The $5 trillion “missing” from markets—why it’s not doomsday
2:10 Tariffs, uncertainty, and what markets hate most
3:29 Year-to-date performance: S&P 500, total U.S., and global portfolios
4:56 Diversification works—global value stocks still positive
5:14 Media panic vs. reality—why not watching CNBC is a good move
6:11 Real portfolio check-in: diversified and down just 5%
7:36 What to do when the market drops—don’t panic
8:00 “It’s different this time”—but not really
9:35 Risk check: how much are you really taking?
10:43 Concentration risk: why individual stocks and tech are volatile
11:50 Tesla and Apple tank—example of why you diversify
13:45 Expert noise: Bill Gross vs. Ed Yardeni—ignore both
15:54 Market predictions: why you should tune out “legendary” investors
16:31 Jason Zweig’s pyramid of regret—make small, smart moves
18:28 Tariffs aren’t good, but they’re also not the end
20:19 Listener Patty asks: When should I rebalance? (5–10% rule explained)
25:31 Listener Karen asks: Which account should I draw from in retirement?
33:07 Listener Dan asks: Should I still sell stocks and buy ETFs? (Yes.)
35:21 Listener Frank asks: Is it time to stop trading with Edward Jones? (Absolutely.)

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46min
April 07, 2025Inviolate Investments
In this episode of Talking Real Money, Don and Tom sound the alarm on a troubling trend: more people are dipping into their 401(k)s for emergencies. While hardship withdrawals are allowed under IRS rules, they come with serious penalties, taxes, and long-term setbacks. The hosts stress the importance of building an emergency fund before maxing out retirement contributions to avoid turning your future into a piggy bank. They also respond to questions about how to find fiduciary advisors and critique a high-yield income portfolio packed with risky, expensive ETFs—offering a reality check on chasing returns without understanding the risks.
0:04 Retirement talk kicks off with 401(k) praise—and a warning
2:08 Hardship withdrawals hit record levels; 5% of participants tapped accounts
3:50 Emergency fund should come before heavy 401(k) contributions
5:25 Auto-enrollment rises, but so does temptation to pull money
6:06 Weigh a 401(k) loan before a withdrawal—less damage long-term
7:47 IRS penalty exceptions outlined—some hardship cases qualify
9:35 Adulting tip: build that emergency fund, even if it’s hard
10:57 Better to borrow elsewhere (even a credit card!) than touch your 401(k)
12:59 SEP IRAs great for self-employed—but require discipline to fund
14:17 Listener asks why they don’t mention NAPFA more—they do!
17:25 Listener portfolio review: lots of income ETFs, lots of risk
20:33 Many holdings have high expense ratios, junk bonds, or complex strategies
22:33 Bottom line: get a professional review—and simplify the portfolio

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29min

FAQs about Talking Real Money - Investing Talk:

How many episodes does Talking Real Money - Investing Talk have?

The podcast currently has 2,237 episodes available.

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