Episodes

  • Nobody Knows

    Nobody Knows
    Jan 12 2026
    Predictions feel comforting—but they’re usually nonsense. In this episode, Don and Tom dismantle the illusion of foresight by revisiting last year’s loudest economic forecasts around tariffs, inflation, jobs, recessions, and markets. Drawing from a Wall Street Journal retrospective, they show how both political promises and expert predictions missed the mark, with reality landing squarely in the messy middle. The takeaway is classic Talking Real Money: nobody—not economists, not presidents, not pundits, and especially not you—has actionable insight into the future. That’s why successful investing isn’t about forecasts or hot takes, but about building a diversified portfolio, rebalancing when needed, and tuning out the noise. The episode wraps with listener questions on teen investing accounts and Roth conversion rules, plus a reminder that humility beats hubris every time markets get unpredictable. 0:04 The future is unpredictable—even when we pretend it isn’t 0:26 Why we crave predictions and mistake luck for skill 0:53 Being “right” once doesn’t mean anything 1:58 Tariffs, Trump, and the great forecasting divide 2:27 Inflation predictions that never showed up 3:53 Jobs, unemployment, and why both sides were wrong 5:49 Who actually paid for tariffs (hint: not who you think) 7:08 Recession fears vs. reality—and the AI wildcard 8:55 Why short-term predictions fail and macro trends survive 10:41 The truth usually lives between the extremes 11:31 Lao Tzu, Yogi Berra, and why nobody knows the future 13:20 The most dangerous “expert” investors trust: themselves 14:43 Listener question: investing for a 16-year-old 17:29 Roth IRA vs. UTMA/UGMA and simple fund choices 18:06 Listener question: Roth conversions and the five-year rule 20:54 Humor, offense, and why everyone needs to lighten up 21:14 RetireMeet 2026 details and special guest preview 23:14 Apella Wealth philosophy and free help reminder 24:39 The number one word of the year (still shocking) Learn more about your ad choices. Visit megaphone.fm/adchoices
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    27 mins
  • Try Before You Buy?

    Try Before You Buy?
    Jan 9 2026
    Investing isn’t a game, and treating it like one can quietly sabotage your future. This episode dismantles the idea of “trying out” investments or advisors the way Wall Street has trained people to do for decades. Don and Tom argue that real financial advice starts with planning, not products, and that a true fiduciary focuses on taxes, portfolio design, and long-term goals — not beating markets or selling what’s hot. Listener questions tackle portfolio overlap inside a 401(k), when simplicity beats customization, the reality behind so-called “Trump accounts” for children, and how to evaluate companies like Corbridge Financial in teacher retirement plans. The show wraps with a reality check on World Cup ticket pricing that somehow makes active management look affordable by comparison. 0:04 Why “trying out” investments makes no more sense than test-driving surgery 1:26 The danger of treating investing like a game 2:29 How Wall Street gamified investing for nearly a century 3:45 What good advisors don’t promise 4:10 Fiduciary planning versus transactional sales 5:14 Marketing narratives vs. real financial planning 6:55 Why big advisory firms spend fortunes on persuasion 7:48 Hot returns, sexy funds, and why chasing them fails 8:35 Investing to win vs. investing to reach a goal 9:56 Accepting market reality instead of competing with billionaires 11:27 Product versus planning — the core distinction 12:09 Listener question: fixing portfolio overlap inside a 401(k) 14:34 Why simpler portfolios usually work better 15:09 Using target-date funds to eliminate overlap and rebalancing headaches 16:19 What “Trump accounts” actually are — and what they aren’t 18:39 Comparing Trump accounts to 529 plans 21:38 Corbridge Financial: when it’s fine and when it’s a trap 23:01 Appreciating listeners everywhere (yes, even Portland) 24:40 World Cup ticket prices that defy financial gravity Learn more about your ad choices. Visit megaphone.fm/adchoices
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    30 mins
  • Can It Be Free?

    Can It Be Free?
    Jan 8 2026
    0:04 Remembering the “good old days” of fat commissions 0:33 From $200 trades to zero commissions—what really changed 1:18 Free trading everywhere… so how do brokers make money now? 2:37 Robinhood’s explosive growth and the rise of trading culture 3:15 Trading volume triples in six years—what that signals 4:42 Payment for order flow, cash sweeps, and hidden costs 6:21 Are investors actually getting a deal from free trading? 7:13 Why frequent trading and poor returns go hand in hand 8:21 Dopamine, gambling mechanics, and Robinhood’s design problem 9:47 Day trading: the comeback nobody needed 10:57 Why most day traders lose—and taxes make it worse 11:36 Prediction markets: gambling with an investing label 13:16 Listener questions begin 15:55 What is a tokenized stock—and why it’s not investing 17:25 Bucket shops, NFTs, and synthetic “stocks” 18:45 Early retirement withdrawals and the Rule of 55 19:33 Default retirement plans stuffed with annuities—good idea? 21:20 Liquidity risk and why annuities aren’t one-size-fits-all 22:26 Vanguard’s new Core Plus Bond ETF (BNDP) 24:13 Chasing yield vs. using bonds for stability 26:20 Why bonds shouldn’t be your return engine 27:36 Hoping for a calmer 2026 (good luck with that) Learn more about your ad choices. Visit megaphone.fm/adchoices
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    32 mins
  • Very Different

    Very Different
    Jan 7 2026
    This episode opens with a reality check on streaming delays before diving into the growing divide between investing and gambling, highlighted by Charles Schwab’s refusal to promote crypto, options, and prediction markets while Robinhood leans fully into high-intensity trading. Don and Tom warn that flashy features and frequent trading usually lead to worse outcomes, not better ones. Listener questions cover whether employees can roll a 401(k) during a plan change (usually no), how to cope with bad retirement plans, and how to choose between a high-cost growth fund and a low-cost index option. The show also tackles whether mixing Avantis and Dimensional funds truly adds diversification, argues that over-engineering portfolios is counterproductive, and closes with a candid discussion about the decline of financial radio, the rise of podcasts, and why a strong financial plan matters more than recent market gains. 0:04 Recorded-not-live reality, streaming delays, and why nothing feels real anymore 1:56 Schwab draws a hard line between investing and gambling 2:56 Robinhood’s casino-style features and the problem with pandering 6:12 Why trading more usually means ending up with less 6:52 Listener question: Can you roll a 401(k) during a plan change while still employed? 9:23 Why “in-service” rollovers usually aren’t allowed before 59½ 11:53 What employees can do when stuck in a bad 401(k) plan 14:44 Fund choice question: Fidelity Growth vs. Vanguard 500 Index Trust 18:06 Why expenses, risk, and diversification matter more than past performance 19:21 Why podcasts are replacing traditional financial radio 22:06 How to listen to podcasts using Apple Podcasts and Spotify 27:22 Avantis vs. Dimensional: does doubling up add diversification? 31:52 Over-diversifying and the illusion of control 34:42 New-year reminder: returns don’t equal good planning 35:25 The importance of having an actual financial plan Learn more about your ad choices. Visit megaphone.fm/adchoices
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    44 mins
  • Picking a Good One

    Picking a Good One
    Jan 6 2026
    With Tom on vacation and an eerily convincing AI stand-in holding down the mic, Don kicks off 2026 by tackling one of the most persistent listener questions: how to actually find a true fiduciary—and how to eliminate salespeople fast. Using FINRA’s BrokerCheck as a simple filter, the show explains why the “B” matters, why dual-registered advisors are still a risk, and how complexity is often a red flag. From there, the conversation dives into the rise of RILAs (registered index-linked annuities), why their shiny back-tested returns don’t mean much, and how simpler balanced portfolios often do better with far less risk and confusion. Along the way, the hosts cover podcast reviews, investing in bourbon barrels (don’t), Roth IRAs for teenagers (do), and close with Tom’s five timeless investing rules for 2026: go global, simplify, define risk, rebalance, and understand your taxes. 0:04 New year, Tom on vacation, and the rise of AI Tom 0:22 AI voices, joke quality, and job security jokes 2:20 Welcome and the show’s core mission 2:46 How to actually find a real fiduciary 3:30 BrokerCheck explained and why the “B” is a deal-breaker 5:24 Firm searches and fast advisor elimination 6:38 Why dual registration still isn’t fiduciary 7:22 RILAs introduced and why “index-linked” is a warning sign 9:38 Hypothetical returns and misleading back-testing 11:19 Balanced index funds vs annuity complexity 13:00 Why RILAs solve no real investor problem 14:08 How to leave podcast reviews (and where) 15:22 Apple vs Spotify reviews and ratings reality 17:34 Ratings, trolls, and thin-skinned hosts 20:07 Tom’s five investing rules for 2026 20:41 Go global—actually global 21:56 Fewer accounts, less mess 22:49 Know your risk before the market teaches you 23:50 Rebalancing after strong stock years 24:38 Understanding taxes by account type 27:33 Bourbon barrel investing pitch—hard pass 29:13 Custody risk and private-investment danger 31:35 No sales guests, ever 33:54 Roth IRAs for working teens 34:35 RetireMeet 2026 announcement Learn more about your ad choices. Visit megaphone.fm/adchoices
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    44 mins
  • Why Complicate It?

    Why Complicate It?
    Jan 5 2026
    Wall Street is pitching “fixed-maturity ETFs” as the perfect solution for retirees who want certainty, income, and peace of mind—but are they actually solving a problem that already has simpler answers? In this episode, Don and Tom break down what bonds and CDs really do, why fixed-maturity funds are being pushed so hard right now, and how fees quietly eat away at the promised benefits. Along the way, they explain the real role of bonds in a portfolio, why chasing yield is a trap, and how diversification and simplicity still beat clever packaging. Listener questions tackle fiduciary responsibility in 401(k) plans, loaded mutual funds, and how much international exposure makes sense in retirement. 0:04 New year opener, time anxiety, and refusing to acknowledge large numbers 1:05 What a bond actually is—and what it guarantees (and doesn’t) 1:54 CDs vs. bonds: fixed maturity products that already work 2:37 Why Wall Street suddenly “needs” fixed-maturity ETFs 3:22 BulletShares, yields, and the quiet problem of fund expenses 4:45 Larry Swedroe’s blunt answer: skip the fund, buy the bonds 5:24 Yield fixation and how investors ignore cost and complexity 6:05 When fixed-maturity ETFs might make sense—and when they don’t 7:14 I-Bonds, TreasuryDirect, and Don’s practical reality check 7:48 A simple solution: total bond fund plus a CD ladder 8:28 Why fixed maturity doesn’t mean fixed safety 10:09 Expense ratios compared: broad bond funds vs. sliced products 10:35 The real purpose of bonds in a portfolio 12:04 Putting 2022’s bond losses in proper historical context 12:58 Eugene Fama on Wall Street “innovation” 13:20 Listener question: fiduciary responsibility in a 401(k) plan 16:30 Listener question: A-shares, B-shares, loads, and advisor honesty 19:14 Why high fund expenses hurt more than exit fees 20:52 Listener question: international exposure in retirement portfolios 22:18 Practical global diversification without precision theater 23:02 Why Don is flexible on allocations—but not on insurance sales 23:22 How to send in questions and closing banter Learn more about your ad choices. Visit megaphone.fm/adchoices
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    27 mins
  • Q&A 2026

    Q&A 2026
    Jan 2 2026
    The calendar flipped, but the rules didn’t. In this New Year Friday Q&A, Don tackles listener questions on longevity annuities (QLACs), legacy insurance mistakes, advice-only advisory services, and the growing trend toward complex fixed-income systems and alternative investments. From insurance math that favors the house to eye-watering fees dressed up as innovation, the message stays consistent: simplicity beats sophistication, fees matter, and global diversification works the same whether you live in Seattle or Spain. 0:00 New year, new Q&A — and why January changes nothing 1:30 QLACs explained and why the math still favors insurers 2:49 Longevity odds vs. guaranteed income myths 5:15 Trapped in a bad annuity — ride it out or cash out? 8:53 “Magic money,” bonuses, and negative real returns 10:46 Advice-only firms: Abundo Wealth and paying for simplicity 13:44 Bond ETFs vs. CD and Treasury ladder strategies 17:39 When “systematic” fixed income starts to smell like gimmicks 18:53 Alternatives, private credit, and outrageous expense ratios 22:18 Why Don defaults to simplicity — every time 24:35 Global diversification: same advice, any country 27:38 Happy New Year — and why boring still works Learn more about your ad choices. Visit megaphone.fm/adchoices
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    31 mins
  • Hot? Don't Touch.

    Hot? Don't Touch.
    Dec 31 2025
    This episode dismantles the idea that successful investing comes from finding the next hot thing. Instead, Don and Tom argue that good portfolios are built by eliminating what doesn’t belong: actively managed funds, sector ETFs, alternatives, high-yield bonds, gold, and other distractions that add complexity without purpose. Drawing on a Morningstar column by Amy Arnott, they reinforce that most investing mistakes come from chasing performance rather than embracing simplicity and discipline. The show also tackles listener questions on retirement “bucket” strategies, rebalancing timing, Dimensional fund structure, and annuities—emphasizing that bonds exist for stability, cash should be limited and intentional, and any strategy must be personal, rules-based, and boring enough to actually work. 0:04 Opening banter, Apple censoring Tom’s name, and the beige pudding world 1:12 Bitcoin critics, one-star reviews, and a bad 2025 for crypto 2:03 Core idea: good investing is about elimination, not prediction 2:56 Amy Arnott and the case against active management 4:07 Why past winners usually become future losers 5:28 REITs, once useful, now mostly redundant 6:01 Sector funds as performance-chasing traps 8:19 Alternatives, I Bonds, and junk bonds—complexity without payoff 10:04 Bonds explained properly: stability, not income or excitement 11:14 Gold (and Bitcoin) as non-productive speculation 13:21 Simplify first and portfolios become easier—and calmer 15:05 Retirement bucket strategy: where it helps and where it hurts 18:48 Cash as an emergency tool, not a long-term holding 21:04 MYGA annuities, safety trade-offs, and insurer risk 29:04 Insurance failures as cautionary history 31:04 DFAW explained: Core Equity 1 vs Core Equity 2 35:53 Rebalancing discipline: timing beats tinkering 39:11 Final reminder: stop watching your portfolio so much Learn more about your ad choices. Visit megaphone.fm/adchoices
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    45 mins