Another day, another batch of money myths to bust. In this episode of Talking Real Money, Tom and Don take a sledgehammer to the idea that becoming a millionaire requires some kind of magical stock picking, insane work hours, or pure dumb luck. Spoiler: It’s mostly about spending less than you make, investing consistently, and avoiding financial landmines (like high-interest debt). A listener asks whether bonds are still the best diversifier in a portfolio, which leads to a deep dive into why no investment is a perfect hedge against stocks—despite what the Wall Street wizards want you to believe. Fidelity gets a well-deserved roasting for pushing annuities inside IRAs (seriously, why?). And for those considering Tesla stock or any other hot-shot investment, let’s just say: strap in, because that rollercoaster is a wild one. Along the way, they take on listener questions, reminisce about financial talk radio, and remind everyone that no one—NO ONE—can predict the future, no matter how much they charge for their “insight.” 0:41 - Debunking millionaire myths: It’s not about luck, Amazon IPOs, or working 80-hour weeks. 1:45 - The Millionaire Next Door and the modern rise in millionaires (2020–2023). 2:48 - The top millionaire habits: underspending, steady investing, and avoiding debt. 3:13 - Don’t ignore “free money” (employer 401k match) as part of your wealth strategy. 3:36 - Understanding risk-adjusted investments (not market trends or headlines). 4:12 - The dangers of high-interest credit card debt (current rates around 20%). 9:19 - Listener question: Are there better alternatives to bonds in a portfolio? 11:52 - The myth of negative correlation: Bonds don’t always move opposite to stocks. 14:30 - Real estate, commodities, private credit—are they good alternatives? (Mostly no.) 17:37 - Why hedge funds fail at providing a true alternative investment strategy. 18:24 - Listener question: Should an annuity be inside an IRA? (No, and beware of sales tactics.) 20:06 - A listener asks about tools to analyze asset allocation across different accounts. 23:32 - A caller asks about his mom’s annuity; Fidelity gets called out for bad advice. 28:08 - The risks of annuities vs. safer alternatives like CDs. 31:41 - Listener question: Should I invest my cash-back rewards in Tesla or AVGE? (Tesla is a rollercoaster.) 34:29 - Individual stock risk: Why even major companies (like Walgreens) can collapse. 37:36 - Nostalgic discussion about financial talk radio, Bob Brinker, and Financial Fysics. Learn more about your ad choices. Visit megaphone.fm/adchoices