Talking Real Money - Investing Talk

Most Americans are far less prepared for retirement than many assume. Don and Tom discuss new Federal Reserve data showing that only about half of Americans have retirement accounts, the median retirement balance is just $200,000, and only a tiny percentage of retirees have more than $1 million saved. They explain why starting early, saving consistently, and avoiding speculative investing matter far more than chasing hot stocks or market trends. The episode also covers Social Security misconc...

Transcribed - Published: 3 June 2026

Don and Tom tackle a Wall Street Journal financial decision-making quiz that explores how to prioritize competing goals such as retirement savings, high-interest debt, mortgages, and student loans. The discussion highlights the importance of employer matching contributions, the damaging impact of credit card debt, and the reality that many financial decisions depend on individual circumstances and risk tolerance. They then answer listener questions about retirement portfolio allocation, Fishe...

Transcribed - Published: 2 June 2026

Don and Tom tackle some of the most common retirement planning mistakes, with a particular focus on taxes and the danger of becoming overly obsessed with them. They discuss taxable Social Security benefits, the importance of diversifying across account types, Roth conversion considerations, tax-loss harvesting, and why most retirement decisions ultimately fall into the category of “it depends.” They also answer a listener question about navigating poor 403(b) plan options and the advantages o...

Transcribed - Published: 1 June 2026

Don celebrates the continued success of the Friday Q&A format and the encouraging first week of sales for his novel The Line Uncrossed, including a strong Kirkus review, before tackling a series of listener questions centered on retirement income and fixed income investing. He explains how his combination of cash reserves, a CD ladder, and bond funds supports a disciplined withdrawal strategy, discusses why diversified bond funds like BND still play an important role in reducing portfolio...

Transcribed - Published: 29 May 2026

This episode of Talking Real Money examines why financial advice so often turns into emotional debate instead of productive problem-solving. Don and Tom discuss how investors routinely underestimate spending, cling emotionally to employer stock, and defend strategies like dividend chasing, covered calls, crypto, or gold despite decades of evidence favoring diversified investing. They answer a listener question about aggressively paying down a 6.625% adjustable-rate mortgage versus maintaining...

Transcribed - Published: 28 May 2026

Tom and Don dismantle the myth of “free money” from high-dividend stocks and ETFs, explaining why chasing yield often leads to poor diversification, lower total returns, and disappointing long-term performance. Using examples like Campbell’s, Kraft Heinz, and Whirlpool, they show how dividend-paying companies can still destroy shareholder value while the broader market marches higher. The episode also features listener questions on military retirement planning with a pension-heavy income stre...

Transcribed - Published: 27 May 2026

Tom and Don tackle the impossible task of spotting market bubbles in real time, leaning on insights from Jason Zweigand Eugene Fama to argue that if bubbles were truly predictable, they wouldn’t exist. They discuss soaring semiconductor and AI-related stocks, speculative manias from tulips to SPACs to Bitcoin, and why diversification and disciplined rebalancing beat emotional market timing every time. Listener questions cover tax-loss harvesting and wash sales involving VT, VTI, and VXUS ETFs...

Transcribed - Published: 26 May 2026

Don opens the show with a deeply personal announcement: the release of his first novel, The Line Uncrossed, inspired by the life of his great-great-grandfather, a teenage Union soldier captured at Chickamauga and imprisoned at Andersonville. After sharing the journey behind the book, the episode shifts into listener Q&A covering the limited diversification benefits of international bond funds, skepticism toward direct indexing for retirees with taxable accounts, concerns about high-yield ...

Transcribed - Published: 22 May 2026

Don and Tom take on the uncomfortable reality that even supposedly “rules-based” index investing is starting to look suspiciously active, as major indexes like the S&P 500 consider bending long-standing rules to admit massive IPOs like SpaceX earlier than before. They explain why changing index rules matters more than most investors realize, debate whether index committees are chasing performance to stay competitive with the QQQ, and argue that broad global diversification may be safer th...

Transcribed - Published: 21 May 2026

Don and Tom unload on sensationalized financial journalism, taking aim at recent articles claiming the 4% withdrawal rule and classic 60/40 portfolios are “failing” retirees. They argue that the media increasingly prioritizes fear-driven headlines over practical investing wisdom, pushing emotionally charged narratives that ignore investor behavior and long-term historical returns. The duo also push back against claims that target-date funds could wipe out retirees, explaining why diversified ...

Transcribed - Published: 20 May 2026

Tom and Don explore whether artificial intelligence is truly ready to replace financial advisors, sparked by a recent Wall Street Journal experiment using ChatGPT to build a long-term investment portfolio. They break down the AI-generated recommendations, highlighting both the surprisingly sensible use of low-cost index funds and the concerning inconsistencies, recency bias, and lack of academic factor tilts. Along the way, they discuss whether AI gives investors what they need or simply what...

Transcribed - Published: 19 May 2026

Tom and Don tackle one of retirement planning’s most misunderstood tools: reverse mortgages. Using the analogy of “selling your house in slow motion,” they explain how modern HECM reverse mortgages work, why they’ve become more regulated and potentially more useful, and why they may deserve consideration for retirees who are house-rich but cash-poor. The duo breaks down the real costs, the cash-flow benefits of eliminating a mortgage payment, and the tradeoffs between preserving home equity a...

Transcribed - Published: 18 May 2026

Don opens this Friday Q&A episode with a personal reflection on finally releasing his historical fiction novel The Line Uncrossed, inspired by his great-great-grandfather’s imprisonment at Andersonville during the Civil War. Listener questions then cover the wisdom (or insanity) of converting millions from a traditional IRA to a Roth all at once, the evolving role of “538” savings accounts, why covered calls and options strategies often disappoint despite sounding clever, skepticism over ...

Transcribed - Published: 15 May 2026

Don and Tom explore one of retirement’s biggest emotional and financial questions: where should you actually live once work winds down? They discuss the hidden realities behind “low-tax” retirement states, including insurance costs, healthcare expenses, weather extremes, and the importance of family and community. The episode also features listener questions on retirement cash management, why annuities often create more problems than solutions, retirement savings strategies for LLC owners, an...

Transcribed - Published: 14 May 2026

Don and Tom take aim at the booming annuity industry, arguing that most annuities are sold through fear, confusion, and unrealistic promises rather than honest financial planning. They explain why indexed annuities are especially problematic, why annuities should be viewed strictly as income tools rather than investments, and how even “good” annuities often return your own money back to you first. The episode also covers smarter retirement income strategies, including maximizing Social Securi...

Transcribed - Published: 13 May 2026

Don and Tom tackle the strange psychology of politics and investing, exploring how Republicans and Democrats consistently perceive the economy and markets differently depending on who occupies the White House. Drawing on research from Spencer Jakab, the University of Michigan, and Dimensional Fund Advisors, they argue that long-term market performance has historically shown little correlation to presidential party affiliation, despite investors’ emotional reactions. The episode also features ...

Transcribed - Published: 12 May 2026

Tom and Don take aim at the persistent myth that active management adds meaningful long-term value, using a new study highlighted by Larry Swedroe showing that 1,260 balanced mutual funds dramatically underperformed simple low-cost index portfolios from 1990–2021. The duo contrasts expensive actively managed balanced funds with inexpensive index strategies like the Vanguard Balanced Index approach, illustrating how fees alone can devastate long-term returns. Along the way, they discuss the em...

Transcribed - Published: 11 May 2026

This Q&A episode of Talking Real Money covers a wide range of listener questions, from proposed “youth retirement accounts” and 529 plans to the deceptive marketing tactics behind indexed annuity steak dinners. Don also shares details about his upcoming Civil War novel, The Line Uncrossed, releasing May 22. Other topics include Vanguard’s ETF stock split, the difference between quantitative investing and factor-based investing used by firms like Dimensional and Avantis, and a bizarre Appl...

Transcribed - Published: 8 May 2026

Tom takes a Wall Street Journal retirement-account quiz while Don gleefully plays game show host, leading to a surprisingly useful (and occasionally chaotic) discussion of HSAs, Roth IRAs, Trump accounts, 529 plans, contribution limits, and retirement withdrawal rules. The episode then pivots into listener questions about ACAT transfer anxiety during market volatility and a blistering takedown of indexed annuities, including misleading “bonuses,” surrender charges, and the illusion of “market...

Transcribed - Published: 7 May 2026

Don and Tom react to the gold-pushing radio show that replaced Talking Real Money, breaking down misleading claims about gold investing, TSP accounts, and “tax-free” gold IRAs while exposing the fear-based marketing behind precious metals sales. They contrast long-term investing with speculation, discuss Jamie Dimon comments taken wildly out of context, and explain why gold’s recent surge says little about the future. Questions? Comments? Click!

Transcribed - Published: 6 May 2026

This episode features an in-depth conversation with Justin Baer about his book House of Fidelity, exploring how Fidelity Investments helped transform investing from an elite activity into a mainstream necessity. The discussion traces Fidelity’s evolution from mutual fund pioneer to 401(k) powerhouse, highlighting its adaptability as active stock picking gave way to index investing (driven in part by figures like Jack Bogle). It also examines the firm’s surprising embrace of cryptocurrency und...

Transcribed - Published: 5 May 2026

A graduation-season episode turns into a surprisingly deep conversation about careers in the age of AI, anchored by a New York Times article from Jodi Kantor. Don and Tom explore the idea that successful careers are built not by chasing trends, but by developing a personal “craft” and aligning it with real-world need. They connect that concept to investing discipline—ignore noise, focus on what you can control—and emphasize experimentation early in life. The back half pivots to listener quest...

Transcribed - Published: 4 May 2026

Don flies solo for a Friday Q&A, fielding questions on switching into financial services careers, the risks and reality of “enhanced” direct indexing strategies, whether newer Avantis ETFs add real value, and a classic diversification debate sparked by Markowitz and Bessembinder research. He emphasizes that financial advising is primarily a sales-driven business, warns against overly complex and leveraged investment strategies being pushed by Wall Street, reinforces the importance of broa...

Transcribed - Published: 1 May 2026

This podcast audio was accidentally posted yesterday, so you might want to listen to our 4/29 episode, if you’ve already heard this one. A listener-inspired revisit of emerging markets investing—sparked by the legacy of Mark Mobius—highlights why most investors are dramatically underexposed to this critical asset class. Don and Tom explain that while emerging markets bring higher volatility and currency risk, they also offer diversification, access to faster-growing economies, and exposure y...

Transcribed - Published: 30 April 2026

Private equity gets sold as exclusive, sophisticated, and “what the smart money does,” but the reality is far less compelling. Don and Tom break down the illusion: limited transparency, questionable valuations, high fees, and serious liquidity risks—all for returns that barely edge out (if at all) simple public market strategies. They argue that the supposed advantages—like the “illiquidity premium” and diversification—don’t hold up under scrutiny. The episode then pivots to smart listener qu...

Transcribed - Published: 29 April 2026

This episode shifts from investing to protection, starting with increasingly sophisticated scams—from fake Microsoft emails to deceptive hotel booking sites highlighted by The New York Times that can triple the cost of a stay while appearing legitimate. Don and Tom walk through how these schemes work, why they’re often legal but unethical, and how to avoid them with simple habits like ignoring unsolicited messages, using unique passwords, and booking travel directly. A listener question then ...

Transcribed - Published: 28 April 2026

Boomers take the blame (with a grin) while unpacking the real retirement mistakes that still trip people up today—failing to plan, claiming Social Security too early, relying on bad advice, and mismatching portfolios to actual needs. The episode leans hard into practical fixes: delay Social Security when it makes sense, build a real financial roadmap, ignore friends-as-advisors, and understand the difference between savings and portfolio strategy. A listener question adds clarity on when (and...

Transcribed - Published: 27 April 2026

A rapid-fire Friday Q&A dives into one of retirement’s biggest debates—flexible withdrawals versus the traditional 4% rule—with Don explaining why adaptability may be the key to never running out of money. The episode also tackles ETF vs. mutual fund tax efficiency at Vanguard, pushes back on “fancy” portfolio add-ons like managed futures and long-term bonds, clarifies why employer 401(k) matches are always pre-tax, and gives a pragmatic take on so-called “Trump accounts” (free money… wit...

Transcribed - Published: 24 April 2026

AI-powered trading is the latest shiny object designed to make investors feel smarter while quietly encouraging more trading (and more profits for platforms). Don and Tom break down why letting an “AI agent” execute your personal market theories is just automated speculation—no edge, no accountability, and no evidence it works. They contrast this with decades of data showing that even professionals fail to beat simple index investing. The episode also tackles a listener question on Roth conve...

Transcribed - Published: 23 April 2026

War headlines dominate attention, but history shows they rarely have lasting impacts on stock markets. Don and Tom break down why geopolitical events—despite their emotional weight—typically cause only short-term volatility, while long-term returns are driven by economic growth and corporate earnings. They reinforce the importance of global diversification, push back hard against market-timing myths (with a great 1929 example), and remind investors that reacting to headlines is a losing game....

Transcribed - Published: 22 April 2026

Roxy Butner joins the show to break down practical retirement saving strategies—especially for entrepreneurs who struggle to pay themselves first. The conversation covers foundational options like IRAs and Roth IRAs, then moves into more powerful tools such as Solo 401(k)s, SEP IRAs, and SIMPLE IRAs for business owners. They highlight the enormous impact of starting early through compounding, common planning mistakes (like neglecting retirement and estate planning), and current client concern...

Transcribed - Published: 21 April 2026

Don and Tom tackle the idea that retirement isn’t what it used to be—and maybe shouldn’t be at all. From historical retirement ages (when most people never made it) to today’s longer, healthier lives, they explore why many people aren’t eager to stop working. The conversation shifts to purpose, identity, and the growing trend of “phased retirement,” where people scale back instead of quitting outright. They also answer listener questions on using the TSP’s G Fund as a stable anchor in a portf...

Transcribed - Published: 20 April 2026

A wide-ranging Q&A episode tackles the real-world tradeoffs investors actually face: whether Paul Merriman’s aggressive small/value “ultimate” portfolio is worth the complexity and risk, how much stock to put in scary online bank reviews versus FDIC reality, and how to find advice when you don’t want someone managing your money. Don also explains why FAFSA tricks with traditional IRA contributions don’t work, how to control capital gains taxes using specific share identification, and—some...

Transcribed - Published: 17 April 2026

Annuities promise peace of mind—but often at a steep and poorly understood cost. Don and Tom break down when (rarely) annuities might make sense, why most—including fixed indexed annuities and QLACs—tilt heavily in favor of the insurance company, and how investors can replicate “guaranteed income” with a disciplined portfolio instead. They also take on a listener question about escaping high fees at Edward Jones (spoiler: yes, run) and dismantle a pitch for a Bitcoin-backed “bond alternative,...

Transcribed - Published: 16 April 2026

Starting early beats almost everything else in investing—and this episode drives that home with eye-opening math and a brand-new tool for jumpstarting a kid’s retirement. Don and Tom break down the new “Youth Retirement Account” concept (government seed money plus family contributions), compare it to Roth IRAs and 529 rollovers, and show how relatively modest early contributions can grow into millions. Then they pivot to a listener question about a Nationwide indexed annuity and dismantle the...

Transcribed - Published: 15 April 2026

This episode exposes the misleading language behind “best interest” financial sales practices, using the insurance-backed fight against the Department of Labor’s fiduciary rule as the main example. Don and Tom explain why rolling money from a 401(k) or 403(b) into an IRA can leave investors vulnerable to commissions, conflicts, vague disclosures, and expensive products dressed up as advice. They break down the difference between true fiduciary advice, so-called best-interest standards, and ba...

Transcribed - Published: 14 April 2026

A century-long study by Hendrik Bessembinder reveals a stunning truth about investing: while the U.S. stock market produced enormous overall wealth, the vast majority of individual stocks were losers, with just 46 companies responsible for half of all gains. Don and Tom unpack what this means for investors—namely, that stock picking is essentially a losing game driven more by luck than skill, and that broad diversification through index investing is the only reliable way to capture market ret...

Transcribed - Published: 13 April 2026

This Friday Q&A episode of Talking Real Money features a surge in listener questions, covering key retirement and investing topics including IRA inheritance strategies, borrowing in retirement, how to find fiduciary advisors, the powerful tax advantages of HSAs, pension timing decisions, and whether Robinhood’s 2% IRA transfer bonus is worth the trade-offs. Don emphasizes simplicity and tax efficiency—favoring IRA rollovers over inherited structures for spouses, cautioning that borrowing ...

Transcribed - Published: 10 April 2026

Don and Tom tear into Kiplinger’s roundup of “best money advice,” separating the genuinely useful from the obvious, the flawed, and the downright silly. They agree that core principles like living below your means, automating investing, and seeking qualified fiduciary advice still reign supreme, while pushing back on oversimplified takes about debt, life decisions, and self-auditing. The conversation reinforces a familiar truth: personal finance isn’t about clever hacks—it’s about consistent ...

Transcribed - Published: 9 April 2026

This episode cuts through the marketing fog around “financial advisors,” breaking them into three real categories—brokers, insurance agents, and fiduciary investment advisors—and exposing how incentives, commissions, and murky regulations shape the advice investors receive. Don and Tom highlight the industry’s gradual shift away from commissions while warning that titles like “fiduciary” or “CFP” don’t guarantee behavior. A listener segment dives into retirement portfolio construction, clarif...

Transcribed - Published: 8 April 2026

Don and Tom kick things off with a colorful history lesson on 19th-century “bucket shops,” drawing a sharp parallel to today’s emerging world of tokenized securities—digital representations of stocks traded on blockchain platforms. While proponents tout 24/7 trading and faster settlement, the hosts question the real value, highlighting added complexity, thin trading, pricing deviations, and unclear ownership structures. They frame tokenized investing as a solution in search of a problem—one t...

Transcribed - Published: 7 April 2026

This episode shifts from investing to the growing threat of scams—especially targeting older adults—breaking down how common fraud tactics work, from fake virus alerts and spoofed calls to AI-driven voice cloning and recovery scams. Don and Tom emphasize a simple but powerful rule: if you didn’t initiate the contact, assume it’s a scam, and never act under pressure. The conversation then pivots to listener questions, covering how to construct a globally diversified portfolio with proper U.S./...

Transcribed - Published: 6 April 2026

This Q&A episode tackles a mix of practical retirement and investing questions, starting with why spousal Social Security benefits rarely change the core advice to delay claiming. Don explains the limits of basic retirement calculators versus more robust planning tools, then reassures a late-starting saver that simple, low-cost investing (like target-date funds) often beats complexity. A listener’s story about $242 stock commissions leads into a blunt reality check on day trading (spoiler...

Transcribed - Published: 3 April 2026

This episode opens with a blistering takedown of sensationalized financial media, using a Kiplinger income piece as the latest example of how risky, high-fee junk bond products get dressed up as safe income solutions for yield-hungry investors. Don and Tom explain why bonds are supposed to provide stability, not speculative upside, and why chasing eye-popping payouts usually means swallowing hidden risk, ugly expenses, and stock-like volatility. They then pivot to listener questions on building a teen’s Roth IRA, whether Avantis or Dimensional funds make more sense than Vanguard for a small/value tilt, and why their website still shows mutual funds more prominently than ETFs, before wrapping with some loose studio banter and a reminder to send questions through TalkingRealMoney.com. 0:04 Rant on terrible financial advice and declining media trust 0:24 Criticism of Kiplinger and “investment porn” content 1:08 Concerns about newsletter-driven incentives 2:35 Warning against using short-term returns 4:13 Breakdown of Nuveen Multi-Asset Income Fund and unrealistic yield claims 5:08 Junk bond exposure and credit risk explained 6:18 Expense shock: 0.03% vs 3.38% 7:18 High yields = high risk reality 8:01 “Safe income” claim debunked 8:57 Collapse risk in downturns 9:37 Core principle: risk and return are linked 10:38 Fed/yield curve speculation criticism 10:56 Purpose of bonds: stability vs yield 11:27 Bonds as capital preservation, not return drivers 12:05 Example of high-cost junk bond ETF 12:12 Fewer trustworthy financial sources 13:16 Stop consuming financial media noise 13:38 Do something better with your time 14:32 Listener: teen Roth IRA strategy 16:33 Recommendation: AVGV single-fund approach 17:40 Fund-of-funds diversification explained 18:38 Listener: Vanguard vs Dimensional Fund Advisors / Avantis 19:45 Case for small/value tilt 21:59 Listener: ETF vs mutual fund inconsistency 24:12 Simple portfolio: DFAW / AVGE + BND 25:11 Studio banter and mic technique Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 April 2026

This episode opens with a blistering takedown of sensationalized financial media, using a Kiplinger income piece as the latest example of how risky, high-fee junk bond products get dressed up as safe income solutions for yield-hungry investors. Don and Tom explain why bonds are supposed to provide stability, not speculative upside, and why chasing eye-popping payouts usually means swallowing hidden risk, ugly expenses, and stock-like volatility. They then pivot to listener questions on buildi...

Transcribed - Published: 2 April 2026

In the final hour of the radio show, Don and Tom blend nostalgia with a blunt reality check—highlighting the looming Social Security shortfall that could force 20–25% benefit cuts within a decade. They explore politically painful solutions (tax increases, benefit reductions, later retirement ages), while reinforcing their core investing philosophy: ignore fear-driven moves like chasing gold, stay diversified, and avoid market timing. Listener calls drive discussions on fiduciary advice, ethical investing dilemmas, and planning for less financially engaged spouses. The show closes with gratitude, humor, and a transition to a podcast-only future—same mission, fewer commercials, and more freedom. 0:05 Aging perspective and how quickly decades pass 2:28 Social Security crisis and projected 20–25% benefit cuts 4:46 Proposed fixes: higher taxes, later retirement, reduced COLA 7:11 Caller considers switching from index funds to gold 8:17 Why gold is a poor long-term investment 11:10 Market timing is impossible to do consistently 15:07 Fiduciary vs. non-fiduciary advisors (Fidelity discussion) 17:16 “Best interest” standard vs. true fiduciary duty 21:26 Listener reminder: stay the course during market fear 24:03 Ethical investing and whether profits justify harm 27:32 ESG limitations and the difficulty of “pure” investing 28:52 “Pay yourself first” as foundational financial advice 31:23 Listener gratitude and behavioral investing success 32:55 Planning for a less-engaged spouse and advisor relationships 34:48 Longtime listener appreciation and show legacy 37:23 Transition from radio to podcast and what changes Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 1 April 2026

In the final hour of the radio show, Don and Tom blend nostalgia with a blunt reality check—highlighting the looming Social Security shortfall that could force 20–25% benefit cuts within a decade. They explore politically painful solutions (tax increases, benefit reductions, later retirement ages), while reinforcing their core investing philosophy: ignore fear-driven moves like chasing gold, stay diversified, and avoid market timing. Listener calls drive discussions on fiduciary advice, ethic...

Transcribed - Published: 1 April 2026

The final live radio episode of Talking Real Money blends nostalgia, listener appreciation, and core investing philosophy. Don and Tom reflect on nearly four decades of broadcasting while reinforcing their timeless message: consistent investing beats prediction. Using a simple S&P 500 example, they illustrate how discipline—not brilliance—builds wealth. They address current market declines with calm realism, urging listeners to ignore noise and stick to a plan. Calls cover everything from podcast transition logistics and annuity sales traps to credit freezes, tax surprises from brokerage accounts, and when to fire an advisor—ending the radio era exactly as it ran: practical, skeptical, and relentlessly investor-first. 0:04 Emotional opening and end of the radio era 0:46 Show history back to 1988 and investing perspective 1:55 $500/month S&P 500 example → ~$3.1M outcome 2:43 Market fears vs long-term investing reality 5:16 Podcast growth to #43 in U.S. investing category 6:40 Market drop discussion and “what should you do?” 7:29 Core advice: plan, ignore predictions, stay disciplined 8:57 Podcast call-in format going forward (Car Talk style) 11:01 How to challenge annuity salespeople effectively 13:22 Call from Paul Merriman reflecting on legacy 16:55 Listener success story: Roth IRA to $500K 20:32 Credit score drop and how to check/freezes 26:35 Why freezing credit is a smart default move 27:47 Tax shock from brokerage gains and hidden trading issues 32:11 Warning signs of poor advisor behavior (Wells Fargo case) 34:08 When to fire an advisor (fees, complexity, value gap) Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 31 March 2026

The final live radio episode of Talking Real Money blends nostalgia, listener appreciation, and core investing philosophy. Don and Tom reflect on nearly four decades of broadcasting while reinforcing their timeless message: consistent investing beats prediction. Using a simple S&P 500 example, they illustrate how discipline—not brilliance—builds wealth. They address current market declines with calm realism, urging listeners to ignore noise and stick to a plan. Calls cover everything from...

Transcribed - Published: 31 March 2026

This episode mixes studio banter with a surprisingly substantive look at education and investing trade-offs. Don and Tom walk through data on the lowest-paying college majors, highlighting that many bachelor’s degrees—especially in education and the arts—start and stay low in income unless paired with advanced study. They push back on the idea that college isn’t worth it, citing Federal Reserve data showing higher lifetime earnings, better job stability, and longer life expectancy for graduates, while emphasizing the real danger: taking on large debt for low-paying fields. Listener questions cover Roth conversions (worth considering carefully within tax brackets), why 529 plans still beat so-called “Trump accounts,” and the flaws in covered-call income ETFs like JEPI—ultimately reinforcing their core philosophy: ignore gimmicks, focus on total return, and keep investing simple. 0:04 Almost-live intro from “studio” (aka broom closet) and end of radio era 2:10 Lowest-paying college majors and why outcomes vary 3:23 Pharmacy (without grad school) and theology incomes 4:22 Social services, performing arts, and education pay realities 5:42 Liberal arts debate—value vs. earning potential 7:42 Biology, hospitality, psychology, and other $45K careers 9:22 Should you skip college? ROI vs. cost and debt 10:44 Federal Reserve data on college ROI and lifetime earnings 11:48 Job stability, longevity, and socioeconomic effects of degrees 12:42 Mid-career earnings—education still lags badly 14:32 The real issue: debt vs. income mismatch 16:45 Roth conversion question—when it might (and might not) make sense 19:21 529 plans vs. “Trump accounts” for kids’ savings 20:59 Covered call ETFs (JEPI, etc.) and income strategy pitfalls 22:06 Why income-focused funds don’t reduce risk 23:07 Expense drag and hidden costs in “income” ETFs 24:14 Gimmick investing vs. simple total return strategy 25:43 Bellevue weather, Lyft misadventure, and wrap-up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 30 March 2026