Talking Real Money - Investing Talk

Don McDonald
  • 4.5 (790)
  • INVESTING
  • UPDATED DAILY

Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom C**k, join forces to talk about real money issues. In each episode, they solve real money problems, dole out real investing (not speculating) advice, and really explain the financial issues that effect all of us. Plus, it's actually fun! Talking Real Money is a podcast designed to provide the real help we all need to enjoy a really great future. Call in with your questions anytime at 855-935-TALK (8255).

  1. Retiremeet 2026 Part Two

    10H AGO

    Retiremeet 2026 Part Two

    Broadcast from RetireMeet 2026 in Bellevue, Don and Tom reflect on the evolution of retirement planning—from a narrow focus on investments to a broader conversation about purpose, relationships, and life after work. They interview Paul Merriman, who discusses portfolio construction, the role of small-cap value stocks, risk tolerance, and long-term investing discipline. The conversation also explores withdrawal strategies, market history, and how investor behavior during downturns often determines success more than asset allocation itself. The episode closes with a major announcement: the Talking Real Money radio show will end in April and transition fully to a podcast format with five weekly episodes. 0:27 Reflections on the event and praise for speakers like Christine Benz and Paul Merriman. 1:54 Growing focus on purpose and lifestyle in retirement, not just money. 3:11 Audience turnout and attendees traveling from across the country for RetireMeet. 3:51 The importance of a holistic approach to retirement planning including relationships and lifestyle. 5:25 Estate planning conversation and the uncomfortable reality of thinking about life after we’re gone. 6:01 How to listen to the podcast and transition from radio listening to podcast apps. 6:41 Introduction of Paul Merriman and discussion of portfolio construction and asset classes. 8:15 Understanding risk tolerance and balancing portfolios for different ages. 9:41 Investor behavior during crises like 2008 and the tech crash of 2000–2002. 10:32 Cap-weighted vs equal-weighted S&P 500 and tax implications. 11:48 Why investors should document how they feel during market highs and lows. 12:06 Using nearly 100 years of market data to understand future volatility. 14:42 The evolution of financial planning from investment management to comprehensive planning. 16:19 Financial education gaps and rising bankruptcy rates among retirees. 18:00 Debate over whether 401(k)s replaced pensions successfully. 20:52 Merriman explains small-cap value investing and why unpopular stocks can outperform. 23:12 Why most investors don’t hold small-cap value despite historical advantages. 26:11 Long-term investing and the importance of patience through underperformance cycles. 28:24 Withdrawal strategy research showing dramatic compounding over long periods. 30:05 Whether future market returns can resemble historical returns. 31:41 The danger of reacting to news headlines and wars when investing. 33:52 Talking Real Money radio show ends in April and shifts to a podcast-only format with five episodes weekly. Learn more about your ad choices. Visit megaphone.fm/adchoices

    38 min
  2. Retiremeet 2026 Part One

    1D AGO

    Retiremeet 2026 Part One

    Broadcast live from RetireMeet in Bellevue, Don announces that after nearly four decades of Saturday radio shows, Talking Real Money will end its live radio run on March 28 and continue exclusively as a podcast. The episode features conversations with Joe Saul-Sehy of Stacking Benjamins and Morningstar’s Christine Benz about how people should approach retirement. The central theme is flipping the traditional process: design the life first and the money second. Guests emphasize “play-testing” retirement activities before leaving work, gradually transitioning into retirement rather than stopping abruptly, maintaining strong social connections, and keeping purposeful work or learning in later life. The discussion closes with Benz’s practical financial steps for retirement planning, including tracking spending, accounting for Social Security and pensions, and using flexible withdrawal strategies supported by fiduciary advice. 0:04 Live broadcast from RetireMeet in Bellevue and show introduction 2:58 Don announces the end of the Saturday live radio show after nearly 40 years 3:59 Transition to a podcast-only format beginning in April 4:43 How listeners can switch to listening via podcast apps or the website 6:41 Introduction of Stacking Benjamins host Joe Saul-Sehy 8:09 Discussion of Stacking Benjamins community meetup groups 9:25 Trivia detour about the $500 bill featuring William McKinley 9:36 Joe’s retirement philosophy: design the life first, then the financial plan 10:56 “Begin with the end in mind” when planning retirement 11:23 The concept of “play-testing” retirement activities before retiring 13:51 Warning about AI impersonation podcasts and fake financial shows 15:20 Joe Saul-Sehy’s career change after selling his advisory firm 16:37 Discovering a passion for teaching about money through media 17:33 Continuing meaningful work rather than fully retiring 18:07 Humor about a future podcast called “Two Old White Guys Waiting to Die” 18:48 Core message: experiment with retirement interests now 19:38 Christine Benz of Morningstar joins the conversation 21:04 Retirement as more than leisure—importance of purpose 21:59 Gradually transitioning into retirement during your 50s 22:58 Shaping work to emphasize what you enjoy most 24:21 Christine’s approach to scaling back work travel 26:22 Lifelong learning through podcasting and interviews 27:49 Whether it’s okay not to retire if you enjoy your work 28:27 Relationships and social connection as the key to retirement happiness 29:40 Introverts and maintaining meaningful friendships 30:05 Research on aging, happiness, and social environments 31:28 Discussion about the future of retirement communities 33:56 Christine’s three key financial steps before retirement 34:42 Calculating retirement spending and non-portfolio income 35:22 Safe withdrawal rates: 3.9% fixed vs flexible strategies near ~5.7% 36:09 The value of fiduciary financial advisors in retirement planning Learn more about your ad choices. Visit megaphone.fm/adchoices

    43 min
  3. The Wisdom of Crowds

    1D AGO

    The Wisdom of Crowds

    Don and Tom start with the classic “jelly beans in a jar” experiment to explain the wisdom of crowds and why large groups often produce surprisingly accurate predictions. That idea leads to a discussion of modern prediction markets like Kalshi and Polymarket, which sometimes outperform professional economists when forecasting things like GDP, inflation, or Federal Reserve decisions. But the hosts emphasize that these predictions ultimately don’t matter to investors, pointing instead to the long-term evidence that active fund managers consistently fail to beat the market. They highlight massive investor flows away from active funds toward index and rules-based strategies and remind listeners that successful investing is far simpler than many believe: save regularly, diversify broadly, keep costs low, and avoid emotional decisions. Listener questions cover tax-efficient asset location across account types, retirement withdrawal strategies including the 5% variable rule, and why short-term differences between funds like AVUV and DFAS are largely irrelevant. 0:04 Jelly beans and the “wisdom of crowds” analogy 2:24 Prediction markets and why crowds sometimes beat expert forecasts 3:29 Research showing prediction markets rival or outperform professional economists 6:01 Why gamblers may make better predictions than professional forecasters 7:04 Betting on prediction markets themselves and recession/interest-rate predictions 8:08 Why economic predictions ultimately don’t matter for investors 8:19 $1 trillion outflow from active mutual funds and the shift to passive investing 9:39 SPIVA data showing 98% of active funds underperform over 10 years 10:46 Index funds vs “rules-based” or evidence-based funds 11:43 The dramatic shift from active to index investing over the past decades 12:41 Why investors don’t need forecasts to succeed 14:28 Listener question: Asset allocation across taxable, IRA, and Roth accounts 17:14 Listener question: RMD timing and the 5% variable withdrawal strategy 20:36 How the 5% variable withdrawal approach works in retirement 22:36 Listener question: AVUV vs DFAS performance differences 24:48 Why short-term performance comparisons are largely meaningless 26:15 Market timing losses despite a strong 2025 market 27:10 Final reminder: No one can predict the future, not even brokers Learn more about your ad choices. Visit megaphone.fm/adchoices

    31 min
  4. More Questions!

    5D AGO

    More Questions!

    This Friday Q&A episode tackles several thoughtful listener questions covering 401(k) investment choices, Roth conversion strategies, bond market fears, inherited IRA planning, and investment club mechanics. Don explains why opaque collective investment trusts and “cycle” funds often hide market-timing strategies, cautions against making large Roth conversions based on predictions about future tax rates, and reassures investors worried about inflation and national debt that markets already incorporate widely known risks. The episode closes with a practical endorsement of a listener’s strategy to gradually withdraw from an inherited IRA to fund Roth contributions, emphasizing simplicity, discipline, and avoiding emotionally driven portfolio decisions. 0:04 Don realizes the intro still says “radio” even though the show is now mostly a podcast. 0:26 Friday Q&A format explained and reminder to submit questions at TalkingRealMoney.com. 1:00 Question 1: 33-year-old with $330k in a 401(k) invested in opaque “intermediate cycle” and wealth-preservation funds. 2:26 Don explains collective investment trusts (CITs) and why their lack of transparency is problematic. 5:25 Market-timing strategies disguised as “cycle” funds and why simple equity funds may be better. 6:47 Question 2: Listener corrects earlier discussion about transferring securities from investment clubs. 8:37 How in-kind transfers can avoid capital gains when leaving an investment club—depending on club rules and brokerage policies. 10:31 Question 3: Complex Roth conversion strategy involving IRMAA tiers and future tax assumptions. 14:31 Don warns against making large conversions based on predictions about future tax rates. 16:07 Why gradual conversions preserve flexibility compared with large upfront tax bets. 17:28 Question 4: Concern about national debt and whether to replace BND with VTIP (TIPS). 18:56 Don argues markets already price known risks like debt and inflation expectations. 20:11 How TIPS work and when they actually help investors. 21:46 Reminder that emotional reactions to economic fears often lead to bad portfolio decisions. 22:10 Question 5: Using withdrawals from an inherited IRA to fund Roth IRA contributions. 22:52 Strategy: withdraw gradually to fund Roth contributions while staying within tax brackets. 24:15 Don endorses the plan as simple, tax-efficient, and compliant with the 10-year inherited IRA rule. 25:09 Closing comments and reminder to submit questions. Learn more about your ad choices. Visit megaphone.fm/adchoices

    28 min
  5. Free Money?

    6D AGO

    Free Money?

    AI hype is colliding with financial reality. Don and Tom examine Elon Musk’s suggestion that artificial intelligence could create such abundance that retirement savings might become unnecessary. They unpack the economics behind universal basic income, including the staggering cost—even a modest payment would require trillions in new revenue—and explain why most Americans aren’t betting their futures on Silicon Valley promises. The episode also answers listener questions about confusing target-date fund holdings, what to do with an overfunded 529 plan, and how to reduce taxable investment distributions by placing assets in the right accounts. Along the way they revisit lessons from past technological revolutions, discuss the importance of work beyond income, and continue their campaign against the scourge of gas-powered leaf blowers. 0:04 AI panic and Elon Musk’s claim that AI could make retirement savings unnecessary. 1:52 Musk’s vision of AI-driven abundance and universal income replacing traditional retirement planning. 3:36 The practical question: who actually pays for universal income checks? 5:30 Historical tax rates in the 1960s vs. today’s marginal tax structure. 6:21 Survey shows 94% of readers still plan to save despite AI predictions. 7:17 Boston College researchers warn Musk’s comments send a dangerous retirement message. 8:23 Why universal basic income would require major government policy and taxes. 8:45 Past technology revolutions didn’t distribute wealth evenly. 9:27 Why humans need work for purpose, not just income. 10:33 The math problem: even $1,000/month UBI would require about $3.1 trillion annually. 11:54 Historical comparison to the Luddite era and displaced workers. 13:18 Listener question: What “short-term debt and net other assets” mean in a Fidelity target-date fund. 17:38 Listener question: Overfunding a 529 plan and potential Roth rollover strategies. 20:45 Listener question: Using Vanguard Tax-Managed Balanced Fund to reduce taxable distributions. 23:28 Asset location strategy: placing bonds in IRAs and stocks in taxable accounts. 24:49 Where to easily find mutual fund returns using Morningstar. 25:46 Tom’s Scottsdale advisory meetings announcement. 26:45 The crusade against gas-powered leaf blowers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    29 min
  6. Teach Real Investing

    MAR 4

    Teach Real Investing

    Financial education is expanding nationwide—but much of it is still teaching speculation instead of investing. Don and Tom critique stock-picking contests, flawed risk frameworks, and misleading “active vs. passive” framing, while arguing for evidence-based investing and early Roth contributions as the true foundations of financial literacy. They break down the compounding power of a 529-to-Roth strategy, address custodial transaction fees when selling mutual funds, caution against performance chasing in emerging markets after a major rally, and help a caller navigate moving an elderly parent’s CD out of a low-yield bank account. The through-line: education is powerful—but only if it’s grounded in reality. 0:04 Financial education expanding nationwide—but stock-picking contests still dominate curricula. 2:14 Why stock games teach trading, not investing. Own the market instead. 3:32 Federal Reserve curriculum critique—risk scales and “active vs passive” framing. 6:10 Teach teenagers Roth IRAs early. Time is the superpower. 7:36 Questionable risk ratings—growth stocks equated with collectibles. 9:17 Efficient Market Hypothesis in plain English—luck vs insider info. 10:45 529 plans and Roth rollovers—$35K opportunity. 11:37 Compounding example—$35K to nearly $2M tax-free over 40+ years. 15:43 Withdrawing from a Vanguard target-date fund—costs and custodian fees. 20:07 Performance chasing—emerging markets surge after tariff ruling. 23:13 South Korea’s role and Avantis outperformance. 28:40 Helping an elderly parent move a $200K CD—avoid automatic rollovers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    45 min
  7. With the Cost?

    MAR 3

    With the Cost?

    Don and Tom revisit the eternal temptation to beat the market, dismantling the appeal of equal-weight indexes and active management claims by highlighting implementation costs, tax drag, and decades of underperformance data. They explain why diversification isn’t about bragging rights but smoother returns and disciplined risk management. Callers tackle portfolio rebalancing for a multimillion-dollar account (with a strong case made for elegant simplicity), sibling stock-picking rivalries, and small-business 401(k) options 0:04 Beating the market. Four decades of “sure things” that weren’t. 2:44 Equal-weight vs. cap-weight. Smart idea… until costs show up. 4:58 Why diversify beyond the S&P 500. Smooth ride over bragging rights. 6:03 Theory vs. reality. Execution costs ruin beautiful strategies. 7:30 Active managers as “teammates.” The SPIVA reality check. 15:43 Small-business 401(k)s. More options, Vanguard pricing breakdown. 20:59 Caller Dan: Rebalancing a $3M portfolio. Simplicity wins. 28:33 Caller Glenn: “My brother beats the market.” Luck vs. skill. 33:56 Caller Dale: Virtual access and post-event recordings. Learn more about your ad choices. Visit megaphone.fm/adchoices

    45 min
  8. Funds or Ladders?

    MAR 2

    Funds or Ladders?

    This episode dives into the surprisingly emotional world of fixed income investing, exploring whether traditional bond funds like BND still make sense or if newer laddered bond ETFs offer a psychological edge by returning principal at a set maturity date. Don and Tom unpack how these ETFs compare to CD ladders, why capital gains should never be expected from bonds, and how investor psychology often drives the preference for “certainty.” They also congratulate Dimensional Fund Advisors on reaching $1 trillion in assets, discuss whether laddering target-date funds makes planning easier or just more complicated, and answer listener questions about transferring accounts from Morgan Stanley to Vanguard and managing tax consequences along the way. 0:04 Bonds vs. crypto — why fixed income feels boring but matters 1:02 Why bonds exist in portfolios (stability, income, not growth) 2:18 Introduction to laddered bond ETFs (Invesco, iShares, Vanguard) 3:51 Bond returns in 2025 and the “don’t expect capital gains” rule 5:03 The psychological problem with bond funds (they never mature) 6:54 How target-maturity bond ETFs differ from traditional bond funds 11:28 Yield comparisons across laddered maturities vs. BND 13:14 When laddered ETFs might make sense (income timing, certainty) 15:09 Dimensional Fund Advisors reaches $1 trillion in assets 19:57 Listener: Laddering target-date funds instead of bonds 23:19 Listener: Transferring IRA and taxable accounts to Vanguard Learn more about your ad choices. Visit megaphone.fm/adchoices

    33 min
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4.5
out of 5
790 Ratings

About

Financial talk radio veteran, Don McDonald and former host of Serious Money on PBS, Tom C**k, join forces to talk about real money issues. In each episode, they solve real money problems, dole out real investing (not speculating) advice, and really explain the financial issues that effect all of us. Plus, it's actually fun! Talking Real Money is a podcast designed to provide the real help we all need to enjoy a really great future. Call in with your questions anytime at 855-935-TALK (8255).

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