Episodes

Don and Tom examine the promises behind fixed, indexed, and immediate annuities—and why the word ‘guaranteed’ deserves closer scrutiny. They explain how insurers invest policyholder money, what state guaranty pools actually cover, and why complexity can hide both cost and risk. Listener questions cover when to claim Social Security, how delaying benefits can protect a surviving spouse, the interaction between Social Security COLAs and Medicare Part B premiums, and where TIPS may—or may not—belon...

Higher fees do not buy higher returns. Don and Tom unpack the fee-to-risk/reward ratio, show how fund costs compound against investors, and compare low-cost index funds with expensive active funds, hedge funds, and private equity. Then they answer listener questions about converting Vanguard mutual funds to ETFs without triggering taxes, leaving a home to a stepson while preserving the step-up in basis, and spotting financial articles that are really advertisements in disguise. 3:22 The fee-to...

Six listener questions drive this Friday edition, starting with whether a pre-retirement car purchase belongs on a 401(k) withdrawal. Don explains why preserving tax-deferred growth usually matters more than trying to micromanage one year's tax bracket. The conversation moves through realistic return assumptions, global diversification, and the cleanest way to donate appreciated stock. Don also weighs the risks and costs of a non-traded real estate fund and reviews a thoughtfully conservative re...

Retirement planning gets dangerous when people drift toward either extreme. Don and Tom unpack a survey in which savers wildly overestimate the nest egg they need, yet also assume they can safely withdraw 10% a year. The better answer is a portfolio and spending plan built for the actual person. They turn to the mechanics of retirement income: whether to take IRA distributions monthly or annually, how tax-aware withdrawals can help, and when paying cash for a large purchase makes sense. A liste...

Winter comes for markets, too. Don and Tom ask the useful question before the next bear market arrives: will your portfolio—and your nerves—be ready? They revisit painful declines, concentrated bets, and why a plan matters most when selling feels irresistible. They explain how rebalancing, a sensible mix of stocks and bonds, and tax-loss harvesting can help investors respond with discipline. Your risk tolerance is only half the equation; there is no prize for taking more risk than your goals req...

Coast FI promises that if you save enough early, your retirement money can coast the rest of the way. Don and Tom run the numbers and find the missing passengers: inflation, Social Security, uncertain returns, and the messy surprises of real life. They like aggressive early saving, but not treating a projection as a guarantee—or abandoning a valuable saving habit and employer match. The listener questions cover Treasury bills versus CDs in high-tax states, California municipal bonds, and how to...

Exciting investments often arrive wrapped in a great story—and hide a much bigger risk. Don and Tom revisit Financial Physics Rule 10, explain the price of chasing sizzle, and separate investing from speculation. Then they answer whether quarterly advisor check-ins are reasonable and why a sound portfolio should not require constant tinkering. They close with a conservative IRA allocation question and the tradeoffs among U.S. stocks, global diversification, and short- versus broad-term bonds. ...

Friday’s listener questions cover the kind of decisions that sound simple until the details arrive. Don weighs the ease of Vanguard’s total bond fund against building a Treasury ladder, and explains why convenience can be a perfectly sensible investment feature. Then it’s overseas: how much international stock exposure belongs in a diversified portfolio, and why no single U.S./international split is scientifically “right.” The show also sorts out HSA investing, beneficiaries, and the rule for h...

Americans’ 401(k) balances are hitting records—but nearly one in five workers has an outstanding plan loan. Don and Tom explain why a properly sized emergency fund should protect retirement savings from life’s inevitable surprises. They also show why TLT and other long-term Treasury funds are not cash substitutes: when rates move, long-duration bonds can swing like stocks. A diversified bond allocation, regular rebalancing, and clear buckets matter more than chasing today’s yield. Then they ex...

Bond prices are falling as long-term rates rise, but that doesn't mean bonds have failed. Don and Tom explain why bond prices and yields move in opposite directions, why a normal yield curve can look painful, and why the real job of bonds is stability—not stock-like returns. They compare broad intermediate-term bond funds with Treasuries, including the state-tax advantage of VGIT for some investors, and revisit the long-run case for a balanced portfolio. The bottom line: stop trying to time ...

Financial advice is everywhere, but useful investing guidance is strangely hard to find. Don and Tom sort through the stock-picking headlines, social-media hype, and finfluencers who turn excitement and fear into clicks. Then Randy sends an annuity sales presentation that makes some very large claims. The guys examine the unsupported numbers, the misleading comparisons, and why a prospectus matters more than a polished pitch. Plus, is a rising equity glide path really a cornerstone of retireme...

If an investment takes longer than a minute to explain, the confusion may be doing the selling. Don and Tom examine the confusion-to-risk ratio through structured notes, CDOs, variable annuities, equity-index annuities, leverage, hidden tradeoffs, and the costly products that prosper when buyers stop asking simple questions. Then they tackle tax-gain harvesting for a child, Massachusetts municipal bonds, and RMD timing. Want more Money Music? Hear extended versions from Don’s fictional AI band,...

Retirement questions rarely have one-number answers. Don works through a couple’s ambitious retirement goal after a late start, a new retiree’s urge to attack a 7% mortgage with Roth money, and the tax-smart sale of expensive mutual funds. He also explains why target-date funds can improve real-world results, clarifies the rules for new Trump accounts, and shows how spending from a brokerage account can create room for a Roth conversion. The common thread: run the right numbers before making an ...

The best portfolio cannot help much if every spare dollar disappears at checkout. Don and Tom debate practical ways to slow impulse purchases, automate saving, and build better money habits—without banning the things that make life enjoyable. A live listener call turns to TIAA and 403(b) costs, diversification, and where stocks and bonds belong across Roth and traditional accounts. Then they discuss why a pension promise depends on who stands behind it, and what investors trade when they move fr...

Who is looking out for insurance customers—and who is paying the people who set the standards? Don and Tom examine insurance-industry incentives, questions about the NAIC’s funding and transparency, and why consumers should ask about commissions and costs. Then a listener challenges their take on rising equity glide paths and sequence-of-returns risk. They revisit the competing research and the role of personal risk tolerance, explain AVGE’s fund-of-funds expenses, and compare a broad-market por...

Target-date funds promise a simple glide path from growth to safety—but people with the same retirement date can have completely different needs. Don and Tom compare Vanguard, Fidelity, and BlackRock funds, examine costs and stock-bond mixes, and explain why simple does not mean specific. Then they revisit decades of failed crash predictions from Rich Dad, Poor Dad author Robert Kiyosaki. Want more Money Music? Hear extended versions from Don’s fictional AI band, The Financial Fysicist, on Appl...

Should retirement spending pass through a Roth? Can a nonprofit offer a 401(k) with ETFs? Does active management really win overseas? Don works through a packed listener-question episode covering Roth conversions, retirement-plan rollovers, SPIVA versus Morningstar, Treasuries and CDs, dividend reinvestment in retirement, and whether a variable universal life policy still earns its keep. Want more Money Music? Hear extended versions from Don’s fictional AI band, The Financial Fysicist, on Apple...

A CFP mark reflects meaningful education, but it does not guarantee clean disciplinary history, fee-only advice, or an unwavering fiduciary relationship. Don and Tom examine the gap between reassuring credentials and the disclosures investors may find through FINRA BrokerCheck and SEC adviser records. They explain what investors should verify before hiring anyone: compensation, dual registration, product sales, disclosures, and a written fiduciary commitment. The designation can matter—but it c...

An 11.15% coupon sounds irresistible—until you read the trapdoors. Don and Tom unpack a listener’s BNP Paribas auto-callable structured note and ask the question Wall Street hopes nobody asks: what actually has to happen before you get paid? The answer includes contingent coupons, the worst-performing of three indexes, a five-year lockup, bank credit risk, and a cliff where a 41% market loss can become your 41% loss. Add a 1.5% advisory fee, and this complicated promise fails the show’s favorit...

Dimensional Fund Advisors founder David Booth joins Don and Tom to explain why better investing begins with accepting uncertainty instead of pretending to predict it. They discuss staying calm through frightening markets, controlling what investors can control, and why missing a rebound can permanently damage a plan. Booth also traces the evidence behind factor investing—market, size, value, and profitability—and explains why robust research must survive different countries, decades, and data s...

Risk and reward are inseparable, even when an investment pitch makes the danger hard to see. Don and Tom explain why higher expected returns require accepting uncertainty, why recent gains do not erase future losses, and why products promising market-like returns without market risk deserve skepticism. Then they answer listener questions about market odds, taxes, Chime, and finding truly fiduciary advice. Questions? Comments? Click!

It’s Friday Q&A—with a small experiment. Don slips one AI-generated voice among the listener questions and challenges you to identify the robot, with his complete two-book library hanging in the balance. The financial questions are thoroughly human: where to keep a future car fund, whether an $11,000 Roth-conversion program earns its fee, when children can fund Roth IRAs, and what happens when bond holdings move from a traditional IRA into a Roth. Don also tackles the enviable problem of an ov...

Robinhood says it wants to be everything to investors—but its fastest-growing attractions look a lot like a casino. Don and Tom examine prediction markets, options, crypto, payment for order flow, and the uneasy fit between fiduciary advice and a brightly lit door to speculation. They explain why gamification and enormous transfer bonuses can be especially dangerous for inexperienced investors. If the goal is long-term wealth rather than entertainment, a boring, diversified custodian still beat...

The market’s long winning streak has investors wondering whether a crash is waiting in the wings. Don and Tom look at the S&P 500’s run, the lost decade that followed the 1990s boom, and why international diversification changed that outcome dramatically. They also explain why market timing asks the impossible: missing the worst days sounds wonderful, but missing the best days can be devastating. The less theatrical answer is still the useful one—make a plan, understand your tolerance for risk,...