Apella - Bellevue

New Episode! "It's Very Volatile!"

Don and Tom take on the latest crypto hype cycle, arguing that Bitcoin remains speculation—not a reliable store of wealth—and that putting crypto inside retirement accounts is especially dangerous. They discuss a new self-directed IRA crypto platform, the risks of private equity and alternative assets in retirement plans, and why “get rich quickly” pitches should set off alarm bells.

Then they answer two listener questions. First, Mark from Ohio asks how to prepare a retirement portfolio for a likely market downturn and how withdrawals and rebalancing should work once retirement begins. Later, Doug from Utah asks whether market-linked CDs make sense compared with Treasuries and whether the “no downside” promise is worth the tradeoffs. Don and Tom explain why they dislike market-linked CDs, how bank brokers get paid to sell them, and why simpler fixed-income tools often make more sense.

They wrap up with a warning about growing bank-related scam tactics and a publishing scam Don has been seeing aimed at authors.

0:05 – Intro: one-star Bitcoin review and why crypto losses are hard to ignore
1:16 – Bitcoin’s drop, crypto volatility, and retirement-account crypto pitches
2:42 – Self-directed IRAs, IRA Financial, and the “get rich quick” problem
5:27 – Why crypto, private equity, and alternative assets can be dangerous in retirement plans
6:58 – Why most people bought Bitcoin: speculation, not currency utility
10:29 – Hot money shifts: crypto, gold, semiconductors, and chasing momentum
12:20 – Don’s bottom line on crypto as speculation vs. wealth storage
13:16 – Listener question from Mark: preparing for a market downturn before retirement
15:32 – Is an 80/20-ish portfolio too aggressive with retirement four years away?
17:13 – Bonds vs. cash/CDs: what fixed income should do near retirement
18:56 – Withdrawal strategy during a downturn and how rebalancing fits in
20:46 – Listener question from Doug: market-linked CDs vs. Treasuries
23:47 – Why Don and Tom dislike market-linked CDs
26:42 – The danger of taking investment advice from a bank salesperson
29:18 – Building Treasury and CD ladders through a brokerage instead
31:23 – Banks training tellers to spot scam victims before money is lost
34:04 – Don’s author scam warning: fake book clubs and fake promotional offers

Questions? Comments? Click!

It's Very Volatile! Don and Tom take on the latest crypto hype cycle, arguing that Bitcoin remains speculation—not a reliable store of wealth—and that putting crypto inside retirement …

New Episode! "Cash Can Be Trash"

Are you keeping too much money in cash because you’re waiting for the “right time” to invest? In this episode, Tom and Don explain why market timing has historically been one of the costliest investing mistakes—and why even the worstinvestment timing has dramatically outperformed sitting on the sidelines.

They also answer listener questions about immediate annuities, I Bonds, portfolio allocation, sequence-of-returns risk, and why using whole life insurance as an investing strategy is a bad idea.

00:05 – Why so much money is sitting in cash
03:21 – Americans hold over $20 trillion in cash-like accounts
05:08 – The enormous cost of waiting to invest
07:27 – Morningstar’s “Mind the Gap” study and investor behavior
10:41 – Cash is trash (except when it isn’t)
11:41 – How to earn more on your bank savings
15:55 – Should immediate annuities count as bonds in your portfolio?
17:23 – I Bonds vs. TIPS and inflation protection
19:50 – Is 20% cash too much in retirement?
20:43 – Whole life insurance for sequence-of-returns risk?
22:28 – Why the advisor’s recommendation raises red flags
23:39 – The real way to manage sequence risk in retirement

Questions? Comments? Click!

Cash Can Be Trash Are you keeping too much money in cash because you’re waiting for the “right time” to invest? In this episode, Tom and Don explain why market timing has historicall…

New Episode! "Q&A Big Day"

This week’s Friday Q&A is packed with six listener questions covering some of the biggest financial decisions people face before and during retirement. Topics include whether actively managed bond funds are worth the extra cost, how the new senior tax deduction may affect Roth conversions, whether a 24-year-old should keep a whole life insurance policy, financial planning before marriage, the role of mid-cap funds, and whether it’s worth abandoning a target-date fund before retirement. If you’ve ever wondered whether you’re making your portfolio more complicated than it needs to be, this episode is for you.

00:00 Welcome and Fourth of July schedule update
02:21 Active vs. passive bond funds: Avantis, Dimensional, or BND?
05:00 Using the new senior deduction to reduce Roth conversion taxes
08:01 Does a 24-year-old need whole life insurance?
10:35 Money conversations every engaged couple should have
15:53 Are mid-cap funds worth owning?
17:52 Should you leave a target-date fund before retirement?
23:37 How to submit your own questions

Questions? Comments? Click!

Q&A Big Day This week’s Friday Q&A is packed with six listener questions covering some of the biggest financial decisions people face before and during retirement. Topics inclu…

New Episode! "They're Back..."

Tom welcomes legendary investor educator and longtime friend Paul Merriman for a wide-ranging conversation about the evolution of indexing, the proposed changes to the S&P 500, and why investors should understand both the strengths and limitations of traditional index funds. Paul explains why firms like Dimensional Fund Advisors and Avantis Investors use a more flexible, evidence-based approach than traditional indexing and discusses how academic research has reshaped portfolio construction over the past several decades.

The discussion also explores lessons from market history, including the importance of understanding major bear markets, determining appropriate risk levels, and building portfolios that align with personal goals rather than chasing maximum returns. Paul shares insights from the latest Dimensional Matrix Book and explains why he believes studying 100 years of market data helps investors stay disciplined during inevitable downturns.

Finally, Paul introduces a simple but powerful strategy for helping newborns and young children build substantial retirement wealth through small annual investments that can compound over many decades.

Timestamps
0:11 Special guest Paul Merriman joins Talking Real Money
0:55 Long friendship and investing partnership between Tom and Paul
1:20 S&P 500 rule changes and earlier inclusion of major IPOs like SpaceX
2:07 Historical examples of S&P 500 additions and omissions
2:35 Microsoft’s delayed entry into the S&P 500
2:56 NVIDIA replacing Enron in 2001
3:29 How index rule changes can affect future returns and volatility
4:08 Why indexing remains the preferred strategy for most investors
5:16 Traditional versus non-traditional index funds
6:37 How Avantis and Dimensional incorporate factors beyond company size
8:05 Why factor-based investing differs from traditional indexing
9:02 Problems with rigid index reconstitution schedules
10:16 Momentum, flexibility, and portfolio management advantages
11:22 Introduction to Dimensional’s annual Matrix Book
11:53 Using market history rather than forecasts to guide investing decisions
13:09 Lessons from past bubbles, crashes, and lost decades
14:20 Why Paul trusts academic research more than Wall Street forecasts
15:14 The case for small-cap value investing
15:49 Clarifying Paul’s allocation to small companies
16:53 Investing for heirs, charities, and future generations
18:10 Remembering investor panic during the 2008 financial crisis
19:18 Determining an appropriate risk level for retirement portfolios
20:43 Different investor goals: beating the market, maximizing returns, or minimizing risk
21:28 Peace of mind versus maximum growth
21:55 Helping young people build retirement wealth early
22:54 The $365-per-year retirement funding concept
24:09 Final thoughts and appreciation between Tom and Paul

Questions? Comments? Click!

They're Back... Tom welcomes legendary investor educator and longtime friend Paul Merriman for a wide-ranging conversation about the evolution of indexing, the proposed changes to …