About this episode
Don and Tom open with a tribute to financial writer Jonathan Clements, reflecting on his career and unique investing wisdom. They unpack five of his “pearls,” including saving early, avoiding big mistakes, and living an active, purposeful life. From there, they pivot into critiques of misleading annuity sales cloaked in fiduciary language, highlight changes coming to retirement account catch-up contributions, and tackle listener questions on bond ETFs, ETF vs. mutual fund conversions, CD strategies, and investing with a reluctant spouse. The show mixes respect for sensible investing voices with sharp criticism of gimmicks, all wrapped in listener calls and banter. 1:04 Remembering Jonathan Clements and his influence 2:59 Pearl #1: Make and save money early, passion can wait 3:54 Pearl #2: Winning isn’t everything—avoiding losers matters most 5:05 Pearl #3: The tax code rewards patience and savers 5:50 Pearl #4: Don’t just stand there, do something (in life, not trading) 7:37 Reflection on his loss and the scarcity of sensible money voices 9:34 Critiquing Kiplinger article and annuity sales cloaked as fiduciary advice 11:44 Pearl #5: Humans are built to strive, not sit idle—retirement requires purpose 12:40 Preview of rising early-retirement questions in upcoming Q&A show 13:22 Vacation banter, Disney’s Aulani resort, and “surfing together” joke 14:13 Back to annuity sales, fiduciary mask problem, and misleading disclosures 17:39 Listener email anticipating annuity criticism—prediction fulfilled 18:12 Listener call: pushback on jargon, “basis points vs. bips” debate 20:13 Listener call: bond ETF BINC—why it’s loaded with junk and risky 25:22 Explaining Roth-only 401(k) catch-ups starting 2026 for $145k+ earners 27:22 Listener call: ETF vs. mutual fund conversions, Vanguard’s patent, Fidelity status 31:29 Listener call: couple with $1.6M in cash, wife afraid of investing 35:36 Don and Tom’s advice: show need via a financial plan, start with small stock exposure 35:59 Listener call from Italy: CDs, interest rates, and laddering vs. penalties Learn more about your ad choices. Visit megaphone.fm/adchoices