A lively Friday Q&A kicks off with some unintended voice effects courtesy of Don’s grandkids before diving into listener questions on money market funds versus high-yield savings accounts, Roth vs. traditional 401(k) decisions in high tax brackets, expense ratios in fund-of-funds like Avantis ETFs, the limited value of international bonds, the reality behind indexed annuity caps, and whether investors should ever move beyond simple one-fund portfolios. The throughline: keep it simple, understand risk vs. safety, and don’t overestimate your ability to outsmart well-constructed investment strategies.

0:04 Grandkids + Rodecaster voice effects open

1:55 HYSA vs. Schwab money market funds (SWVXX, Treasury MMFs)

3:54 Risk spectrum: prime vs. government money markets

5:35 Why some online banks are ditching ACH transfers

6:54 Roth vs. traditional 401(k) in a high tax bracket

8:11 Blended strategy and tax flexibility over time

10:21 AVGV expense ratio—are fees stacked?

10:47 Fund-of-funds pricing explained (no double dipping)

11:41 International bonds: worth it or unnecessary complexity?

13:22 Indexed annuity caps—can they go up? (the reality)

15:33 Why indexed annuities remain opaque and costly

16:08 One-fund portfolios vs. DIY allocation thresholds

17:42 Why simplicity often beats customization

18:47 Don’s own one-fund 401(k) approach

19:32 Plug: Short Storyverses podcasts

20:06 Plug: Financial Fysics Kindle release

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