I want you to Imagine a Harvard MBA—let’s call him Chad—who’s vacationing in a quaint coastal village in Mexico. He spots a fisherman returning from the sea with a modest catch and can’t resist approaching him.

First: If you have the time, the desire, and the patience to read through 28 pages of financial-jargon-heavy language written by a few (genuine) financial gurus, this case study on retirement strategies is outstanding. 

First: In a 2003 article in CFA Magazine, Jack Bogle (founder of Vanguard) joked that the only concept we should care about as investors is the “Cost Matters Hypothesis”. (He was playing off of the older and more cherished Efficient Markets Hypothesis.)

First: When I was an investment advisor, we made fun of insurance agents; when I see content from insurance agents, they make fun of investment advisors. Why? Because everyone is competing for a cut of your money. 

Let me start with complete and utter clarity: I never offer advice for others, everyone’s situation is drastically different, and my psychological and financial foundation has no bearing on the decisions you should make in your own respective lives.

The Roth IRA is often hailed as the ultimate retirement account, but it’s not always quite as perfect as people make it out to be. Here are three common myths—and the reality behind each of them.