In my early 20s, I learned about labor exploitation in the apparel industry. Not from a headline I skimmed. From sitting with the full weight of what the supply chain actually looked like: who made the clothes, under what conditions, and what their options were. It changed how I thought about getting dressed. I’ve never shopped the same way since.

The financial equivalent of fast fashion is the conventional retirement system: the 401(k), the target-date fund, the generic investment menu ... Accessible everywhere. Almost never questioned.

In this episode: the difference between your average rate of return and your real rate of return. You can earn an 8% average and actually lose money. A one percent difference in annual fees can reduce your retirement balance by 28%. Forty-one percent of 401(k) participants don’t know they pay fees at all.

Three questions worth asking about any financial arrangement: Is it clearly disclosed? Is it actually earned? Is it designed for you?

Most people have never been invited to ask these questions. This is that invitation.

What’s one financial arrangement you’ve been in for years without fully understanding what you’re actually paying? Tell me in the comments.

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