ELI5 Occam's Razor - please explain what it really means!

What is Occam’s Razor? Why is it so commonly misunderstood? Why do people talk about hooves and zebras when describing it? Who was Occam, and why is it his razor? What is Occam’s broom? What are other philosophical razors that we should know about?

... we explain like I'm five

Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: shadowofthewild, stairway2evan, bakanobaka, albatroopa, zjm555, lukavwolf and mredding

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