Oh Suze….

You either love her, hate her or really hate her.

In truth, a lot of her advice is really good stuff. But some of it is teetering on the edge, and some advice is just plain bad.

IMG - 14 Reasons Why You Should Not Listen to Suze Orman

Even though I questioned some of her advice I still respected what she’s been able to do in educating the masses.

That all quickly was thrown out after she launched her pre-paid debit card program that grew immediate criticism. Instead of focusing on the benefits the card offers (none that I know of), she took the much nobler route of calling people names that questioned the cards merits as shown below.

In the above exchange, “@ptmoney” is my buddy Phil Taylor is a CPA, personal finance blogger at PTMoney.com and founder of the Financial Blogger Conference. So yeah, she called my “battle buddy” an idiot and that ain’t cool.

What’s even more funny about that exchange is that Suze was so quick to defend her “great product” and looks like she’s quietly shutting it down.

Hmmmmm….who’s the idiot now?

#burn 😉

Here are 14 other reasons why you shouldn’t listen to Suze Orman.

1. All Advice Has to Be Taken With a Grain of Salt – Regardless of the Source

A lot of people pass themselves off as experts, when in truth there are no experts – only practitioners. No where is this more true than in the financial realm. There are dozens, maybe hundreds, of subtopics in the area of personal finance, and there are multiple opinions about every single one of them. Complicating this is the fact that no two people have the exact same financial situation.

You should consider financial advice, and use the knowledge you gain from it as a basis to help you make decisions about your financial life. But you should never mindlessly take action based on someone’s advice, least of which that of a financial guru. That includes Suze Orman.

2. Suze Orman Doesn’t Know You

It’s one thing to take financial advice from a person who has intimate knowledge of your situation. It’s quite another to take it from someone who’s pontificating to a mass audience and has absolutely no knowledge of your situation whatsoever.

Though you may be impressed, or even comforted by Orman’s public delivery, she knows absolutely nothing about you. If she did, a single detail in your financial situation – or even one merely related to it – could change her recommendations completely.

3. Most of Her Advice is Very General

There’s a saying that goes, If it’s true it isn’t new, and if it’s new it isn’t true,“ and so it is with financial advice experts, including Suze Orman. 90% of the advice spread to the masses coming from an expert in any field is generic – it’s common in the field, and you can get it anywhere. What makes the advice unique is the personal spin added by the individual.

That’s more about the personality of the guru than it is about the depth and quality of the advice itself.

Orman also tends to aim her advice at people who lack much more than a rudimentary understanding of personal finance. Of course, this would be the group most likely to listen to her advice, and ironically, most likely to not follow it.

If you find yourself agreeing with all or even most of what Orman says, you could very well be in this group. And if you are, you need to spend a lot more time working on getting information from other sources. No one can magically turn you into a financial expert, not even in regard to your own finances. That can only happen if you commit to making it real in your life.

4. Your Own Financial Situation is Unique

When Orman addresses someone else’s problem, it may be similar to yours, but it’s never exactly like yours. A change in a single detail or two could invalidate her advice in your case.

Take, for example, a decision on investing in the stock market. Orman can put out the general advice that everyone should be in the stock market, but what if you have an unstable income, an high level of debt, and a lot of mouths to feed at home?

Sure, it might be recommended for everyone to be in the stock market, but in your case, that advice can be all wrong. Her advice can have you scrimping and saving to invest money in the stock market, when in reality you should be building up your emergency fund instead.

5. When You Get That Popular, There Are ALWAYS Commercial Biases

When Suze promotes one of her books or programs, or endorses a third party product, there’s money on the line – as in money to her. That should raise a red flag.

Orman is virtually a brand unto herself. She is a popularly recognized figure, and well heeded by her legions of fans. That creates monetization opportunities, and you know that she’s taking advantage of those. Virtually everyone in her position does.

I’ve already mentioned her infamous prepaid debit card fiasco? When you have that kind of star power, those kinds of offers come along, and they’re hard to resist.

For example, you can recommend one of a half a dozen debt consolidation services, but you choose to endorse the company with the fifth best program because they are paying you a fee to do so. It happens all the time with recognized gurus.

But that doesn’t mean that the product or service that’s being advanced is really in your best interests.

6. There’s a Bit Too Much Emphasis on The Little Things

I remember watching one of her programs when she discussed The Latte Factor. I must admit, her point was compelling – but this might have been a classic example of form-over-substance.

Orman’s point had to be well taken: by stopping at Starbucks every morning to buy a $4 latte, you are spending at least $1,000 per year that you don’t need to spend. You can save that money simply by making your own coffee at home, and preparing a cup or large container to bring with you to work.

The problem with that kind of advice is that you can spend a lot of time and effort looking to cut small expenses like lattes, and not come up with serious money to save when you’re done.

In addition, this may not be great advice for people who are struggling with financial survival. Many people in that situation have already cut the small expenses and are still sinking.

For a person who is in that situation, the best advice might be to take on major expenses, like housing or your car, and trading down on both. Many people who are in financial difficulty are there because they can barely afford the biggest expenses in their lives.

You can’t fix that problem by cutting out lattes.

And on a personal note, keeping structural expenses low is what enables me to afford luxuries like lattes. I have no intention of being on the equivalent of a financial “diet” with virtually every spending category in my life.

But maybe that’s just me.

And yes, I’ll be ordering a Grande Sugar-free Carmel Latte on my work tomorrow. :)

7. No, Everyone Shouldn’t Invest in Stocks

Orman enthusiastically recommends investing in the stock market to anyone who will listen. This is standard issue, one-size-fits-all advice, and maybe not even “advice” in the truest sense. Common sense should tell a “financial expert” that no, not everyone should invest in the stock market.

The advice becomes even more questionable after five years of a powerful run up of stock prices. Does she ever tell anyone to lower their exposure to stocks? Does she ever tell anyone it’s time to get out completely? No. But to be fair, she does offer advice on when to sell an individual stock.

The absence of that kind of recommendation makes her stock advice look a little too standard – it’s what all the other self-styled experts are saying, too. And it seems that if you’re providing advice to a large number of people who are struggling with finances in general, urging caution or recommending closing out positions in a record market makes objective sense.

8. No, Everyone Won’t Get Rich in the Stock Market

I can’t pin this entirely on Suze Orman – Dave Ramsey does the same thing, only he cloaks it in mutual funds. But we should always be concerned about the intentions of any self-styled financial advisor who sounds even remotely like a get-rich-quick hustler.

Question to all financial gurus, including Suze Orman: Are you a financial advisor, or a cheerleader for the stock market?

Since there’s plenty of cheerleading coming from Wall Street and the financial media, it seems that a financial expert needs to be the person advising caution. The fact that she doesn’t should make us…suspicious.

While it’s true, statistically speaking, that the stock market has returned an average of something in the range of 8% to 11% per year since 1926 (depending on the source), it can vary widely from one year to another. It is also a fact that there have been entire decades that left investors financially devastated.

People who are in tight financial situations don’t need to be loading up in the stock market, as they have more immediate concerns. And even hinting at the possibility that they may become rich by investing in stocks is more than a little disingenuous.

9. Suze Doesn’t Always Follow Her Own Advice

While championing stocks for all, Suze invests her own money primarily in – drum roll – municipal bonds!

You always have to be careful of any expert who operates under the premise of “do as I say, not as I do”. When you’re a financial guru doling out advice that others are relying on, the hypocrisy is not just glaring.

It’s intolerable.

10. Sometimes She’s Not Just Wrong, But VERY Wrong

Back in 2009, Cheryl Curran at Merriman Blog had this observation about stock recommendations by Suze Orman:

“In the interview, Suze told (Eric) Schurenberg (of Money Magazine) that even though all the evidence indicated index funds outperform 80 percent of managed funds, “Today I think you have to be more active.” She recommended exchange-traded funds specializing in emerging markets, U.S. oil and metals & mining. And what happened to investors who took those recommendations? From the time of her interview in June 2008, these sectors went down 44 percent, 71 percent and 71 percent respectively, through the end of the year…but her previously recommended funds, Vanguard 500 Index and Total Stock Market Index, dropped 28 percent and 29 percent, respectively, in that same time frame.”

Now to be fair, 2008 was a bad year in the stock market. But if we’re going to trust the advice of experts, it’s never more important than when the sky is falling. Had you followed Orman’s advice in the summer of 2008, it would have cost you serious money. That’s more than being a little bit wrong.

Any one of us can be wrong in calling the stock market, but this episode and others are proof that the near-religious faith people place in gurus like Suze Orman is never well advised.

11. Orman is a Millionaire – Her Advice May Not Fit Your Financial Situation

The more successful a person becomes, the less he or she can relate to the plight of everyday people. It’s just human nature. Suze Orman is worth somewhere between $10 million and $30 million, which is far more than the vast majority of people who follow her advice are worth.

Life looks a lot different when you have that kind of money. An eight figure bankroll simply gives you a different perspective, and that affects your ability to process what’s happening from an emotional standpoint.

When you’re worth millions of dollars, it can be hard to appreciate the role that fear plays in a person’s decisions.

For example, if you have $10,000 to your name, the consequences of investing the money and getting it wrong can be disastrous. But from the ivory tower of a millionaire, investing money aggressively when you have a small pile of it can be seen as the only way to move forward.

Perspective changes everything, and Orman is simply on a different financial plane from her disciples.

12. She’s an Entertainer, First and Foremost

There are people who are very good at what they do, and no one in the general public as any idea who they are. There are other people who are very good at what they do – or maybe not so good – but everyone knows who they are. That’s because they are experts at public presentation.

Some people just know how to work a room. Their adrenaline surges when they are holding a microphone and speaking before a large group. They thrive on attention. They are the people who we will know all about. And for that reason, they will be anointed as experts.

Anyone who reaches the level of Suze Orman gets there primarily because they have value as an entertainer. They’re not just informing; they’re entertaining, and that’s why you know who they are.

The problem with this mix is that you can never be certain when the informing ends, and the entertainment begins. The really good gurus know how to blend the two seamlessly.

13. Because Nobody’s Perfect – Not Even Suze Orman

Most of us desperately want to believe that there are people who are “in the know,” people we can turn to and know with absolute certainty that we’ll get the right answers. It makes us feel good, even if deep down inside, we know it’s not entirely true.

But even given that Suze Orman is smarter than your average financial expert, we can know beyond the shadow of a doubt that she’s not perfect. We can know this because she’s human.

No matter how much we want to believe in anyone, the reality is that doctors lose patients, lawyers lose cases, referees blow calls, and high-priced star athletes drop passes.

Moral of the story: Never assume a piece of advice to be right because it came from the lips of Suze Orman.

14. Because You Need to Think For Yourself – Especially With YOUR Finances

When we were kids, we relied on the adults around us to guide us through life. As we grew up, we began to realize that we have to do for ourselves what we once relied on others for. And so it is – or should be – especially when it comes to finances.

While it’s fine to rely on input from experts, there is no substitute for learning personal finance on your own. Only when you have some grasp of what you need to do, can you even apply the advice and recommendations that you’re given by others.

And that’s important. After all, any losses that you encounter will come out of your financial resources, not the experts’.

That should give you good reason for not listening to Suze Orman – or any other financial guru!


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Comments | 24 Responses

  1. says

    Absolutely love #1…couldn’t be more true. Even your own parents, who have raised and taught you from infant to adulthood, may not give you the greatest advise. Listen to what everyone has to say, but use your gut when ultimately deciding what to do.

  2. says

    As I read your article this morning, I couldn’t help but think how you could change almost every instance of Suze Orman to Dave Ramsey and still be absolutely correct. These gurus do not know our individual circumstances and should not be blindly followed!

  3. says

    The one that has always made me never take her seriously is number 12, that she is an entertainer. It kills me that people will presumably make life affecting decisions by a two minute bit on a TV show. That’s not enough time to get a fair assessment that can lead to her advice being sound.

  4. says

    Great tips, battle buddy. And I agree…let’s apply most of this to any financial guru…even some of it applies to us idiot bloggers to some degree.

  5. says

    I enjoy watching Suze but I think a lot of her advice is unreasonable. If a young family, or any body wants to buy a house, and get away from renting,according to her you must have both 20 percent down AND an 8 month emergency fund based on the new house payment . I agree those are both great things, PMIs are to be avoided but we were able to prepay ours down when we did our financing and roll it in so our pmi was hardly anything over the life of the loan, maybe five bucks a month , and if most familys had to come up with both 20 percent down and an 8 month emergency fund, few families or anyone following that advice will be able to buy a house.
    I think it is more important to get into the house, in many places, like our town, rents are way more than the mortgage payment even with taxes , insurance and pmi, and by hundreds. We closed on a house , 104 grand , payment of 697 a month, three beds and one bath, quarter of an acre, and a one car attached garage with that financed pmi and 5 percent down and a friend and her family rents a rat trap apartment, and I mean really old and run down, smaller than our house and upstairs , but with an extra bath, no car port or storage other than a tiny outside closet, for close to a grand. So, as much as I love Suze and agree it is wise to have an emergency fund, and put a good down payment on your house, sometimes you have to do what you can to get into a house that is better and cheaper than rent and gives you some control over your own life and often gets you into a better area, if you have the good credit to do so. That is just my opinion of course, but I think she is really out of touch !! I do like her show though and enjoy it, but sometimes do question her advice !!
    I believe in indexed funds and followed motley fools on our retirement accounts and are doing well, we just have to up our amounts we put in. .
    We all need to listen to advice if it makes sense, but then learn and make our own decisions in the end !! It is our money and I agree that millionaires cannot possibly understand what middle Amercia needs or wants.
    great article , thanks Jeff !!

  6. AZ Investor says

    Those are some of the flimsiest, weak reasons not to like Susie Orman’s advice I have ever read! Talk about trying to market someone out and yourself in! Anyone with a shred of sense knows investing has to be personalized to your own financial situation, and if you have heard or listened to many of her shows or read any of her books your would know she always makes that point and she always asks your financial situation before advising. Yes, she generalizes when speaking………how else would any advisor do it? I pulled my wholle portfolio from a large bank, studied (with some help from Susie and others) for a month and then put my own portfolio together which in three years has grown over 65%. Investing is not rocket science, you just have to read/study some good advice and then make the best choices you can. I also talked with financial ivestors that were truly mentors to me. No one knows what the market is going to do and I have heard Susie Orman make that statement more than once. I much prefer her to a financial investor who is using your money to make himself money and has little regard for your financial welfare. It is your money, you should know what is being done with it, how it is being invested and many people do not have the interest or time to do that in many instances much to their demise.

  7. says

    All great points! I think she’s much more entertainer than expert. I’ve just never been a big fan of her style or her advice. I think there are many” experts” out there that are much better at both.

  8. Joe says

    The article is missing # 15: Suze Orman is a man-hating lesbian.

    When a husband mentioned that he is helping his wife pay off her student loans, Suze is thrilled and happy. But, when a wife mentioned that she is helping her husband pay off his student loans, Suze’s response is, “Don’t you dare help him pay his student loans!”

    In addition, whenever a woman calls and complains about her husband, Suze first inclination is to bombast the husband by responding as follows:

    – Divorce the bum.
    – If you could go back, would you have married him? If you say yes, then you are lying to yourself.
    – What? Your husband said he won’t help you pay off your credit cards? Is this the kind of man you want to be married to?

    Now, Dave Ramsey might go overboard with his religious rhetoric, but at least he doesn’t have a deep hatred for half of the population.

    • Robert says

      Could you please site her show(s), book(s) or website where she suggests this advice? I have watched her show regularly for many years and must have missed the episode where she gave that advice.

  9. says

    Love this! I still enjoying watching and reading Suze, but during the last 10 years or so she has clearly lost reach of her audience. In addition, there are so many times that her advice is just WRONG. It is a shame, because she helped so many people in the 90s and early 2000s.

  10. says

    Yes I think #14 is a given as people need to be more knowledgeable about investing. Trust in your abilities to learn because in the end it’s for your benefit.

  11. says

    Your advice is spot on! In most cases she is awful. In fact doing the opposite of what she says in terms of investing is typically the way to money.

    You could also add a #15 and #16 to the list.

    #15 being her 401k advice. A 401k is not a tax advantage. In fact it is one of the worst places of all time to put your money in terms of taxes!

    #16 being her “magic of compound interest.” This kind of ties in with you saying she thinks small, such as a latte factor. If your audience is mostly broke people, and their interest is compounding like you want it to, it doesn’t equal out to much because they don’t have much to invest! Someone with a $1,000 saved that manages to double it through stocks is now at… $2,000. Someone like her who has a million saved, buys the same stocks and doubles her money is now at $2,000,000. Even though both gained the same percentage and doubled their money, one person ended up $999,000 ahead following the same advice!

  12. says

    Love this! Do one on Dave Ramsey please.

    My problem with the “financial gurus” is that they’re not relevant to the people they are trying to teach. Sure, at some point in their life they may have been but not now.

    Suze’s prepaid debit card is to make money off the poor. And yes, all of her advice is so generalized.

    The same goes for Dave Ramsey though. He bought a multimillion dollar house. He’s not in my shoes and I don’t want advice from him. Especially after reading his dumb ass comments here http://www.biblemoneymatters.com/dave-ramsey-comments-on-my-post-about-his-new-house-his-debt-philosophy-and-giving/

    I’d rather read personal finance blogs from others in my shoes over taking advice from these money hungry “financial gurus” any day of the week!

  13. says

    “But you should never mindlessly take action based on someone’s advice, least of which that of a financial guru.”

    Here here. You need to do what is right for you. I am waiting to invest $200K in the stock market the next time there is a stock market adjustment. Everyone needs to decide their own timing. Enough said.

  14. Dino3721 says

    I have watch Suze Orman for 14 years. I think in time you outgrow some of her advice. What I think you are missing is this: So many people are beginners. She gave me the courage to invest, actually look at how much debt I had, and her tips (similar to the latte tip) made me see that I have more money then I thought. She is gifted at explaining the stock market, mutual funds, etc. to those of us that clueless where to begin. 14 years later, I am debt free, perfect credit rating, have a will and trust, and I am a saver- I have to credit her for helping me learn, and think about money differently.

    I will say, I am uncomfortable with her selling products. I think you do outgrow her advice. When I was young and broke I went to a major investment player and the little money I had, they gave me the worst advice possible. It burned me and scared me to invest. Now I am more in control, and smarter with my money. I also think your article does not look at – the people on her show send the show documents – they are vetted before going on the show. I would expect someone with mass wealth to invest differently then middle or lower income people would or could.

    I will always be thankful to her, and listen to her, but like any good teacher- there is a time to go out on your own. I think your article may be true to an advanced investor, but not really fair to beginners.

    I will say one thing that drives me crazy about her- she is way to easy on people that claim bankruptcy, or houses in default. I have never heard her say you need to get a 2nd job. That is my biggest gripe.

  15. says

    I have to agree with Dino3721. I am young and broke. I have credit card debt, but I also have time on my side. I was raised in a poor, low-income family my entire life that never touched the stock market. While I may not agree with everything Suze says, I have been listening to her financial shows via podcast every day for the past few weeks, and it gives me confidence to actually invest a little and put money into retirement accounts (something my parents never did). For beginners like me, Suze AND Dave Ramsey are helpful. I like that they break things down and explain what everything means.

    I think haters are going to hate. To say that you shouldn’t listen to any PF gurus advice is foolish.

  16. Judy says

    I am a financial advisor and am very offended by her implication that my clients don’t need my help, they simply need to ‘look in the mirror’, and listen to her advice. 95% of what she says is common sense and not the advice of a brilliant financial guru. She is loud and obnoxious and can be demeaning at times. Financial planning is complicated and ever changing, and it is difficult for the professional to keep up, never mind the average person. She may have started out on the right foot with the best of intentions, but she is nothing more than a wealthy entertainer, and quite frankly I don’t find her all that entertaining.

    I work extremely hard for my clients, but don’t make the big bucks in this profession. And quite frankly the industry is making is harder and harder for financial advisors, who service the average middle class client, to make a living at all.

    Suze, you’re time is up…you need to retire !!!!!!! And we all know you can afford it !!!!!

  17. says

    She isn’t licensed to give advice. Period. She has no liability no relationship to the SEC or a fiduciary duty to her audience. Therefore, her word is not backed up in any way, besides all the points this article makes. No one should be following her advice, period.
    As far as her advice goes, some is good, as she’s been a late catcher-on to the advice advisors have been giving for years, and some is horrid. None of it is great. And yes, and entertainer and she’s there to advertise her own product lines she is promoting, much like all the rest of them, including Ramsay & Tony Robbins. The first move in sales is to bash the competition and she does that great, then there is the snake oil. And yes she preys on the uneducated and poor. Her bias is her own piggy bank/portfolio that reflects none of the products she promotes. How Orman gets away with this and not Martha Stuart is only in the fine print. She is as well connected as Congress who also does their own insider trading. Madoff is not much different, only he stole from the rich.

    And yes, there is more money in fee based than there is in commission for advisors, thus a national push for fee based (and the private entity issuing the CFP that is not state or fed. certified.) And yes, great advisors sacrifice their bottom line for their ethics in order to do the right thing for clients and end up taking a pay as a result, fee based or not. It’s a profession that is so over regulated at the bottom and so unregulated at the top–most advisors working with the average client are closer to humanitarians in that so much of what they do goes unpaid. No other profession does so much for their client for next to nothing and often absolutely nothing. Being a priest actually pays more.

  18. Ran says

    Investment advice can turn out to be right or wrong. Hers is usually poor. BUT…in her life story she reveals that she has trouble with math. She sure does! An audience member asked if she should delay applying for Social Security. Suze said if you don’t need the income today, postpone! She said “where else can you get 6% on your money?” Um, Suze, the 6% greater monthly payout if you wait a year is NOT a gift of interest. The Social Security actuaries have correctly calculated that if you do not get the first year of SS income, giving you 6% more for the remaining years makes you just break even on total SS income when you die at the average age of death in the USA. So, Suze, if you die before then, you lose. Suze also advised someone to pay off their 21% interest credit card first, UNLESS they had student loans, which should be paid off first because the 6% COMPOUNDS ! Um, Suze, the 21% on the credit card also compounds!

  19. Peter Martin says

    As I approached my 50th year of life, 2 children and 1 failed marriage, I cant help but think of the actual words of advice that Suse gave me during a information seminar that I attended a little more than 3 years ago. I took vicarious notes throughout… as if my life depended on it. and like everyone else that was there, I thought it did at the time. But, I withstood the high level of pressure to purchase
    her near $500 financial freedom Financial package. My reason…. I wanted to think about it. And that was the actual reason I stalled on making that decision. Anything that will cost me more than $50 or more, I feel requires forethought or meditation after the fact of learning of the need or supposed need to purchase it. I decided not to buy it, simply because I knew I could get it on Ebay for more than 60% – 80% of it’s retail value. Or at least, it’s retail value as Ms. Orman saw it! After reviewing most all of her DVD program, and might I add that I did so in less than two days, I found that the information I got from my local library, for free, was just as information as her package was. When one invests in the thoughts or teaching of just one person, then don’t be surprised if your bottom line increases, only marginally if at all. Side by side, I bulleted the main financial points and or advice, from her package, in comparison to that of approximately 7 other contributors, from their books or contributing columns. Side by side, unfortunately Ms. Orman’s advice only added 3% to my liquidity, 5.5% to my overall bottom line. The same issues and directions that I wanted to go in, based on the advice of those other sources, was stark in it’s difference to that of Ms. Ormes, 11% and 14% respectful to the above. Quite a huge difference! Why do people trust in the word of one person? It’s my belief that Ms Ormes theatrical presentation created a drive for many in attendance to choose her advice as God Like. It whipped those folks up!! And the pens were pressing heavily on all those checkbooks. A room full of people glowing in the presence of the mighty Ms. Ormes. Now don’t get me wrong, I liked her. I enjoyed her scripted presentation. Her storytelling skills.
    In hindsight, it’s clear much thought and marketing prowess went into it these seminars. But of course that’s to be expected! Even if one watches her pander her program on public TV, causing one to think that much of the proceeds are going to the arts of public Television , they are NOT. Public TV might reap 20%. Nice inexpensive advertising for Suse, wouldn’t you say? As always…Let The Buyer Beware !! Do your research. The World Wide Web gives us everything for free. Use it, and save your money. There is so much more that can be learned, if only one would see the wisdom in comparing advice. Compare warnings, and see you future bottom line…increase!

  20. Melissa says

    Re: Point 9, about advising stocks but investing in mostly muni’s herself. Well, look: she is in her 60s. This is not the time for someone her age to be investing in something risky. She needs stability with her money, even if the yield is likely lower. And second, she’s rich, and the benefit of municipal bonds is that you don’t have to pay income tax on money earned on them, and her tax bracket is likely quite high.

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