Are you over-paying black tax? Black tax is a term used to refer to the financial burden put to someone who has achieved some level of success to support those who are not financially well off in a family setting. Those who are victims of black tax happen to be those with good paying jobs or successful businesses in the family.
Sometimes people under a lot of pressure to provide forgetting about building themselves. A scenario where a young person is trying to get their lives together after getting employed but the entire family is expecting a lot with the guilt trip ‘remember where you are coming from’ or ‘we took you to school’ will put burden to them to deliver.
It can limit ones ability to save or invest when one doesn’t have a fat paycheck and is struggling. It creates a sense of social pressure and obligation. Black tax is something sensitive because as its expected, family needs to be taken care of which is not debatable but at times they need to understand that as a young person you are trying to get your life together and they should not be entitled.
You can deal with black by having an open conversation with your family about your financial
status. Draw boundaries where you can offer help and where you can’t and also give alternatives for them to try and get sources of income to help themselves. However, in a case where you must pay black tax ensure you budget for it and allocate an amount that you will be comfortable with after all your bills are taken care of.
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