So you guys… I love money! Lol
Lately I spend most of my time on the internet searching stuff about finance (I find money topics very interesting).
I feel like it’s my responsibility to be financially literate, so I work so hard to make sure that I get this education. I believe there’s sufficient information on the internet and that anyone can educate themselves, if they want to.
So I’m on a financial site browsing and I come across this term “Black Tax”. I’m like whaaaat? What is black tax? who pays black tax?? I look it up and this is wassup…
Black Tax – The extra money that black professionals are expected to give every month to support their less fortunate family and extended families.
Some people think the term has a negative connotation attached to it and that it should not be seen as a burden , but a resposibility. I think it’s bad. Of course “tax” is not a nice word, but it’s a burden. I also learned that, You ( the “bread winner” ) could literally be charged for not taking care of your less fortunate family members, it’s that serious!
I think it’s one of the factors that leads to poor people being in the lowest socioeconomic level forever. We’er forced to focus on meeting immediate needs, spend all the money making sure that our family is well taken of ( before even considering taking care of ourselves) and then… we’re left with nothing to save, meaning we’re not accumulating wealth (what we need to do to break this chain).
In my opinion, we need financial education the most… then we’re gonna know how to manage our money, at the same time, be exposed to wealth creating strategies.
People need to start being true to themselves , live beneath their means; We need to start being transparent ( to the dependants) when it comes to our financial status, so that they don’t expect too much; We need to be disciplined, start saving money and then focus on creating generational wealth.
Black Tax is causing financial distress but I think we could cancel it , if we want to… Well it’s gonna take long, but we can do it.
What do you guys think?