The Effects of Black Tax on Achieving Financial Freedom

One of the areas of personal finance I am still trying to strike balance is the effects of black tax on achieving financial freedom.

 

These effects are rated highly negative more than positive by experts and I have in so many cases working with people alert them to be mindful of it if they are serious about achieving their financial goals but I am still personally working to weigh the pros and cons in connection with selfishness and generosity as a principle of wealth creation and its spiritual effects on achieving one's financial dream.

 

When it comes to professionalism and expert advice, little attention is given to spiritualism and righteousness; we believe in the numbers, so who will think of black tax been well on making you better financially. Of course, many people who bring their liabilities to you with a heavy heart are just robbing you of the benefits of your discipline and sacrifice to have excess, they are scammers even within your family. So one has to be at a lookout to know who deserves this or that. That on its own is another big assignment; who has time for that. The worst part of it is friends and family who claim to be entitled to your wealth but are unconcerned when challenges punch, so, be wise.

 

Whether you choose to be generous or stingy to achieve your financial dream, I cannot compromise sticking to your financial budget to achieve your financial goal. Be positive but never spend the money you have not to earn and spend more than you earn except for investment purpose and not without calculation on the pros and cons if the risk does not yield. The most painful part is if you do so in the name of generousity and eventually find out the ingenuity of what you sacrifice for.

 

Black tax is real and until I have a handful proof to justify its spiritual benefits towards achieving your financial dream, the reality according to number principle is that it cost you more than you bargain for and can delay or deny you of achieving your desire to be financially free.

 



What is the Black Tax?

I understand not everyone that reads this understands what black tax is all about, so the need for explanation.

 

According to the urban dictionary;

 

 “Black tax is that extra money that black professionals are expected to give every month to support their less fortunate family and extended families.

 

The burden of a black tax causes financial distress to middle-class professionals as they usually have no savings left after having to share their salaries with the entire family.”

 

To large extent, black tax is more applicable to black culture either in Africa or anywhere on the planet. We hold it as a value that relatives are entitled to part of what we earn and this ideology is denying us of building a generational wealth if the justification of creating wealth is based on the principle of numbers. Although the ideology of black tax either culturally or by those who claim entitlement to it is not based on any benefits to you but as much you keep sharing your earnings with them, you are a good man even if your generousity has turned them to lazy folks living on your sweat.

 

In Nigeria, there is little to no major discussion around black tax just as there is no major discussion around pragmatically been financially free. But rather than talking about it as good or bad, we prefer to lie to each other.

 

Those who have to share can say anything to the extent of denying themselves necessities we called luxuries to prove his financial inadequacy to help.

 

The same applies to those who claim entitlement to your money, they can do anything to keep sucking you rather than planning to earn, they plan to collect from you to the extent that, the one that is earning the money cannot enjoy it like the one that is receiving free money.

 

There is some black tax that is claimed to be justifiable because they claim to sacrifice to ensure you are well off so they are entitled to endless returns. In this case, they never consider it to be their responsibility to give you head start in life.

 

What is your take on black tax?

 

Share your opinion in the comment session

 

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