According to Wikipedia, Black tax is a term that originated in South Africa and refers to money that Black workers, especially professionals and other higher-income earners, give to their parents, siblings, or other family members, often out of obligation or a deeply ingrained sense of family responsibility. Sometimes, it is taken on subconsciously, as a kind of payback for sacrifices made by previous generations or family members.
Black tax has its very dark side and is the reason generations wax in poverty. It’s like a vicious cycle that never ends simply because fathers and even grandfathers didn’t do or finish their jobs and left it for the next generation to come and not complete but continue. I won’t say complete because this job is never done, and if one is not careful, they’ll pass it on to their children.
I also never quite understood why everyone in a family would be highly dependent on one person who managed to get a good job and hit a jackpot, business-wise, resulting in some sort of financial breakthrough that barely even helped them break even. Many have drowned and even never gotten to achieve their dreams because of this burden of dependents. Others could never give their wives and children the best because of financial pressure from external families.
While I believe in helping extended family, I do not believe one must die on that hill. You can only do your best.
Here are a few suggestions that can help 👇
- LEARN TO SAY NO.
There’s this popular suggestion that says you should be open about your earnings to limit expectations, it doesn’t always work. People feel entitled. They’ll never understand, even if they claim to. So ditch that idea.
What you need to do is learn to say no. A firm no. You can do this without saying it, too. All you need do is have a particular amount for these charitable acts. Once it’s exceeded for maybe the month, don’t touch any other money until the next month. And you should prioritize on what needs are most important and urgent per time. - LEARN NEW SKILLS OR GET ALTERNATIVE INCOME SOURCES. All these are to help increase your earnings so you don’t drown in debt or needs. The more sources of income one has in today’s world, the better off they are. Earning from several sources helps augment expenses and gives you soft landing by providing more funds to plan with.
- FUND THEIR SKILLS. Rather than constantly doling out money, find out what dependants are passionate about and fund it.
It’s much better funding skills that can get them more dependent on themselves and lesser on you. Could be training programmes/ certifications, skills and vocational training among other things. This way, you’ll be empowering more people who’ll in turn empower others. Always think empowerment. You can’t, shouldn’t, mustn’t be the only high earner in the family. - BUILD AN EMERGENCY FUND. This is for yourself. While taking care of others, you have to also look out for you. This emergency fund should be able to cover 3-6 months of your living expenses. Trust me, you’ll need it.
- EDUCATE YOURSELF ON PERSONAL FINANCE, BUDGETING AND INVESTMENT.
Your background isn’t one you’ll want to get back to, in a hurry. So do everything to prevent you from returning to the trenches. And this includes studying cash flow, investment, financial management, the psychology and mindset that works with money.
This will help you embrace certain lifestyle choices and avoid others. - MAKE TIME FOR ACTIVITIES THAT NOURISH THE MIND. This is where you balance life out. In order not to be caught running the rat race, you should also have a life outside of making money. There are things you love that you should create time for. Whether it be painting, music, travel, chess, gardening or sports. Live.
In all you do, make sure to take care of yourself, start building from where you are and most importantly, keep dreaming and striving to pursue your vision and aspirations.
- Joy Mfon Essien is an Entrepreneur and the CEO, of Discover Essence Media, Millionaire Woman Soapworks and Delicioso Foods. Writer, TV presenter and producer, Wellness Coach and mom of two.
