Dealing with Black Tax
Black Tax will have you at 50 yrs old with nothing to your name if you are not careful.
Here’s how to get out of the chains of Black Tax;
Black Tax is an expectation/ obligation to send your parents/siblings/relatives money out of your earnings simply because you are doing well financially.
Black Tax comes from a point of entitlement and guilt trapping and it is a very toxic arrangement.
Note that sending your parents something out of your own free will isn’t Black Tax.
Black Tax is when you are obligated to do so and you even go to the extent of taking out loans just to meet these demands.
This is what you need to know;
* You need to learn to put yourself first. It’s good to help others but do it to the level that you can and don’t forget yourself.
* Set boundaries – your parents and siblings should understand boundaries and respect your family. Some marriages actually end because of such issues and this is unacceptable.
* Keep your earnings a secret – People don’t need to know how much you make. Stop telling everyone your Business.
* Learn to say NO – it will save you from a lot of crap.
* Empower your siblings – it’s easier to empower your siblings through school, business or a job connection rather than feeding and housing them and their children for years.
If you are overburdened with Black Tax, take time to think rationally about the situation you are in.
It’s okay to say, I can’t afford this.
In putting yourself first, you can prioritize savings and investing. You can save in the Bank, SACCO, Money Market Funds, Stock Market and lastly Insurance.
Saving with insurance requires discipline and saving towards reaching your goals.
Lets say that you plan to save Kshs. 15 Million in 10 Years.
You can save Kshs. 100 Monthly x 12 Months, that is 1.2 Million Shillings and 12 Million shillings in 10 Years. Now add interest from your favourite insurance company and the money comes to 16 Million.
With 16 Million Shillings, that is enough to buy your home + car + feed afew mouths in the name of black tax , after you have made it in life. Before that ? Say NO to Black Tax. By saying NO, you are empowering yourself in the process. Call Peter Oluoch 0720 969 361 and lets get started today
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