Black tax is a financial term to define the duty of giving money to family members and relatives outside your expenses. According to Wikipedia, the term, Black tax originates from South Africa (apartheid and slavery history) and is used to describe some money that a Black (or other person of color) professional or working class individual gives to their family every month outside of their own living expenses, usually out of obligation.
Black tax exists as a result of the continued economic imbalance and as you can infer, it is common among blacks. It has been described as Ubuntu but with a incapacitating twist for the black professional.
You know the saying that a man's enemies are members of his household? It could get worse with black tax.
Now, the issue with black tax is not really about handling it, but managing it properly. In a situation where you are the highest earning family member or relative, it may really be difficult. If you do not handle it properly, you can make long standing enemies for yourself.
How then can you properly handle Black Tax?
Be realistic about your money. ...
Get help and good advice. ...
Have open conversations with your family about money. ...
Empower yourself and your family. ...
Enjoy your income.
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