#5: Black Tax: Its Effects And How To Protect Yourself

Is Black Tax a burden or not? This is a huge debate and the answers vary. But, there is no denying Black Tax has an impact both positively and negatively.

Black Tax refers to money Black and people of colour pay to support their immediate and extended families. For instance, you could be paying for your sibling’s education, helping your parents back home, or even funding a relative’s business venture. Among other issues that hinder us, young people, from financial success, including poor planning, was the Black Tax. It affects one's ability to save and invest, create generational wealth, plan and prepare for retirement and even leads to mental health issues. It is okay to help your kin. In fact, it is great to help them and ensure they do not become a financial burden later in life. But at what cost? 

In today's episode, we explore all these effects of the Black Tax and what you can do to shield yourself. 

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