Black Tax: The Evil Side of 'Help'
Most Black Immigrants will never be wealthy
Most Black immigrants will never be wealthy because of the ‘help’ they provide to family and friends back home or because of the 'building projects and businesses' they send money for back home. That breadwinner of the family (or clan) badge of honour is called BLACK-TAX.
Black-Tax usually comes from a place of love and responsibility, but soon, it becomes an impediment to growing one's own wealth while supporting one's family.
Many Blacks do not measure their financial health. Hence they constantly feel broke, put their dreams on hold, and struggle with guilt or blame the system.
You can help your loved ones while staying financially stable with a few simple strategies.
Change of Levels
Black-tax happens to Blacks who become the "successful ones" in their family and are expected to help support others.
Success in this context means they have migrated from a third-world country to a first-world country and there is a significant adjustment in their income. It does not mean that the immigrants can now pay all their bills without much stress, have enough savings to secure their financial future, or have investments that bring in extra income.
Unfortunately, most black migrants migrate to become members of the lowest class, right at the bottom of the food chain when they arrive in the first-world country.
Due to the adjustments from third to first-world countries and the effect of exchange rates, they now earn more than the people they left back home.
This is when they make the big mistake of thinking they are doing better than the people they left back losing sight of the fact that they are actually now in the lowest income bracket of the first-world country.
Why are Blacks drawn to Black-Tax like Moth to Flame?
Culture and Tradition
Most African and Caribbean cultures emphasize community and family support and black immigrants carry this system of living with them anywhere and continue to pay for food and groceries, school fees, and even big family events and festivities without recourse to the fact that they have moved from the middle class in Africa to lower class in the UK and other Western countries they find themselves.
We support our parents, grandparents, brothers and sisters, their children, cousins, uncles, aunts, second cousins, contemporaries, friends, creditors, and the list goes on and on, and they project as desperate and downtrodden.
Poverty in the land
For many families, the black immigrant is the financial lifeline of the family due to the poverty in Africa. The people we left behind need all the help they can get.
Ego and Pride
Black immigrants provide remittances for education, healthcare, family emergencies and what have you. what starts as a necessity could spiral out of control and soon metamorphose into sheer ego and pride.
Many Blacks are gifted with massive egos and pride that makes them easy prey for ego massage - with a desire to save the whole community or clan.
Building mansions and businesses back home
Many Black immigrants build mansions in their villages and cities in Africa while they struggle from paycheck to paycheck. Some even use credit to fund these projects.
Most so-called houses and homes are built with specifications that can only be justified by ego and pride. Other start businesses that they continue to fund from salaries earned from aboard.
So Africans erroneously refer to such squanders as investments.
Lack of Financial Literacy
Many Blacks spend their money emotionally. This means spending without or outside your budget. If your expenses do not follow a budget, then your emotions control your expenses and you are not financially literate. To be literate is to plan your income and expenses and follow through.
There is an old saying that, 'a fool and his money are soon parted’; many people are waiting to get their hands on your money.
Signs that the Black-Tax has got you!
If you experience these signs then you are a prisoner to Black-Tax
- Always Broke: Does your income or salary conveniently cover your basic and mandatory expenses? Do you send money regularly or occasionally back home after you have set aside your savings or investments? If not, then Black-Tax has got you.
- Feeling Pressured: Do you feel the weight of the world on your shoulders? Are you afraid when you get a call from back home, or does your heart skip a bit when you remember your obligations to family and friends back home?
- Delaying Your Dreams: Are you living your dreams or is you money fulfilling someone else's' dreams back home? Do you find yourself putting off important goals, like buying a house, starting a business, saving up your emergency funds so you can have your piece of mind, or taking a course?
Did You Know? According to the World Bank report (https://bit.ly/4ad4Cf7) in 2023 alone, approximately $73 billion was sent to 10 African countries, often at great personal sacrifice.
The Burden of Black-Tax
Living Paycheck to Paycheck
Many black immigrants live paycheck to paycheck, they spend all their money on everyday expenses like rent, food, and bills, with little or no savings. Black-Tax makes the situation worse when they also send money to their families back home, which takes away even more of their income.
Many Blacks have little financial security and will get worse if something unexpected happens, like losing a job or getting sick.
Opportunity Cost
Black immigrants often sacrifice important life goals to meet the financial needs of their families. They may give up buying a home, investing in their future, or going back to school to help support their loved ones. By constantly prioritizing family needs, we miss out on building our own wealth or achieving personal dreams, which can hold us back in the long run.
Psychological Impact
The pressure of being responsible for others’ financial needs can take a heavy toll on our mental health. The constant stress of trying to provide for family, while also worrying about our own financial situation, can lead to feelings of anxiety, sadness, or exhaustion.
What you can do Today
Get Financial Literacy: To get honest with yourself and your family you must learn to budget and ensure you use your budget to know what you can and cannot spend. You can also join our free Money 101 Course to get financially literate.
Make a Black-Tax Budget: When you understand your finances, only then can you know how much you should set aside to support your family back home and ... stick to it.
Create a Support Network: Share your experiences with friends or peers or join our community as we also deal with Black-Tax. You can learn from each other and feel less alone.
Conclusion
Black-Tax, though rooted in love and cultural responsibility, often places an immense financial and emotional burden on immigrants. By prioritizing the needs of family back home, many find themselves stuck in a cycle of living paycheck to paycheck, sacrificing their own dreams and financial stability.
However, with a clear understanding of their financial situation, setting boundaries, and seeking financial literacy, immigrants can strike a balance between helping loved ones and securing their own future. Creating a realistic budget for family support and building a strong support network can ease the pressure and foster a healthier, more sustainable approach to fulfilling both personal and communal responsibilities.
Black-tax is a challenge, but it doesn’t have to stop you from achieving your dreams.
Question: How do you manage Black-Tax in your life? Share your tips and stories in the comments!
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