Dealing with black tax as an adult can be overwhelming, and looking out for yourself is important. One of the ways to do this is to put measures in place to manage it.
It’s a good thing to learn how to manage black tax because this subject that exists to help people in need has caused problems between “the helped” and the one who helping.
The following are 5 helpful tips to help you manage this.
- Be honest
There are people whose families have “billed” them way too many times because of their false impression of their finances.
Be honest about what your finances can take care of and what you cannot afford, and say no when necessary.
- Set boundaries
To manage black tax, you need to put yourself first by setting healthy boundaries. If anything happens to you, your family will survive somehow.
- Empowerment
If you have siblings or cousins, introduce them to skills or opportunities that will equip them to create value and earn money. You can set up a business for older people like your parents to earn them money in the short run. Also, you can teach them how to manage money. However, this would mean that you are learning as well.
- Budgeting
This is another way to manage the black tax. Having a budget helps you to prioritise your important expenses, and it can play a significant role in helping you set healthy boundaries.
- Be discreet
A safe way to manage black tax is by being discreet about your financial status. Information, whether good or bad, does not leave you the same. They should not know how much you earn, save, or invest.
Above all, remember to choose yourself first and help within your means.
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