Topic: After Making Money In Bitcoin, How is Black Tax Affecting You Economically? (Read 391 times)

And I agree, there are some things in which it is completely fine to help some family members, especially in their times of need, however it is simply unacceptable they want to live a lifestyle they cannot afford themselves to live on their own through your hard work, so if that happens the only way you have to demonstrate them you are serious about not supporting their endless demands is to simply move on with your life, now this can be hard as families are supposed to be close, but sometimes this is the only way to deal with abusive family members.

I really don't know black tax. Here in our country lottery doesn't have tax if I am remember it correctly. If you are into crypto in this country better not to say it to anyone because for sure they will be suspicious, most of the govt agencies here expecially tax dept will say that you need this huge number of tax because they believe that all crypto peeps are rich.

You are right. Regardless of who a person is to you, any information you share can be used against you later on. You may be envied, and if the information reaches the criminal world or the tax authorities, everything can be taken away from you. That's why it's better to give gifts than to give cryptocurrency.

Social life from a more distant scope is not only carried out for other people who are not related by blood, but must also be given to close relatives like you said. Obviously this is a responsibility because after all they are part of our family.

Parents have become an obligation for us as children who must pay attention to, care for, provide food and other things needed by him, because without the prayers of our parents, whatever we do will not be a blessing. That is the pattern of upbringing that continues to be conveyed to us as children who are devoted to their parents, but for other families we can postpone when we want to give, when our ability is not yet established to do so.

Simple. Do whatever you can give and prioritize for your parents, then your sustenance will flow smoothly, don't be too calculating every time you give something to your parents, because they have worked hard to educate and raise us when we were small.

Like my previous advice, it's better to prioritize the needs of parents, while for other families, make a scale of giving according to ability and if we can't give this month, say next month we will give it. Our responsibility as children is only to our parents, while giving to other families when we have more money because if we continue to force giving to all families then our preparation for life in the future will stop. Unless we have a source of income above the average that can meet all needs to support the entire existing family, but if it is not established it is better to prioritize parents first.

The scaling of expenses must also be adjusted according to income because when the two are out of balance, you just don't have a pattern and strategy for living life. Furthermore, you really understand trading strategies in crypto but fail to strike a balance between income and expenses. For us it is very strange and quite in pity?

Seriously, it is difficult and at times seems inconvenient, but it is something that must be done because, in my opinion, it is a part of my obligation and, if I don't do it, what good will I be to my family and society?Sincerely, if someone is not financially stable, doing this kind of behavior will continue to impact them.


The only thing I always do is give only what I think will not affect me much and may no lead to any problems. So I only give 30% of the money I always generate monthly, so with that, I don't put any of them in a fixed pay rate,and if possible, if I don't make much in some month, I don't give anything out.so this my strategy I do have some saving despite is not always much.
 

First time I am hearing the term black tax, when I first read your thread I thought you were meaning back tax. The meaning of black tax I would bring in connection with lottery winners, where someone becomes a millionaire overnight and has to give some of his money to his family. Nothing wrong with helping your family if you can afford it. In the crypto community I find this a bit harder to do, because would you give your family members some crypto coins even though they don't own any. Or should we sell some of our coins and give them fiat money? In my family we don't really talk so much about money in detail. I don't know how wealthy my siblings really are and they don't know how much money I have invested in cryptos. They all know that I am interested in crypto currencies for several years now, but I don't say when I buy or sell coins. If I ever manage to become a millionaire through cryptos then I would definitely make some nice gifts to my family, but right now this seems very unrealistic.

I understand about it, that's why sandwich generation is always become a victim of toxic parents.

To be honest it's really hard, but it's better for the sandwich generation need to be assertive where they should know they only help their parents for primary needs e.g. foods, bills, household etc. Don't let your parents always control you and you must fill all of their expectations e.g. buy a branded stuff or luxury lifestyle.

If your parents mad and not respect with what all of your help, threat them and don't care anymore. Mostly people will learn after something bad happen.

What happens is that in some cultures this is seen as an obligation and if you do not do it, even if this is because you lack the money to help, then you are going to be heavily criticized because of it, this is why some people choose to distance themselves from their families as they are tired of the huge expectations they have of them, as if they become successful not only they are expected to support their direct family but their extended family as well, and there are many people that are not willing to go that far despite the cultural obligation to do so.

That's true. On other countries, they don't really care about their relatives and neighbors but on some, they are very helpful. According to the definition of black tax, we are not obligated or even forced to help so it's only up to us. If you don't want to be affected then just simply don't lend a help.

For me, I don't really care if I'm going to be affected by this black tax thing. I can't see that as a big deal. What I only know is that I'm a kind person and I like helping people that are in need. Of course, I'm no way of giving all or most of my profits but I still make sure that I've left something for me so that I will feel that what I'm doing which is Bitcoin investing, does make sense.

There is a limit to sharing with family though. Sharing with your wife, kids, father and mother would be the ideal thing because those are the most important people in your life and they worth more than any money that could ever mean, I could have zero dollars and have insane amount of debt and would still take out a loan for them, they are everything I have.

However, when it gets out of that circle, family also means "relatives" like cousins, uncle, aunt, etc etc all those people that are in your "family". I have seen way too many times where brothers and sisters are in a fight over who gets what as well, my father had to pay debts of both of my uncles before and took care of the sick kid of another, three unless, all got paid by my father one way or another, we never got a single cent back.

The solution method differs according to your family’s requirements, social restrictions, and their financial situation, but the basis for solving these problems is to start investing early and to teach family members that they must start working and thinking about earning money from a yomng age. If you start making money at the age of 15, then when you reach the responsibility age, which is nostly at the age of 30th or 40th, you will have enough investments that generate income. You can invest to maximize your investments, and then all that is required of you is to work to avoid your monthly expenses to zero, which is something that is possible for the majority and simple. if beginning to learnand invest by the age of 30, it is a real problem, and you may not be able to save anything until after 10 to 20 years.

Apart from crypto or Bitcoin traders, who else in the Bitcoin space makes money on a daily or monthly basis? I don't think anyone does; those that can face the black tax more are traders, although it's always said that Bitcoin investment should not be one's only income source. So, even before one makes a profit from Bitcoin, they are supposed to have settled their loved ones with their other means of income so that if the Bitcoin profit comes, it's just for themselves alone. OP, the way I am viewing your topic, I think I am just seeing it from the perspective that we are supposed to have some other sustainable source of income so that we can remedy the needs of our loved ones even before our crypto investment is ready to take some profit. Perhaps the best thing about Bitcoin investment is that even if you sell for a very high price, you must still keep the money to reinvest when the price has gone down again.

Oh, yeah mate, now I understand what you actually meant, sorry as well for misunderstanding..

But then, lets face the fact, if you decide to sacrifice your personal needs for the happiness of your family members, for how long will you continue to do that? And what if they don't even see and appreciate your sacrifices?
Whether they see or not, or appreciate the sacrifices or not is entire something new to discuss later, but my major focus now is, how long will you continue to deprive yourself the good things of life, just that your family members be happy? When I say family members, I don't mean your wife and kids, I mean parents, siblings, uncles, aunties, nephews and cousins..

The truth is that, at some point, you wil need to look like your mates, you will need to wear goods cloths, eat out like every one else do for fun, buy a good car for yourself - your mates are driving one, and you have the money to get one for you self, it's your money, you worked hard for it..
For how long are we expected to allow pressure from family members keep us away from enjoying our lives?

I'm not the breadwinner of my family so I don't really shoulder everything (luckily enough), my older sis did though in the past and well, it was rather tough though, especially in the pandemic and all. Right now though the money I gain from sig campaigns is used for bills, plenty enough as well so I don't have much of a problem with it and I have enough as well from my salary that I can comfortably take for other expenses as well as adding on to my DCA schedule.

Imo it's not really the issue with black tax, it's the issue of not trying to converse with your parents. While I don't know the general idea of your expenses, seeing as you're not really having a good time saving I reckon it's taking a really big chunk of your gains monthly, talk it out. That, or if you don't really want to talk, then increase your monthly income whether it be finding a better job, or investing more heavily (which is quite risky as well).

I still don't buy the idea that you should inconvenience yourself at all times for your family. You should help them any way you can but I feel your money should be first for yourself.
Personally, I feel there are people that you owe, like people that have always been there for you.
I'm not saying I can't inconvenience myself for my family members, but it shouldn't be like an obligation. It's not my duty. If I want to, I can help but if I don't want to, then nobody should hold it against me, because at the end of the day, you have to look out for yourself.

I'm completely unaffected because I don't tell my family how much I have in bitcoin. They know I own some, and they know it's going up, but I tell them I wait for better days when it's really worth some serious money, which is mostly true. They see that I don't show wealth and I don't really have anything to show. I live the normal life people in my age live. I have a home, a car, I don't ask others to lend me money, but I don't live a lavish life, traveling around the world and driving lambos. That's why nobody asks me to give them money and I can avoid this black tax you're talking about.

Thank you for explaining what black tax is all about because I had no idea what the word meant but as I saw your explanation I could relate immediately. I don't care about how the black tax is affecting me, I know I have a responsibility to make my family comfortable so I don't hide my earnings from them. I let them know how they can benefit from buying Bitcoin and holding it or deciding to trading it.

We can't hide away from family responsibility, it's challenging but that's what make us men and head of the family. We're to provide so our families can be alright. They too have to work and not be lazy but we have to help them while they aren't doing that yet, I just make sure I don't go broke in the process of helping.

Yeah, the terms are different but they've got the same definition. With the emergence of people being informed of what these terms are, everyone starts to realize that the cycle should stop on this generation within themselves, within their initiatives.

Discussing it with our parents is a good start and I am sure that they will understand our sentiments based on our explanation. It's not bad to give back to them as they've been the one that has guided and took care of us.

Don't give if you're not happy. But no one can stop you from giving them as much as you can.

Just don't forget to save for yourself and your future so that you won't be ending up as sandwich generation. Fortunately, there are a lot of difference from their time and in today's time and that's why we can break that cycle.

Helping others around you is a good thing but it is not by force that you must help them. It is a personal decision and nobody can question you. I am also a giver in my locality. There are some people that you give money that God blesses you through them while they are some people you give that are from the dark world. Those who have good heart pray for you whenever you are going down but the evil ones will be happy when you are going down. So you have to be careful in life. My advice to you is that, you have to set up yourself first before giving. Have a physical business that brings money to your daily feeding table and other businesses that you can use to withstand with those taxes. Even politicians who have enough money doesn't give money unless it close to an election and it is a campaign period.

Actually the way I look at the crypto market there are no tax laws, like many people here, I used to and am making money with crypto, but I have never had to pay any personal taxes. as well as the obligation to declare that the money I earn from the market. But that doesn't mean that I avoid paying taxes, I used to have a lot of thoughts when I made a large amount of money with this market and also understand that there will also be people who will lose a large amount of money from the market, but like a game, it's fair to us here when we approach it, and also thought that the money we earn will be shared with those around us, so the self-discipline I learned from the market School is a valuable lesson that should not be measured in units of assets.