Topic: After Making Money In Bitcoin, How is Black Tax Affecting You Economically? - page 2. (Read 446 times)

Black tax seems to be almost the same as the currently trending term as the sandwich generation. https://en.wikipedia.org/wiki/Sandwich_generation
Black tax will be affected by the culture and mindset of both parents and children because usually, parents will shape their child's mindset, such as having to always care about family, prioritize family or so on.
Experiencing black tax is really unpleasant for that person, the way for him to get out of that situation is to change his mindset that he has to balance between keeping his family and himself happy because it's impossible for him to make his family happy but he doesn't, what percentage do he have to use as a black tax and it shouldn't be higher than what he has to have, or if he has to be responsible for his sibling's school fees then it is only up to a certain extent and after school is over then it is not his responsibility, and I consider it okay to say that his brother has to reimburse him after work to give him a sense of responsibility. But if you experience black tax, it's better to do it with gratitude to stay strong.

Yeah and that's why I am grateful that I have this type of family that is supporting to whatever endeavor that I does and they're not asking anything in return.

So, this also depends if you're a giver and you can't stop yourself. You don't blame the people that you're giving when you find out that you've got nothing left anymore.

It's not your obligation to give back to them but it's a good cause to work harder because you're happy when someone receives something from you.

I was also quite confused when I heard about the black tax. I still give money to my parents because it is the responsibility of a child when his elderly parents can no longer work but it's never forced or forced, it's all up to me to decide. As for other relatives, if they have stable finances, there is no reason for me to share assets with them, what I earn is my sweat and tears. So whether we give them money or not is up to us, they have no right to demand or ask from us, and it is not a responsibility we need to fulfill.

Sandwich generation is more popular than black tax and both of them have a same definition.

It's hard, but you must discuss it with your parents, siblings or anyone you take care. You can't just always say yes when they ask you money because if you're not happy to give your money, you're just trying to kill yourself in slowly. You need to set a limit like you only can give up to 20% of your monthly salary for them, if they really need money they need to ask to other party, not you.

This is the first time I hear the term of 'Black Tax' but where I come from, people who has black tax are called 'Sandwich Generation' meaning we need to fulfill our need (and family if already have wive or kid), and fulfill our parents and sibling needs. While I couldn't said from my experience since both my parents passed away when I was relatively young, and I haven't got much money even to fulfill my needs, but I have some friends who have the same position as you now, and I happened to asked some of them how they handle those things, some of them answer some of them think that's too personal.

On some answers I can conclude that it vary depends on the nature and habit of their family. Some family are very supportive and understanding so they will not ask much, or even never ask,  they will just be grateful on whatever they received from their adult kid. My friend who has this type of family never really has any trouble he give what he want to give and keep the rest for himself.

While other family are just so ungrateful, they they demand more and more from their adult kid, they will compare what they receive from their kid to other neighboring family. Most of the time this type of family asking 80% or 90% (if not all) of your salary/income. So my friend who has this tpe of family lies about their income, they will keep half of the money secret put it in some secret account or something.

So, IMHO, you shouldn't be fully responsible for other people live especially if they are an adult, you help with what you can and what you are willing to give, you shouldn't be obligated to sacrifice your own life for other people, even if it is parents or your siblings.

At some point, I realized giving your entire self for whoever else is somehow wrong. If you sacrificed yourself to your parents, siblings, relatives, and whoever else, if I were god, I'd punish you for it. It is all right to be of help, to be of assistance. That is, in fact, necessary, but to live your life as if you are a means for somebody else's end is a huge mistake.

Having said this, leave something for yourself. You are a person yourself. You have a life of your own. You have dreams to reach. You have your own happiness to seek. You are the universe's son or daughter, equal to everybody else, why would you forget yourself so that others may enjoy life?

This is not selfishness. The opposite is.

That's the first time I am hearing of about "Black Tax". So its like sharing your wealth with your family. I don't see why it would affect you economically. I mean you aren't giving a huge portion to them. And it's your money. You shouldn't feel obliged to give them money. Its not their money and you decide if they deserve or not. Sure, you should help them if you can, but if they are all financially stable, they shouldn't be asking money from you or expect anything from you.

Let narrow this discussion to.the Africa context, since majority of our aged parrents are leaving off retirement payments since their never get.the xhance to work for the government while they were young and still in the laboure forces, so at that the have to depends on their young children to carry thhem through old age and in this part of the worlds it is the responsibility of the children to tske care of their aged parents unless you are lucky to have parents who are financially ok on their own.

This black tax have been the reason why most dirst borns i Africa faces alot od challenges and fi ding it hard to raise even if they are earning a substantial amount as their monthly income.

To float above this one need to have multiple sources of income and also be lucky enough and work hard to find a fortune that can turn their life around for the better.

Yes, I believe that's how most of this new generation turns out to be.
The moment one grows old enough in his thinking to realize that not everything that they really want in order to survive in life and as such some wants s should be avoided in other to make room for needs expenses. 

If one can control how much they unnecessarily spend on their wants and channel all that to their needs, we will realize that we are actually making what should have been enough to set up a comfortable life and have some reserve for savings.

Good for you but not for all people because we do have different type of family when it comes to behavior and their values when it comes to money. There are some who are really that demanding and there are ones
who are really that discontented even if you have game them something specially if they do know that you are on a situation on which finances is really that something good or just simply looking into your condition.
If they do find out that you are already on a state that you are rich or having the money then they would really be tending to ask or demand for more.

Its true that you do have your own will on where and how much you would really be giving and you shouldnt really be obligating yourself on supporting all of them when it comes to their needs
specially if you do have a family to feed or to be raised then its not really that your obligation anymore.

It's easy for me.

I'll just give what I have to give out of my own will rather than being obligated and good thing is that, they're all happy and grateful everytime I give any amount to them.

I'm also grateful as well that they're not too demandful unlike the other folks we've got in here that have such demandful or ungrateful people for their black taxes.

Firstly, most of us make money for others to enjoy and not for us to fully enjoy it ourselves without remembering our loved ones who have been there for us from tender days. Your family are your number one people and you can’t forget about them but can plan how to spend on them in order not to feel pressured.

I don’t think this Black Tax can be avoided totally but it can be limited to the way they’ll be dependent on you. This can only be achievable if you can enjoin them into doing something profitable for themselves and stop being overly dependent on your own income for their daily expenses. Even those that are old, the money can be invested in something else that will bring profit at the end of the week or month to cater for them.

Everybody wants to live better than they do before after getting a better job, but if you don’t plan it well, even the family member that can take care of themselves will want to put that responsibility on you. Know how to structure it and make a good living out of your sweat and effort. Life is only once, you can only live it once.

I suppose that this depends on the culture of each country, there are countries in which families and even extended families are supposed to support each other way more than in other countries, now where I live it is not rare to give some support to those family members which are going through some emergency, but when it comes to day to day support this does not exist except for the closest family members, like a mom, so the black tax you are describing at least in my case does not affect me that much.

i think your confusing "needs" with "wants"

what i have found is there is a generational thing.

the young, when they first step into the world of employment outside of their nests.. they think everything is available to them and are still in the influencer culture of wanting everything. such as top brand produce. just because their social group or favourite idol has it

however as you age you get wise and start to think about 'needs' instead of 'wants' and so you do learn to live within your means or if lucky like me to be able to afford anything you realise you dont need everything.

Indeed, the concept of limitless human desires offers deep insight into our culture. It appears our wants grow as our means to satisfy them expand. You've highlighted a fiscal cycle often ignored - rising income leading to increased spending, particularly with family duties. This 'duty' can trigger a never-ending expenditure spiral.

Your budgeting method is praiseworthy, albeit a tad stiff. Room for adaptability, especially for unexpected costs, is crucial. A budget integrating savings, investments, and contingencies might be more efficacious.

Yeah, Black tax is mainly high on countries where the Government doesn't enforce task on Citizens like OP that made money through cryptocurrency. So, the bill keeps coming from left and right, if you notice his lamentation, you'll understand that giving to family members isn't the main problem. Most times friends and acquaintance who are having some financial downside also send out black taxes to people. And that's where it gets weird, a person just work and suffer at same time, no much changes or increase in income or savings. If Op invests the money he pays on black taxes he'd be seeing higher returns that it may no longer be a torn in his flesh to send money to his family. It never gets easier, but the movement continues till it gets better. I've decided to cut cost and focus on people who actually needs this financial help, regardless if they're my family or friend. Matthew 10:36; don't get it complicated.

The first thing I did was to provide for my family, after that, I set aside some for my parents back at home. That's all I've done for years and never changed, sometimes it's hard to talk about this because after all as the head of the family I still can't give the best for my family and my parents.

Income is indeed erratic, and at this point we are required to work even harder, to explore the potential that can generate income, maybe we often forget about our own health because we are too busy with tasks. You, me, and everyone try their best.


I'm sure in this case there will be quite a variety but have the same desire, namely to be able and stable in everything that can be given to our loved ones.  Did you know that what you say actually represents almost everyone, the difference is that we cannot express more than what is felt. I actually pondered this question for quite a long time, this really touched my heart and at the same time rebuked myself because it also reminded me to immediately contact the parents in the village and apologize for not being able to give the best as a child.

In my country, it's not typical for wealthier relatives to support their poorer relatives, so I don't think we have a black tax. Some people do that on a regular or occasional basis, but it's not something that's expected. Well, I mean, if it's one household, spouses often share their finances and obviously cover the financial needs of their children, but I don't think that counts. I don't think such a feeling of obligation affects me or the people I know. I'm pretty average for my family and for my country, so I don't expect much from others, and they don't expect much from me, perhaps.

I was born in a family that values ​​intimacy and mutual cooperation. So the term "Black Tax" that you convey is common in our family.

I will give some of the money to my mom or dad, they are old enough so I help them financially. I've never worried about running out of money, nor have I ever been overcharged. Because I'm used to it, I worry if my parents need money when I don't have it

I don't know if this is common in other countries. But in my country almost all families do that. This is the culture and heritage from the ancestors. Children will help their parents when they can work. It is a common thing in our country, and also in our family

most peoples issues is as soon as they get profit. they spend it.

the trick is to tell your family you made a loss (when you made a gain) and just tell them that you dont have any profits to give them this month

dont promise them monthly income guaranteed,, tell them a lie. say instead there is a 50% chance of loss. that way every 2nd month you dont pay them.

firstly it makes them less reliant on you and secondly you get to accumulate rather than spend

then invest the actual profits/income and accumulate them hidden from family. until it comes to a point that the original profit stash is more then your own investment stash. and then syphon value off that to feed the family.