Topic: After Making Money In Bitcoin, How is Black Tax Affecting You Economically? - page 3. (Read 391 times)

Talking about black taxes, maybe everyone will have different views. Because nature and habits will definitely affect this. Starting from a generous person to a stingy person, surely the way of looking at this black tax will be different.

But personally, after I entered the bitcoin space, and I have been earning from this bitcoin field, I also like to give money to the people around me (parents and siblings).
But because I am married and have a family. So what I prioritize first, is definitely my family. Meanwhile, like my father, mother and younger siblings, I still like to give them money. Especially for my parents, every month I routinely give them money, and more or less it depends on my income in this bitcoin/crypto world. Because if we don't do that, keep in mind that we can grow up because of our parents, sometimes there are problems we can't handle, we complain to our parents, so it's only natural that we, as children, must be able to help them financially, whether it's a little or Lots.

And for my close relatives, such as aunts, uncles or nephews, I also sometimes give them a little money. But not as often as my parents and my younger sibling who are still at school. And keep in mind too, parents or siblings, it is the closest person who can be asked for help when there is a need. So it's only natural for fellow relatives to be able to help and support each other when one of these relatives is experiencing difficulties. So regarding this black tax, I like to run it and don't mind.

I am facing the same situation you are, but fortunately, i might come up with something useful which might help you out. No doubt we always like to pay black tax and keep the needs and wishes of our parents, first priority. I also always try to delay my own needs and wishes so that the money i have could be used to fulfill theirs. As, I do have some funds in savings which i can use to fulfill mine but i thought it would be nice if they remain intact in the wallet for the next bull run.

My plan is, to try to increase your portfolio by earning a lot, if you mostly earn from here like from signature campaigns, then try to earn more, like by joining other campaigns such as article writing or video campaigns offered by different campaign managers. You could earn extra hundred dollars if your article or video got accepted and you could use them to make your wishes come true. Or, if you have any skills then you should share them on service discussion to earn extra income.

From personal observation and reading different cultures have specific ways of dealing with families. Like in the Western culture, the children might not be fully responsible for the care of their aged parents or relatives. Maybe because they have a good welfare system that handles some of these responsibilities. In other cultures, it is a major responsibility for the children to provide almost all the basic needs of their parents. If you don't take such responsibility, you will be seen as a useless child. It is also the responsibility of an elder sibling to provide for the younger ones until they grow to cater for themselves.

In my case, I am fortunate that all my younger siblings are now financially independent. Some of them are more financially stable than me, so they take care of my parents while I assist in any way I can. I am just focused on developing myself to increase my income so I can also take over some other responsibilities in my extended family. It is not easy to handle these black taxes but one of the ways of paying these bills is to seek alternative means of income and also spend responsibly. Don't also pit yourself under unnecessary pressure because you want to satisfy people's needs. If you fall sick or become indebted, you will have to bear it alone. Take only responsibilities that you can handle. Some of my friends will have to sometimes spend their entire salary because of health or other financial expenses on their parents or sibling. It is painful but they have to do it.

If there is one thing that I have learned, it is that humans needs are unsatisfiable. The more we try to satisfy one's needs, the more others keep arising from places we never expected them. Right now, it's as if our most pressing needs are what we have more of than those for which we really made our budgets.

To some point, I have come to realize that the more our income increases, the more our expenses will increase as well. Family needs will always come; this includes the wife, children, parents, and siblings. They always have one or two requests to make, and we always think that those needs must be met for them all the time.

If I were to give you my advice based on personal experience, I would say you should give yourself a custom spending spreadsheet, like a weekly or monthly spending budget. That's what I did when I realized I was spending more than I was expecting. Now that I have a personal weekly spending budget, all my signature payments alone are enough to cover that. Anything above that amount of spending, I consider myself living above my budget.

When my weekly spending budget is reached, even when any family members seem to be in need of something, I always ask them to wait until next week or the month-end payment. Letting them know that the money is not always available whenever they request it will make them reduce their expectations. Now that you have suspended their demand for this week and shifted it to next week, it will save you that extra cash you could have spent on this week.

Even me on which i do already have a family but still i cant really just that able to avoid on not to look back.I should really be focusing with my own family now but it cant really be avoided for you to support them specially

if they are really that in need on which means that you should really be exerting out more money from your income despite on having a dayjob+ crypto earning which it wouldn't really be that sufficient or something that

you cant really be able to save up when the time comes just because of these kind of additional expenses.Totally give out some stress because you are obliging yourself to support both families which you cant really turn your back on them because its your original family and you cant just avoid not to help them specially you do know that you do have the money. Yes, it is really that something good to be done but you are the ones who would
be making those sacrifices which would really be affecting you in long term. Always prioritize on having those personal savings whether you do earn it on crypto or from your day job.

This is painfully accurate and hits very close to home. I no longer live with my family, and have been helping them for over a decade yet I feel like I am still obligated to provide financial aid regularly. They learned of my dealings in crypto, and even though I am getting quite a good amount in what I do, a large portion still goes to my family to support them. It's not something that bothers me, as I am in a position to help, though it would be best if they start making moves to provide what they need for themselves, too.

Though if it were my own, a family i helped create, I would gladly spend every last dime I earn no matter where the source is.

Running Family have it on way of handling it, you can not handle business like family or family like business, what matters is making provision for the  family and protect the interests of the family, it will we be abnormal from my perspective of running family like business, so my advice to people is to know the kind of advice you will take.

If you're the one who has to feed most of the family members for some reasons then it's going to be really hard no matter what, even if you're making more money in other works like via crypto activities which may not be enough due to the rise of inflation and along with lifestyle inflation. I am not sure it will apply for the whole family but why not even if an individual who keep making more money can't feel financially stable then it works for family too.

It all depends on how you positioned yourself at the first place.. lemme answer you locally because I know you are a fellow locality, our people say "pekin wey dem carry for back no dey carry another pekin for back" alternatively, a plant does not instantly turned out to be tree so it takes a gradual process to become one of the tree to shade and shield everyone in your family.

However, you must set a plan for your self as time waits for nobody especially if you are advancing in age and wanting to carter for everyone is something that would possibly drag you back just as I have said with our proverbs. You must have some multiple stream of income for you to be able to foot the bills of everyone or possibly starting distribution of money, as man I know they needs to be taken care of but you can't dispute the facts that it's a must do duty or responsibility, yes let say it's but you need to stand firmly before trying to lift a heavy load and if you don't stand firmly same people, same family members are still the ones to
make gest of you.

I was actually facing same issues less until I met an uncle who is also wealthy and I asked how were you able to managed all these things at your time, and yet you were able to stand firmly without being poor. What he said to me is that "set a plan for yourself to stand first before thinking how to take a proper care of others" I was like are you being serious sir? He said yes by son!

That they were eating, living and walking even when you weren't of age and despite being of age they are still alive and they won't die being that their health condition is safe, go hustle and get yourself established after which you may come back and clean them up.

That was he's own part of experience and to what he explained to me, You know as someone who is wealthy and well respected in our community I did not even bother to do anything else than to put all he said in practice and I believe some results are already manifesting.

Just like on what others been saying above that you should put up limits on the money that you would gonna spend on 1 month and the rest would be saved up for long term holds. This is hard because you have been get used to on helping your family in terms of finances which you cant really ignore some situations which you would might end up on supporting them once again. If you do wish
on having a progress at least then start on having that discipline towards your spending and put up limits. Black tax is something that it isnt that a responsibility but this is a normal urge for you to
give money because of that sense of giving back into your family.

The question is both simple and complex
Let's start with taxes in general. Taxes have to be paid! Whether we like it or not, a normal state does not print money, it collects TAXES. And these are our parents' pensions, medicine, and the social obligations of the state. More precisely - the ability to fulfill them and the level of their quality.
And here we come to the so-called "black taxes". It is because the state either does not receive enough taxes, or underpays them, or does not use them effectively - we, those who can earn, and those who have a responsibility to their close relatives, are forced to pay them.
But there are nuances here, too. Some people "score" on their parents and younger siblings, for example, and some people live only for themselves. I, for example, support my parents, my wife's mother, and my niece. No, it doesn't mean that I am their breadwinner and they are my dependents, no - they don't have a meager income, but I have the ability and desire to help them and raise their standard of living a bit.
Cryptocurrency, for the last 7-8 years gave me a very good income, and now brings profit - from investing activities, from trading, and other things, which gives additional almost "passive income".
So my answer - I have a positive attitude to paying taxes, both white and "black", and not only from income from cryptocurrency

Honestly on which we are really that on the same situation like this on which you are really that trying to cope up and trying to patch up on things which arent supposed to be done but since you are part of the family and you are the ones who are earning that well then it would really be giving out that kind of feeling that you should really help out your parents and your siblings when it comes to finances specially you do know that you are really that earning well and this could really hinder you out on becoming more better as years passing since you would really be continously be spending up on the money that you should supposed to be holding. Its true that
if ever i havent been able to do such thing then i might be millionaire as of this moment but since you have spend it out or actively been converting those crypto earnings then those opportunity or chance is gone.
Im really that getting stressed into this situation and this is why im trying to put up some boundaries via spending less and if i would say that i dont already have funds then thats it.
Im not going past beyond those limits which i do set where it is mostly that i do take a huge chunk or % of earning to savings and wont be tending on touching it no matter what.

Your struggle with the Black Tax is deeply understood, and it is indeed intricate. Could we recast this by viewing the wealth you accumulate as a catalyst for empowerment?

Envision moving from just being a financial pillar to constructing avenues for self-dependency in your family. Maybe a part of your crypto income could secure education for a sibling, seed a family venture, or upskill a relative.

This way, you're teaching them to fish rather than just handing them fish. Over time, they may stand on their own, lessening your burden and casting a positive wave in your family's finances.

I can't put myself in your shoes OP, because I have a very small family to take care of. My father always had some money and he's a man of small needs. I know he'll never spend his savings because of the way he lives, and even if he tried he's got enough to live a good life for another 10+ years without having to lift a finger.

I never had to support my family financially, it was rather the other way round. Nowadays I don't get anything from them, but they also don't need me, apart from the occasional help with bills and papers, which is typical for old folks.

If you're earning good money, try to give your family the rod instead of the fish. Give them a business idea, maybe help them find jobs, or buy them a place they can turn into a small store, or a food stand. A child should never be the main provider for the family. You can help them from time to time, but you should not be their slave.
Come up with an amount of money you can give them each month, and make sure this is less than 50% of what you make.

It is always very annoying, and one has no choice but to take care of family members because that is why we are looking for ways to make money so that they do not go without their basic needs; but to be honest, it is never easy, and everything is now expensive due to inflation and price hikes.

Because of such family concerns, it will be difficult to make a decent investment in Bitcoin because they will not be able to invest money that they will use for fundamental needs.

The only thing I do is make sure I complete all of the essential things by taking some of the money I get, and I invest at least 25% of my signature payment every week because, for the time being, I am a graduate without a job. I'm utilizing this forum to survive, and I'm really happy with the outcome.

If your responsibilities in RL is larger than your income, you'd definitely run into financial problems; it doesn't matter where the income comes from, be it crypto, your RL job or a combination of both and more, if what you earn is smaller or almost equal to what you're spending, you'd struggle to have any savings or any money left after paying your bills.

Having said that, it is either you drop some of the responsibilities or you look for a way to earn more income. If possible you can empower some of the people who depend on you, so they can start making money of their own and in the long run it'll relieve you of the financial stress. Anyway i take responsibilities as part of life, because there was a time i was also a burden to other people.

It is very very hard to get to next level in very short period of time. The ways which you mentioned are almost done by everyone here and even I am doing most of that already. It had not taken me to any new levels because that income is stagnant. There is no achievement or appreciation in your income after certain level. I am not talking about trading because that is entirely different sector and it is more or less full time job if you wanna survive on it.

I have also reached out of forum now. I am working part time for micro tasking site is moderator. They pay me weekly basis. I work on forum plus my real job. I’m selling my artworks now and then. You gotta be very active. Sleep less Do more. I don’t know, that’s the formula I guess.

I am just so amazed i was paying Black Tax and i didn't knew. Term of this procedure put me in confusion that why it is called as black while i found nothing wrong in paying it, instead the tax we pay to government will be called as Black Tax  . I have watched some movies in which when a kid turn 18, their parent ask them to live on their own and the kid does not have to look after his parents financially. If i am not wrong about this culture.

Speaking freely, i am also living the same old life even back i was not earning and now i earn money but the issue is my love and care for my parents that they give me so much love and fulfilled all of my needs and wishes and that love did not allow me to ignore there needs and wishes. So, according to my status i try my best to pay Black Tax. I also live with my parents and i am not that old and in our country there is no concept of moving out leaving parents behind too.

How can we deal with it, simple earn more and try to save money for yourself and fulfill your own needs too as they also love you and they must be worry about you too. I think we should not take it as tax because that's not what i am atleast paying.

Run your family like business. Fund things that are profitable and necessary. Your success will prove you deserve the money you earn from crypto.
Typically, rewards or money should be going mostly to people who deserve them. They will be put into good use and multiplied by wise decisions.

I didn't know it has a name but glad to learn something new. You should probably treat it as a phase in your life which means it's only temporary. Do you have some sort of authority in the house since you're basically the breadwinner from what you've describe? If none yet then try to be assertive. Small things like telling your younger siblings to save on electricity and water could go a long way. Teaching them about budgeting will also help them learn about responsibility at a younger age.