Topic: After Making Money In Bitcoin, How is Black Tax Affecting You Economically? (Read 435 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.

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.

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.

When I said personal goals, I never mentioned stop making money. Your personal goals could be buying a car, a house, buying other things that you don't actually need that much to fit into your environment. These are what I meant. How can I advice someone to stop making money? How is he going to Carter for his family. Sorry you misunderstood my words I should have explained better

I perfectly understand your entire point, but to be sincere, the line I quoted above is kind of off if you ask me, I am believing you likely made a mistake on this line, because there is no way leaving our own personal goals to take care of family is the perfect right thing to do..

Think of it this way, if I leave my own personal goals and focus only on taking care of my family, in the long term, those personal goals are very much goals that is supposed to ensure that I keep making steady money to keep taking care of the family even much better than I do for them how, if I abandon those goals, where or how will the money to keep taking care of them come?

Like I said before, I believe you made a mistake, cus I can't believe you said that, I would love you come back and tell if this is a typo or you really mean what you said.

To be honest and sincere, family is one of the major reason that drives me to want to make money. I get happily when they are happy, well, safe and around. They are the best part of my life. Even after I build my own family(not yet married), I would still get to take good care of them.

These responsibilities is a choice, but making the wrong choice could jeopardize ones future. No matter how stressful it might be, taking good care of them and abandoning our own personal goals could be just one right thing to do.

 Before I got into the crypto space I was able to provide for them the litte I could even when my business wasn't moving as expected. I just believed that all would be better one day and I would have enough to care for them. So as long as they are well, you just have to over look how much you spend on a daily basis because the more you think about it, the more negative taught keeps running on your mind. And remember no matter how much you have you cannot buy a good family

Let's begin by knowing what a black tax is..

WHAT IS BLACK TAX?

Wikipedia explained BLACK TAX to mean, giving to parents, siblings, and other family members, often out of obligation, or a deeply ingrained sense of family responsibility.

Now, for us to better understand this, many of us feel it's our responsibility to take care of our parents, sibling(mostly the younger ones), and other family members like our aged uncles and aunties, maybe even nephews and cousins, most especially those without parents anymore, and to achieve this, we sometimes inconvenience ourselves, put our own plans on hold, to make sure their own needs are taken care of first.

So, born from my own personal experience, or should I rather say what I am currently going through, I will like to ask this honorable forum members, How are you dealing with Black Tax after making money from crypto?

Personally for me, it's been hell really, on a monthly basis, I make good amount of money from my several crypto activities, like trading, staking, investments, my participation on forum ad signature campaigns and all that, but at the end of the day, its as if I am not even trying due to personal and family expenses( family expenses mostly since it does not even allow me take care of most of my personal expenses), with the total amount of money I make every month from all my crypto activities, I should be a millionaire (in my country's currency please) by now Economically, but I discover I am still like the average person I was years back before I entered crypto(a slight difference though).

I really wanna be better, I wanna learn how to deal with the issue of black tax, I wanna learn from your own experiences, stories, contributions or perhaps, your suggestions, so please feel free to contribute to this discussion.