GENERATIONAL WEALTH HINDERANCE

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Go Hustle

Taxation is of utmost importance to any country, as it is a fundamental way to generate public revenues that make it possible to finance investments in human capital, infrastructure, and the provision of services for citizens and businesses.

We live in times where everybody is busy chasing the paper with the goal of being financially free. The dream of early retirement has seen many working day and night in order to reap big in future. This however for some is a mirage, as there are circumstances that dare change that narrative. It is not news that in the process of bettering your life, you would want the same for your family members and this is where the downfall creeps in. 

In an African society, so much is expected from an adult. For instance, one of the expectations is to take care of your extended family.  So, if you have nieces and nephews, you might be required to pay their school fees and well being since ‘you live in the city’. This is what is termed as black tax. There is a thick line between supporting your family willingly, and being forced, asked or required to. 

It is next to impossible to escape from the cultural obligation of black tax as a young African adult. This is expected of you as it is meant to propel the entire family out of poverty. The essence of it all, as you were raised to the position you are in today through family resources, it is the prerogative of the family to be financially uplifted by your support.

So, it will be right to say that black tax isn’t bad afterall, but the approach matters. Families need to understand that one has other personal obligations and should be asked to help, other than being coerced. It is not a family right. Parents should desist from seeing children as retirement plans, as this draws them back from moving up social classes. 

Black tax should come out of family love, not a burden. Young African adults need to prioritize personal financial needs before giving back to the community.  

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