Navigating Black tax
It is unwritten rule that if you are ever present to every need, you will be their God and if you are their God, you will supply all their needs.
This is the true story of a young man, the first born of his family, who recently got a new job in Lagos that pays in six-digits in his local currency. This young man, Samson, completed his university education three years ago and had been in the job market for 2 years having spent a year serving his country in a compulsory national scheme.
So happy with the new job, he called his parents and siblings to inform them. He also informed them of his monthly net pay, payable on the 24th of every month. They were happy for him. Towards the end of the call, they reminded him of his sister’s school fees.
His friends got to know of the new job and the possible pay, and they are now in his DM congratulating him. On the day the first salary was paid, Samson’s friend messaged him to beg for money. Did I tell you the youngest sibling also requested for money for keep-up? His sister’s school fees is due on the 15th of the following month.
Let me confess, this is not a true story. One thing is certain, we can relate to the story. Businessday defined black tax as a part of your disposable income that goes to upsetting bills from parents, siblings, friends and even extended family members. The bills are divided into two namely, known and unknown. The known black tax are usually bills you are aware before they are due. So, you can factor it into your income. The unknown are the sudden and unplanned bills, and they are usually due immediately or month end.
This is one truth you should acknowledge. Black tax is not avoidable. Hence, why I titled this newsletter “Navigating Black tax”. There are different steps you should take to navigate black tax.
1. Say No to ridiculous expenses: You should choose your battle appropriately. You cannot cater to all the expenses. Never be shy to communicate a “no” when the expenses do not in any way affect the living conditions of your beneficiary. Always communicate how you would have loved to help your friend, but your budget is constraint.
2. Cut down the amount: If your friend or sibling asks you for a sum of money that you are unable to help with or that will affect your own living condition, inform them with love that you do not have all the money, but you will contribute a small amount towards the cause.
3. It is not every time you are present. It is every meeting you attend. Do not be careless with your income. It is unwritten rule that if you are ever present to every need, you will be their God and if you are their God, you will supply all their needs.
Be bold and courageous. You might also want to teach them how to fish. If you see that they are unwilling to work and learn, it is clear signal of laziness, and you should reduce the amount that flows from your side to them. Do not fall for the persuasion. Some people have mastered the art of begging. Be discerning.
If you are unable to settle your bills and take care of your immediate needs because of black tax, you might need to re-assess the situation. Set a cap for your black tax. Roll over the ones that you can and cancel the ones that are not trivial.
You always have a choice to make.
Cheers to a profitable lifestyle,
TL.