Black History Month
A topic often discussed by the black diaspora is Black Tax
"Black tax" refers to the ongoing financial support provided by successful Black individuals to their less fortunate family members, a practice with roots in South African apartheid but now widespread in other countries, driven by cultural obligations like the philosophy of Ubuntu, but also by socio-economic factors. This support, which can include paying for school fees, medical expenses, or living costs, serves as a duty and a sign of respect but can also feel like a heavy and stressful burden, impacting the professional's own financial goals and well-being.
Seeds to sow:
Keeping your finances in check.
Weekly micro-budgeting. If you're having trouble staying organised on a monthly basis, make a weekly plan.
Know your boundaries and stick to them.
Money isn't your only resource.
Don't be afraid to have ''tough'' discussions and agree on expectations with others.
Take care of yourself.
Budget for Black Tax.
Read Natalie Magosha's article: https://retirement.fidelity.co.uk/news-insights/workplace-investing/saving/black-tax-and-what-it-means-to-me/
Join us next week for more Seeds to Sew!
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