5 Self-imposed, value-depleting taxes you must avoid to reach your full potential.

It is said that two things are certain in life, death and taxes. These two things are certain because they are outside your control - as they are imposed on you by nature and the government. However, regarding taxes, there are five types of self-imposed and potential limiting which you must do away with to achieve your potential.

No. 1: Black Tax

Black Tax refers to the financial burden borne especially by Black people who have achieved a level of success and provide support to their family members mostly out of obligation.

The problem with black tax is that it reduces the value of life of the payer and limits how fast and how far you can go in the expression and optimization of your potential because you are bogged down with providing for family members particularly at the critical point in your life when you ought to invest in your career and yourself for exponential growth.

This keeps you from tapping into the benefits of compound interest which is a result of consistent, tangible and repeated investment in yourself and career.

As a result, you are unable to compete at the global stage, and end up not reaching your full potential.

No. 2: Communal Tax

Communal Tax refers to the self-imposed burden that financially viable African men put on themselves and because they chose to spend all their financial wherewithal on taking care of practically everybody in the community at the expense of their own children who ordinarily should enjoy the best education and exposure, but are unable to due to the communal dispersion of their father’s financial resources.

Many of such children grow up despising generosity, particularly if the recipients of their father’s generosity turn out better.

As the outcome of your children’s lives is one of the important parameters by which posterity measures your success and impact, depriving your children the opportunity of the best education and experiences can limit how well they turn out, and indirectly cast your legacy in a bad light.

No. 3: First Born Tax

First Born Tax is yet another value-depleting tax and African burden whereby the first child of a large family tends to spend the best part of his earning years paying his siblings through school and beyond until they are all settled by which time his earning power may have waned.

This sometimes leads to late marriage by the first born concerned.

Eventually, this puts his survival and sometimes the education of his kids at the mercy of his siblings.

If you are a first born, as cruel as this may sound, do not feel obligated to take on the upbringing of your siblings, particularly if doing that would interfere with your chances of tapping into the benefits of the compound interest investment in self.

Your siblings’ upbringing are your parent’s responsibility and not yours.

No. 4: Domestic Husband Tax

Domestic Husband Tax – is a self-imposed, value depleting tax whereby a selfless husband in the bid to satisfy his wife’s craving for his presence at home and desiring to portray himself as a loving and responsible husband sacrifices opportunities for constructive and progressive socialization, career progressing extra hours at work, and work-related opportunities for travel to be a “caring and available” husband.

The problem with this act of selflessness is that the couple fail to realize that money and progress are in people – and these people do not come to the house.

So, by deciding to invest most of his time in being with his wife, the husband inadvertently limits his opportunities for career growth, social circle expansion, and new business opportunities because he is with his wife literally all the time.

You cannot spend the bulk of your time with your wife and still achieve your fullest potential.

No. 5: Full-time Housewife Tax

Full-time housewife tax – is a predominantly African scenario in which a woman clearly with the brains and abilities to potentially become a career or business success willingly decides to, or is compelled to by her husband, family, and society to become a stay-at-home wife and all but shut down her potential of becoming a career or business success.

Some wives do this or are compelled to do this even when it is clear that their husband’s income is scarcely enough to give both of them and their offspring the possible best life that they would have had access to if only she had also exercised her abilities.

No woman with the brains and capacity to make a mark in her chosen industry or endeavor should accept the full housewife tax on her life unless she has no value to offer beyond making babies.