Navigating 'Black Tax' as a young Nigerian.

Navigating 'Black Tax' as a young Nigerian.

As a young Nigerian, you may be familiar with the concept of "black tax" - the financial responsibility to take care of your immediate and extended family members. This concept has been around for generations and is still widely practiced today. It can be a difficult burden to bear, especially for young people who are still trying to establish themselves financially.?

?However, there are ways to navigate this scary "black tax," and that is what we will be sharing in this blog post.

1. Break down your dependencies into levels: Determine your main responsibility. Do you want to focus on helping your immediate family for now? Set aside a part of your income that you can send home to your family each month. When your income increases, you can then start helping members of your extended family.?

2. Prepare for emergencies: It is important to save parts of your income in case of unexpected circumstances. As much as you want to help others, you should also make sure to keep some money for yourself. Save enough to sustain yourself for at least six months and lock the funds, so you're not tempted to use it when bills come knocking.?

3. Teach your family members about financial literacy: Show your family members how to budget and save their money wisely, and introduce them to digital tools that can help them manage their finances.

4. Invest in your own financial future: Another major tip is to make sure you invest in your own financial future. This could mean putting money into a savings account, investing in stocks or a retirement plan. This will help you to build your own financial stability, which will enable you to support yourself and your loved ones in the long term.

It's important to remember that financial stability is a journey, not a destination. While it may be challenging to navigate black tax as a young Nigerian, it's important to stay focused on your long-term financial goals, communicate openly with your family and community, and practice good financial habits.

In conclusion, black tax is a reality that many young Nigerians face, and it can be challenging to navigate. However, by setting clear boundaries, creating a budget, investing in your own financial future, and staying focused on long-term goals, you can navigate the burden of black tax while also building a strong financial foundation for yourself and those around you.