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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