After Making Money In Bitcoin, How is Black Tax Affecting You Economically?

[Fivestar4everMVP]

Let's begin by knowing what a black tax is..

WHAT IS BLACK TAX?

Wikipedia explained BLACK TAX to mean, giving to parents, siblings, and other family members, often out of obligation, or a deeply ingrained sense of family responsibility.

Now, for us to better understand this, many of us feel it's our responsibility to take care of our parents, sibling(mostly the younger ones), and other family members like our aged uncles and aunties, maybe even nephews and cousins, most especially those without parents anymore, and to achieve this, we sometimes inconvenience ourselves, put our own plans on hold, to make sure their own needs are taken care of first.

So, born from my own personal experience, or should I rather say what I am currently going through, I will like to ask this honorable forum members, How are you dealing with Black Tax after making money from crypto?

Personally for me, it's been hell really, on a monthly basis, I make good amount of money from my several crypto activities, like trading, staking, investments, my participation on forum ad signature campaigns and all that, but at the end of the day, its as if I am not even trying due to personal and family expenses( family expenses mostly since it does not even allow me take care of most of my personal expenses), with the total amount of money I make every month from all my crypto activities, I should be a millionaire (in my country's currency please) by now Economically, but I discover I am still like the average person I was years back before I entered crypto(a slight difference though).

I really wanna be better, I wanna learn how to deal with the issue of black tax, I wanna learn from your own experiences, stories, contributions or perhaps, your suggestions, so please feel free to contribute to this discussion.

[Hatchy]

To be honest and sincere, family is one of the major reason that drives me to want to make money. I get happily when they are happy, well, safe and around. They are the best part of my life. Even after I build my own family(not yet married), I would still get to take good care of them.

These responsibilities is a choice, but making the wrong choice could jeopardize ones future. No matter how stressful it might be, taking good care of them and abandoning our own personal goals could be just one right thing to do.

 Before I got into the crypto space I was able to provide for them the litte I could even when my business wasn't moving as expected. I just believed that all would be better one day and I would have enough to care for them. So as long as they are well, you just have to over look how much you spend on a daily basis because the more you think about it, the more negative taught keeps running on your mind. And remember no matter how much you have you cannot buy a good family

[Fivestar4everMVP]

No matter how stressful it might be, taking good care of them and abandoning our own personal goals could be just one right thing to do.

I perfectly understand your entire point, but to be sincere, the line I quoted above is kind of off if you ask me, I am believing you likely made a mistake on this line, because there is no way leaving our own personal goals to take care of family is the perfect right thing to do..

Think of it this way, if I leave my own personal goals and focus only on taking care of my family, in the long term, those personal goals are very much goals that is supposed to ensure that I keep making steady money to keep taking care of the family even much better than I do for them how, if I abandon those goals, where or how will the money to keep taking care of them come?

Like I said before, I believe you made a mistake, cus I can't believe you said that, I would love you come back and tell if this is a typo or you really mean what you said.

[Hatchy]

No matter how stressful it might be, taking good care of them and abandoning our own personal goals could be just one right thing to do.

I perfectly understand your entire point, but to be sincere, the line I quoted above is kind of off if you ask me, I am believing you likely made a mistake on this line, because there is no way leaving our own personal goals to take care of family is the perfect right thing to do..

Think of it this way, if I leave my own personal goals and focus only on taking care of my family, in the long term, those personal goals are very much goals that is supposed to ensure that I keep making steady money to keep taking care of the family even much better than I do for them how, if I abandon those goals, where or how will the money to keep taking care of them come?

Like I said before, I believe you made a mistake, cus I can't believe you said that, I would love you come back and tell if this is a typo or you really mean what you said.

When I said personal goals, I never mentioned stop making money. Your personal goals could be buying a car, a house, buying other things that you don't actually need that much to fit into your environment. These are what I meant. How can I advice someone to stop making money? How is he going to Carter for his family. Sorry you misunderstood my words I should have explained better

[Yogee]

I didn't know it has a name but glad to learn something new. You should probably treat it as a phase in your life which means it's only temporary. Do you have some sort of authority in the house since you're basically the breadwinner from what you've describe? If none yet then try to be assertive. Small things like telling your younger siblings to save on electricity and water could go a long way. Teaching them about budgeting will also help them learn about responsibility at a younger age.

[Ucy]

Run your family like business. Fund things that are profitable and necessary. Your success will prove you deserve the money you earn from crypto.
Typically, rewards or money should be going mostly to people who deserve them. They will be put into good use and multiplied by wise decisions.

[ZAINmalik75]

I am just so amazed i was paying Black Tax and i didn't knew. Term of this procedure put me in confusion that why it is called as black while i found nothing wrong in paying it, instead the tax we pay to government will be called as Black Tax  . I have watched some movies in which when a kid turn 18, their parent ask them to live on their own and the kid does not have to look after his parents financially. If i am not wrong about this culture.

Speaking freely, i am also living the same old life even back i was not earning and now i earn money but the issue is my love and care for my parents that they give me so much love and fulfilled all of my needs and wishes and that love did not allow me to ignore there needs and wishes. So, according to my status i try my best to pay Black Tax. I also live with my parents and i am not that old and in our country there is no concept of moving out leaving parents behind too.

How can we deal with it, simple earn more and try to save money for yourself and fulfill your own needs too as they also love you and they must be worry about you too. I think we should not take it as tax because that's not what i am atleast paying.

[so98nn]

It is very very hard to get to next level in very short period of time. The ways which you mentioned are almost done by everyone here and even I am doing most of that already. It had not taken me to any new levels because that income is stagnant. There is no achievement or appreciation in your income after certain level. I am not talking about trading because that is entirely different sector and it is more or less full time job if you wanna survive on it.

I have also reached out of forum now. I am working part time for micro tasking site is moderator. They pay me weekly basis. I work on forum plus my real job. I’m selling my artworks now and then. You gotta be very active. Sleep less Do more. I don’t know, that’s the formula I guess.

[Coyster]

If your responsibilities in RL is larger than your income, you'd definitely run into financial problems; it doesn't matter where the income comes from, be it crypto, your RL job or a combination of both and more, if what you earn is smaller or almost equal to what you're spending, you'd struggle to have any savings or any money left after paying your bills.

Having said that, it is either you drop some of the responsibilities or you look for a way to earn more income. If possible you can empower some of the people who depend on you, so they can start making money of their own and in the long run it'll relieve you of the financial stress. Anyway i take responsibilities as part of life, because there was a time i was also a burden to other people.

[Hyphen(-)]

How are you dealing with Black Tax after making money from crypto?

It is always very annoying, and one has no choice but to take care of family members because that is why we are looking for ways to make money so that they do not go without their basic needs; but to be honest, it is never easy, and everything is now expensive due to inflation and price hikes.

Because of such family concerns, it will be difficult to make a decent investment in Bitcoin because they will not be able to invest money that they will use for fundamental needs.

I really wanna be better, I wanna learn how to deal with the issue of black tax, I wanna learn from your own experiences, stories, contributions or perhaps, your suggestions, so please feel free to contribute to this discussion.

The only thing I do is make sure I complete all of the essential things by taking some of the money I get, and I invest at least 25% of my signature payment every week because, for the time being, I am a graduate without a job. I'm utilizing this forum to survive, and I'm really happy with the outcome.

[coolcoinz]

I can't put myself in your shoes OP, because I have a very small family to take care of. My father always had some money and he's a man of small needs. I know he'll never spend his savings because of the way he lives, and even if he tried he's got enough to live a good life for another 10+ years without having to lift a finger.

I never had to support my family financially, it was rather the other way round. Nowadays I don't get anything from them, but they also don't need me, apart from the occasional help with bills and papers, which is typical for old folks.

If you're earning good money, try to give your family the rod instead of the fish. Give them a business idea, maybe help them find jobs, or buy them a place they can turn into a small store, or a food stand. A child should never be the main provider for the family. You can help them from time to time, but you should not be their slave.
Come up with an amount of money you can give them each month, and make sure this is less than 50% of what you make.

[slapper]

Your struggle with the Black Tax is deeply understood, and it is indeed intricate. Could we recast this by viewing the wealth you accumulate as a catalyst for empowerment?

Envision moving from just being a financial pillar to constructing avenues for self-dependency in your family. Maybe a part of your crypto income could secure education for a sibling, seed a family venture, or upskill a relative.

This way, you're teaching them to fish rather than just handing them fish. Over time, they may stand on their own, lessening your burden and casting a positive wave in your family's finances.

[milewilda]

Honestly on which we are really that on the same situation like this on which you are really that trying to cope up and trying to patch up on things which arent supposed to be done but since you are part of the family and you are the ones who are earning that well then it would really be giving out that kind of feeling that you should really help out your parents and your siblings when it comes to finances specially you do know that you are really that earning well and this could really hinder you out on becoming more better as years passing since you would really be continously be spending up on the money that you should supposed to be holding. Its true that
if ever i havent been able to do such thing then i might be millionaire as of this moment but since you have spend it out or actively been converting those crypto earnings then those opportunity or chance is gone.
Im really that getting stressed into this situation and this is why im trying to put up some boundaries via spending less and if i would say that i dont already have funds then thats it.
Im not going past beyond those limits which i do set where it is mostly that i do take a huge chunk or % of earning to savings and wont be tending on touching it no matter what.

[DrBeer]

The question is both simple and complex
Let's start with taxes in general. Taxes have to be paid! Whether we like it or not, a normal state does not print money, it collects TAXES. And these are our parents' pensions, medicine, and the social obligations of the state. More precisely - the ability to fulfill them and the level of their quality.
And here we come to the so-called "black taxes". It is because the state either does not receive enough taxes, or underpays them, or does not use them effectively - we, those who can earn, and those who have a responsibility to their close relatives, are forced to pay them.
But there are nuances here, too. Some people "score" on their parents and younger siblings, for example, and some people live only for themselves. I, for example, support my parents, my wife's mother, and my niece. No, it doesn't mean that I am their breadwinner and they are my dependents, no - they don't have a meager income, but I have the ability and desire to help them and raise their standard of living a bit.
Cryptocurrency, for the last 7-8 years gave me a very good income, and now brings profit - from investing activities, from trading, and other things, which gives additional almost "passive income".
So my answer - I have a positive attitude to paying taxes, both white and "black", and not only from income from cryptocurrency

[Quidat]

I really wanna be better, I wanna learn how to deal with the issue of black tax, I wanna learn from your own experiences, stories, contributions or perhaps, your suggestions, so please feel free to contribute to this discussion.

Just like on what others been saying above that you should put up limits on the money that you would gonna spend on 1 month and the rest would be saved up for long term holds. This is hard because you have been get used to on helping your family in terms of finances which you cant really ignore some situations which you would might end up on supporting them once again. If you do wish
on having a progress at least then start on having that discipline towards your spending and put up limits. Black tax is something that it isnt that a responsibility but this is a normal urge for you to
give money because of that sense of giving back into your family.

[Adbitco]

It all depends on how you positioned yourself at the first place.. lemme answer you locally because I know you are a fellow locality, our people say "pekin wey dem carry for back no dey carry another pekin for back" alternatively, a plant does not instantly turned out to be tree so it takes a gradual process to become one of the tree to shade and shield everyone in your family.

However, you must set a plan for your self as time waits for nobody especially if you are advancing in age and wanting to carter for everyone is something that would possibly drag you back just as I have said with our proverbs. You must have some multiple stream of income for you to be able to foot the bills of everyone or possibly starting distribution of money, as man I know they needs to be taken care of but you can't dispute the facts that it's a must do duty or responsibility, yes let say it's but you need to stand firmly before trying to lift a heavy load and if you don't stand firmly same people, same family members are still the ones to
make gest of you.

I was actually facing same issues less until I met an uncle who is also wealthy and I asked how were you able to managed all these things at your time, and yet you were able to stand firmly without being poor. What he said to me is that "set a plan for yourself to stand first before thinking how to take a proper care of others" I was like are you being serious sir? He said yes by son!

That they were eating, living and walking even when you weren't of age and despite being of age they are still alive and they won't die being that their health condition is safe, go hustle and get yourself established after which you may come back and clean them up.

That was he's own part of experience and to what he explained to me, You know as someone who is wealthy and well respected in our community I did not even bother to do anything else than to put all he said in practice and I believe some results are already manifesting.

[Findingnemo]

If you're the one who has to feed most of the family members for some reasons then it's going to be really hard no matter what, even if you're making more money in other works like via crypto activities which may not be enough due to the rise of inflation and along with lifestyle inflation. I am not sure it will apply for the whole family but why not even if an individual who keep making more money can't feel financially stable then it works for family too.

[GeorgeJohn]

Run your family like business. Fund things that are profitable and necessary. Your success will prove you deserve the money you earn from crypto.
Typically, rewards or money should be going mostly to people who deserve them. They will be put into good use and multiplied by wise decisions.

Running Family have it on way of handling it, you can not handle business like family or family like business, what matters is making provision for the  family and protect the interests of the family, it will we be abnormal from my perspective of running family like business, so my advice to people is to know the kind of advice you will take.

[dothebeats]

This is painfully accurate and hits very close to home. I no longer live with my family, and have been helping them for over a decade yet I feel like I am still obligated to provide financial aid regularly. They learned of my dealings in crypto, and even though I am getting quite a good amount in what I do, a large portion still goes to my family to support them. It's not something that bothers me, as I am in a position to help, though it would be best if they start making moves to provide what they need for themselves, too.

Though if it were my own, a family i helped create, I would gladly spend every last dime I earn no matter where the source is.

[stomachgrowls]

This is painfully accurate and hits very close to home. I no longer live with my family, and have been helping them for over a decade yet I feel like I am still obligated to provide financial aid regularly. They learned of my dealings in crypto, and even though I am getting quite a good amount in what I do, a large portion still goes to my family to support them. It's not something that bothers me, as I am in a position to help, though it would be best if they start making moves to provide what they need for themselves, too.

Though if it were my own, a family i helped create, I would gladly spend every last dime I earn no matter where the source is.

Even me on which i do already have a family but still i cant really just that able to avoid on not to look back.I should really be focusing with my own family now but it cant really be avoided for you to support them specially

if they are really that in need on which means that you should really be exerting out more money from your income despite on having a dayjob+ crypto earning which it wouldn't really be that sufficient or something that

you cant really be able to save up when the time comes just because of these kind of additional expenses.Totally give out some stress because you are obliging yourself to support both families which you cant really turn your back on them because its your original family and you cant just avoid not to help them specially you do know that you do have the money. Yes, it is really that something good to be done but you are the ones who would
be making those sacrifices which would really be affecting you in long term. Always prioritize on having those personal savings whether you do earn it on crypto or from your day job.