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

[Nwada001]

If there is one thing that I have learned, it is that humans needs are unsatisfiable. The more we try to satisfy one's needs, the more others keep arising from places we never expected them. Right now, it's as if our most pressing needs are what we have more of than those for which we really made our budgets.

To some point, I have come to realize that the more our income increases, the more our expenses will increase as well. Family needs will always come; this includes the wife, children, parents, and siblings. They always have one or two requests to make, and we always think that those needs must be met for them all the time.

If I were to give you my advice based on personal experience, I would say you should give yourself a custom spending spreadsheet, like a weekly or monthly spending budget. That's what I did when I realized I was spending more than I was expecting. Now that I have a personal weekly spending budget, all my signature payments alone are enough to cover that. Anything above that amount of spending, I consider myself living above my budget.

When my weekly spending budget is reached, even when any family members seem to be in need of something, I always ask them to wait until next week or the month-end payment. Letting them know that the money is not always available whenever they request it will make them reduce their expectations. Now that you have suspended their demand for this week and shifted it to next week, it will save you that extra cash you could have spent on this week.

[Fiatless]

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?

From personal observation and reading different cultures have specific ways of dealing with families. Like in the Western culture, the children might not be fully responsible for the care of their aged parents or relatives. Maybe because they have a good welfare system that handles some of these responsibilities. In other cultures, it is a major responsibility for the children to provide almost all the basic needs of their parents. If you don't take such responsibility, you will be seen as a useless child. It is also the responsibility of an elder sibling to provide for the younger ones until they grow to cater for themselves.

In my case, I am fortunate that all my younger siblings are now financially independent. Some of them are more financially stable than me, so they take care of my parents while I assist in any way I can. I am just focused on developing myself to increase my income so I can also take over some other responsibilities in my extended family. It is not easy to handle these black taxes but one of the ways of paying these bills is to seek alternative means of income and also spend responsibly. Don't also pit yourself under unnecessary pressure because you want to satisfy people's needs. If you fall sick or become indebted, you will have to bear it alone. Take only responsibilities that you can handle. Some of my friends will have to sometimes spend their entire salary because of health or other financial expenses on their parents or sibling. It is painful but they have to do it.

[Faisal2202]

I am facing the same situation you are, but fortunately, i might come up with something useful which might help you out. No doubt we always like to pay black tax and keep the needs and wishes of our parents, first priority. I also always try to delay my own needs and wishes so that the money i have could be used to fulfill theirs. As, I do have some funds in savings which i can use to fulfill mine but i thought it would be nice if they remain intact in the wallet for the next bull run.

My plan is, to try to increase your portfolio by earning a lot, if you mostly earn from here like from signature campaigns, then try to earn more, like by joining other campaigns such as article writing or video campaigns offered by different campaign managers. You could earn extra hundred dollars if your article or video got accepted and you could use them to make your wishes come true. Or, if you have any skills then you should share them on service discussion to earn extra income.

[Gallar]

~Snip

Talking about black taxes, maybe everyone will have different views. Because nature and habits will definitely affect this. Starting from a generous person to a stingy person, surely the way of looking at this black tax will be different.

But personally, after I entered the bitcoin space, and I have been earning from this bitcoin field, I also like to give money to the people around me (parents and siblings).
But because I am married and have a family. So what I prioritize first, is definitely my family. Meanwhile, like my father, mother and younger siblings, I still like to give them money. Especially for my parents, every month I routinely give them money, and more or less it depends on my income in this bitcoin/crypto world. Because if we don't do that, keep in mind that we can grow up because of our parents, sometimes there are problems we can't handle, we complain to our parents, so it's only natural that we, as children, must be able to help them financially, whether it's a little or Lots.

And for my close relatives, such as aunts, uncles or nephews, I also sometimes give them a little money. But not as often as my parents and my younger sibling who are still at school. And keep in mind too, parents or siblings, it is the closest person who can be asked for help when there is a need. So it's only natural for fellow relatives to be able to help and support each other when one of these relatives is experiencing difficulties. So regarding this black tax, I like to run it and don't mind.

[franky1]

most peoples issues is as soon as they get profit. they spend it.

the trick is to tell your family you made a loss (when you made a gain) and just tell them that you dont have any profits to give them this month

dont promise them monthly income guaranteed,, tell them a lie. say instead there is a 50% chance of loss. that way every 2nd month you dont pay them.

firstly it makes them less reliant on you and secondly you get to accumulate rather than spend

then invest the actual profits/income and accumulate them hidden from family. until it comes to a point that the original profit stash is more then your own investment stash. and then syphon value off that to feed the family.

[komisariatku]

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.

I was born in a family that values ​​intimacy and mutual cooperation. So the term "Black Tax" that you convey is common in our family.

I will give some of the money to my mom or dad, they are old enough so I help them financially. I've never worried about running out of money, nor have I ever been overcharged. Because I'm used to it, I worry if my parents need money when I don't have it

I don't know if this is common in other countries. But in my country almost all families do that. This is the culture and heritage from the ancestors. Children will help their parents when they can work. It is a common thing in our country, and also in our family

[kryptqnick]

In my country, it's not typical for wealthier relatives to support their poorer relatives, so I don't think we have a black tax. Some people do that on a regular or occasional basis, but it's not something that's expected. Well, I mean, if it's one household, spouses often share their finances and obviously cover the financial needs of their children, but I don't think that counts. I don't think such a feeling of obligation affects me or the people I know. I'm pretty average for my family and for my country, so I don't expect much from others, and they don't expect much from me, perhaps.

[naira]

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 first thing I did was to provide for my family, after that, I set aside some for my parents back at home. That's all I've done for years and never changed, sometimes it's hard to talk about this because after all as the head of the family I still can't give the best for my family and my parents.

Income is indeed erratic, and at this point we are required to work even harder, to explore the potential that can generate income, maybe we often forget about our own health because we are too busy with tasks. You, me, and everyone try their best.


I'm sure in this case there will be quite a variety but have the same desire, namely to be able and stable in everything that can be given to our loved ones.  Did you know that what you say actually represents almost everyone, the difference is that we cannot express more than what is felt. I actually pondered this question for quite a long time, this really touched my heart and at the same time rebuked myself because it also reminded me to immediately contact the parents in the village and apologize for not being able to give the best as a child.

[Accardo]

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.

Yeah, Black tax is mainly high on countries where the Government doesn't enforce task on Citizens like OP that made money through cryptocurrency. So, the bill keeps coming from left and right, if you notice his lamentation, you'll understand that giving to family members isn't the main problem. Most times friends and acquaintance who are having some financial downside also send out black taxes to people. And that's where it gets weird, a person just work and suffer at same time, no much changes or increase in income or savings. If Op invests the money he pays on black taxes he'd be seeing higher returns that it may no longer be a torn in his flesh to send money to his family. It never gets easier, but the movement continues till it gets better. I've decided to cut cost and focus on people who actually needs this financial help, regardless if they're my family or friend. Matthew 10:36; don't get it complicated.

[slapper]

If there is one thing that I have learned, it is that humans needs are unsatisfiable. The more we try to satisfy one's needs, the more others keep arising from places we never expected them. Right now, it's as if our most pressing needs are what we have more of than those for which we really made our budgets.

To some point, I have come to realize that the more our income increases, the more our expenses will increase as well. Family needs will always come; this includes the wife, children, parents, and siblings. They always have one or two requests to make, and we always think that those needs must be met for them all the time.

If I were to give you my advice based on personal experience, I would say you should give yourself a custom spending spreadsheet, like a weekly or monthly spending budget. That's what I did when I realized I was spending more than I was expecting. Now that I have a personal weekly spending budget, all my signature payments alone are enough to cover that. Anything above that amount of spending, I consider myself living above my budget.

When my weekly spending budget is reached, even when any family members seem to be in need of something, I always ask them to wait until next week or the month-end payment. Letting them know that the money is not always available whenever they request it will make them reduce their expectations. Now that you have suspended their demand for this week and shifted it to next week, it will save you that extra cash you could have spent on this week.

Indeed, the concept of limitless human desires offers deep insight into our culture. It appears our wants grow as our means to satisfy them expand. You've highlighted a fiscal cycle often ignored - rising income leading to increased spending, particularly with family duties. This 'duty' can trigger a never-ending expenditure spiral.

Your budgeting method is praiseworthy, albeit a tad stiff. Room for adaptability, especially for unexpected costs, is crucial. A budget integrating savings, investments, and contingencies might be more efficacious.

[franky1]

If there is one thing that I have learned, it is that humans needs are unsatisfiable. The more we try to satisfy one's needs, the more others keep arising from places we never expected them. Right now, it's as if our most pressing needs are what we have more of than those for which we really made our budgets.

i think your confusing "needs" with "wants"

what i have found is there is a generational thing.

the young, when they first step into the world of employment outside of their nests.. they think everything is available to them and are still in the influencer culture of wanting everything. such as top brand produce. just because their social group or favourite idol has it

however as you age you get wise and start to think about 'needs' instead of 'wants' and so you do learn to live within your means or if lucky like me to be able to afford anything you realise you dont need everything.

[Silberman]

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.

I suppose that this depends on the culture of each country, there are countries in which families and even extended families are supposed to support each other way more than in other countries, now where I live it is not rare to give some support to those family members which are going through some emergency, but when it comes to day to day support this does not exist except for the closest family members, like a mom, so the black tax you are describing at least in my case does not affect me that much.

[Asiska02]

Firstly, most of us make money for others to enjoy and not for us to fully enjoy it ourselves without remembering our loved ones who have been there for us from tender days. Your family are your number one people and you can’t forget about them but can plan how to spend on them in order not to feel pressured.

I don’t think this Black Tax can be avoided totally but it can be limited to the way they’ll be dependent on you. This can only be achievable if you can enjoin them into doing something profitable for themselves and stop being overly dependent on your own income for their daily expenses. Even those that are old, the money can be invested in something else that will bring profit at the end of the week or month to cater for them.

Everybody wants to live better than they do before after getting a better job, but if you don’t plan it well, even the family member that can take care of themselves will want to put that responsibility on you. Know how to structure it and make a good living out of your sweat and effort. Life is only once, you can only live it once.

[livingfree]

It's easy for me.

I'll just give what I have to give out of my own will rather than being obligated and good thing is that, they're all happy and grateful everytime I give any amount to them.

I'm also grateful as well that they're not too demandful unlike the other folks we've got in here that have such demandful or ungrateful people for their black taxes.

[Mahanton]

It's easy for me.

I'll just give what I have to give out of my own will rather than being obligated and good thing is that, they're all happy and grateful everytime I give any amount to them.

I'm also grateful as well that they're not too demandful unlike the other folks we've got in here that have such demandful or ungrateful people for their black taxes.

Good for you but not for all people because we do have different type of family when it comes to behavior and their values when it comes to money. There are some who are really that demanding and there are ones
who are really that discontented even if you have game them something specially if they do know that you are on a situation on which finances is really that something good or just simply looking into your condition.
If they do find out that you are already on a state that you are rich or having the money then they would really be tending to ask or demand for more.

Its true that you do have your own will on where and how much you would really be giving and you shouldnt really be obligating yourself on supporting all of them when it comes to their needs
specially if you do have a family to feed or to be raised then its not really that your obligation anymore.

[Nwada001]

the young, when they first step into the world of employment outside of their nests.. they think everything is available to them and are still in the influencer culture of wanting everything. such as top brand produce. just because their social group or favourite idol has it

however as you age you get wise and start to think about 'needs' instead of 'wants' and so you do learn to live within your means or if lucky like me to be able to afford anything you realise you dont need everything.

Yes, I believe that's how most of this new generation turns out to be.
The moment one grows old enough in his thinking to realize that not everything that they really want in order to survive in life and as such some wants s should be avoided in other to make room for needs expenses. 

If one can control how much they unnecessarily spend on their wants and channel all that to their needs, we will realize that we are actually making what should have been enough to set up a comfortable life and have some reserve for savings.

[Wiwo]

Let narrow this discussion to.the Africa context, since majority of our aged parrents are leaving off retirement payments since their never get.the xhance to work for the government while they were young and still in the laboure forces, so at that the have to depends on their young children to carry thhem through old age and in this part of the worlds it is the responsibility of the children to tske care of their aged parents unless you are lucky to have parents who are financially ok on their own.

This black tax have been the reason why most dirst borns i Africa faces alot od challenges and fi ding it hard to raise even if they are earning a substantial amount as their monthly income.

To float above this one need to have multiple sources of income and also be lucky enough and work hard to find a fortune that can turn their life around for the better.

[adzino]

-snip-
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.

-snip-

That's the first time I am hearing of about "Black Tax". So its like sharing your wealth with your family. I don't see why it would affect you economically. I mean you aren't giving a huge portion to them. And it's your money. You shouldn't feel obliged to give them money. Its not their money and you decide if they deserve or not. Sure, you should help them if you can, but if they are all financially stable, they shouldn't be asking money from you or expect anything from you.

[Darker45]

At some point, I realized giving your entire self for whoever else is somehow wrong. If you sacrificed yourself to your parents, siblings, relatives, and whoever else, if I were god, I'd punish you for it. It is all right to be of help, to be of assistance. That is, in fact, necessary, but to live your life as if you are a means for somebody else's end is a huge mistake.

Having said this, leave something for yourself. You are a person yourself. You have a life of your own. You have dreams to reach. You have your own happiness to seek. You are the universe's son or daughter, equal to everybody else, why would you forget yourself so that others may enjoy life?

This is not selfishness. The opposite is.

[icalical]

This is the first time I hear the term of 'Black Tax' but where I come from, people who has black tax are called 'Sandwich Generation' meaning we need to fulfill our need (and family if already have wive or kid), and fulfill our parents and sibling needs. While I couldn't said from my experience since both my parents passed away when I was relatively young, and I haven't got much money even to fulfill my needs, but I have some friends who have the same position as you now, and I happened to asked some of them how they handle those things, some of them answer some of them think that's too personal.

On some answers I can conclude that it vary depends on the nature and habit of their family. Some family are very supportive and understanding so they will not ask much, or even never ask,  they will just be grateful on whatever they received from their adult kid. My friend who has this type of family never really has any trouble he give what he want to give and keep the rest for himself.

While other family are just so ungrateful, they they demand more and more from their adult kid, they will compare what they receive from their kid to other neighboring family. Most of the time this type of family asking 80% or 90% (if not all) of your salary/income. So my friend who has this tpe of family lies about their income, they will keep half of the money secret put it in some secret account or something.

So, IMHO, you shouldn't be fully responsible for other people live especially if they are an adult, you help with what you can and what you are willing to give, you shouldn't be obligated to sacrifice your own life for other people, even if it is parents or your siblings.