S1.Ep.3 - Black Tax

We just hit on the surface of the financial and emotional impact of Black Tax in episode three. There are a substantial number of reasons that black tax, the financial obligation of the African American professional to provide continual income to family members and sometimes friends, is different from the impact of financial responsibilities in other ethnicities. Black tax is often the financial obligation imposed upon a first generation member of a family (whether that be a first time athlete, college grad, business owner, etc.). As first gens they are often unable to build generational wealth, save or invest because they are pouring their income back into the family. While responsibility plays a large part in black tax, often guilt and even an underlying sense of satisfaction in feeling needed or powerful play a part as well.

In this episode we touch on these things and more. Are you or have you ever had to “pay” black tax? Has black tax been largely a responsibility for you or a burden? Ultimately you have to know when to say no, especially when that responsibility starts to sabotage your finances in the process.

Thanks to our Dear Diva for writing in. If you have a personal financial situation you would like to write in about and have your letter read anonymously on our podcast, head over to our contact form and select the dear diva option or email us directly at divaadvice@gmail.com. We’d love to hear from you!

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