The Black Tax: Many Black professionals feel pressure to share their income with struggling family members, making it difficult for them to build generational wealth.

I read an article in the Fast Company magazine a couple weeks ago about " The Black Tax " something a lot of us are familiar with.

Many of our Black families have never been able to get ahead financially, going all the way back to the days of slavery. Fortunately, more black people are starting to make progress at a faster rate.

But even though we’re making more income than in the past, there’s still an obstacle to our wealth-building efforts.

The Black tax is the money - high income black professionals and entrepreneurs regularly give to their families to support them. For those of us who start to make above-average income, it’s very common for us to share our quote-unquote “good fortune” with our family members who aren’t quite as fortunate yet.

I have some ideas to help you reduce the Black Tax on your income and how to build wealth along the way!

Picture from an article in " Fast Company" .

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