Don’t Become The Family ATM
Helping people is good but make sure it is not at the expense of your immediate family & your future.
“Black Tax” – The extra money that black professionals give every month to support their “less fortunate” friends & family.
This causes many not to have savings as it impacts on the ability to be able to save and build generational wealth.
Saving can be difficult in a country like Nigeria where some people almost abdicate their financial responsibilities to you if you allow them.
The following should help:
1. Pay yourself first
– Take care of your own immediate family needs.
- Be number 1 on your priority list
– Make use of locked up savings that you can’t touch.
– Several apps exist now that can help you do this on your phone.
3. Set a black tax budget…….and stick to it!.
– People find a way to move to other people when they can’t get money from you.
4. Spend on necessities
- You don’t have to buy every “Aso Ebi” especially if you can’t afford it
5. Learn to say “No!”, particularly if you cannot afford it
6. Help others become rich
– If you are the only rich man in your family, you are a poor man!
– Don’t just give them fish, teach the to fish.