Use Case 1: Fixing the Black Tax
At Bujeti, we are building the next generation of expense management tools for the emerging markets, we believe that a better wealth and fund management can be a path to development for individuals, budgeting and expense report for businesses to help their finances teams and empower their employees.
The first use case we are working on solving with Bujeti is the tax immigrants all over the world are paying, sometimes not realising it is indeed a tax. The African diaspora and black Americans dubbed this tax “The Black Tax”.
For those of you that are not familiar with Black Tax, it is a money that a Black (or other person of colour) professional provides to their family every month outside of their own living expenses, usually out of obligation. It is caused by continued economic imbalance that can be traced back to apartheid, slavery and the poor economic conditions their home countries are in.
“Twenty years ago, I had $100,000 just in credit card debt. Fortunately, I paid it all off by aggressively budgeting, reining in excess spending” — Lynnette Khalfani-Cox
For the African diaspora, this tax is paid through remittance sent back home to support loved ones, invest in businesses or as savings. According to the World Bank this “tax” amounts to more than $40 billion every year.
These unplanned expenses can rapidly become a burden on many of us. And in most scenarii there is a high chance that the money sent might not be used for its intended purpose. There is a great lack of accountability regarding the use of such funds.
“That is going to be the greatest burden unless you free it from yourself. You (should) get to decide what that tax should be; nobody else gets to tell you.” — Oprah Winfrey
At Bujeti we believe that supporting your loved ones should be as easy and seamless as possible.
Bujeti allows you to plan this “tax” ahead of time and automate its distribution to your loved ones, you are in control of how and where the fund you allocate is spent and by who. You can readjust the fund as it goes, pause it, manage the recipients, and much more.
To learn more visit https://bujeti.com and sign up to get early access to the tools.
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Learn more about Black Tax by visiting the links below
What You Need To Know About "The Black Tax"
It was just about a year ago when I for the first time, heard the term "The Black Tax". I actually stumbled upon the…