Financially supporting your parents and siblings? Be smart about it

What you need to know:

  • As your parents grow older, they are likely to develop multiple health conditions because of weakening immune systems as they advance in age.
  • If your parents have bank accounts and investments such as shares, take steps to update, automate and enroll their accounts online.

Every month, most men are obligated to pay “black tax”. This means they send home money to assist their parents and siblings. Usually, such financial obligations are borne out of indebtedness and guilt to one's parents. Without careful planning, they can handicap your ability to grow your wealth.

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