- The “black tax” refers to the income many black and hispanic professionals in America give to struggling family members every month.
- Many feel obligated to help struggling relatives, making it harder for them to save and build generational wealth; some even view generational wealth as re-investing in relatives.
- Unlike their peers, minority entrepreneurs recount not being able to secure seed capital from family (eg “Rich Uncle”).
- Minority founders often have to work jobs while building their businesses, still supporting family along the way.
