So this morning, I took 66 mins of my time to listen to this podcast. I was drawn by #blacktax having contributed a chapter to a book on the subject: "The burden of black tax can only be alleviated by generational wealth."
My responses elicited by the conversation.
A thread. https://twitter.com/noflexxzonepod/status/1307276966303879171

1. The older generation are actually more invested in burial policies/funeral policies than they are in life insurance. Burial societies are huge. It's actually the millennials who are bringing the group average down. They are more invested in life than they are in death.

2. I often ask the question why people want to be repatriated after they die? Why not be buried where you have lived for the greater part of your life. Some people haven't been to ZW for over 2 decades but insist on being buried there. Sentimentality vs practicality?

3. Money moving backwards, never forwards which has hindered the creation of generational wealth. I totally agree. We are trying to uplift those behind us instead of creating wealth for those who will come after us. This is because of legacy of inequality we have inherited.

4. Many parents don't have the means to look after themselves. Think of the ZW parents whose pensions became worthless even though they were economically productive for a great number of years before retirement. So in such instances, their children become the pension plan.

5. There is an unwritten rule in African culture of taking care of your parents in old age. The biggest investment many parents made is in in their children. You are expected to yield a dividend. Notice the lingo: "Who will look after you when you don't have children??"

6. The Bible further amplifies this expectation:
1 Timothy 5 v 8: "But if anyone does not provide for his relatives and especially members of the household, he has denied the faith and is worse than an unbeliever."
Remember black tax extends beyond parents to extended family.

7. "In order to have more money, you need to spend more money."
I disagree with this assertion unless the expenditure is productive e.g. investing in TBs as opposed to consumption.
You need to spend less money than you make. We don't save enough. Hence Gofundme situations.

8. If you're married, black tax becomes a joint responsibility. The whole premise of marriage is two becomes one, not just sexually but financially.
These are conversations you need to have before signing the dotted line. Needs differ from family to family

9. It is important to understand your spouses financial background & how much they bring or don't bring to the table. Their standing in the family. Sometimes the burden of black tax can't be shared equally. Its finances more than infidelity that causes dissent in many marriages

10. In conclusion, I enjoyed listening to the podcast but advice for future recordings, keep it short. The discussion on insurance & black tax was adequate without adding the other issues like advise to your younger selves unless it relates to the main topic at hand.