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Are You Paying the First-Gen Tax?
Manage episode 422798077 series 3437208
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#74: In this episode of Money Noticias Podcast, the hosts, Israel and Sunem, discuss the concept of the 'first-gen tax' and how it impacts individuals who are the first in their families to navigate certain financial and societal challenges. They provide examples of the first-gen tax, such as translating for parents, financially supporting parents, making financial decisions without proper knowledge, and paying for services that were not accessible in childhood.
Episode Takeaways:
- The first-gen tax refers to the additional financial and societal challenges faced by individuals who are the first in their families to navigate certain systems and responsibilities.
- Examples of the first-gen tax include translating for parents, financially supporting parents, making financial decisions without proper knowledge, and paying for services that were not accessible in childhood.
- Understanding and articulating the first-gen tax can help individuals feel validated and empowered in their experiences.
- Increasing income and investing in assets and oneself are effective strategies to overcome the first-gen tax.
- Adopting a collectivist mindset and setting financial boundaries are important for financial well-being.
- Seeking support and sharing resources with others can help in navigating the first-gen tax.
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