NYC Wealth Tax, Down Payment Percent, College Boyfriend’s Financial Tips | Ep 50

<p>In this episode of the Personal Finance Club Show, Jeremy and Jenn kick off the episode with some back-to-school banter about supply budgets before jumping into &quot;Scroll Patrol&quot; to break down viral financial advice. Next, they take a deep dive into the &quot;Hot Topics&quot; segment to analyze NYC’s proposed wealth tax on non-primary residences. Jeremy walks through how tax structures historically favor the ultra-wealthy, highlighting real-world math on wealth inequality where the top 1% holds 35% of all household wealth while the bottom 50% shares just 2.5%.</p><p>In &quot;Can I Ask A Dumb One?&quot;, the hosts answer a video question from Shaun, a high school teacher aiming for a massive 40-50% down payment to keep his mortgage payment manageable. They break down the 20% down payment baseline to avoid PMI, outline why total housing costs should stay under 30% of income, and give listeners permission to rent rather than stretch themselves house-poor. Finally, in &quot;Jeremy Had Time Today,&quot; they review recent feedback on Threads, closing out with their golden rule: live below your means and invest early and often.</p><p><br></p><p>Helpful links:</p><ul><li><p>Ramit’s NYC Wealth Tax post: <a href="https://www.instagram.com/reels/DbbpVFVSKBm/"><u>https://www.instagram.com/reels/DbbpVFVSKBm/</u></a></p></li><li><p>Scroll Patrol: <a href="https://www.tiktok.com/@lysazal/video/7668384518897667341"><u>https://www.tiktok.com/@lysazal/video/7668384518897667341</u></a></p></li><li><p>Ask a question: <a href="https://personalfinanceclub.com/ask/"><u>https://personalfinanceclub.com/ask/</u></a></p></li><li><p>Flat-Fee Financial Advisors: <a href="https://hellonectarine.com/"><u>https://hellonectarine.com/</u></a></p></li><li><p>One hour learn to invest course (free): https://personalfinanceclub.com/start-here/</p></li></ul><p><br></p>