Monday Roundup – Speeding Ticket Edition

Yesterday morning I was driving to meet my wife for breakfast when I got pulled over for speeding. Apparently, I was going 65 mph in a 45 mph zone. Honestly, I find it hard to believe I was going that fast, because I glanced down as soon as I saw the speed trap and I was going maybe 15 mph over the limit. Nonetheless, I was most definitely speeding, and I’m not going to contest it.

I actually got pulled over earlier this year, got off with a warning, and have been much better about keeping an eye on my speed. But in this case, I got caught at the bottom of a huge hill that I had just coasted down. Moreover, it was along a stretch of highway that has an oddly low speed limit. In other words, it was a great place for a speed trap and, well, I was speeding. The cost of the ticket? $175. Ouch. The good news is that I can plead nolo contendre (no contest) instead of ‘guilty.’ I’ll still have to pay the fine, but I’ll avoid the points on my license (apparently you can do this once every five years in our area).

With that said, I also wanted to take a moment to welcome Wise Bread, the newest member of the MBN. I also want to wish Jim the best of luck — he’s decided to part ways with the MBN and go it alone.

And now, here are some financial articles that I thought might be of interest to you…

» Are Credit Card Rewards Taxable?
While the IRS hasn’t really issued public guidance on this matter, it seems fairly clear credit card rewards aren’t taxable. That’s great news for anyone that carries one (or more) of these cards.

» What are Debt Snowballs Made? Debt Snowflakes!
This is an interesting perspective on the importance of small steps when it comes to building your debt snowball and getting out of debt. It actually builds on an earlier article about snowflaking.

» Investment Snowflaking
Madison turned the debt snowflaking idea on its head and uses similar logic to argue the importance of small steps in building your investment portfolio. This, too, is an interesting read, and perfect for anyone that has successfully gotten themselves out of debt and is now looking to the future.

» Increase Your After Tax Investment Returns With these Tax Deductions
Ben put together a nice rundown of investment-related expenses that you can (and cannot) deduct to reduce your overall tax bill. This is a good read for anyone that’s starting to think about doing their taxes.

» 7 Things to Consider as a First Time Real Estate Investor
I’m a sucker for articles on how getting started in real estate investing, as I’ve always been intrigued by the possibility of gradually building a portfolio of rental properties. That being said, I’m not sure whether or not I’m cut out to be a landlord, so this will probably remain on the backburner for the forseeable future.

9 Responses to “Monday Roundup – Speeding Ticket Edition”

  1. You can only plead nolo once every five years because otherwise nobody would ever get points on their license. The idea is to give the infrequent offender a bit of a break. You still have to pay the fine, but it won’t affect your insurance rates (hopefully).

  2. Anonymous

    The money I donated to my local PBA yielded 2 PBA cards for less than a speeding ticket and less than most radar detectors cost. I’m a very safe driver anyway, but never underestimate the value of charity! 🙂

  3. Anonymous

    In my county, they’ve started setting up speed cameras (guess the cops are too lazy to catch people themselves, so they have machines do it). I got nabbed by one, and although the fine was a more reasonable $40, there is no question in my mind that this is meant to raise revenue rather than make our roads safer. They seem to be located mostly on 4-lane thoroughfares with speed limits set to 35MPH, and always (oddly enough) at the bottom of hills.

    Once people know that they’re there (and they’re pretty obvious in daylight), what happens is traffic slows down to well BELOW the posted speed limit, causing traffic to bunch up at a point where gravity is naturally causing cars to go faster. Thus everyone is riding their brakes and are practically on top of one another. Only a matter of time before one of these traps causes a major pile up.

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