More of the amusing and interesting stories in the world of tax and finance that I’ve read this week…
If you think that your last speeding ticket was a doozy, just imagine paying $58k for wanting to get to your destination faster. Forbes reports that Finland assesses speeding fines based on a percentage of personal wealth, rather than the fixed rates that most countries impose. This fine was imposed for going just 14 miles over the speed limit. It may sound odd, but since fines and penalties are designed as a deterrent, it makes sense that these fees would be proportionate to income.
The takeaway? Drive at the speed limit.
Usually, being the first person to do something is a privilege. It’s a source of pride for years and gives you serious bragging rights. However, Plaxico Burress, NFL wide receiver and New Jersey resident, is finding out that being the first isn’t always a good thing. Burress has been indicted for “willful failure to pay state income tax”. The law went into effect September 2014 and Burress is now the first person to be charged for willful nonpayment. According to the NJ Prosecutor’s Office, Burress filed his state income taxes but experienced a failed Electronic Funds Transfer (EFT). The state views failed EFT similarly to writing bad checks.
The takeaway? Make sure that your checks and EFTs are clearing properly, so you won’t be left with fees and (in the case of Burress) legal woes.
Is it possible to get hooked on doing GOOD for others? According to this Reuters article, microfinancing addictions are REAL and the urge to do more can quickly become consuming. The author mentions that the desire to help as many budding entrepreneurs around the globe can spiral out of control. He suggests that microlenders set a cap to their spending, be patient with issuing loans and receiving repayment. and consult others before going all in with your lending.
The takeaway? Pace your do-gooder inclinations so that you can do good for a longer time.
That’s all for this week. There will be more posts VERY soon!