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Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

Financial Peace University’s 6th lesson addresses insurance. Dave Ramsey teaches that, “Insurance protects the things that will make you wealthy.” Seven basic insurances: Auto, Homeowner’s or Renter’s, Health, Disability, Long Term Care, Life, Identity Theft. Auto, identity theft and homeowner’s or renter’s insurance protect your property while the others protect your income. The greatest asset of someone who is working is the ability to earn money. Health, disability and long-term care insurance work together to protect against the lost income and increased expenses of injury or illness that prevent employment.

Insurance, Part Two. Everyone has to have car insurance, but it is not something everyone pays attention to. The premium is affected by the vehicle, the driver, the location and the coverage limit. It is not hard to understand that an insurer has more risk with a young driver in a sports car than an experienced driver in a sedan. However, some vehicles are more likely to be stolen than others and some cities or states have a higher rate of claims and these are also part of the premium calculation. Car insurance acts like a shield that deflects claims that could arise if you are responsible for an accident or in an accident with an uninsured driver.

Your coverage is stated in three parts, such as 100/300/100. This translates into limits of $100,000 per person per accident for personal injury, $300,000 maximum no matter how many people are injured, and up to $100,000 for property damage. States set minimum coverage amounts, but you need enough insurance to avoid personal responsibility for all personal and property damage of an accident. $100,000 sounds like a lot of money until someone is being treated for a serious injury.

Insurance, Part Three. One more comment about insurance. Buy term life insurance and establish a separate investment plan. Life insurance that includes a “savings” aspect is not worth the extra money. If you use the savings, then you will have to pay interest on what is supposed to be your own money and when you die, the insurance carrier will keep the accumulated savings. You will have more life insurance now and more retirement savings later if you buy term insurance and invest the extra you would have paid for cash value life insurance. For Dave Ramsey’s input, listen here: https://www.youtube.com/watch?v=4meo1tkyJak&authuser=0

February 28, 2022

Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

We made it to Baby Step 7! Build wealth and give! One of the many benefits of pursuing the financial steps successfully is that you become able to donate liberally to help others. “Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver” (2 Corinthians 9:7).

We cover the 7 Baby steps in the first four sessions of Financial Peace University and then we address a series of topics. Today we look at “Buyer Beware!” We are the most marketed to generation in history. According to Ryan Holmes, CEO For Hootsuite, in his February 19, 2019 Linked In article, “Back in the ‘70s, the average consumer in the U.S. saw around 500 ads per day. That number has since increased by a factor of 10 to upward of 5,000 ads per day.” We are bombarded with ads from Facebook, YouTube, Billboards and Direct Mail plus product placement ads in television shows and movies. We also receive many special offers to entice us to spend more than we intend, such as no money down, same as cash financing, no payment for 30 days.

To combat unnecessary spending, try the following steps: wait overnight before spending more than $250, consult your budget to make sure that the item is included or that you have set enough discretionary money aside, seek the input of your spouse or a thrifty friend, consider other ways you could use the money. Remember, it is easier to avoid debt than to get out of it!

January 10, 2022

Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

Baby Step 5 – College Savings, Part Two. 529 Plan or Education Savings Account (ESA). I am using Paul Hogan’s pros and cons tonight for a quick overview. 529 Plans: No age limit for using the money, Only for college expenses, No income restrictions, Annual contributions limited to $14,000, Withdrawals tax free when used for college expenses, Non-qualified withdrawals taxed, Fewer investment options than ESA. ESA: Must use the money by age 30, Can be used for primary and secondary education in addition to college expenses, Income restrictions apply, Annual contributions limited to $2,000 per year, Tax free withdrawals for education expenses, Non-qualified withdrawals taxed, Can invest in individual stocks, bonds or mutual funds.

January 3, 2022

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Mark Matney

DUI - DWI Lawyer

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(757) 703-4556

Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

Financial Peace University teaches that steps 4, 5 and 6 take place at the same time. Step 4: Invest 15% for retirement, Step 5: Save for College, Step 6: Pay off your house early. Today we look at Step 5, saving for college. The two best tools for college savings are 529 plans and Education Savings Accounts. However, there are also other good options to pay for college. The first decision is whether college is even necessary. Many careers today rely on experience and skill instead of degrees. To control the cost, consider Virginia’s option of two years at a community college followed by two years at a state university. A greatly reduced total cost, combined with a bachelor’s degree from the 4-year college, make this a very attractive option. Of course, don’t neglect applying for scholarships and grants, military service and working your way through school.

December 6, 2021

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Mark Matney

DUI - DWI Lawyer

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(757) 703-4556

Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

Moving on to financial baby step #3: Expand your initial emergency fund until it covers 3-6 months of expenses. Note the focus is covering your expenses, not necessarily covering your monthly income. Use your budget to determine what it would take to pay all monthly bills for 3-6 months. This would certainly prepare you for a major expense. The focus, though, is to protect against more serious setbacks, such as illness or job loss. This money is designed as savings instead of investment, so it belongs in a money market account instead of the stock market.

November 9, 2021

Monday Morning Money Minute

Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

Monday Morning Money Minute

Recently I helped lead Dave Ramsey’s Financial Peace University. We discussed how to build a strong financial house during a series of nine meetings. I will share some of what I learned each Monday for the next several weeks. The foundation is setting up an emergency fund. Many people are realizing how essential this is as they face cutbacks and layoffs. Dave Ramsey recommends starting with $1,000. I prefer $1,500 because it seems like often things happen in sets of three and that they cost $500 each. Car repair cost? $500. Pet to the vet? $500. Plumbing issue? $500. The important thing is to start somewhere, $250, $500, $1000. The idea is to have some money on hand so that you can avoid any additional debt. If you have to use your emergency money, then don’t be upset. Be thankful that you had the money available and replace it as soon as you can.

October 22, 2020

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Mark Matney

DUI & Traffic Court Lawyer

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Reckless Driving, 37 MPH Over The Limit, Amended to Speeding

Reckless Driving Amended to Speeding
Posted by Mark Matney of Holcomb Law, PC Newport News, VA
www.matneylawpllc.com
__________________________________

If you were charged with Reckless Driving by Speed at 72 mph in a 35 mph zone, would you prefer an amendment to Speeding or a conviction with a weekend of jail? Today in court I represented the first driver. When you go to court, it is like a job interview in the sense that you only get one chance to make a first impression.

My client, charged with reckless driving, 72 in 35, helped me prepare for court by completing the driver improvement course and arranging for the necessary witness. At court, I spoke with the law enforcement officer and reviewed the situation with him. When we presented our case, I was able to inform the court that my client stopped immediately for the officer and was cooperative throughout the encounter. Additionally, I pointed out that the officer did not object to the amendment of the charge. I then helped my client explain his side and what he learned from being charged and completing a driver improvement course. Finally, we presented my client’s clear driving history and the testimony of a witness who spoke on his behalf.

The judge amended the charge from the criminal misdemeanor of Reckless Driving to the traffic infraction of Speeding. He noted that he considered the officer’s input, the testimony of the character witness, and my client’s driving history, driver improvement course and acknowledgement of responsibility.

On the other hand, I observed a driver who was charged with Reckless Driving by Speed at 70 mph in a 35 mph zone. That driver was found guilty and sentenced to two days of jail. Despite the lower speed he received a more severe result. What was the difference? The other driver did not prepare effectively for his day in court. He did not present that the officer was willing for the charge to be amended, nor did he present a driver improvement course or any other mitigating factors.

Sometimes the judges decide that the speed is too high and they do not amend despite all of our preparations. However, by planning in advance we can obtain the best result based on the facts and circumstances.

May 21, 2017

February 15, 2017

Legal Services - Attorney Mark Matney

The Lawyers at Holcomb Law PC defend people against driving related charges, including DUI, DWI, reckless driving, speeding, driving with a suspended license, driving without a license, running a red light or stop sign, hit-and-run accidents, and passing a stopped school bus. Our attorneys serve the Virginia Peninsula and the surrounding areas, including Newport News, Hampton, York County, Williamsburg, James City County, Gloucester, New Kent, Surry, Isle of Wight, Norfolk, Chesapeake, Portsmouth, and Suffolk.

Call Attorney Mark Matney at (757) 703-4556 for a Free, No-Obligation Consultation!

A Coach and an Advocate

To defend you traffic violation case, I will act as your coach in preparation for your court date. I will advise you of the steps the local judges want to see in order to consider dismissing or amending your charge. I will also make sure you are ready for any questions that may be asked at your hearing. I will be your advocate in the court hearing. I will speak with the officer or trooper and examine records. I will also have the opportunity to cross-examine the officer or trooper and to present your side of the case. My goal is to ensure that you have the best possible result based on the circumstances of your case.

Handling a wide array of traffic violation cases

I regularly represent clients charged with traffic violations, including:

Reckless driving
Speeding
Expired registration
Expired license
Running a red light or stop sign
Failure to signal when changing lanes
Failure to wear a seatbelt
Driving under the influence (DUI)
Driving without a license or with a suspended license
Leaving the scene of an accident
Violating license restrictions
Hit-and-run accidents
Passing a Stopped School Bus
Failure to Yield
Unsafe Lane Change
Following too Closely
Whether you have been charged with a moving or nonmoving violation, I possess the knowledge needed to protect your best interests in traffic court.

Request A No Fee, No Obligation Case Evaluation

Request An Appointment

Mark Matney

Monday Morning Money Minute

Monday Morning Money Minute

We Welcome Your Comments

Monday Morning Money Minute

Monday Morning Money Minute

We Welcome Your Comments

Monday Morning Money Minute

Monday Morning Money Minute

Request An Appointment

Mark Matney

Monday Morning Money Minute

Monday Morning Money Minute

Request An Appointment

Mark Matney

Monday Morning Money Minute

Monday Morning Money Minute

We Welcome Your Comments

Monday Morning Money Minute

Monday Morning Money Minute

I Welcome Your Comments

Mark Matney

Reckless Driving, 37 MPH Over The Limit, Amended to Speeding

Request A No Fee, No Obligation Case Evaluation

Serving The Newport News area of Virginia

Legal Services - Attorney Mark Matney

A Coach and an Advocate

Contact a qualified traffic violations lawyer today!

Handling a wide array of traffic violation cases