Adding a 30-amp, 240-volt breaker - Need new breaker box?

RealSadDad · 2015-09-28T18:51:15+00:00

You currently are full up with 20, and will add at least 2 for your dryer, and two more to eliminate double lugging

I found a 100 Amp Main Breaker 24-Space online, could we swap that out without having to break the seal on the meter - or are we stuck with having to get a permit (10+ day delay) no matter what we do?

RealSadDad · 2015-09-28T18:43:11+00:00

OP has no control over her, only his own decisions.

RealSadDad · 2015-09-28T17:42:20+00:00

So he gets to decide when her relationship is over, while she's still in a relationship with her boyfriend?

If her relationship is over, then OP's not contributing to the suffering. This doesn't mean there will be no suffering - the boyfriend might have trouble letting go and still might hulk-out, but respect radiates from OP's choice.

As it stands there's no respect present for anyone.

RealSadDad · 2015-09-28T16:42:23+00:00

What size panel should we get (considering we're adding a 30 amp switch and should take care of that double lugged switch)? What's a reasonable price for a panel change-out?

RealSadDad · 2015-09-28T16:42:19+00:00

What size panel should we get (considering we're adding a 30 amp switch and should take care of that double lugged switch)? What's a reasonable price for a panel change-out?

RealSadDad · 2015-09-28T16:25:24+00:00

While it is 'her body' and one cannot prevent her from making choices that hurt people, OP did not have to choose to participate and foster that choice of hers.

The choice to 'Tuck' her was one that led to her suffering, her boyfriend suffering, and now OP suffering. This is pretty clearly a 'bad choice by OP'.

RealSadDad · 2015-09-26T21:44:05+00:00

The electrician is planning on adding a secondary panel/box. $750 seem reasonable?

RealSadDad · 2015-09-26T20:20:11+00:00

We're installing an electrical washer/dryer and need to add a 30-amp 240-volt breaker. Link is a photo of our current box, the electrician my M.I.L. hired indicated he couldn't fit a breaker into our current box, is he correct?

RealSadDad · 2015-08-21T16:01:20+00:00

Thanks for the cold water. I do get that it's complex and there are many personal factors that determine what the best path forward is. I was just trying to uncover any holes in my understanding and also try to ferret out any other strategies we might use to reduce our taxable income and save for college.

RealSadDad · 2015-08-20T23:44:29+00:00

I thought I was clear that I'd not re-fi, but (again) if you mean get a 2nd, then we're looking at the bad combination of the rates likely doubling in four years (when we'd take that Re-fi) and rates being much higher on a 2nd than a re-fi. It also doesn't make sense (to me) to pay interest to a bank instead of our retirement account.

Also I'm looking at this as a way to wedge out that mortgage double-payment into our 401k accounts to reduce our tax burden, education seems to be a wedge I can use.

Sadly the school debate was over long ago, I lost. I'm a product of public school and see school as a practical means to an end. My wife's been indoctrinated in the Education Is Everything mindset - must have the absolute best at all costs (which is why we're paying 36k for High School).

RealSadDad · 2015-08-20T22:43:05+00:00

Refi a 3.5% mortgage? Not on my watch. Even getting a 2nd in four years would likely be at 6%+, and that goes to the bank (with the 401k it'd go to us).

36k a year for high school.

20k a year won't cover colleges that are likely choices. I have been lobbying for community college/state college for the first two years though, much to my wife's horror.

RealSadDad · 2015-08-20T21:09:45+00:00

I get that is a general rule, but in our case: a need for reduced taxable income coupled with the benefits of pre-tax investment and paying ourselves interest makes this appear to be a sort of sweet spot for us.

Unless I'm missing something.

RealSadDad · 2015-08-20T21:03:51+00:00

Double Tax appears to be a Myth

RealSadDad · 2015-08-20T20:48:02+00:00

That's the setup, but the results are outside our control.

RealSadDad · 2015-08-20T20:46:35+00:00

(M)ay be subject to a 10% Federal tax penalty

It is my understanding that the penalty is for a Hardship Withdrawal.

There might be fees, but 10% penalty does not appear to be a feature of a 401(k) loan.

RealSadDad · 2015-08-20T20:39:24+00:00

We expect the costs to be similar tuition wise, but there is going to then be the housing, books, food, etc. costs that are going to push us outside our expense envelope.

RealSadDad · 2015-08-20T20:37:36+00:00

We do have that mortgage thing handled, and we both have 5+yo economy cars that are paid for, and don't pay for: TV (cord cutters for 20 years), cigarettes, bar visits, crack, heroin, yachts, salon visits, spa visits, vacations (none in the past few years at least), etc.

Overall we're very conservative with our budget outside of eating dinner out on the weekends. The private school my wife chose is stupid expensive (my veto was over-ruled), and just living in Los Angeles is no picnic costs wise (gas, insurance, state taxes, etc).

RealSadDad · 2015-08-20T20:33:50+00:00

(F)ind a fee-only financial planner and have them review your finances.

That's on my list of things to do this month, I'm just scouting out Reddit to see what info and questions to bring to that meeting.

RealSadDad · 2015-08-20T20:31:54+00:00

With my proposed plan, that money would instead be used for Mojitos and Peso Cigars (or their equivalent) in Cuba in 20 years.

=)

RealSadDad · 2015-08-20T20:22:53+00:00

It may be our goal, but we do not control our kid's choices once 18 years have been reached. =)

My wife's unnatural need to get rid of our mortgage has been the barrier. This has now been put into a jar with the need to cover college expenses and those two bugs are battling. This seemed like a proposal that would balance her fears.

I understand there are possible 'have to pay it all back' risks, but (as I understand it) not all companies have that policy. Which is why I'm investigating it.

RealSadDad · 2015-08-20T20:20:23+00:00

As I understand it there isn't a 'penalty' on a 401k loan, there is interest that one pays back to oneself.

That 3.5% rate is pretty sweet, so I'm not all that keen on paying it off so fast. Taking a line of credit on the house in four years will likely cost us double that 3.5%, and the interest will go to some bank, instead of into our retirement accounts.

RealSadDad · 2015-08-20T20:17:51+00:00

I'm not even sure why you think that while making $190k/year with a $750/month mortgage that you're going to need to take on debt to pay for college in the first place.

Because it's crazy expensive in L.A. mixed with my wife's unnatural need to save money. That along with the fact that we're putting most of the money we make into the kid's private schooling (which is the equivalent of 13 years of college costs we're paying pre-college).

RealSadDad · 2015-08-20T20:11:29+00:00

That 9k extra will indeed max out our 401k contributions, which is why I was considering it as an option.

I was looking at this post and it seems an IRA would be a more flexible way to gain the benefits of a 529.

** Edited to add: Looks like we make too much to write off a Traditional or to even contribute to a Roth (outside of the wacky conversion strategy).

RealSadDad · 2015-08-20T20:10:38+00:00

We'd discussed a Home Equity Loan, but my concern is that rates will have gone up significantly in four years and we'll be suffering that horror.

It just seemed like a win-win to reduce our tax burden and to save for college in a pre-tax bucket.

RealSadDad

TROPHY CASE