Tag: Prof Note

11 September 2018

 

List-Serve Question: Does anyone know where to find a schedule showing, for new construction, what is useful life broken out by cost category, e.g. HVAC, painting, hardware, etc.  Underwriting depreciation on a residential apartment new construction deal.  All I can find is a general summary put out by the IRS.  (Answer at bottom of email)

 

Question: According to MSN, what are 50 easy things you should do to save money?

 

ECJ to rule on limits of ‘right to be forgotten’ by Google – Pg. 2

–          Europe’s top judges are being asked to decide the limits of the “right to be forgotten” – a person’s ability to demand that internet search engines hide incorrect, out-of-date or potentially embarrassing information about them

–          …European Court of Justice will today consider two cases involving Google: one on the type of information that should be delisted from its index after a search for someone’s name, and the other on whether such a delisting, if agreed to, should apply worldwide

–          The ECJ’s eventual ruling will not only affect Google but all other search engines, and is likely to have implications for social media platforms

–          The cases follow on from a landmark decision in 2014 when a Spaniard, who had his property repossessed and auctioned off in 1998 to recover social security debts, fought to have newspaper articles about the case removed form Google’s search results

–          The ECJ ruled in his favour and said the material should be delisted if it was “inaccurate, inadequate, irrelevant or excessive” – a ruling that created what is commonly known as the right to be forgotten

–          The first concerns whether sensitive personal data, such as political beliefs, health information, criminal records and sexual orientation, should be automatically removed from search engine results on request – regardless of public interest

–          Whether search engines must delete links globally or only in the EU, as is currently the practice, is the second question the ECJ will consider

–          Authorities and courts in Canada, India, Columbia and Brazil, among others, are considering similar right to be forgotten cases but are coming to different conclusions, illustrating the difficulty in establishing a general rule

 

US Drug Epidemic – Pg. 7

–          There are more than 1,000 lawsuits brought by states and local governments in the US alleging the drugmaker’s marketing practices ignited and then fueled the opioid crisis, which claimed more than 42,000 lives in 2016

–          (Prof Note: US Drug Epidemic?!  Last week I had a tooth extracted.  The dentist prescribed Oxy.  I take my prescriptions to Walmart, low cost provider of a commodity, what could go wrong?, and Walmart refuses to fill my prescription.  I am a first time customers and the prescriptions, according to Walmart, provide too much narcotics.  Blood is running down my chin, the novacaine is wearing off, I am becoming desperate .  I say, “ I need my Oxy.”  Walmart says, “No…policy”.  I say, “give me back my prescription.”  Walmart says, “No, you’ll just go to CVS.”  I say, “Damn straight!  Now give me back my prescription!”  Walmart says, “No…policy”.  I say, “Call the police.  I have done nothing wrong.”  Walmart calms down.  I say, “this is insane!  The more I complain the more I look like an addict.  If I do not complain you will not give me my Oxy!”  Walmart says, “quite the conundrum.”  I leave without my Oxy but with my prescription.  How are people getting these pills???!!!  I had a legitimate prescription, blood streaming down my face, and I could not get them!  Arrrggggg….)

 

Fed’s balance sheet shrinking has big implications for banks – Pg. 19

–          …as the reduction in the balance sheet accelerates into 2019, the market is looking for much clearer signs from the Fed on its future framework for steering the economy.  Some analysts worry that the Fed risks shrinking its balance sheet too much

–          The Fed confronts two major, intertwined decisions.  Does it want to stick with its current system for setting interest rates or revert to something similar to the framework it used before the financial crisis?  And how big a balance sheet is it willing to carry in order to execute monetary policy?

–          Fitch said that, after basically stabilizing in 2017, the Fed balance sheet will shrink by around $315bn this year and $437bn in 2019 as it allows assets it has been holding to mature

–          Opting to keep the current system would be necessity mean keeping a lot more reserves in the system than under the pre-crisis toolkit, thus limiting the extent to which the Fed shrinks the assets on its balance sheet

–          This so-called floor system, which the Fed currently uses, involves it setting an interest rate on excess bank reserves and another rate on an overnight reverse repurchase facility to steer market rates.

–          The imposition of regulations requiring banks to hold big buffers of high-quality liquid assets, coupled with changes in banks’ preferences, suggest the sector will want to hold prodigious quantities of reserves for the foreseeable future

–          Another option is to go back to a so-called corridor system, like one used before the crisis, in which a relatively scarce quantity of reserves is held by the banks and the central bank conducts frequent interventions to hold official rates close to its target

 

Answer: (1) Buy off-season; (2) Listen to more music; (3) Maintain your stuff (Prof Note: This also goes for your health.  Repair is generally cheaper than replace.); (4) Learn to say, “No”; (5) Find a hobby; (6) Get enough sleep; (7) Buy refurbished electronics (Prof Note: I will absolutely admit I stay away from refurbished electronics); (8) Play social director (Prof Note: Beers at Buzzys in SoMD are $2.00); (9) Wait 24 hours (Prof Note: Someone told me that when considering purchasing a Porsche, test drive and wait a week.  It takes that long to get the “Porsche Feel” out of your body and head and you can then make a rational decision); (10) Walk more; (11) Travel more; (12) Brown-bag it to work; (13) Eat more veggies; (14) Stretch every morning (Prof Note: What is up with this Yoga craze?!); (15) Live below your means (Prof Note: I cannot stress this enough.  Of course I love McMansions but every expense must have a revenue off-set…rule to live by!); (16) Floss every day (Prof Note: Cost of a tooth removal in Waldorf, MD: $205); (17) Dress up with Craiglist; (18) Get a massage (Prof Note: Look for deals, i.e. $40 or less); (19) Laugh more (Prof Note: No issue if hang’n with me…I truly am hilarious!); (20) Meditate every day; (21) Eat more slowly; (22) Wake up earlier; (23) Gossip more (Prof Note: Whoa…I work hard at not gossiping and work even harder to make every statement positive); (24) Watch less TV (Prof Note: Whoa….I love my tele); (25) Use your credit card less (Prof Note: No, use it more for required purchases..rack up those points); (26) Drive a smaller car; (27) Don’t compare yourself to others (Prof Note: It took me YEARS to achieve this body greatness.  Just love yourself as I love all of you!); (28) Subscribe; (29) Think positive (Prof Note: …and be positive); (30) Plant a garden; (31) Be a good Samaritan; (32) Cherish your friendships; (33) Spend on experiences (Prof Note: But make them experiences worth having, e.g. Gorky Park in the winter!); (34) Volunteer (Prof Note: I have mixed emotions over this.  If you love your job, do your job and donate $$$ for your cause.  It is a more efficient way of being a good Samaritan.  Of course, it is your time so your choice.  Just my opinion.); (35) Spend less on haircuts (Prof Note: I have not had a haircut this year!); (36) Make it yourself; (37) Make a life goals list (Prof Note: Absolutely but ensure the goals are achievable); (38) Read a good novel (Prof Note: I just received new reading glasses.  Oh how I missed reading…I am back at it!); (39) Don’t pay full price; (40) Budget your happiness; (41) Quite the gym; (42) Quit smoking; (43) Use a discount cell service; (44) Entertain more; (45) Spend time with your kids; (46) Trade your books; (47) Use your library; (48) Buy generic; (49) Ask about company benefits; (50) Find free entertainment (Prof Note: Sunsets are free.  There is an adirondack chair on the other side of the fire pit with your name on it for us to watch the sunset over Virginia.  Just like the Price is Right, “Come on down!”  You know where to find me and all are welcome!)

 

List-serve Responses:

 

#1 –

Try this:

https://www.fanniemae.com/content/guide_form/4099f.pdf

#2 –

In my limited experience cost segregation is a challenging topic and one that the irs is particularly sensitive. Best practice would probably be to not mess around and engage a specialist such as kpkg. The accelerated deductions than can be achieved could more than offset the cost of service. If anyone does reply with an off the shelf schedule i would be interested in seeing it, but would be cautious to implement without expert review.

#3-

Marshall Valuation Service

#4 –

sent to legal team…

For it to stick with the IRS you have to actually have a cost segregation study done – which then yields accelerated and bonus depreciation.   Otherwise it’s audit failure

#5 –

I think, but am not positive, that RS Means costing books also include depreciation. I may have a 3+ year old one I can send you, when I’m in front of my computer. Otherwise, you can order current info from below. Hope this helps.

https://www.rsmeans.com/

#6 –

 

Marshall & Swift – Marshall Valuation Service should have a breakdown for depreciation. A commercial appraiser should be able to assist (the copy I have is not digitized and hasn’t been updated in about eight years). I also wonder if a Cost Segregation expert would be able to help. They specialize in tax savings by formulating depreciation.

 

#7 –

 

Just wanted to respond to your comment regarding federal tax depreciation rates for investment properties.  I specialize in fixed asset management for real estate companies with a focus on cost segregation studies (among other ways to take the most taxpayer favorable treatment of your investments).  The IRS recommends specific software that can be utilized to support component values but the tax lives assigned to those assets are from the Internal Revenue Code, Treasury regulations, IRS guidance, and court decisions.  It is always recommended to get assistance from a specialist in this area as the IRS will challenge studies that do not follow the proper methodology.

 

You can read more at the following:

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-table-of-contents

#8 –

 

There’s also this: https://www.nachi.org/life-expectancy.htm. NAHB also used to have a similar resource, but it may be behind a pay/membership wall. Latest one that turns up in Google is 2007 (https://www.interstatebrick.com/sites/default/files/library/nahb20study20of20life20expectancy20of20home20components.pdf), which is still probably fine.

 

#9 –

 

https://www.hud.gov/program_offices/housing/mfh/CNA

Here is EVERYTHING you need for this…. review this website, download the spreadsheet (i’ve attached it), utilize the web portal for submission and reports generation… there are 6 training videos.

This was created by KPMG for HUD and embeds all the EULs (estimated useful life) of components of buildings. This is a housing based spreadsheet but you will get the idea. It then allows you to project capital needs into the future of 20 years. If something expires – say a cabinet’s EUL is 10 years, then you use the duration tool to spread it so that you are forecasting replacement around that year – rather than all the cabinets fall off the walls at the precise time… then the financial part of the tool allows you to ‘step’ the interest rates for costs over time projected

10 September 2018

 

List-Serve Experience: Just a quick commentary on US Banks and high house prices noted below:

 

1. I live on the south shore of ——————–  New York.  It is the middle of the middle class.
2. Houses on my street currently go for $450K – $550K (outrageous but that’s a different discussion).
3. After years of low construction/renovation activity, several neighbors have built up and out.
4. An example – A young family down the street have recently demolished their house to the first floor studs, added a big room to the back, and constructed a full second story.  Effectively a new house with 50% more SF.
5. Their old house was worth at least $450K as it was, and they just spent another $250K (minimum) on the “new” house.  So this young family just “paid” $700K for a new house, on a block that has never had a house sell for more than $550K.
6. The last time we saw this kind of residential “investment” activity – 2006.

 

Question: According to MSN:Lifestyle, what are 7 ways you can help a loved one with depression, according to experts?

 

Bank scandals spur EU to ramp up fight against cross-border crime – Pg. 1

–          Brussels will seek to toughen the powers of EU agencies to crack down on money laundering and terrorist financing after high-profile scandals shone a light on Europe’s deficiencies in tackling criminal cross-border money flows

–          Many of the EU’s largest banks are directly supervised by the ECB but the policing of antimony laundering rules is not covered by that system

–          Instead, the responsibility for making sure that banks carry out customer background checks and other measures required by EU law lies largely with national watchdogs

–          (Prof Note: Watch ‘Ozark’ on Netflix.  If Breaking Bad did not have you cooking Meth, Ozark will have you laundering funds.)

 

Policymakers call for more firepower to fight next recession – Pg. 2

–          In particular, they stepped up calls to increase the resilience of the banking sector – which helped spawn the crisis a decade ago – amid fears that institutions and individuals could enter the next downturn in a financially vulnerable state

–          …many economists claim central bankers around the world will have to cut borrowing costs back down to near-zero levels when growth eventually stalls

–          Some Fed officials argue that the property involved may be valued too high, raising questions about the quality of the banks’ collateral

–          Mr Summers, now a Harvard University professor, lambasted recent stress tests by the Fed as “comically absurd” for concluding that no big banks would be deficit in capital when tested for their resilience against a brutal slump

 

Why the Fed should care about finance – Pg. 9

–          Central banks can create asset bubbles, of course, but they cannot change the wage-suppressing effects of globalization, technology-driven deflation, and an increasing concentration of corporate power that makes it impossible for workers in rich countries to have any real bargaining power

–          When 10% of the US population owns 84% of the shares, asset price increases do not create inflation, but inequality

–          “Inflation may no longer be the first or best indicator of a tight labour market”…

–          …academic research shows that most recessions since the second world war followed stock market collapses

–          What metrics might the Fed and other central banks look at? I suggest three.  First, the pace of run-up in debt, always the biggest predictor of market trouble.  It has been growing more rapidly than GDP for a number of years.  The growth of financial assets relative to GDP is also near record levels.  Margin debt, ditto

 

Lessons from the bankers who worked at Lehman Brothers – Pg. 10

–          (Prof Note: Read the article especially if younger!  Talks about young people at Lehman and what the collapse meant for their career.  What I will say is that I only work with people with whom I believe.  I am blessed that I am able to pick and choose but am careful that I must believe in the individuals.)

 

Wall Street cuts profit outlook for US retailers – Pg. 16

–          Projected profits for the current quarter have been reduced for 52 – almost three-fifths – of the 89 companies in S&P’s retail index over the past three months, …

–          After months of store closures, job losses and bankruptcies, several listed retailers are now producing some of their best financial results in a decade, spurring hopes that well-run, bricks-and-mortar chains can succeed in the age of Amazon (Prof Note: I have found that if you do not know what you want Amazon is overwhelming.  I then order directly from a merchant out of frustration)

–          The steepest cuts have been endured by companies that are seen to be struggling, such as department store operator JC Penny and Victoria’s Secret- owner L Brands

 

Answer: (1) Remember four important, undeniable facts, i.e. (a) Your loved one’s illness is not your fault (or your loved one’s fault), (b) You can’t make your loved one well, but you can offer support, understanding, and hope, (c) Each person experiences a mood disorder differently, with different symptoms, and (d) the best way to find out what your loved one needs from you is by asking direct questions; (2) Don’t try to fix your loved one’s problem on your own; (3) Don’t ask them to “snap out of it”; (4) Learn the symptoms of depression; (5) Practice the following sayings: (a) “I’m here for you.”, (b) “I care”, (c) “I may not understand your pain, but I can offer my support”, (d) You are a worthwhile person and you mean a lot to me”, (e) “Your brain mislaying to you right now, and tha tis part of your illness”, (f) “Don’t give up.  You can get through this.”; (6) Encourage treatment; (7) Take care of yourself (Prof Note: I have ZERO training in this area so the following are just my life experiences…Location matters with happiness.  The warm sun on one’s cheek is happiness.  Also, this is just my advice, NEVER say you understand another’s pain.  Let them own it.  You can understand they are struggling and you are there to offer support.  I remember an RBC bank rep telling me they understood my pain, as they were being combative with regard to my family situation, and I am still amazed at the fury I unleashed.  Words matter.  One of my favourite expressions, “Words are like bullets, you cannot call them back.”  Be careful.)

6 September 2018

 

List-Serve Comment (w/ permission): I am around this golden age of 40 and I cannot adequately describe the impact numbers 8, 9, and 17 have had on my life and well being.  I’ve spent many hours (and dollars) in therapy battling anxiety and self-loathing.  It is a never ending battle, but right now I’m winning it.  If you don’t mind, please remind your readers that asking for help does not imply weakness.  Rather, doing so is a sign of maturity and self love.

 

(Prof Note: We all have demons and darkness.  If I can assist anyone, I am here.  There is always room at the table for another plate(s).  All are welcome at the house and I do not need to know specifics.  If I can assist, I will assist.  If you do not want to be alone, just like motel 6, I’ll keep the light on for you!)

 

Question: According to MSN, what 10 essential steps should one take prior to connecting to public Wi-Fi?

 

Investors shed emerging market stocks on fears of deeper crisis – Pg. 1

–          The emerging market sell-off sparked by Turkey and Argentina’s twin currency crises worsened yesterday…

–          Indonesia’s rupiah traded close to its weakest level since the 1998 Asian financial crisis, while South African rand slipped to a record low after data on Tuesday showed that the country’s economy had contracted for the first time since 2009

–          The rise of the US dollar since April has exacerbated troubles in several emerging economies, where the amount of dollar-denominated debt has more than doubled to $3.7tn over the past decade, …

–          Climbing US interest rates and the Federal Reserve slowly trimming its balance sheet of bonds acquired after the financial crisis has supported the dollar and increased pressures on emerging markets…

 

The story of a house – Pg. 7

–          Pension funds in California, Maine, Nevada, Vermont and Washington State all sued the new owner of countrywide, claiming that its sales documents were insufficienctly forthcoming about the risks.  Bank of America, which bought Countrywide in January 2008 for $4bn, has paid more than $20bn to settle these and other Countrywide-related cases (Prof Note: For the record, at the time, I made a prediction here that BoA would NOT complete the Countrywide purchase.  If only they had thought as I thought!)

–          As a result of losses on credit default swaps, AIG was forced to accept a US government bailout and taxpayers’ money immediately flowed through the banks

–          …7.8m families who have lost their homes since the beginning of the financial crisis

–          …company called Invitation Homes that floated on the stock market last year.  Today it is worth $21.6bn including debt.  It owns 12,000 homes in Atlanta alone

 

US social media face new line of attack – Pg. 12

–          The US justice department has signaled that it intends to pursue technology companies over competition and free speech issues,…

–          …Facebook and Twitter pushed back against a suggestion that they should be legally liable if illegal drug dealers showed off their wares on their websites.  The two companies currently are not liable for almost all user-generated content, under section 230 of the US Communications Decency Act

–          Congress passed legislation last year removing the exemption for content that promoted sex-trafficking…

 

US banks feel stifling effect of high house prices – Pg. 14

–          Wells Fargo decided to lay off 638 workers from its home mortgage division last month

–          “House price appreciation has been running at four times the long-term average for several years” (Prof Note: So at least I am not the only one noticing this!)

–          The Case-Shiller 20-City Home price index surpassed its housing bubble peak in January, and has continued to rise since

–          The number of existing home sales in July fell 1.5% from the prior year, the fifth month in a row showing a decline…

–          Consumer confidence is at an 18-year high, growth is strong and unemployment is low

–          Applications for new mortgages, excluding refinancing, have been flat for the past year and three years of steady increases, and have declined sharply in the past month…

–          Basic economics suggests that high house prices would encourage more supply, something that could free up the market and revive banks’ fortunes.  Paradoxically, however, a short-term effect of the strong economy has been lower supply.  Seeing few affordable properties to move to, potential sellers are not putting their own homes on the market

–          Homebuilders are struggling to find staff and manage higher costs

–          …total home sales will fall this year, and grow only slightly in 2019, while prices continue to rise at a mid-single digit rate

 

Answer: (1) Choose a secure network; (2) HTTPS is best; (3) Ask before you connect; (4) Hide your passwords; (5) Inoculate your devices; (6) Put up a digital security fence (Prof Note: I cannot recommend this enough.  I use a secure server and never sign on to public wifi, instead using my phone hot spot.  If I do sign on to public wifi, e.g. Netflix downloads, I do NOT sign into my server but doing everything on the “dummy” machine, i.e. laptop); (7) Beware of your phone’s auto settings; (8) Vet your apps; (9) Surf with care (Prof Note: I would NEVER sign into my emails over a public Wi-Fi.  Also, and GWU can attest, I do not even sign into the school computers with my user name.  I request a one-day log-in.  GWU has the login the same as email.  Compliment: GWU’s IT department has always graciously provided me a one-day login); (10) Make your own hotspot (Prof Note: YES)

5 September 2018

 

Question: According to MSN, what are 40 things no one told you about turning 40?

 

Japan eyes highest retirement age to curb damage from population decline – Pg. 1

–          …wanted to raise Japan’s retirement age beyond 65, and allow people to defer their pension beyond 70

–          Advocates believe keeping people in the workforce will boost the economy and save money for Japan’s cash-strapped social security system

–          Mr Abe was elected in 2012 on a promise to revive Japan’s economy and end 20 years of on-and-off deflation.  He has delivered six years of solid growth but inflation is still stuck close to zero

–          His comments suggest he wants to use the next three years to address the fiscal problems caused by the rapid ageing of Japan’s population.  The native Japanese population is falling by 300,k000 people a year, with the decline set to accelerate

–          Working longer will not only mean less time receiving a pension, but social scientists have found it often sustains good health and keeps important skills in the economy

 

S Africa in recession for first time in 9 years – Pg. 4

–          Output in sub-Saharan Africa’s most industrialized nation fell by 0.7% in the second quarter, on top of a 2.6% contraction during the first three months of 2018, …

–          The South African rand fell more than 2% against the US dollar, hitting its lowest level since early 2016

–          South Africa’s economy has failed to grow more than 2% a year since 2013, and faces serious structural obstacles such as unemployment of more than 27%.  Rising fuel prices have recently increased the pressure on South African consumers

–          Planned land reform – a controversial move to alter the constitution to allow expropriation without compensation – also risks souring South Africa’s investment environment

–          The bank is forecasting 4.8% inflation this year, around the middle of its target band

 

Why so little has changed since the crisis – Pg. 9

–          The chief aim of post-crisis policymaking was rescue: stabilize the financial system and restore demand.  This was delivered by putting sovereign balance sheets behind the collapsing financial system, cutting interest rates, allowing fiscal deficits to soar in the short run while limiting discretionary fiscal expansion, and introducing complex new financial regulations.  This prevented economic collapse, unlike in the 1930s, and brought a (weak) recovery

–          The financial system is much as before, albeit with somewhat lower leverage, higher liquidity requirements and tighter regulation

–          Beyond finance, it seems ever clearer that protection of intellectual property has gone too far.  Also, why not shift taxation on to land?  Why are we letting the taxation of capital collapse?  And why are we not trying to revitalize antitrust?

 

Answer: (1) Being 40 doesn’t feel especially Old (Prof Note: Accept when asked/needing to do manual labour!); (2) You feel more comfortable in your skin; (3) You don’t care as much about being cool (Prof Note: Due to the realization that I truly am the yardstick from which “cool” is defined! J); (4) You regret the friends you let slip away (Prof Note: But you also cherish those that have not and make greater efforts to get together); (5) You’re more acutely aware that time is precious (Prof Note: “Time” the most valuable commodity!); (6) Hair is a luxury (Prof Note: As a redhead that has retained my red hair today, I see it as my personal miracle!); (7) You start making weird noises; (8) You’re finally able to tell your inner critic to can it; (9) You ask for help when you need it (Prof Note: Many that have been on this list-serve for years know the dark history of my family.  I was successful in court and justice as I asked for help.  I was in trouble, put my hand up and said, “I need help.”  Every peer/friend/acquaintance helped me including organizations, e.g. ULI and Hopkins.); (10) You’re more discerning; (11) You understand now that success never walks a straight path (Prof Note: Also the definition of success is “happiness” but not singular but plural); (12) Your sex life is the best it’s ever been; (13) You stop freaking out about what you’re going to be when you “grow up” (Prof Note: I have learned and believed the ultimate titles are Friend, Peer, Husband, Wife, Philanthropist, Wife, Father, Grandparent, etc.); (14) You’re quicker to give up on toxic relationships; (15) You stop making decisions based on guilt; (16) You stop taking your health for granted (Prof Note: I just had a tooth removed and am reviewing a total treatment plan for my dentistry.  On a different note, getting narcotics at Walmart WITH a prescription is an experience.  They limit what they provided despite the doctor’s prescriptions and THEN one has to fight to get the written prescription back to take to another pharmacy.  Positive comment: Walmart did catch an allergy that the doctor did not.  The doctor LOVED me tracking him down at home to call in another prescription.); (17) You realize that most of your concerns aren’t the end of the world; (18)  You realize you should have traveled more when you were younger (Prof Note: What have I been telling everyone?!); (19) You wish you’d put more away in savings; (20) It’s easier to say no (Prof Note: I still struggle when asked if I want to see the dessert menu!); (21) Nobody condescends to you anymore because they think you’re too young; (22) You’re not afraid to ask for what you want; (23) You wear what you want (Prof Note: One of the greatest compliments was when a younger person in DC, with whom I was meeting, asked how he purchased a Cat Ghaut Golf shirt!); (24) You can no longer pull off a convincing fist bump (Prof Note: I have ALWAYS felt ridiculous doing fist bumps.  I also get confused when someone puts it out there.); (25) You have a paunch; (26) Your favourite music becomes “classic rock” (Prof Note: I will admit to being a closet Tae Tae fan); (27) Even if you get eight hours of sleep, you still wake up exhausted (Prof Note: Not really though eight hours is a bit of a stretch for me); (28) Your opinions have more gravitas (Prof Note: I notice I express my opinions much more infrequently (but for here on the list-serve).; (29) You trade the bikini for more conservative digs; (30) You start forgetting things more often (Prof Note: Absolutely though I often wonder if it is that I have so many more things to consider…write lists!); (31) Your lower back is kind of a jerk; (32) Laugh lines and crow’s feet are charming; (33) You no longer have to pretend like you know something; (34) Public speaking doesn’t feel so much like torture; (35) Gravity is no longer your friend; (36) Everybody in their 20s looks like they’re ten; (37) You kinda wish you had taken more racy selfies when you were younger; (38) You find the right balance between work and life (Prof Note: I would say, at least for me, one finds the best type of work that is life.  So many hours are spent at “work” that it is essential to be something one loves); (39) Reading the fine print is dang near impossible (Prof Note: Last month I had my vision checked and new reading glasses.  It was a miracle, I can now see again and have started reading books again, i.e. not just on readers where I can blow up font to 100); (40) You’re not susceptible to peer pressure anymore (Prof Note: In truth, peer pressure was never something that guided my actions)