Unfortunately, there is the idea that if you’re wealthy, you’ll always be wealthy. However, that’s not always the case, as much as we hoped it would be. Money troubles can plague everyone, but there are ways to help preserve your wealth and help you live the life you want, both now in the future. For those fortunate enough to be living the life they want to now, it’s no surprise that you might worry about sustaining it or how to improve it. You may be living a great lifestyle, but you wonder if you can sustain it or improve upon it.

I work with high-net worth individuals; one example is a couple I met back in the nineties who had about ten million dollars’ worth of real estate from which they were getting dependable rental income cash flow. This couple lived pretty simple lives and weren’t outlandish in their spending. But there was an unanticipated change in the economy in their area, and all of a sudden there were vacancies in their buildings, which meant that their cash flow suddenly shrank. Even though they owned all of their real estate free and clear(without debt), instead of it making positive cash flow, they were now paying for their holdings out of pocket. Why? They still had to pay for maintenance, real estate taxes, and other operational expenses, all of which cut deeply into their income just as they were approaching retirement age.

Not surprisingly, at that point they panicked; they made some bad choices and got behind on their real estate taxes. Suddenly they were looking at a scenario in which they’d be forced to sell their properties in a down market, which would put them into a downward financial spiral of less and less income. They were trapped and didn’t know which way to turn. That was the point at which they sought me out. It’s easy to look back and say “should have,” but it can be harder to make the first call or click to start yourself on the path to future financial success.

For more information about making those first steps, visit www.tswealth.com.

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