For the last 15 years or so, one of the best ways to become wealthy is to borrow and buy (or create) appreciating assets and use borrowed (tax free) funds to live on.

Now with higher interest rates, the play is to sell the assets and covert to cash because high interest rates are deflationary. The trick here is to avoid taxes as much as possible, like taking advantage of the $250k tax deduction ($500k for a couple) for selling your residence or using swaps and/or using corporations.

As always, timing is key and the hardest to predict, however the higher interest rates seem permanent.