Khaberni - American investor and self-made millionaire Corrie Arnold believes there are five constraints that prevent people from building wealth and achieving financial freedom, urging people to break these constraints so they can build the future they dream of.
The American investor stated in a post on her social media account on X - formerly Twitter - "It is never too late to start building wealth, and if you missed your twenties, it's okay," she added, "At the age of 31: I was bankrupt with debts of $260,000, and my net worth was negative by $99,000."
To achieve wealth, the American investor urged people to "radically change your financial beliefs."
5 constraints you need to break to build wealth
Arnold added that the first constraint you need to break is your unhealthy beliefs. "Do not let your perspective constrain you, and if you find yourself repeating phrases like: everyone has a car loan? Or I will keep paying car installments throughout my life? Or people like me are not good at managing money? Or all millionaires inherited their money?" she remarked, "If you believe any of these, it's time to see things differently."
Arnold continued that the second constraint is the social circle, emphasizing, "Do not let your social circle constrain you. If your friends believe in what was previously mentioned, or your conversations end up blaming others, or your conversations are mostly negative, then it's time to find a new circle of friends."
The third constraint you need to break, according to the self-made millionaire, is the constraint of the job, pointing out, "Do not let your current job constrain you. Are you overqualified for your job but stay because it's comfortable? Do you want to do something else but fear prevents you?"
The self-made millionaire clarified, "Your income is the foundation of building your wealth, and finding a job you enjoy that provides a good income is a win-win for everyone."
Arnold sees the fourth constraint as lifestyle and said, "Do not let the costs of your lifestyle constrain you. Does your income cover your expenses? And do you buy certain things even when you cannot afford them? What will you give up to achieve peace of mind? What will you give up to start building wealth?"
She followed that these questions outline your next steps.
Arnold added that the fifth constraint is the fear of the future, remarking, "Do not avoid the topic of retirement as you cannot work forever, and relying on social security is not a plan. Take responsibility for your retirement by starting to invest today, so take advantage of retirement plans, savings accounts, and perhaps invest in real estate."
