Why you are not rich yet: Antidote's tips for optimizing your personal finances

You probably often ask yourself: why is it that despite all my efforts, my income is not growing and my expenses are only increasing? Let's analyze together the main reasons why people don't get rich and how to fix it.

Irrational spending

Spontaneous purchases gradually "eat up" all your income. Often we do not realize how much we are spending on seemingly small items.

For at least a month, write down all your expenses, even the smallest ones — for coffee, chocolate bars, travel, etc. At the end of the month, summarize the results. This will help you see the real picture and optimize your budget by refusing unnecessary purchases.

It is also very useful to compare prices in different shops and on different websites, always choosing the cheapest offer. It's amazing how much you can save by shopping wisely and responsibly. Another good tip is to try cheaper alternatives to some products.

Low income

In this situation, it's important to carefully analyze your income and sources of income. Ask yourself honest questions: am I using my full potential, or could I earn more with my current skills? Maybe I should raise the price of my services, find another income?

Even a small — 20-30% — increase in monthly income can significantly improve your financial situation in the long run.

Also consider options for additional sources of income. For example, start a freelance business in your spare time, open an online shop or run a blog that you can monetise.

The main thing is to find an additional income that you are really passionate about and that gives you moral satisfaction.

Inefficient investments

People often invest money haphazardly, without understanding the mechanisms and without analyzing the risks. First, learn the basics of investing: read specialist literature, talk to experienced investors, attend thematic events.

Once you have the basics, start investing. Experienced investors advise you to start with simple and reliable instruments — index funds, bonds, P2P lending.

Make sure that your investment portfolio is properly diversified between different assets, do not invest more than 10-15% of your funds in any one asset. You can invest in Antidote with as little as $100 and receive a stable daily passive income of 0.9% of your deposit. To speed up the earning process, you can reinvest. This will increase your deposit and build your earning potential.

Conservative approach

People are too conservative with their money and do not take advantage of opportunities to increase their capital. For example, they keep most of their savings on deposit for years at 2-3% per annum. At the same time, real inflation is much higher and eats up most of the return on deposits.

At least 20-30% of the funds should be invested in high-yield instruments: stocks, bonds, crypto, investment funds. Of course, you should minimize risks, but reasonable investments will allow you to earn an income above inflation.

You can also use P2P lending, which offers loans at 10-15% per annum. Or buy shares in companies that pay dividends — this will give you a stable passive income.

The main thing is to be aware of your investments and not just keep your money conservatively in the bank.

Lack of financial literacy

Many people simply do not know how to effectively manage money, budget and invest. Financial literacy courses and training can help you understand the basic principles and laws.

For example, you will learn how to set up a personal budget, savings and investments. What financial instruments are available and how to use them. How to manage risk and develop a long-term financial strategy.

This knowledge will give you much greater control over your personal finances and help you achieve your goals.

Wrong motivation

People often have the wrong motivation when it comes to money and wealth. They pursue it for the sake of status, power and the ability to buy expensive things.

However, this approach does not bring true satisfaction and happiness. Think about it: what do you really need money for? To provide for your family? To travel? Or to fulfill a dream?

When you find your true motivation, your attitude towards making money will change dramatically. And you'll be much more enthusiastic about achieving your goal.

As you can see, there are many reasons why people don't get rich. But that doesn't mean the situation can't be changed. We wish you success and are open to new knowledge and solutions on the road to financial freedom!