80/20 RULE, EARN MORE, WORK LESS
The Pareto Principle – 80-20 rule is the principle that suggests that most of the times, roughly 80% of the results are derived from 20% efforts. While this rule has varied application in business, math, economy, etc., today, we’ll learn how to apply this 80-20 rule to earn more and work less.
As described earlier, in the literal sense of the term it means nearly 80 percent of the outcomes are derived from 20 percent of the inputs. But of course, the “thumb rule” varies from case to case basis wherein it can also turn as high to 99-1 in certain cases.
Keeping the math at bay, in terms of your lifestyle and earning, it states that your certain activities (20 percent) gives you majority (80 percent) of content and happiness, financially as well as emotionally.
How to Earn 80 and work 20
First things first, analyze your sources of income – pen down the key 80 percent determinants that demand the most of your efforts yet fail to pay off the equivalent. The contention here is simple – it is a sign of the smarter to filter and focus only on those activities that produce maximum gains with minimum efforts. This will draw your pathway to earn more and work less.
While the math for 80-20 is simple, the real life situation is not that easy to access. The biggest hindrance being the fact that most people are stuck with jobs that they don’t really mean to work for and end up hurting their real passions and hobbies in life. There are only a few lucky (read daring) ones who are able to live their passions – earn more and work less.
Blueprint to Achieve 80-20
The most important and essential key to success here is – focus – on your strengths. If you know what plays that “20” part in you, you can concentrate all your efforts towards it so as to achieve the “80”.
If you too are stuck in your office cubicle, performing jobs that suck the energy out of you, then probably you are performing the 20-80 instead of 80-20. Motivate yourself, step out and dare to do activities that gives you best results in minimum time.
Give up on your material desires! If you surround yourself with materialistic possessions and run the race to earn money, you will always work more and earn less. Instead, follow your passions, find out goals that you wish to achieve and see how you are able to earn more. Not to mention the satisfaction of doing what you love and not trying to love what you do.
If you are an entrepreneur, the best idea for you is to find out those 20 percent clients that generate 80 percent of the revenues for you. Or you may even want to focus more on the products or services that are generating comparatively higher income for you.
If you are an employee who loves his job, unlike most people, try to concentrate on few difficult tasks which highlight your reputation rather than getting indulged is several mundane matters.
Last but not the least, if you really want to earn more and work less, don’t get overwhelmed with the fear of failure. Be confident and let the 80-20 rule do the magic.