The 80/20 Principle: The Secret to Achieving More with Less by Richard Koch - Deepstash

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what exactly is the 80/20 principle?

“In simplified form, the principle holds that a minority of causes, inputs, or efforts are responsible for the majority of the results.

In other words, only a few things are responsible for the vast results we see around us. Just as only a few people control the majority of the world's wealth, and only a few students come out top in their class. If you take time to observe, you'll see the Pareto principle at work all through life.”

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Yes, you can live the lifestyle you've always dreamed of

“For most people, certain lifestyles remain a dream that will never come true. The main reason for this is that the majority of such people have limiting beliefs that keep them stuck in lifestyles they don't like. They hate their work. They don't like their relationships. Their bank account is nothing to write home about, but they can't seem to do anything to change their situation.

Another set of people similar to these are those that don't even know what they want out of life. These people just go through the motions, taking whatever life throws at them.

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Don't feel bad, if you belong to any of these categories. But understand that you can have the life you desire for yourself.

To live the life of your dreams, you need to know exactly what it looks like. Pick a pen and paper, or use a digital notepad to write down all the things you want out of your life. Make the list as exhaustive as possible. Next, who do you know that is living such a life? What did they do to get there, and what are they doing that you're not? Success always has a blueprint.

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It's hard to speak on success and “having it all” without talking about careers. The reality is, most — if not all — of us will have to work. At least as adults. And it's not bad to work; what's bad is fitting square pegs in round holes. Many people are doing just that. You will find them in careers that don't suit their lives, and they won't leave.

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If you don't like your job, you can still be in it if it's the only thing paying the bills, but don't forget to have an escape plan. As an example, let's say you'd like to be an author, rather than work in your current accounting job. It's not reasonable to quit immediately. You could continue working with the accounting firm while building your writing career on the side. If you do this consistently and long enough, it will get to the point where the income from your writing side gig will suffice to take care of you.

When this happens, save some more from your accounting job then quit.”

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As important as work and career are, it's still important that you live a balanced life. You should be happy on all fronts. If you're not, it shows that something is missing, and you may need to apply 80/20 thinking to bring balance to your life. If you're making progress at work but failing maritally, then you need to address that quickly. If it's your health that's suffering, pause and focus on it. The point is, don't live a lopsided life. Let each area of your life be healthy. That's how to truly be a happy person and if it's possible for others, it's possible for you, too.”

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Conclusion

“The 80/20 principle advocates focusing on the top 20% that brings the most results, while neglecting — or paying less attention to — the bottom 80%. Doing this will not in any way cause the bottom 80% to be entirely neglected; the 80/20 principle is nature's way of balancing itself. What you neglect as the bottom 80% is the top 20% for other people. So, you neglecting it means allowing someone else to maximize their life and business.

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For example, if you're a business owner and you focus on investing more in the few workers that bring in the majority of the profits, you might eventually lay off some workers who aren't productive in your company. This isn't wrong; in fact, it will profit both of you, because those laid-off workers might later realize that they aren't made for the role they took in your company. In turn, this may lead them to self-discovery. Of course, this isn't always the case, but many great men and women would never have been great if someone didn't push them out of where they weren’t meant to be.

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Try This

Apply 80/20 to time management. Take a piece of paper and pen down how your most productive days went. Note the things you did differently that helped you tick off your to-do list. Did you begin work earlier? Did you rest well the day before? What did you do about social media distraction? Note all the things you did differently. Use the list as your unique productivity and time management template.

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